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Honda has developed a reputation for producing cheap yet reliable cars in the sedan, hatchback, minivan and SUV segments, catering to customers all over the globe. It makes sense then to assume that Honda car insurance is just as cheap.
And, arguably, that’s true.
Still, there is one major caveat you may want to consider – one that Honda has little control over – and that’s theft.
The cheapness and reliability of Honda vehicles has made them some of the most popular ones in Canada. According to DesRosiers Automotive Consultants, Honda Canada sold over 100 thousand units in 2022, with Honda CR-V leading the pack, at 32,096 units sold, followed closely by Honda Civic, at 29,722 units sold. Honda has generated such high numbers despite lower sales overall – across the entire industry.
Fittingly, the desirability of Honda cars has made them more likely to be stolen than many other vehicles – at least, in Canada. According to the latest data from Équité, Honda CR-V (model years 2016 to 2021) was the most stolen vehicle in 2021, nationwide, with 4,117 thefts. It was followed by Lexus RX, with 2,202 thefts, Ford F-150, with 1,182 thefts, and Honda Civic, with 768 thefts. Honda Accord secured the eighth spot on the list, with 372 thefts.
So, what does this mean in terms of insurance? Given that premiums are about weighing risks, the more likely a car is to be stolen, the higher the rates for it will be. This issue may get compounded if you happen to live in a high-crime neighbourhood, where cars get stolen frequently.
If you’re concerned about theft, or areas with high insurance rates (perhaps, because you live in one), look up your neighbourhood using RATESDOTCA Insuramap to see the average rates for it. Furthermore, you can compare car insurance quotes from multiple providers using RATESDOTCA to find out if Honda vehicles are worth it.
Or you can keep reading and see our latest analysis of the Honda premiums.
Honda Civic is the most renowned of the Honda vehicles, described by many as ‘cheap yet reliable.’ But is it actually cheap? Maybe not. If you’d like to see how much car insurance for Civic costs across different age groups and model years, here’s your chance:
| AGE | ANNUAL PREMIUM |
|---|---|
| 18 | $4,626 |
| 19 | $3,971 |
| 20 | $3,171 |
| 21 | $2,401 |
| 22 | $2,352 |
| 23 | $2,225 |
| 24 | $2,142 |
| 25 | $1,918 |
| 26 | $1,911 |
| 27 | $1,841 |
| 28 | $1,777 |
| 29 | $1,754 |
| 30 | $1,717 |
| 40 | $1,201 |
| 50 | $968 |
| 60 | $910 |
All our age data is based on a male driver in Toronto, Ontario, who has basic car insurance and a clean driving record. He also happens to drive 20,000 km per year. The exact vehicle is 2023 Honda Civic 4DR.
Honda Civic has some of the highest car insurance premiums out of all the Honda vehicles. Thankfully, as with most vehicles, insurance premiums get lower as you become older. So, while 18-year-olds have to suffer the annual rates in the ballpark of $4,626, 60-year-olds can enjoy premiums that are less than a quarter of that – at $910 per year!
The probability of theft, collision and other factors is likely why the Honda Civic rates are so expensive. If you look at the latest data from the Insurance Bureau of Canada (IBC), you’ll discover that new Honda models score very high when it comes to claims filed for them.
The ratings across various coverages for 2021 Honda Civic 4DR – the latest model for which there is data – are as follows:
Note: The ratings are expressed in relative terms, with 100 representing the average in each category. The higher the number, the less favourable the rating.
As you can see, the ratings are much higher than the average, and the premiums reflect that. You can expect the same for the 2023 model, and perhaps, even the 2024 model, given the trend.
| MODEL YEAR | ANNUAL PREMIUM |
|---|---|
| 2013 | $3,827 |
| 2014 | $3,965 |
| 2015 | $3,988 |
| 2016 | $4,190 |
| 2017 | $4,296 |
| 2018 | $4,348 |
| 2019 | $4,435 |
| 2020 | $4,622 |
| 2021 | $4,593 |
| 2022 | $4,731 |
| 2023 | $4,626 |
Our model year data is based on an 18-year-old male driver in Toronto, Ontario, who has basic car insurance coverage and a clean driving record. He also happens to drive 20,000 km per year. The exact vehicle is Honda Civic 4DR.
You may have noticed that car insurance rates for newer Civic models are higher than for older ones. That’s because, according to the IBC data, newer cars score higher than older ones across all insurance coverages (more on that below).
Here’s some data for contrast:
2013 Honda Civic 4DR
2021 Honda Civic 4DR
The biggest reason for the ratings being higher for the latest models is that they generally cost more to replace and repair than the older ones, because they are worth more. When it comes to things like theft, new cars also tend to be more desirable, so that may be influencing the premiums as well.
The key takeaway here is that the true price of a Honda Civic is more than what you negotiate at a dealership. Insurance may end up costing you a lot more than you realize – and may cause you to choose another vehicle. When shopping for cars, we highly recommend comparing not just their pricing but their insurance rates.
