How much to insure Canada’s cheapest pickup trucks for 2023?

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Canadians love their pickup trucks. In 2022, pickups made up almost a quarter of Canadian motor vehicle sales, and the Ford F-Series has been the top selling vehicle in the country every year since 2009. But for budget-minded Canadians, pickup trucks can be pricey to buy. Thankfully they are very affordable to insure.

Based on Driving.ca’s breakdown of the cheapest pickup trucks for 2023, here’s our ranking of the most affordable pickups in terms of auto insurance premiums:

Table 1. Insurance rates for Canada’s cheapest pickup trucks in 2023
Truck Category Annual premium (CAD)1
GMC Sierra 2500 Heavy-duty $1,605
Chevy Silverado 2500 Heavy-duty $1,682
Ford F-250 Heavy-duty $1,832
Ford F-150 Full-size $1,886
Ford Maverick Compact $1,892
Ford Ranger Midsize $1,984
Chevy Silverado 1500 Full-size $1,988
Nissan Frontier Midsize $1,993
Toyota Tundra Full-size $2,021
GMC Sierra 1500 Full-size $2,039
Hyundai Santa Cruz Compact $2,084
Ram 2500 Heavy-duty $2,088
Chevy Colorado Midsize $2,183
GMC Canyon Midsize $2,209
Dodge Ram 1500 Full-size $2,328
Toyota Tacoma Midsize $2,443
1Estimated based on quotes from the Mitch auto insurance quoter for five sample driver profiles (see table. 2).

Key findings

  • The top three trucks in our ranking were all from the heavy-duty category. This might suggest that the larger the truck, the lower the premium, but the two compact trucks landed in the middle of list (5 and 11).
  • Ford trucks fared very well, with all four making the top six.
  • Premium rankings were generally the same regardless of the postal code, gender, relationship status, age and driving record of the driver.
  • Regardless of what pickup you choose, you’re likely saving on insurance. All of the trucks on the list beat the Honda Civic (sedan) on premiums by 20-82%, and all but three beat the Toyota RAV4 (SUV).
  • Out of a total of 90 quotes, five different insurance companies had the best price for at least one combination of driver and vehicle.

How did we arrive at the rankings?

To determine which trucks on the list had the best premiums, we ran quotes for each of them using our online auto insurance quoter. To eliminate rating factors unrelated to the vehicles themselves, we got quotes for five different drivers. They vary in age, gender, relationship status and postal code. Some have cleaner driving records while others have some tickets and/or at-fault accidents.

In order to see how insurance rates for pickup trucks compare with other popular vehicles, we also ran quotes with the same drivers for the Toyota RAV4 and Honda Civic.

The drivers

Here are the drivers we used to determine our rankings:

  1. Eli, 46, single male, speeding tickets in 2019 and 2020, Newmarket (L3X)
  2. Brandi, 27, common-law female, one minor at-fault claim in 2021, Sudbury (P3C)
  3. Crisanto, 33, married male, speeding ticket in 2020, impaired driving conviction in 2022, Pembroke (K8A)
  4. Shayna, 57, divorced female, clean record, Toronto (M5T)
  5. Harper, 39, married gender X, at-fault claim and conviction for following too close in 2020, Vanier (K1L)

All of the quotes are based on the following assumptions:

  • Drivers have all been licensed since the day they turned 16
  • All drivers get a winter tire discount (tires must be on the vehicle from Nov. 1 to Apr. 1)
  • Everyone has a 10 km daily commute, and drives approximately 10,000 km a year
  • Coverage levels:
    • $1 million liability ($2 million recommended)
    • No deductible for direct compensation claims (to fix your vehicle when another driver is at fault)
    • $1,000 deductible for comprehensive and collision claims (accident damage, vandalism, theft, weather damage)
    • $1,500 coverage for loss of use (pays for a rental car while yours is in the shop after a claim)
    • Waiver of depreciation where available (you can usually insure vehicles under three years old for their full purchase price)
    • Accident forgiveness where available (may not be available for drivers with claims or tickets)
    • $50,000 physical damage coverage for unowned vehicles (rental car or loaner)
    • Family protection endorsement where available (extra coverage for medical costs if you or your family are injured by an uninsured or underinsured at-fault driver)

