With more than 14 million habitants (almost the 40% of all Canada), Ontario is the province where most cars are sold in the entire country. Only during 2017, more than 850,000+ new vehicles were delivered to customers. Cars that, required by the law, must have insurance to be on the roads. So, if you have a car, new or used, here is our list of the cheapest cars to insure in Ontario.
Insurance Costs Depend on Many Factors
You need to be aware that the following are just average costs for the specific models mentioned. There are approximately 40 factors that determine the insurance costs and will result in the cheapest cars to insure. Main factors include:
- The model & year of the vehicle: How expensive is it to fix, to find parts, to replace it?
- Where you live: Do you live in an area full of hills and a high number of accident claims? Insurance companies work with statistical data to predict the chances of having an accident just by knowing where you live.
- How risky are your driving habits: If you have multiple claims in the last few years, then you will be more likely to be a risk for the insurance company, meaning that you'll have to pay more than a driver that has none.
- How much you drive per year: If you roll more than 20,000Km per year, you will be more likely to have an accident than someone who drives half. Please, don't be scared about this, it is just a statistical approach, not that you will have one, in fact. Drive safe out there, even if you make 1km per year.
- Driving Experience: If you have been driving for ten years, then you are considered an "expert driver," compared to someone who just got his license a couple of months ago. You have been through multiple winters, roads, potholes, vehicles and your experience weights a lot on the road.
There are many other factors; I'm just pointing out the most important ones.
2018 Cheapest Cars to Insure in Ontario
We used Ontario as a reference, but on average, it applies proportionally to the rest of the provinces in Canada. You can run the quote for any vehicle on your end in less than a few minutes:
2018 Toyota Prius C Hybrid Automatic 2WD estimated insurance 42CAD/month (504CAD/year)
And the Prius is the cheapest car to Insure in Ontario. The 504CAD/year estimate is very close to an average 7 or 8 years old SUV and a very rare price for a new car. The 60 months lease starts around 350 CAD/month tax. inc. for a 60 months contract, making it one of the cheapest overall alternatives in the market.
2018 Chevrolet Cruze LS Automatic 2WD estimated insurance 48CAD/month (576CAD/year)
Chevrolet Canada keeps pushing hard in the compact vehicle market with the Cruze. With some manual transmission versions close to the 220 CAD/month tax. inc. when leased for 60 months and the Automatic Transmission starting around 300, the yearly insurance costs are about 570CAD.
2018 KIA Sedona L Automatic AWD estimated insurance 50CAD/month (600CAD/year)
And the biggest surprise on this list is probably this one: the KIA Sedona. A big minivan with average yearly insurance costs of 600CAD and a monthly payment around 460CAD/month tax. inc. when leased for 60 months. Please also note that KIA Canada offers a 5-year warranty on all new vehicles.
2018 Nissan Versa Note S CVT 2WD estimated insurance 54CAD/month (648CAD/year)
Nissan's Versa Note stands 4th in our list. With an estimated yearly insurance costs of 650CAD, the manual transmission edition can be leased for around 210CAD/month tax. inc. when signed for 60 months. Naturally, with a way more significant acceptance, the CVT one starts at around 240CAD/month for the same period.
2018 Ford Focus Electric Automatic 2WD estimated insurance 54CAD/month (648CAD/year)
The Focus Electric is the second hybrid/electric vehicle on the list and the only Ford in our top. Although the lease price is higher, compared to the rest of the cars (around 700 CAD/month for the 36 months contract), the insurance costs are lower than the average.
2018 Hyundai Elantra LE Automatic 2WD estimated insurance 55CAD/month (660CAD/year)
The Sedan (or standard) edition of the Elantra is one of the cars with more sales results in the last few years. The fact that Hyundai offers a 5-year warranty, the vehicle comes pretty well equipped and sometimes the 24 months lease is cheaper than the 60 months one, results in many Elantras rolling out there.
2018 Chevrolet Cruze Hatchback Automatic 2WD estimated insurance 55CAD/month (660CAD/year)
Once again on the list, but this time the Hatchback edition, the Cruze is one of the cheapest cars to lease and cheapest to insure anywhere in Canada. It can be leased starting at 303 CAD/month tax. inc. for a 60 months contract.
2018 Toyota Tundra Reg Cab Automatic 2WD estimated insurance 55CAD/month (660CAD/year)
Although there are multiple pickup trucks among the "cheapest insurance" list under 75CAD/month, the Tundra is the cheapest one on the list. You have to also take into account that it is only the Regular Cab version, so if you are looking for more passenger space, I suggest you take a look at the next alternative.
2018 GMC Canyon SL Crew Cab Automatic 2WD estimated insurance 55CAD/month (660CAD/year)
Featured multiple times at LeaseCosts top deals of the month, the Canyon is probably the best affordable alternative in the market for pickup trucks. It is cheap to lease and cheap to insure.
Explore the Full List
Plus the fact that all models on our site have an insurance cost estimate, we have built a list of all vehicles that average a monthly insurance cost under 65 CAD (780CAD/year):
... or simply do your own custom quote.