Insurance for Honda Accord is only slightly cheaper than for its more affordable sibling, the Civic. Have a look at our breakdown:
| AGE | ANNUAL PREMIUM |
|---|---|
| 18 | $4,235 |
| 19 | $3,743 |
| 20 | $2,919 |
| 21 | $2,200 |
| 22 | $2,152 |
| 23 | $2,022 |
| 24 | $1,976 |
| 25 | $1,690 |
| 26 | $1,579 |
| 27 | $1,550 |
| 28 | $1,520 |
| 29 | $1,498 |
| 30 | $1,475 |
| 40 | $1,057 |
| 50 | $849 |
| 60 | $802 |
All our age data is based on a male driver in Toronto, Ontario, who has basic car insurance and a clean driving record. He also happens to drive 20,000 km per year. The exact vehicle is 2022 Honda Accord 4DR.
Younger drivers have to pay more than their older counterparts, as you can see. 18-year-olds, for example, have to pay four times the amount that 60-year-olds have to pay, with the former paying as much as $4,235 per year and the latter as little as $802 per year.
Though the premiums for Honda Accord aren’t as expensive as those for the Civic, they are still on the expensive side – especially compared to the other Honda vehicles, both old and new. According to the data from the IBC, Accords score high across all major insurance coverages.
For example, the ratings for 2020 Honda Accord 4DR – the latest model for which there is data – are as follows:
Note: 100 is the average rating in each category, and the higher the number, the less favourable the rating.
As you can see, in the case of the Accord, the ratings are much higher than the average, higher even than the Civic’s ratings. Since there is a discrepancy in model years, that’s likely why the 2023 Civic has cheaper insurance than the 2022 Accord. However, what this data also indicates is that the Accord has potential to overtake the Civic in terms of premiums, as the race for the highest premium is very close between the two. It doesn’t help that the Accord is on the pricier side.
| MODEL YEAR | ANNUAL PREMIUM |
|---|---|
| 2013 | $4,043 |
| 2014 | $4,151 |
| 2015 | $4,271 |
| 2016 | $4,131 |
| 2017 | $4,306 |
| 2018 | $4,014 |
| 2019 | $4,124 |
| 2020 | $4,133 |
| 2021 | $4,123 |
| 2022 | $4,235 |
| 2023 | $5,234 |
Our model year data is based on an 18-year-old male driver in Toronto, Ontario, who has basic car insurance coverage and a clean driving record. He also happens to drive 20,000 km per year. The exact vehicle is Honda Accord 4DR.
You may have observed that the auto insurance rates for newer Accord models are higher than for older ones, as is the case with the Civics. That’s because, according to the IBC data, newer models score higher for insurance claims than older ones.
Here’s some data for contrast:
2013 Honda Accord 4DR
2020 Honda Accord 4DR
The reason for this is the same as for Honda Civic – new cars cost more to replace than old ones. When it comes to things like theft, new cars also tend to be more desirable, so that may be influencing the insurance rates as well.
The conclusion here is that the true cost of owning a Honda Accord is higher than what you may think, as insurance rates for it are not that low. That said, if you’re torn between a Civic and an Accord, look at their pricing more closely and factor in their insurance rates. This may make the choice a bit easier for you.
If you’re searching for a vehicle with cheap insurance, then Honda CR-V may actually be the best option out of all the Honda vehicles.
You may also be surprised to find out that despite being an SUV, Honda CR-V is priced similarly to Honda Civic – with both vehicles (model year 2023) having MSRPs in the range of $30,000 to $40,000. That said, the CR-V is still slightly more expensive.
That is, unless you take auto insurance into account. If you look at the insurance rates by age, they are considerably lower than those for the Civic or the Accord.
| AGE | ANNUAL PREMIUM |
|---|---|
| 18 | $3,496 |
| 19 | $3,245 |
| 20 | $2,414 |
| 21 | $1,822 |
| 22 | $1,782 |
| 23 | $1,671 |
| 24 | $1,632 |
| 25 | $1,424 |
| 26 | $1,420 |
| 27 | $1,380 |
| 28 | $1,371 |
| 29 | $1,362 |
| 30 | $1,350 |
| 40 | $1,074 |
| 50 | $716 |
| 60 | $677 |
All our age data is based on a male driver in Toronto, Ontario, who has basic car insurance and a clean driving record. He also happens to drive 20,000 km per year. The exact vehicle is 2023 Honda CR-V 2WD.
Older drivers have to pay less than their younger counterparts, as you can tell. 60-year-olds, for instance, get to pay over three quarters less in annual premiums than 18-year-olds, with the former paying as little as $677 per year and the latter as much as $3,496 per year.
What this data also indicates is that while your monthly financing payments for the CR-V are likely to be higher than for the Civic, for example, your insurance premiums might be lower, which makes both vehicles very similar in terms of pricing. The data from the IBC corroborates this.
