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September 22, 2022

How much to insure these luxury vehicles in Toronto’s most affluent neighbourhoods?

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Canada’s top-selling luxury vehicles are not all created equal when it comes to how much they’ll cost you in premiums. When running insurance quotes for drivers in Toronto’s most affluent neighbourhoods, we found that the Acura RDX and the Mercedes-Benz GLC43 are the best insurance value among the top luxury models, beating some other models on the list by 25-40%.

If you live in one of Toronto’s most exclusive neighbourhoods, and are in the market for a luxury vehicle, insurance costs may not be top of mind. But for the record, your choice of vehicle can make a big difference in your insurance costs, especially if your driving record isn’t perfect.

Using Mitch’s auto insurance quoter, we ran quotes for three fictional people, living in Toronto’s most affluent neighbourhoods. Here’s what we found out.

Key findings

  • Among Canada’s top ten selling luxury vehicles, the Acura RDX and the Mercedes-Benz GLC43 are the best insurance value.
  • Which particular luxury vehicle you drive can make a difference of 25-40% in your premiums.
  • Interestingly, all the vehicles in the top ten are SUVs.
Nelson, married male, 57, North York, ON (Postal Code M4N) Clean record, winter tire discount, multi-line discount, multi-vehicle discount
RankVehicleYearly insurance rate
42021 MERCEDES-BENZ GLC43 4DR AWD$1136
32021 ACURA RDX PMC 4DR AWD$1143
62021 LEXUS NX300h 4DR AWD$1203
12021 AUDI Q5 TECHNIK 55 2.0 TFSI e 4DR AWD$1211
72021 AUDI Q3 TECHNIK 45 2.0 TFSI 4DR AWD$1228
92021 BMW X5 40i 4DR AWD$1243
52021 MERCEDES-BENZ GLE53 4DR AWD$1260
102021 CADILLAC XT5 SPORT V6 4DR AWD$1261
82021 BMW X3 M40i 4DR AWD$1305
22021 LEXUS RX450h 4DR AWD$1479

Jasmine, married female, 42, Toronto, ON (Postal Code M4T) 1 minor ticket, winter tire discount, multi-line discount
RankVehicleYearly insurance rate
42021 MERCEDES-BENZ GLC43 4DR AWD$1568
32021 ACURA RDX PMC 4DR AWD$1571
62021 LEXUS NX300h 4DR AWD$1667
12021 AUDI Q5 TECHNIK 55 2.0 TFSI e 4DR AWD$1675
72021 AUDI Q3 TECHNIK 45 2.0 TFSI 4DR AWD$1693
92021 BMW X5 40i 4DR AWD$1727
102021 CADILLAC XT5 SPORT V6 4DR AWD$1745
52021 MERCEDES-BENZ GLE53 4DR AWD$1748
82021 BMW X3 M40i 4DR AWD$1809
22021 LEXUS RX450h 4DR AWD$2069

Shontae, divorced female, 34, Toronto, ON (Postal Code M8X) 1 minor ticket, 1 at-fault, winter tire discount, multi-line discount
RankVehicleYearly insurance rate
32021 ACURA RDX PMC 4DR AWD$3831
42021 MERCEDES-BENZ GLC43 4DR AWD$4293
92021 BMW X5 40i 4DR AWD$4632
52021 MERCEDES-BENZ GLE53 4DR AWD$4705
62021 LEXUS NX300h 4DR AWD$4785
102021 CADILLAC XT5 SPORT V6 4DR AWD$4902
82021 BMW X3 M40i 4DR AWD$5034
72021 AUDI Q3 TECHNIK 45 2.0 TFSI 4DR AWD$5162
12021 AUDI Q5 TECHNIK 55 2.0 TFSI e 4DR AWD$5453
22021 LEXUS RX450h 4DR AWD$6181

Higher premiums may point to safety issues

When arriving at a final premium, insurance companies consider a number of factors. The year, make and model of the vehicle is one of those factors. Insurers refer to past claims data from vehicles that they have insured that are similar to the one being quoted. If a vehicle has a big upward effect on the prices you’re being quoted, that usually means the vehicle (or others like it) have a history of being involved in:

If a vehicle has much higher premiums than others in its class, you might want to avoid it not only because of the cost difference. It’s also more likely to cause you heartache by being stolen, or worse, by getting in a serious accident. Although two cars may seem the same and may have similar features, the data doesn’t lie, and the car with much higher premiums may be a hazard to your health, and that of your family.

Do you need an umbrella policy?

The higher your net worth, the more important insurance becomes. Not only because you have more to lose, but more importantly perhaps, because others may see you as a prime target for lawsuits. That’s why Mitch often recommends higher liability limits for individuals with a net worth over $2 million, including a $5 million umbrella liability policy that can fill gaps you might otherwise have in the liability coverage that comes with your home and auto policies.

Insurance for individuals with a high net worth

For individuals with a net worth over $2 million, Mitch Insurance offers special insurance packages to bundle your home, vehicles, vacation properties and other assets all under one roof, with preferred rates and unrivalled service. Let one of our elite brokers review your insurance needs and recommend an insurer that will best meet them. Call today!

Looking for car insurance?

Speak with a Mitch Insurance broker today to get an Ontario auto insurance quote.

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1-800-731-2228
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Mitch Team

The articles you'll find on the Mitch blog are all the result of a team effort, contributed to by one or more of our RIBO licensed insurance brokers and/or other Ontario insurance experts. Contributors to our blog include:

  • Adam Mitchell (RIBO) - President and CEO of Mitch Insurance Brokers
  • Nick Kidd (RIBO) - Chief innovation officer at Mitch, & director of business insurance
  • Alex Gemmiti (BSc, CIP, RIBO) - Service team lead at Mitch Insurance
  • Jesica Ryzynski (RIBO) - Insurance broker, claims specialist, and account manager at Mitch Insurance

Learn more about the Mitch Team


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