The cost of insurance is an important factor to consider when you’re deciding what car to buy. If you’re wondering which type of car would be the cheapest to insure, here are some guidelines from the Youngs Georgetown team.
Before delving into which cars are the least expensive to insure, it’s important to consider that there are a variety of factors that influence your car insurance rates.
Things like the city or area you live in, how much you drive and your driving record all have an impact.
As an Ontario driver, here are the factors that can influence how much you’ll pay for your auto insurance:
- Your personal information (age, years licenced, location)
- Your driving record (a clean driving record with no tickets or at-fault accidents will get you the cheapest rates)
- Your driving habits (the more you drive, the better the chance you have of getting in an accident, meaning you’ll pay more for insurance)
- Your insurance history (as you build your insurance history and your premiums in a timely fashion, your rates will decrease)
- Your car (cheap, difficult-to-steal and easy-to-repair cars are the least expensive to insure)
Choosing a Car That’s Cheap to Insure
Some cars cost less to insure than others. Insurance companies keep track of all the costs statistically associated with insurance claims for different types of cars, and adjust their rates accordingly.
The following factors influence how expensive a given type of car will be to insure:
- Type of car (what is the car designed to do? Is it a family vehicle or sports car?)
- Claims costs (How expensive are repairs for this car? Are the parts easy to source?)
- Theft risk (how likely is this car to get stolen?)
- Safety (does the car have a high safety rating?
SUVs, Crossovers & Minivans Are Usually The Cheapest To Insure
SUVs, crossovers and minivans are designed for families, with safety as the top priority. And statistically, their drivers are also the most experienced and cautious. For this reason, insurance companies offer cheaper insurance rates for these types of vehicles.