The best (and cheapest) cars to insure in Canada

group of friends having fun in a car_cheapest and best cars to insure

This article has been updated from a previous version initially published on September 21, 2020.

 

When it comes to choosing a new car, safety should be a top priority. That’s why, since 2006, the Insurance Institute for Highway Safety (IIHS) recognizes vehicles that offer the best safety features and occupant protection with their annual Top Safety Pick and Top Safety Pick+ awards.

For 2024, the IIHS has evaluated crashworthiness and advanced safety technology to help consumers make informed decisions. Not only can these vehicles keep you safe on the road, their safety features may score you a cheaper rate on car insurance.

If you’re in the market for a new vehicle, here are the 2024 IIHS Top Safety Pick+ winners and insights on which models may help you stay safe on the road while saving on insurance costs.

The IIHS Top Safety Pick+ winners for 2024

The IIHS evaluates vehicles based on two key factors:

  • Crashworthiness, or how well a car protects its occupants during a collision, and
  • Crash avoidance and mitigation, which looks at the safety technologies designed to prevent accidents or reduce their severity.

To earn a Top Safety Pick+ award, vehicles must have good or acceptable ratings in multiple safety tests, including headlight performance and pedestrian crash prevention.

Here’s the top safety picks by category.

Top safety picks for small to midsize cars

Small carMidsize car
2024-25 Acura Integra hatchback2024-25 Honda Accord sedan
2025 Honda Civic sedan2024 Hyundai Ioniq 6 sedan
2024-25 Mazda 3 hatchback2025 Toyota Camry sedan
2024-25 Mazda 3 sedan 
2024 Toyota Prius hatchback 

 

 

For a little more style, here are the luxury car selections.
Midsize luxury carLarge luxury car
2024-25 Mercedes-Benz C-Class sedan2024 Genesis Electrified G80 sedan
 2024-25 Genesis G80 sedan (applies only to vehicles built after October 2023)
 2024-25 Genesis G90 sedan
If you are keen on buying a larger vehicle, check out these top safety picks for SUVs.

Top safety picks for small to midsize SUVs

Small SUVMidsize SUV
2024-25 Genesis GV60 SUV2024 Ford Explorer SUV
2024-25 Honda HR-V SUV2024 Ford Mustang Mach-E SUV (applies only to vehicles built after August 2024)
2024 Hyundai Ioniq 5 SUV2025 Honda Pilot SUV
2024-25 Hyundai Kona SUV2024-25 Kia Telluride SUV
2024-25 Hyundai Tucson SUV (applies only to vehicles built after March 2024)2025 Mazda CX-70 SUV
2024-25 Mazda CX-30 SUV2025 Mazda CX-70 PHEV SUV
2024-25 Mazda CX-50 SUV (applies only to vehicles built after August 2023)2024-25 Mazda CX-90 SUV
2025 Subaru Forester SUV (other than the Wilderness trim)2024-25 Mazda CX-90 PHEV SUV
2024 Subaru Solterra SUV2024-25 Nissan Pathfinder SUV (applies only to vehicles built after November 2023)
 2024-25 Subaru Ascent SUV
These SUVs are safe and luxurious.

Top safety picks for midsize and large luxury SUVs

Midsize luxury SUVLarge SUVs and Pickups
2024-25 Acura MDX SUV2025 Rivian R1S SUV
2024 BMW X3 SUV2024-25 Rivian R1T crew cab pickup
2025 BMW X5 SUV2025 Toyota Tundra crew cab pickup
2024-25 Genesis Electrified GV70 SUV (applies only to vehicles built after April 2024) 
2025 Genesis GV70 SUV 
2024-25 Genesis GV80 SUV 
2024-25 Infiniti QX60 SUV 
2024-25 Lexus NX SUV 
2024-25 Lincoln Nautilus SUV 
2024-25 Mercedes-Benz GLC SUV 
2024-25 Mercedes-Benz GLE-Class SUV (with optional front crash prevention) 
2024 Tesla Model Y SUV 
2024-25 Volvo XC90 SUV 
2025 Volvo XC90 Plug-In Hybrid SUV 

Read more: Can a vehicle’s safety features get you cheaper car insurance?

The safest and most cost-effective vehicles to insure

If safety is a concern for you, look for vehicles that excel in crash tests and come equipped with advanced safety features like automatic emergency braking, lane-keeping assist, and blind-spot monitoring. Also, larger, heavier vehicles typically offer better protection compared to smaller, lighter ones.

On the cost-effective side, vehicles that are cheaper to repair and have low theft rates typically have lower insurance premiums.

Compact SUVs, sedans, and some mid-sized trucks often strike a good balance between safety and affordability in terms of insurance. Compact SUVs are also the most popular vehicle size in Canada.

This category includes models like the Toyota RAV4 and Honda CR-V, which consistently rank among the best-selling vehicles in the country.

