Quoting car insurance used to be fairly straight forward. We would look at 10-15 criteria and generate your rate. Now, many companies are moving toward a systems called "individualized rating". There can be more than 100 criteria considered.
As an example, It used to be that as your commute distance increased, so did your premium. Now the logic is; people who drive further are likely doing so for a better paying job with better benefits (which leaves the insurance company with less to pay out in the event of an injury claim) so a longer commute can actually reduce your premium. SO as you are obtaining quotes, be painfully specific with your details: exact KM commute, exact age, married, divorced, common law, etc. it could shave a few points off your overall price.
Part of the quoting system that is still the same is the way different cars are rated. Each car is given a report card of sorts pertaining to each type of claim of that specific model (and even trim package). If a car is at the top of the stolen vehicle list, you pay more for theft coverage; If a car is more expensive to repair, you pay more for collision coverage; If occupants of the car suffer greater injuries, you pay more for accident benefits.
The "report card" is called a VRG (vehicle rate group) It assigns a numeric value to 4 sections of coverage: liability(TP), accident benefits(AB), collision(CL), and comprehensive(CM). the higher the number, the greater the premium.
AB has the greatest effect on premium. Then in decreasing order: TB, CL, CM.
Generally the VRG is standard from company to company, though slight variations can occur (esp. if a company has a particularly bad experience with a specific make or model).
Originally Posted by Jay22
I was thinking about:
1. 2008 Honda Civic 4 door
2. 2006 Honda Accord 4 cylinder
3. 2006/07 Nissan Altima
4. 2005/2006 Toyota Corolla
Here are the VRG's for the cars you listed and a few others..... for science
1. 33-36-32-25 08 Civic
2. 32-38-25-15 06 Accord 4dr 4 cyl
3. 32-36-29-15 07 Altima 4dr 4 cyl
4. 33-36-24-18 06 corolla
5. 36-27-33-37 10 M3 'vert
6. 35-32-34-56 10 911 Carrera
7. 25-27-34-37 10 Sierra ext cab 4wd
If you notice, the convertible and the pick-up have an identical injury rating. Why? An executive with a car allowance and a leased M3 is going to have top notch benefits leaving the insurance company with little to pay in the event of an injury claim. (VRG's are based on claims $$ paid out, not safety rating)
To see the difference I ran a quote on myself as the driver (33yr married male, no tickets, no claims, in Pickering) on each car. coverage: $2 mil liab, $1000 deductibles for collision and comprehensive, accident waiver in. 10 km commute.
1. $1855 - 2008 Honda Civic 4 door
2. $1771 - 2006 Honda Accord 4 cylinder
3. $1756 - 2006/07 Nissan Altima
4. $1754 - 2005/2006 Toyota Corolla
5. $1861 - 2010 BMW M3 'vert
6. $2072 - 2010 Porshce 911
7. $1668 - 2010 GMC 1500
I added in the BMW, GMC and the Porsche to illustrate that the type of car you drive has very little impact on the price. The older a car gets the cheaper is gets. If that GMC was 10 years older it might be $1400/yr.
TL/DR: When a client calls looking for a quote on the "cheapest car to insure" I ask then what car they like the most, the premium isn't going to vary that much.
Cheapest cars to insure: mid 2000 volvo & subaru station wagons or pickups are about on par.
Feel free to PM me with any questions. Good luck.