Compare Canada’s cheapest Chevrolet car insurance rates
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- Insuring your Chevrolet in Canada
- How much is it to insure a Chevrolet vehicle for a young driver?
- How much is it to insure a Chevrolet for an experienced driver?
- Which Chevrolet model is the cheapest to insure?
- How much can a traffic ticket or an accident raise your insurance?
- How to get cheaper car insurance for your Chevrolet
- Should you buy or lease your Chevrolet?
- Which Chevrolet model is considered safest?
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Insuring your Chevrolet in Canada
Like many brands of its kind, Chevrolet strives for affordability and reliability above all else. That said, when compared to the competition, Chevrolet doesn't always rank the highest. It does not, for instance, appear on the Consumer Reports' top 10 overall best vehicle brand list, occupying the 25th spot. However, it does rank high in the Owner Satisfaction category, occupying the sixth spot. The Suburban and Silverado models also appear on Équité’s 2023 list of most top 10 stolen cars in Canada, in the ninth and 10th spots, respectively.
None of this bodes well for insurance rates. At least, in theory, since the rates for Chevrolet vehicles aren't actually all that high. We explore some of the reasons for that below.
How much is it to insure a Chevrolet vehicle for a young driver
Young drivers often face high insurance costs when trying to insure a Chevrolet (or most vehicles, for that matter).
Understanding the reasons insurance companies charge young drivers so much can help you make better decisions when it comes to your vehicle, whether it's a Chevrolet or something else.
Driver's risk level: A driver with little experience is statistically more likely to be involved in an accident, which leads to higher insurance rates. This is especially true for vehicles with higher horsepower or sportier designs, such as the Camaro or Corvette, which can be harder to control for inexperienced drivers.
Technology and repair expenses: Some vehicles can be expensive to repair due to the price of parts and labor. Insurance companies factor in the potential repair costs when determining premiums. For instance, performance-oriented models or vehicles with advanced technology, such as the Corvette or Suburban, may have higher repair costs.
Model-specific impacts: If you're driving a sportier Chevrolet vehicle, such as the Camaro or Corvette, you're much likelier to incur higher premiums, since those models tend to statistically get more claims. Larger vehicles, like the Suburban, could do the same due to costing more to repair. However, compact cars like the Malibu or Blazer are cheaper to repair and tend to be involved in fewer accidents, which makes them cheaper to insure.
Theft risk: Some Chevrolet models are among the most frequently stolen vehicles, which can increase insurance costs. For example the If a specific model has a high theft rate, insurers may charge more to cover the higher risk of loss.
If you are young driver, consider exploring the different ways you can lower your insurance rates.
Age | Insurance cost range |
|---|---|
18 | $6,574 - $9,321 |
19 | $5,462 - $7,572 |
20 | $5,127 - $6,456 |
21 | $4,560 - $5,036 |
22 | $3,946 - $4,500 |
23 | $3,657 - $4,176 |
24 | $3,386 - $4,044 |
25 | $2,950 - $3,384 |
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How much is it to insure a Chevrolet vehicle for an experienced driver
For experienced Chevrolet drivers, insurance rates can vary based on several key factors. Here are some of the biggest ones:
Experience (and age): Drivers in their 30s, 40s, and 50s usually receive the most favorable rates. However, once you reach your 60s or 70s, insurance costs may increase due to factors such as health concerns and slower reaction times, which are common as drivers age.
Chevrolet model: The model you drive plays a big part in determining your insurance rates. A Chevrolet Malibu or Cruze is typically more affordable to insure due to their moderate size and lower repair costs. However, high-performance models like the Chevrolet Camaro or Corvette can come with higher premiums due to their speed and expensive repairs.
Driving record: A clean driving history will usually help lower your premiums. On the other hand, accidents, speeding tickets, or other violations can raise your rates. even if you are an experienced driver.
How often you drive: The more you drive, the higher the chance of being involved in an accident. If you drive your Chevrolet daily or for long commutes, expect to pay higher premiums. However, if you drive less frequently, you might qualify for a low-mileage discount.
Where you drive: If you live in a city with busy streets or an area with higher rates of vehicle theft, you’ll likely pay more for coverage. For instance, Chevrolet Silverado and Suburban were named among Canada’s most stolen vehicles in 2023, which influences their premiums.
Safety and security features: Many newer Chevrolet models, such as the Chevrolet Equinox or Traverse, come with advanced safety features like automatic emergency braking and lane-keeping assist. These features reduce the risk of accidents and could lead to lower insurance premiums.
If you're an older, more experienced driver, you’ll be glad to know there are many ways to save on your insurance and reduce your monthly payments.
