A List of the Top 10 Cheapest SUVs to Insure in Canada (2024)
This is a list containing our picks for the cheapest SUVs to insure, to see our overall list of the cheapest cars to insure check out this page.
When picking which SUV to buy, don’t just consider its features and price. You should also consider how much the specific make and model costs to insure. This can have a significant impact on how much you spend on your vehicle each month.
In this guide, we’ll reveal the cheapest SUV to insure in Ontario and the rest of Canada. We’ll also share some of the factors that determine your SUV insurance premiums.
What Factors Determine SUV Insurance Premiums?
To get the cheapest SUV insurance possible, you should look into the factors that affect your premiums. These include:
CLEAR Number
When choosing among SUVs, check their Canadian Loss Experience Automobile Rating (CLEAR). This rating shows the expected and actual claims loss experience for each make, model, and model-year of private passenger vehicles. Data used to produce the CLEAR rating is provided by the Insurance Bureau of Canada (IBC) and Groupement des assureurs automobiles (GAA).
If you want to save money on insurance premiums, pick an SUV with a lower CLEAR system rating. The lower the CLEAR number, the lower the claims risk and insurance rates.
Driver’s Age
Insurance rates are at their highest for teen drivers and get lower after age 25. That’s because young drivers are more likely to be reckless and also lack driving experience. After age 65, rates rise again because older drivers may suffer from poor eyesight or coordination, which can impact their driving abilities. This makes them prone to more accidents than middle-aged drivers.
Personal Driving Record
Having a clean driving record can help you reduce your premium. Conversely, getting parking tickets, license suspensions, and convictions for driving offenses can drive up your premiums. If you have been convicted of any offense in the past, it may take up to six years before insurers can consider your record clean again.
Safety Statistics
Vehicles that are rated safest by the IIHS may come with lower insurance premiums. If safety statistics aren’t available for the specific model that you want, insurance companies may consider the overall safety record of the brand.
Safety Features
Some vehicles come with enhanced safety features that prevent drivers from getting into vehicular accidents, such as smart brakes, impact reinforcements, and rear vision cameras. Insurance companies will take these into consideration when computing your monthly premiums.
Location
Living in a dense urban area translates to a greater risk of accidents and theft. If you live in an area with higher-than-average claims costs than others, you may end up with higher premiums.
How Can You Lower Your SUV Insurance Premiums?
Aside from choosing the cheapest SUV to insure, you can lower your premiums by doing the following:
- Provide the correct vehicle identification number to the insurance company – If you mistakenly give your insurer the VIN for a more expensive vehicle, you could end up with higher premiums.
- Ask about discounted package deals – Some insurance companies provide discounts if you’re buying insurance for multiple vehicles or bundled auto and home insurance.
- Increase your deductibles – Deductibles refer to the amount you pay for auto repair/maintenance services before your insurer shells out money. Increasing your deductibles will lower your monthly premiums but may increase your out-of-pocket expenses, especially if your vehicle requires repairs in the near future. Carefully assess the risks and see if making higher out-of-pocket payments is worth the lower monthly insurance premiums.
- Decrease your vehicle usage – Consider carpooling with your neighbors or coworkers to lessen your vehicle usage. The less you drive, the lower your risk of getting into an accident on the road. If you drive infrequently, your insurer can take it into consideration and charge lower premiums.
- Install theft deterrent systems – Talk to your insurance representative about which security features you can install to lower your premiums.
The Top 10 Cheapest SUVs to Insure In Canada
Now that you know what factors make an SUV more or less to insure, you can narrow your options down further with our picks for the cheapest SUVs to insure in Canada.
Hyundai Kona
The Hyundai Kona is considered the cheapest SUV in Canada. It has four trim levels, with the SE and SEL levels as the cheapest ones to insure. Hyundai Kona Limited and Hyundai Kona Ultimate are more expensive trim levels to insure because they come with more features and more valuable components.
The former comes with the minimum standard specs and a few safety features, such as automatic headlights, crash-mitigating technologies, and driver-assistance systems. The latter comes with blind-spot collision warnings and lane change assistance.
Overall, the Hyundai Kona is inexpensive to insure because of low theft rates and low repair costs.
Estimated Average Insurance Cost: $2,543/year
Estimated Total Annual Driving Costs: $6,222.08/year*
Total Cost per Kilometre: $0.62
Fuel Cost per Year (Gas): $1,338.38
Toyota Highlander
The Toyota Highlander is an eight-passenger SUV that’s cheaper to insure compared to other vehicles offered by Toyota because it comes with an array of safety features, such as a pre-collision system with pedestrian detection, lane departure alert with steering alert, lane tracing assistance, and full-speed range dynamic radar cruise control. This particular model also performs well when it comes to crash test ratings.
Estimated Average Insurance Cost: $2,578/year
Estimated Total Annual Driving Costs: $8,426.65/year*
Total Cost per Kilometre: $0.84
Fuel Cost per Year (Gas): $1,726.05
Toyota RAV4
The Toyota RAV4 is often considered one of the most affordable SUVs in Canada because of its safety features. The 2022 model comes with a host of safety features, such as blind spot monitor alerts, enhanced vehicle stability control, traction control, smart stop technology, and an anti-lock brake system. It’s also inexpensive to insure because it’s cheap to repair.
