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The cheapest cars to insure in 2023

  • February 8, 2023
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When shopping for a large purchase, like a car, it’s not surprising that consumers want to find the best deals. When trying to budget for a vehicle, you probably consider the overall price, especially if you plan to get a loan. You might also consider the resale value and the fuel efficiency, given the higher cost of gasoline. But not everyone considers insurance costs. Some vehicles cost more to insure than others and over time, insurance rates can add up. Bankrate assessed auto insurance rates for the most popular car models to determine the cheapest cars to insure.

The 10 cheapest cars to insure

The cost to buy a new vehicle has skyrocketed since 2020, although used vehicle prices have started to fall since their peak in 2021. With inflation still elevated and car insurance rates rising to keep pace, you may be wondering if cheap car insurance could help offset some of these increased prices. While buying a different vehicle to get cheaper car insurance may seem like a drastic step, it could be a practical one, especially if you’re already in the market for a new or new-to-you ride.

Below, we showcase the 10 cheapest vehicles to insure based on our assessment of average rates for 27 vehicle makes and models. For comparison, the national average cost of car insurance is $2,014 per year for full coverage. We’ve included the average full coverage premium, as well as the starting manufacturer suggested retail price (MSRP), for each vehicle (remember that the MSRP will vary based on the trim package and optional features). We also highlight the percentage of the MSRP spent on car insurance, so you can decide if the average premium makes sense for the cost of the car, especially when compared to your financial

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Consumers increasing concerned with EV insurance

  • August 25, 2022

Canadians are becoming increasing interested in getting an electric vehicle (EV) for their next purchase on one hand, but consumers also seem concerned about the cost of insuring electric vehicles, according to data from rate comparison site My Choice.

Seventy-seven per cent of respondents in British Columbia and 74% in Ontario would consider buying an EV the next time they’re in the market for a vehicle, according to survey results from KPMG. Further to that, over three-quarters of millennials are looking at EVs for their next purchase (77% between 25-34 years old and 76% aged 35-44 years).

But cost, driving range and charging are often cited concerns that consumers have when it comes to EV uptake—and drivers are particularly concerned with the cost of insuring their green vehicle.

Drivers looking for EV insurance increased by 240% year over year and 89% in the last three months, according to a recent study by My Choice.

Consumers should also heed that insurance premiums depend on the model of the car, rather than the vehicle’s fuel source. The cost of Replacing a vehicle is largely what determines the insurance cost.

Reasons that EVs may cost more to insure than gas cars include: replacement parts, electric vehicle batteries and specialized repair shops.

The basic insurance requirements for EVs are the same as any car, and include the mandated third-party liability insurance, accident benefits insurance, uninsured auto insurance, and direct compensation for property damage.

Add-ons may include collision insurance and comprehensive insurance that protects parked cars from flood or fire events.

However, certain policies may provide relief for EVs. “Some insurance providers provide green vehicle discounts for EVs so it’s important to ask,” said Aren Mirzaian, CEO of My Choice in a press release.

A comparison by My Choice shows the annual auto premiums

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