Age | Insurance cost range |
|---|---|
30 | $2,240 - $2,743 |
35 | $2,078 - $2,417 |
40 | $1,774 - $2,241 |
45 | $1,567 - $2,151 |
50 | $1,475 - $2,050 |
55 | $1,426 - $1,995 |
60 | $1,404 - $1,939 |
65 | $1,397 - $1,856 |
Methodology
The table above outlines the average cost of car insurance in Toronto for a female G-licensed policyholder driving a CHEVROLET SILVERADO 1500 WT REG CAB 2WD. Using our rate calculator, we calculated average auto insurance premiums by age, assuming the driver has a clean driving record. All ranges and averages presented represent the three lowest quotes offered. The insurance policies used for comparison include $1,000,000 in coverage, along with a $1,000 deductible for both collision insurance and comprehensive insurance.
It’s important to note that these quoted rates are specific to this driver profile. You are more likely to find rates at the lower end of the provided range by comparing quotes from different providers and selecting the one that offers the best value for your needs.
Disclaimer
Auto insurance rates are influenced by a variety of factors, including (but not limited to) your postal code, driving history, the specific make and model of the vehicle, additional safety features, whether you attended driving school, and more. This means the premiums for individuals with different circumstances may vary significantly from the rates shown here. Always compare personalized quotes to ensure you're getting the best coverage at the best price.
Which Chevrolet model is the cheapest to insure?
Chevrolet Silverado, a pickup truck, is the cheapest vehicle to insure out of Chevrolet's entire lineup, sitting at a range of $2,375 to $2,425 in annual premiums. That said, most of Chevrolet's vehicles fall roughly into the range of $2,000 to $3,000.
Here are some of the reasons the Silverado topped this list:
Vehicle type and size: Common wisdom suggests that compact, more efficient models, like the Bolt EV or Malibu, would be cheaper to insure, but that's not the case for Silverado, which is neither fuel-efficient nor compact, being full-size pickup truck. It is cheaper to repair than the other Chevrolet vehicles, however.
Safety features: Silverado comes with a bevy of safety features, including forward collision alert and lane-keeping assist, which reduce the likelihood of accidents. It also ranks high in safety ratings, which helps lower insurance costs as well.
Repair costs and demand for parts: Silverado, despite being a full-size pickup truck, doesn't require expensive repairs, compared to the other Chevrolet vehicles, especially the EV variants, which often need more specialized parts.
Performance and risk levels: Practical, utility-focused models, like the Silverado 1500, are considered safer and more reliable, which lowers their risk ratings, and in turn, their premiums. Conversely, larger or more powerful vehicles, such as Chevrolet Suburban or Camaro, might attract higher premiums due to their increased risk in certain driving conditions.
Driver profile and intended use: Given that the Silverado is a utility vehicle, it's unlikely to attract overly aggressive or risky drivers, who'd break speed limits, for instance—especially when compared to sportier variants such as the Corvette or Camaro.
Vehicle | Insurance cost range |
|---|---|
Chevrolet Silverado | $2,375 - $2,425 |
Chevrolet Bolt EV | $2,509 - $2,654 |
Chevrolet Blazer | $2,580 - $2,786 |
Chevrolet Camaro | $2,879 - $3,216 |
Chevrolet Malibu | $2,929 - $3,403 |
Chevrolet Suburban | $3,270 - $4,245 |
Chevrolet Corvette | $4,212 - $5,452 |
Methodology
The table above presents insurance cost ranges for some of the most popular 2023 Chevrolet models, calculated specifically for a Toronto-based, G-licensed, 35-year-old female driver. Using our rate calculator, we determined these costs by comparing the three cheapest quotes available for each model. This driver profile assumes a clean driving record and standard coverage, which includes $1,000,000 in liability coverage as well as a $1,000 deductible for both collision and comprehensive insurance.
By focusing on the most affordable quotes from various providers, the ranges provide a clear picture of what drivers with similar profiles can expect to pay. Selecting quotes from the lower end of the range can help you secure the best value for your insurance policy while still providing adequate coverage.
Disclaimer
Insurance premiums depend on many variables, such as your driving history, the vehicle's make and model, additional safety features, your postal code, and more. The rates shown here are specific to the outlined driver profile and may differ from costs for individuals with different circumstances or coverage needs. Always compare personalized quotes across providers to ensure you find the best rates and coverage tailored to your situation.
How much can a traffic ticket or accident raise your insurance?
Chevrolet, from the Silverado to the Equinox, offers dependable vehicles, but tickets and accidents can still lead to increased insurance rates. For example, a simple speeding infraction could mark you as a riskier driver in the eyes of most insurers. An at-fault accident might raise prices even more, as repair costs for Chevrolets, especially larger vehicles, can add up.