Insurance cost comparison

Here’s a list of the IIHS Top Safety Pick+ winners ranked from most affordable to least affordable based on their annual insurance costs*.

Read more: Why your new car's headlights cost $6,500 more than your old car's headlights

The Top Safety Pick+ vehicles with the cheapest car insurance

Here’s a top 10 list of the IIHS Top Safety Pick+ winners ranked from most affordable to least affordable based on their monthly insurance costs*.

VehicleCategoryMonthly insurance premium
2024-25 Hyundai Kona SUV Small SUV $198.00 
2024-25 Mazda CX-30 SUV Small SUV $215.50 
2024-25 Honda HR-V SUV Small SUV $246.83 
2024-25 Subaru Ascent SUV Small SUV $247.58 
2024 Tesla Model Y SUV Small SUV $239.67 
2025 Subaru Forester SUV Small SUV $227.75 
2024 Hyundai Ioniq 6 sedan Midsize Car $259.42 
2024-25 Hyundai Tucson SUV Small SUV $259.67 
2024-25 Mazda 3  hatchback Small Car $251.58 
2024-25 Mazda 3  sedan Small Car $265.50 
VehicleCategoryMonthly insurance premium
2024-25 Hyundai Kona SUV Small SUV $198.00 
2024-25 Mazda CX-30 SUV Small SUV $215.50 
2024-25 Honda HR-V SUV Small SUV $246.83 
2024-25 Subaru Ascent SUV Small SUV $247.58 
2024 Tesla Model Y SUV Small SUV $239.67 
2025 Subaru Forester SUV Small SUV $227.75 
2024 Hyundai Ioniq 6 sedan Midsize Car $259.42 
2024-25 Hyundai Tucson SUV Small SUV $259.67 
2024-25 Mazda 3  hatchback Small Car $251.58 
2024-25 Mazda 3  sedan Small Car $265.50 
Down payment percentageMortgage Balance  Mortgage Rate (Based on 5-year fixed rate) Total Interest paid during the 5-years termMonthly Payment CMHC Premium 
5% $570,000 4.79% (Insured) $127,652 $3,247 $22,800 
10% $540,000 4.79% (Insured) $120,933 $3,076 $16,740 
20%  $480,000 5.04% (Uninsured) $113,261 $2,802 $0 

 

Note: Insurance rates vary depending on factors such as location, driving habits, and coverage choices.

Which cars are the cheapest to insure?

Small SUVs like the Hyundai Kona and Mazda CX-30 are the most affordable options for annual insurance costs, offering practical and budget-friendly coverage under $3,000 per year. In contrast, luxury vehicles such as the Genesis G90 and Mercedes-Benz C-Class have significantly higher premiums, exceeding $5,000 annually, due to their expensive repairs and advanced features.

Overall, small SUVs hit the sweet spot between affordability and functionality, while luxury and large cars tend to have higher insurance expenses.

How are auto insurance rates determined?

Safety features aren’t the only variable affecting your rate. Insurers also consider the following factors when calculating premiums:

  • Your driving record: Tickets, accidents, or claims can raise premiums.
  • Age and location: Younger drivers and those living in urban areas often pay higher rates.
  • Vehicle use: The more you drive, the greater the risk, impacting your rates.
  • Repair costs: Models that are expensive to repair after collisions come with pricier policies.

Compact SUVs, like the Subaru Forester, are often cheaper to insure because they cost less to repair, have high safety ratings, and aren’t high on thieves' target lists.

So, before you go ahead and buy a new ride, it’s important to compare car insurance quotes first. Every person is different, so even if your neighbour drives the same vehicle as you, you may end up with a significantly different rate. Compare and save on car insurance before making your final purchase decision.

Read next: These are the top five factors that influence your auto insurance rate

Methodology

We used the following parameters to find out the lowest premium available for each vehicle model (base trim used unless otherwise specified) in Ontario:

  • Number of vehicles: 1
  • Number of drivers: 1
  • Clean driving record (no collisions, suspensions, or traffic tickets)
  • Age: 36
  • Gender: Male
  • Lives in the M6H 1X1 postal code of Toronto, Ont.
  • Consistently licensed/listed on an insurance policy for 19 years
  • With current insurance company for two years
  • Collision and comprehensive coverage
  • Parked in private driveway
  • Drives 10,000 kilometres annually
  • Personal use
  • Winter tires
  • Did not opt for any discounts related to telematics or bundling

Don't waste time calling around for auto insurance

Use RATESDOTCA to shop around, and compare multiple quotes at the same time.

Aya AlHakim

Aya AlHakim, Writer/Editor

Aya Al-Hakim is a writer/editor with RATESDOTCA. Previously, she worked as an online journalist, reporting on a wide range of topics including business, politics, and health. Her work has been featured in Global News, CBC, Yahoo Lifestyle Canada and Canadian Business.

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