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The quotes

 
Table 2. Annual insurance premiums for the cheapest pickups in Canada (2023)1
  MSRP2 Eli’s premium Brandi’s premium Crisanto’s premium Shayna’s premium Harper’s premium Avg. premium Premium rank
Compact pickups
Ford Maverick $31,100 $1,110 $2,495 $2,314 $1,247 $2,296 $1,892 5
Hyundai Santa Cruz $40,299 $1,176 $3,015 $2,417 $1,321 $2,489 $2,084 11
Midsize pickups
Chevy Colorado $34,303 $1,086 $3,171 $2,574 $1,416 $2,667 $2,183 13
Ford Ranger $38,480 $1,113 $2,836 $2,290 $1,283 $2,399 $1,984 6
Nissan Frontier $40,998 $1,099 $2,738 $2,362 $1,322 $2,444 $1,993 8
Toyota Tacoma $41,350 $1,335 $3,702 $2,873 $1,430 $2,873 $2,443 16
GMC Canyon $45,603 $1,236 $3,151 $2,568 $1,437 $2,651 $2,209 14
Full-size pickups
Dodge Ram 1500 Classic $44,745 $1,184 $2,969 $3,420 $1,662 $2,405 $2,328 15
Chevy Silverado 1500 $45,003 $1,134 $2,798 $2,336 $1,353 $2,318 $1,988 7
GMC Sierra 1500 $45,903 $1,128 $2,940 $2,358 $1,326 $2,445 $2,039 10
Ford F-150 $46,055 $1,123 $2,622 $2,309 $1,230 $2,147 $1,886 4
Full-size pickups w/crew cab3
Toyota Tundra $53,790 $1,191 $2,799 $2,499 $1,326 $2,288 $2,021 9
Heavy-duty pickups
Chevy Silverado 2500 $54,203 $993 $2,361 $2,163 $1,152 $1,739 $1,682 2
GMC Sierra 2500 $56,003 $988 $2,126 $2,072 $1,142 $1,695 $1,605 1
Ram 2500 $57,295 $1,372 $2,888 $2,457 $1,356 $2,366 $2,088 12
Ford F-250 $58,479 $1,112 $2,449 $2,160 $1,300 $2,140 $1,832 3
For comparison
Toyota RAV4 $32,590 $1,277 $3,084 $2,654 $1,449 $2,550 $2,203 NA
Honda Civic $26,835 $1,686 $4,189 $3,638 $1,615 $3,518 $2,929 NA
1Estimated based on quotes from the Mitch auto insurance quoter for five sample driver profiles; 2Source: Canada’s cheapest pickup trucks for 2023; 3Insurance companies generally don’t rate a vehicle differently based on the trim or size of the cab, so rates for the Dodge Ram and Dodge Ram Classic with crew cab are the same as for a Dodge Ram with regular cab. Likewise for the Chevy Silverado.

Does the price of the truck make a difference in premiums?

Not as much as you might think. The most expensive trucks on the list are the heavy-duty trucks, most of which had the lowest premiums of all. The biggest influence on premiums is how likely passengers are to be injured, not the value of the vehicle. All of the trucks on the list come in a number of different configurations or “trims”. For example, the F-150 XL starts around $46,000, and the F-150 King Ranch starts around $90,000. The Ford F-150 King Ranch is 92% more expensive than the F-150 XL, but premiums for the King Ranch are only 26% higher.

How much difference do insurance premiums make?

Using payment calculators on the automakers’ websites, we estimated monthly payments on all of the midsize trucks and the GMC Sierra 2500. All of the monthly payments below are based on an 84-month term and a $5,000 trade in.

Table 3. Monthly cost of ownership and insurance rates for mid-sized trucks (2023)
  MSRP1 Monthly payment 2 Annual premium Monthly premium
Chevy Colorado $34,303 $455 $2,183 $182
Ford Ranger $38,480 $556 $1,984 $165
Nissan Frontier $40,998 $545 $1,993 $166
Toyota Tacoma $41,350 $588 $2,443 $204
GMC Canyon $45,603 $622 $2,209 $184
GMC Sierra 2500 $56,003 $868 $1,605 $134
1Interest rates vary for different manufacturers from 4.9% to 7.99%; 2Source: Canada’s cheapest pickup trucks for 2023; 1Based on quotes from the Mitch auto insurance quoter

The difference in the monthly payment from the Colorado to the Sierra 2500 is $423 a month, and you would only save $48 a month on your premiums, so clearly insurance costs won’t be a deciding factor in moving up to a bigger truck. But if you’re trying to choose between a Toyota Tacoma and a GMC Canyon (both midsize trucks), the $20 monthly savings in insurance will offset the extra $34 a month you’ll pay to finance the Canyon. And if you’re the type of driver that likes to keep your truck long after it’s paid for, you’ll continue to save on premiums.

Get an insurance quote on any truck

When you’re shopping for a new truck, it’s a good idea to consider the total cost of ownership. That includes monthly payments, fuel, maintenance, and of course insurance. Before you buy or lease that new truck, even if you’re sitting at the dealership, give us a call for a quick, no-obligation quote on whichever vehicles you’re considering. Our insurance brokers will make sure you have all the information you need to make the best decision.


Feature photo by Universal

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