Shop Insurance Canada Names Canada's The Top 10 Most Popular New Cars & Their Auto Insurance Premiums
January 09, 2018 (PRLEAP.COM) Business NewsShop Insurance Canada (ShopInsuranceCanada.ca) has published a new study that shows the most purchased new cars in Canada through 2016 and 2017. The online insurance quote provider has also compiled data on how much a premium would be for the top 10 new cars.
Over a two-year period, Shop Insurance Canada studied data from quotes made through its online quote engine. The company allows customers to check auto insurance quotes from over 30 of Canada's leading insurance carriers, offering consumers tools to see the best deals within a minute.
For its study, the company looked at 30,000 quotes over 2016 and 2017, with the majority of the quotes coming from the Greater Toronto Area. The company shows that Japanese automaker Honda is the best-selling amongst Canadians looking for a new car. Specifically, the Honda Civic is the best-selling vehicle, while the Honda CR-V came in second.
The theme of Shop Insurance Canada's study is that consumers prefer Japanese over European or American cars. Low cost of vehicle purchase is likely the core reason why cars from Japan are popular. Seven of the top 10 vehicles are from Japanese manufacturers, while three are from South Korean company Hyundai.
Results of the two-year study show the following cars are most popular in Canada:
Customers coming to Shop Insurance Canada are looking for the most affordable auto insurance possible. As part of its study, the company looked at the cost of insuring the vehicles in the Top 10 list, taking into account the lowest quoted premium and the highest quoted premium. See Figure 1 for detail.
Over the 30,000 quotes studied, Shop Insurance Canada found most were from the Greater Toronto Area in Ontario. Interestingly, some of the quoted premiums are significantly above even the Ontario auto insurance average. The province is the most expensive car insurance market in Canada with an average premium of $1400.
However, Shop Insurance Canada points out that the high and low premiums depend on other factors beyond the vehicle:
"Insurance companies look beyond a vehicle when assessing coverage. For example, a company will base a premium on information such as where a customer lives, the specific trim level of the vehicle, driving history, and other factors. We found some of Canada's most popular cars had high and low premiums below the Ontario average over the 30,000 studied quotes. The Hyundai Tucson, for example. This is likely because that vehicle is favored by drivers with a good history who live in favorable locations for insurers.
Many of the high premium rates will not relate to normal customers. Some quotes run into multiple thousands of dollars, pointing towards the customer probably having issues on their driving record."
About Shop Insurance Canada
Shop Insurance Canada is a Toronto based company that specializes in delivering the best auto insurance products to customers around Ontario and Canada. The online quoting tool uses an engine that is easy to use and accurate enough to deliver the best auto insurance quotes from over 25 of Canada's leading providers. Shop Insurance Canada also offers expert advice on the auto insurance industry, as well as guides and news to help customers find the best deal possible.
Shop Insurance Canada works hard to bring all the latest insurance news to customers. We believe that understanding the industry starts with knowing what is happening day to day. Our customers and readers are hugely important to us, and we want them to get the best deals by being involved in the industry. If you have any interesting insurance topics or stories, let us know and we will be happy to consider it and write it up.
Perhaps you have a funny story about your premium evaluations, or maybe a genuine worry about the state of insurance in Canada. Shop Insurance Canada wants your voice and story to be heard, so get in touch with us via our official contact page
Shop Insurance Canada
2110 - 18 Harrison Garden Blvd
North York, Ontario