Here are some of the possible changes you might see in your insurance:
Age | Major Convictions | At Fault Accidents | Insurance Cost Range |
|---|---|---|---|
30 | None | None | $2,240 - $2,743 |
None | 1 | $4,298 - $4,771 | |
1 | None | $4,686 - $5,191 | |
1 | 1 | $10,680 - $16,086 | |
35 | None | None | $2,078 - $2,417 |
None | 1 | $4,143 - $4,584 | |
1 | None | $4,480 - $4,992 | |
1 | 1 | $10,163 - $14,648 | |
40 | None | None | $1,774 - $2,241 |
None | 1 | $4,020 - $4,440 | |
1 | None | $3,198 - $4,824 | |
1 | 1 | $9,911 - $13,646 | |
45 | None | None | $1,567 - $2,151 |
None | 1 | $4,004 - $4,416 | |
1 | None | $2,793 - $4,800 | |
1 | 1 | $9,836 - $12,596 | |
50 | None | None | $1,475 - $2,050 |
None | 1 | $3,927 - $4,271 | |
1 | None | $2,610 - $4,704 | |
1 | 1 | $9,843 - $12,174 | |
55 | None | None | $1,426 - $1,995 |
None | 1 | $3,442 - $4,020 | |
1 | None | $2,517 - $4,128 | |
1 | 1 | $10,085 - $11,754 | |
60 | None | None | $1,404 - $1,939 |
None | 1 | $3,383 - $3,865 | |
1 | None | $2,476 - $4,068 | |
1 | 1 | $10,256 - $11,397 | |
65 | None | None | $1,397 - $1,856 |
None | 1 | $3,238 - $3,837 | |
1 | None | $2,459 - $3,900 | |
1 | 1 | $10,481 - $11,189 |
Methodology
The table provides a comparison of average car insurance premiums in Toronto for a female G-licensed driver operating a 2023 CHEVROLET SILVERADO 1500 WT REG CAB 2WD. The analysis includes two driving profiles: one for drivers with clean records, meaning no major convictions or at-fault accidents, and another for drivers with one at-fault accident, one major conviction, or both. Using a rate calculator, we determined the average premiums across different age groups by selecting the three lowest quotes from leading insurance providers. The insurance coverage considered includes $1,000,000 in liability coverage and a $1,000 deductible for both collision and comprehensive insurance. For drivers with at-fault accidents or convictions, premiums were adjusted based on the additional risk weighted by insurers, leading to higher quotes for that group.
Disclaimer
It is important to note that the rates listed are specific to this driver and vehicle profile and may vary significantly based on individual circumstances. Factors such as postal code, claims history, specific vehicle features, and even completion of a recognized driving school course can influence premiums. To ensure the best value, it is essential to obtain personalized quotes from multiple providers, as rates and coverage offerings can differ substantially depending on how each insurer evaluates risk. Comparing quotes allows drivers to find the most suitable and cost-effective insurance for their unique needs.
How to get cheaper car insurance for your Chevrolet
Chevrolet owners have several straightforward ways to save money on insurance. For example, bundling auto insurance with your home or renters insurance can get you a nice discount. Or, joining a telematics program can lower your premiums by rewarding safe driving. Adding features like advanced airbags or backup cameras to your Chevrolet is another way to reduce costs while staying protected.
Here are some ways you can get cheaper car insurance
Bundling policies
Bundling your auto and home insurance—or combining other policies like tenant or condo insurance—can significantly reduce your premiums. Insurance companies appreciate customer loyalty and often reward it with discounts. Savings can reach up to 20% or more. By taking advantage of this, you not only simplify your insurance management but also save a chunk of change.
Multi-vehicle discount
If your household has more than one car, insuring them under the same policy can lead to big savings. This is because insurers offer discounts (up to 15%) for placing multiple vehicles together under one account. It’s an easy win for families or households with multiple drivers, as it combines coverage while cutting costs.
Loyalty discounts
Insurance companies love loyal customers, and they often show it by reducing premiums for those who stick with them year after year. The longer you stay, the more you save—it can range from 5% after one year to as much as 10% for a decade of loyalty. If you’re happy with your insurer and their service, this discount is an excellent perk.
Higher deductibles
Choosing a higher deductible (the amount you pay out of pocket in a claim) can reduce your annual premiums by 5-10%. While the trade-off means you’d pay more in case of an accident, it’s a smart option for drivers who are confident in their safe-driving habits and want lower upfront costs.
