Last updated: October 15, 2023, 7:17PM EST
It’s no secret that Canadians have a soft spot for pickup trucks.
Four of the five best-selling vehicles in the country – the Ford F-Series, Ram, GMC Sierra and Chevy Silverado – are pickups. These four trucks account for nearly 20% of new automobile sales in Canada.
Thinking about getting a new pickup and curious how much insurance will be? To help you decide which ride is best for you, we ran quotes for Canada’s top-10 selling trucks for the first quarter of 2023. Here’s what we found.
Here’s what we found:
- The Nissan Frontier is the cheapest pickup to insure.
- The Toyota Tacoma produces the most expensive premiums on average, more than 8% higher than the closest competitor.
- Premiums can vary by 36% or more for the same driver depending on the truck they own.
- 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, driving records and insurance histories.
Sample drivers for the insurance quotes
To help with getting quotes, we created seven fictional drivers with various ages, genders and driving records who live in different parts of the province.
- 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:
Each of the drivers received their license at 16, no multi-discounts were applied, and all of the vehicles have winter tires. Coverage specifics are:
- $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 data
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 sales2 | MSRP2 | 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Nissan Frontier | 994 | $42,523 | 72.9 | 4,504 | $882 | $3,060 | $943 | $2,217 | $1,411 | $3,130 | $3,581 | $2,175 |
| Ford F-Series | 22,500 | $47,709 | 75.6 | 4,021 | $901 | $2,983 | $958 | $2,277 | $1,401 | $3,446 | $3,435 | $2,200 |
| Chevy Colorado | 1,497 | $36,674 | 78.8 | 4,270 | $866 | $3,050 | $945 | $2,302 | $1,449 | $3,105 | $3,710 | $2,204 |
| Toyota Tundra | 2,112 | $49,665 | 78.0 | 5,565 | $968 | $2,997 | $1,030 | $2,562 | $1,410 | $3,054 | $3,668 | $2,241 |
| GMC Sierra | 15,244 | $47,397 | 75.7 | 5,050 | $910 | $3,159 | $971 | $2,507 | $1,465 | $3,454 | $3,614 | $2,297 |
| Chevy Silverado | 13,324 | $46,016 | 75.6 | 4,410 | $917 | $3,166 | $977 | $2,433 | $1,543 | $3,686 | $3,707 | $2,347 |
| Ram Pickup | 20,125 | $52,539 | 77.6 | 5,112 | $947 | $3,238 | $1,001 | $2,375 | $1,556 | $3,745 | $3,822 | $2,383 |
| Jeep Gladiator | 612 | $53,230 | 75.0 | 4,650 | $1,005 | $3,406 | $1,093 | $2,395 | $1,751 | $3,879 | $4,113 | $2,520 |
| GMC Canyon | 1,171 | $47,883 | 79.8 | 4,430 | $983 | $3,444 | $1,077 | $2,591 | $1,670 | $3,854 | $4,185 | $2,543 |
| Toyota Tacoma | 1,927 | $45,518 | 71.8 | 4,315 | $1,097 | $3,583 | $1,167 | $2,901 | $1,861 | $4,161 | $4,521 | $2,756 |
| 1Insurance quotes – Mitch auto insurance quoter; 2driving.ca – Canada’s best-selling pickups so far in 2023; | ||||||||||||
How do insurance costs for pickups compare to other vehicles?
In general, pickup trucks are the most affordable vehicles in Canada for insurance premiums. While the common belief is that their size and height offer better passenger protection, insurance companies base their rates on historical claims data. This data generally favours pickups over cars, 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.
What’s new in 2023?
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 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
It’s impossible to know how much insurance will cost just by looking at a particular vehicle and its specs. We do our best to give you guidelines, but if you’re at the dealership and torn between a few different models, give us a call. In five minutes, our team of insurance brokers can provide you with accurate quotes on any vehicle you’re considering, and help you make a well-informed purchase.
Looking for car insurance?
Speak with a Mitch Insurance broker today to get a quote on Ontario auto insurance.
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