If you’re looking for a new pickup truck, how much is it going to cost you in terms of insurance? We compared Canada’s top 10 selling pickup trucks for the first quarter of 2023, and found that the Nissan Frontier produced the most affordable premiums, on average 27% cheaper than those for the Toyota Tacoma, which had the highest rates.
Canadians love their pickup trucks. Although more than 80% of Canadians live in cities, the Ford F-Series has been Canada’s best-selling vehicle for more than a decade, and for the last few years, it hasn’t even been close. With the Ram, GMC Sierra and Chevy Silverado also making the top five in terms of annual sales, just those four pickups now account for nearly 20% of new vehicle sales across the whole country.
So if you love pickups, and you’re looking for your next new ride, we thought we’d give you some food for thought by running quotes for each of Canada’s top 10 selling pickups for Q1 2023.
Here’s what we found:
- The Nissan Frontier is the cheapest pickup to insure.
- The Toyota Tacoma produces the highest premiums on average, more than 8% higher than the closest competitor.
- Premiums can vary by 36% or more for the same driver simply by changing the truck.
- The price of the pickup doesn’t seem to have a big effect on premiums. The Tacoma has the third lowest MSRP on the list, but the highest premiums.
- The above findings were true across a number of age groups, postal codes and driving/insurance records.
Sample drivers for the insurance quotes
In order to get quotes that reflect the reality of driving in Ontario, we created four sample drivers that represent different parts of the province, age/gender groups and driving records.
- Vijay, 51, married male, clean record, Barrie (L4M), with current insurer for three years
- Sara, 27, single female, minor ticket in 2022, Markham (L6B), with current insurer for 10 years
- Ayaan, 63, widowed female, speeding tickets in 2021 and 2023, Kanata (K2M), with current insurer for 26 years
- George, 35, single male, one at-fault claim in 2020, Sarnia (N7V), with current insurer for eight years
- Chris, 43, married male, speeding ticket and cancelled for non-payment in 2018, Longlac (P0T), with current insurer for five years
- Mei-Ling, 22, single female, clean record, Mississauga (L5R), with current insurer for six years
- Mauro, 73, widowed male, impaired driving conviction in 2020, speeding tickets in 2020 and 2022, Rosslyn (P7C), with current insurer for eight years
The quotes below are based on the following assumptions:
- All drivers were licensed the day they turned 16
- No multi-vehicle or multi-line discounts
- All vehicles quoted with winter tires
- Full coverage with:
- $1 million liability coverage
- Zero deductible for direct compensation claims where someone else is at fault for damage to your vehicle
- $1,000 deductible for collision and comprehensive claims
- Accident forgiveness where available
- Waiver of depreciation where available (replacement cost coverage)
- $1,500 coverage for loss of use (rental car)
- $50,000 coverage for damage to unowned vehicle (rental, loaner etc.)
- Family protection endorsement in case you or your family are injured by another driver who’s inadequately insured
Get an auto insurance quote in minutes.
The vehicles quoted have MSRPs between $36,000 and $54,000. We list the MSRP because it can make a difference in terms of premiums for physical damage (collision and comprehensive).
|2023 Q1 Cdn sales1||MSRP||Vehicle height (inches)||Vehicle weight (lbs)||Vijay’s rate||Sara’s rate||Ayaan’s rate||George’s rate||Chris’ rate||Mei-Ling’s rate||Mauro’s rate||Avg rate|
How do pickups compare to other vehicles?
We’ve run other comparisons and found that pickup trucks, in general, are the most affordable vehicles in Canada in terms of insurance premiums. Our general understanding is that vehicles that are heavier and higher off the ground protect their passengers better in an accident. The reality is that insurance companies don’t rely on this kind of speculation, and base their rates on past claims data, and that data mostly favours pickup trucks over cars, passenger vans and SUVs.
Are larger trucks really safer?
The fact that the shortest and lightest trucks on our top 10 list (Nissan Frontier and Ford F-150) produce the best premiums seems to contradict the theory that taller, heavier vehicles are safer for the passengers inside them. At Mitch, we’re curious, just like you are, and we will continue to investigate how the type of car you drive affects how much you pay for insurance.
What’s new since 2020?
The last time we compared premiums for Canada’s top-selling pickups was in 2020. Since then, the Ford Ranger dropped out of the top 10 in terms of sales, and was replaced by the Nissan Frontier. Of the trucks that were on the list in 2020, the Chevy Colorado didn’t take the crown this time, but still had some of the best premiums of the bunch. The GMC Canyon, on the other hand, went from second to second-to-last.
The Ford F-Series, which has been the best-selling vehicle in Canada for years, does not technically appear on the Q1 list because Ford of Canada no longer reports sales monthly. Based on Driving.ca’s estimates however, it’s still at the top of the sales heap, and did much better in terms of premiums this time around, rising to second from seventh in 2020.
The only way to be sure
There’s no sure way to know how much you’re going to pay for insurance just by looking at a particular car or truck and its specifications. We do our best to give you guidelines, but if you’re at the dealership and trying to decide between two or three different models, give us a call. In five minutes, our insurance brokers can give you accurate quotes on any vehicle you’re considering, and help you make a well-informed purchase. No obligation of course, but if you like the quotes, we’d love to have you as part of the Mitch family.