Buying an EV?<\/h4>
There are other costs to consider if you’re buying an electric vehicle. While you’ll typically spend far less over the course of a year to charge an EV compared to running a gasoline-powered vehicle, you’ll most likely need to budget for the cost of installing a Level 2 charger at home\u2014this generally starts in the $800 to $1,000 range. There are also federal and provincial government incentives that can help cover the cost of buying an EV, so check out our guide on EV rebates in Canada<\/a> for more information.<\/p><\/div><\/article> In Canada, every province and territory requires a driver to at least have mandatory insurance coverage. In fact, you may not be able to register your car after buying it until you prove that you have at least the minimum required car insurance coverage.<\/p> In provinces like Ontario, for example, every insurance policy also needs to include third-party liability coverage, statutory accident benefits coverage, uninsured motorist coverage and coverage for direct compensation for property damage.<\/p> Of course, the cost of insurance also depends on factors like your age and driving history, the type of vehicle you drive, how much you drive and where you live. To give you an idea of how much your premiums may cost, we used the CAA’s Driving Costs Calculator to find out how much you could expect to pay to insure different classes of vehicles in Ontario.<\/p> SUVFord Escape$1,447.59<\/p>Insurance: Approx. $1,300\u2013$1,900 per year<\/h3>
| Vehicle type<\/th> | Average model<\/th> | Insurance cost per year<\/th><\/tr><\/thead> |
|---|---|---|
| Compact<\/td> | Honda Civic<\/td> | $1,757.39<\/td><\/tr> |
| Crossover<\/td> | Buick Encore<\/td> | $1,543.51<\/td><\/tr> |
| Intermediate<\/td> | Hyundai Elantra<\/td> | $1,526.01<\/td><\/tr> |
| Luxury<\/td> | Cadillac CT5<\/td> | $1,632.38<\/td><\/tr> |
| Pickup truck<\/td> | Chevrolet Silverado 2500<\/td> | $1,647.15<\/td><\/tr> |
| Sport<\/td> | Ford Mustang<\/td> | $1,878.30<\/td><\/tr> |
| Subcompact<\/td> | Kia Sportage<\/td> | $1,562.37<\/td><\/tr> |
| Van<\/td> | Toyota Sienna<\/td> | $1,377.59<\/td><\/tr><\/tbody><\/table> Source: CAA Driving Costs Calculator (vehicle is driven 20,000km per year by a driver under the age of 65 who has six years of driving experience with no accidents, who lives in a suburban\/urban location and who pays a $500 deductible).<\/em><\/p> Read our guide on mandatory provincial car insurance coverage to learn more. Then get multiple quotes to find how much it will cost to insure a specific car you’re interested in buying. Compare car insurance providers in our guide to help narrow down your options.<\/p> No, but you can compare car insurance quotes and shop around for the best deal. There’s also plenty you can do to lower your premium like choosing a higher deductible, maintaining a clean driving record and taking a defensive driving course. If you don’t drive all that much, consider pay-per-kilometre insurance.<\/p> |