Its ratings for the latest model available, which in this case is 2020 Honda CR-V 2WD, are as follows:
Note: As in the previous case, 100 is the average rating in each category, and the higher the number, the less favourable the rating.
While the ratings for the CR-V are also above the average, they are noticeably lower than for Honda Civic or Accord. Of course, this doesn’t make the CR-V instantly affordable, but if you’ve been leaning more toward buying an SUV and have been intimidated by the price, this may sway your decision.
| MODEL YEAR | ANNUAL PREMIUM |
|---|---|
| 2013 | $3,629 |
| 2014 | $3,650 |
| 2015 | $3,719 |
| 2016 | $3,758 |
| 2017 | $3,663 |
| 2018 | $3,688 |
| 2019 | $3,694 |
| 2020 | $3,696 |
| 2021 | $3,702 |
| 2022 | $3,766 |
| 2023 | $3,496 |
Our model year data is based on an 18-year-old male driver in Toronto, Ontario, who has basic car insurance coverage and a clean driving record. He also happens to drive 20,000 km per year. The exact vehicle is Honda CR-V 2WD.
You may have picked up on the fact that car insurance is similar across all model years for the CR-V, teetering between $3,500 and $3,750. The ratings showcased on the IBC have been similarly messy. Here’s an example for the latest model years available:
2018 Honda CR-V 2WD
2019 Honda CR-V 2WD
2020 Honda CR-V 2WD
You’ll notice that all of the above models have high ratings in the ‘comprehensive’ category. This may, in fact, relate to how likely the CR-V is to be stolen, which is something to watch out for. The good news, however, is that regardless of the model year, your insurance rates will be in the same ballpark for this vehicle.
Given that Ford F-150 appears to be stealing the attention of many car thieves out there, Honda Ridgeline is not even on Équité’s list of the most stolen vehicles in the country. The car insurance rates seem to reflect that.
| AGE | ANNUAL PREMIUM |
|---|---|
| 18 | $3,270 |
| 19 | $3,020 |
| 20 | $2,206 |
| 21 | $1,631 |
| 22 | $1,599 |
| 23 | $1,498 |
| 24 | $1,468 |
| 25 | $1,313 |
| 26 | $1,226 |
| 27 | $1,204 |
| 28 | $1,181 |
| 29 | $1,162 |
| 30 | $1,143 |
| 40 | $823 |
| 50 | $661 |
| 60 | $627 |
All our age data is based on a male driver in Toronto, Ontario, who has basic car insurance and a clean driving record. He also happens to drive 20,000 km per year. The exact vehicle is 2023 Honda Ridgeline 4WD.
As you can see, older drivers get to pay less than their younger counterparts. 60-year-olds, for instance, get to pay less than a third in annual premiums of what 18-year-olds get to pay, with the former paying as little as $627 per year and the latter as much as $3,270 per year.
Overall, the insurance premiums are very similar to those for Honda CR-V. This makes sense, as they score very similarly for filed claims, according to the IBC data.
The ratings for the latest model available, which is 2019 Honda Ridgeline, are as follows:
Note: The average rating in each category is 100, and the lower the number, the more favourable the rating.
Since Honda Ridgeline is easily more expensive than the Civic, Accord or CR-V, lower premiums make it slightly less intimidating as a purchase. That said, if you’re looking to purchase a pickup truck, it’s worth comparing Ridgeline’s rates to those of other trucks, such as Toyota Tacoma or Ford Ranger, just to be safe.
| MODEL YEAR | ANNUAL PREMIUM |
|---|---|
| 2013 | $2,852 |
| 2014 | $2,944 |
| 2015 | N/A |
| 2016 | N/A |
| 2017 | $3,022 |
| 2018 | $3,127 |
| 2019 | $3,349 |
| 2020 | $3,408 |
| 2021 | $3,466 |
| 2022 | $3,600 |
| 2023 | $3,461 |
Our model year data is based on an 18-year-old male driver in Toronto, Ontario, who has basic car insurance coverage and a clean driving record. He also happens to drive 20,000 km per year. The exact vehicle is Honda Ridgeline 4WD.
As is the case with Honda Civic and Accord, the insurance rates are higher for newer models than older ones (more or less). You can have a look at them yourself, for contrast:
2013 Honda Ridgeline 4WD
2019 Honda Ridgeline 4WD
The reason for the higher rates and ratings for the newer Ridgeline models is the same as for the Civic and the Accord – new cars cost more to replace than old ones. Curiously, the Ridgeline does have very high ratings in the ‘comprehensive’ category, though given where it stands in terms of theft, it’s unlikely to be the culprit. The likelier explanation is the price, as trucks cost more to repair or replace than your average vehicle.
The rates you will be able to find will depend on a number of factors that vary drastically from driver to driver. The number of accidents the driver has had over the past several years, previous insurance history and age are just some of the factor that will affect the overall cost of your Honda car insurance. Some of the heftiest premiums are reserved for the Accord and the Civic, primarily because of the replacement value.
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