Do you spend more time in your mechanic’s waiting room than outside enjoying the beautiful weather? Or are you repeatedly forced to spend more time in the great outdoors while you wait for yet another tow truck? If either of these situations sound familiar, it might be time to think about investing in a new vehicle.
But with so many new vehicles on the market how do you know where to start? To help you narrow down your choices, the Insurance Bureau of Canada has put together a report of how each car available on the market measures up. This report details each car and the relative cost of insurance coverages, such as collision and theft.
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When you first look at this report you may find yourself thinking, “what do all these numbers mean!? I’m no insurance expert, that’s why I come to you!” If this is you, don’t worry! This report also uses simple colour coding to help you compare different cars.
The colour coding system is based on average insurance costs, with a score of 100 representing the average in each category.
If the car you’re looking at has green boxes, that means that the insurance cost is less than 81, or 19% below the average.
If the car has yellow boxes, that means that the insurance cost is between 81 and 120, which is between 19% below to 20% above the average.
However, if the car has red boxes that means that the insurance costs are more than 120%, which is 20% above the average.
Now that you have an idea of how the insurance measures up on different car options, you’re well on your way to finding a great new ride!
Is your car a target for criminals?
Before you make any big decisions, there are two more great pieces of information that this report highlights: The top 10 more frequently stolen vehicles, provincially and countrywide. Based on this report, a resident of Ontario, like yourself, may want to avoid buying a Cadillac Escalade. As much fun as it would be to drive this huge SUV around town, 4 of its different models are listed in the top 10.
Now what about across Canada? Do criminals still go for large SUVs or do they prefer something more compact? Based on this report, it would seem that criminals don’t discriminate. The most frequently stolen car in Canada is the 2000 Honda Civic, but the Cadillac Escalade still made an appearance three times.
Now that you’re armed with the insurance knowledge of an expert, it’s time to buy a new car (or at least see how your current one measures up). Is all of the data on this report still a bit overwhelming? Our insurance team at the Ostic group is ready to help with any and all insurance questions, just give us a call!
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