However, keep in mind that you may pay more for SUV insurance if you opt for Limited or Hybrid models. These have components that are more difficult to replace, driving up insurance costs.
Estimated Average Insurance Cost: $2,612/year
Estimated Total Annual Driving Costs: $6,541.71/year*
Total Cost per Kilometre: $0.65
Fuel Cost per Year (Gas): $1,325.48
Ford Escape
The Ford Escape is a compact SUV with low horsepower, making it a low-risk vehicle. Aside from that, the 2022 model comes with a suite of safety features, such as a Blind Spot Information System (BLIS) with cross-traffic alerts, pre-collision assistance, and automatic emergency braking (AEB).
Estimated Average Insurance Cost: $2,642/year
Estimated Total Annual Driving Costs: $7,373.69/year*
Total Cost per Kilometre: $0.73
Fuel Cost per Year (Gas): $1,414.88
Subaru CrossTrek
The Subaru CrossTrek is particularly known for being safe and getting top safety scores from the Insurance Institute for Highway Safety (IIHS). It comes with various safety systems, such as pre-collision braking, pre-collision throttle management, adaptive cruise control, and lane-centering assist.
Estimated Average Insurance Cost: $2,681/year
Estimated Total Annual Driving Costs: $6,221.47/year*
Total Cost per Kilometre: $0.62
Fuel Cost per Year (Gas): $1,578.20
Volkswagen Tiguan
The Volkswagen Tiguan may have a premium design and spacious interior, but don’t let its luxurious appearance intimidate you. It still ranks as one of the more inexpensive compact SUVs to insure because it’s a low-horsepower vehicle that is less likely to get involved in an accident. It’s also less costly to maintain and repair compared to other SUV models, making insurance more affordable.
Estimated Average Insurance Cost: $2,715/year
Estimated Total Annual Driving Costs: $8,379.45/year*
Total Cost per Kilometre: $0.83
Fuel Cost per Year (Gas): $1,576.48
Nissan Rogue
The Nissan Rogue is an inexpensive SUV that is also cheap to repair and maintain. The 2023 model is fitted with driver assistance technologies that help drivers avoid a collision. It was also awarded the 2022 Top Safety Pick+ by the IIHS for its crash safety performance. All of these make this model relatively cheap to insure.
Estimated Average Insurance Cost: $2,739/year
Estimated Total Annual Driving Costs: $8,861.53/year*
Total Cost per Kilometre: $0.89
Fuel Cost per Year (Gas): $1,292.82
Honda CR-V
Honda CR-V is often included in lists for the cheapest SUVs to insure because it’s quite cheap to repair and maintain. Its low horsepower also makes it less prone to collisions. Additionally, three out of the four CR-V trims come with advanced security systems, making them less prone to theft.
Estimated Average Insurance Cost: $2,755/year
Estimated Total Annual Driving Costs: $8,656.49/year*
Total Cost per Kilometre: $0.87
Fuel Cost per Year (Gas): $1,572.76
Jeep Wrangler
The Jeep Wrangler is a renowned and versatile compact SUV that always makes the list of the cheapest vehicles to insure. It is celebrated for its exceptional off-road capabilities and iconic design. Its unique blend of ruggedness and adventure-ready features stands out in the SUV market. The Wrangler offers a range of powerful engine options, including the efficient 2.0L Turbo and the robust 3.6L Pentastar VVT V6, catering to different driving preferences. It’s also one of the more reliable vehicles that usually attain the longest possible lifespan.
Not only is the Wrangler designed for off-road adventures, but it also provides a comfortable on-road experience. It has advanced safety features such as Blind Spot Monitoring and Forward Collision Warning, enhancing driver confidence in various conditions. The interior is designed for comfort and convenience, featuring user-friendly technology and ample cargo space.
The Jeep Wrangler is also recognized for its relatively low insurance costs in Canada, making it an attractive option for those seeking a balance between adventure and affordability.
Estimated Average Insurance Cost: $2,763/year
Estimated Total Annual Driving Costs: $5,060.5/year*
Total Cost per Kilometre: $0.34/km
Fuel Cost per Year: $2,270.5
Hyundai Tucson
The Hyundai Tucson is one of the cheapest SUVs to insure from the Hyundai brand. The 2022 model comes with an anti-lock braking system, forward collision-avoidance system, and lane-keeping assistance, making it relatively safe to drive. It’s also inexpensive to repair and maintain compared to popular SUVs, leading to lower insurance rates.
Estimated Average Insurance Cost: $2,791/year
Estimated Total Annual Driving Costs: $6,850.61/year*
Total Cost per Kilometre: $0.69
Fuel Cost per Year (Gas): $1,952.33
*Cost is representative of owning or leasing a vehicle for 5 years.
The Key To Getting Affordable SUV Insurance
Choosing a make and model that’s cheap to insure can help you save money on insurance each month. Check our list above to see which SUVs come with affordable premiums. You can also try increasing your deductibles and installing additional safety features to get lower premiums.
Whichever SUV you end up buying, you need a good insurance policy to protect from accidents and theft. MyChoice can help you compare insurance quotes from top providers and get you the best deals. Contact us to find the right car insurance policy today!