Paying annually
Paying your entire premium in one annual payment instead of monthly installments can save you money by avoiding administrative or installment fees. While it requires a larger payment upfront, it’s a simple way to cut down on overall costs.
Telematics programs
Telematics are devices which can be added to you car or through a mobile app, which monitor your driving habits, such as speed, braking and mileage, rewarding safe drivers with lower premiums. They offer benefits like fairer rates for low-mileage drivers, personalized discounts and improved driving awareness. To maximize savings, you should focus on consistent safe driving, reduce high-risk night trips and choose a telematics program that best fits your needs.
Winter tires
Installing winter tires is not only smart for safely navigating Canada’s icy roads, but it can also reduce your premiums by 2%-5%. Some provinces, like Ontario, even require insurers to offer this discount. If you regularly switch to winter tires, make sure your insurer knows about it.
Anti-theft devices
Vehicles with anti-theft systems, like alarms or tracking devices, are less likely to be stolen, and insurers recognize this by offering discounts up to 15%. If your car doesn’t come with built-in anti-theft features, consider installing an aftermarket system to take advantage of this savings opportunity.
Should you buy or lease your Chevrolet?
Choosing between buying or leasing a Chevrolet can be an important financial decision. Each option offers unique advantages, depending on your lifestyle and budget. Leasing might result in lower monthly payments and allows you to drive a newer model every few years, though it typically comes with mileage restrictions. On the other hand, buying gives you full ownership of the car and eliminates concerns about mileage limits, but it often requires a larger down payment or higher monthly installments.
Here's a list of advantages and disadvantages to help you make the right call regarding your potential Toyota vehicle:
Leasing
Advantages:
- Latest models: Leasing allows you to enjoy a new Chevrolet every few years, ensuring you always have access to the most up-to-date technology and features, such as Chevrolet Safety Assist systems.
- Lower costs: Monthly payments are often lower compared to buying, making it easier to budget for a reliable Chevrolet like the Malibu or Equinox.
- Warranty coverage: Most leases are covered by warranty, so you can avoid unexpected repair costs during the lease term.
- Flexibility: Ideal for those who enjoy driving new cars frequently or prefer short-term commitments without the long-term responsibility of ownership.
Disadvantages:
- Mileage restrictions: Leases come with mileage limits, and exceeding them can lead to additional costs.
- No ownership: You won’t own the Chevrolet at the end of the lease, meaning no long-term value or equity.
- Limited customization: Modifications to the vehicle are typically not allowed during the lease term.
- Early termination fees: Ending a lease early could result in significant penalties.
Buying
Advantages:
- Full ownership: Once you’ve paid off your Chevrolet, it’s fully yours, giving you long-term value and equity.
- No mileage limits: Drive your Chevrolet as much as you want without worrying about penalties.
- Personalization: You can modify your Chevrolet to match your style, whether it’s upgrading the interior or adding accessories.
- Long-term savings: Keeping your Chevrolet for many years can be more cost-effective compared to renewing leases.
- Resale options: When you're ready, you can sell or trade in your Chevrolet for its market value.
Disadvantages:
- Higher upfront costs: Buying often requires a larger down payment and higher monthly payments compared to leasing.
- Repair costs: Once the warranty expires, maintenance and repairs become your responsibility.
- Depreciation: Like all vehicles, your Chevrolet may lose value over time, affecting its resale price.
Which Chevrolet model is considered the safest?
The 2025 Chevrolet Traverse is a midsize SUV that combines spaciousness with advanced safety features, making it a reliable choice for families and individuals alike. This 4-door SUV has been evaluated by the Insurance Institute for Highway Safety (IIHS) and has received commendable ratings across various safety categories, ensuring peace of mind for its passengers.
Small overlap front test: This test examines the vehicle’s ability to shield passengers when the front corner collides with an object like a pole. The Traverse performed well, earning a top rating for its strong structure and effective impact absorption.
Moderate overlap front test: Evaluates how well the vehicle protects passengers during a broader front-end crash. The Traverse earned an acceptable rating, showcasing a solid design with room for improvement in this area.
Side impact test: Simulates a collision from the side, such as being struck by another vehicle. The Traverse excelled in this test, earning a superior rating for its reinforced structure and advanced side airbags.
Complementing its crashworthiness, the Chevrolet Traverse features advanced crash avoidance and mitigation systems. The vehicle includes standard front crash prevention systems for both vehicle-to-vehicle and pedestrian detection. While the vehicle-to-vehicle system earned a top rating, the pedestrian detection system received an acceptable rating. High-rated headlights enhance nighttime visibility, while the LATCH system for child seat installation received an acceptable rating, making it functional but with some usability challenges. Seat belt reminders were rated as marginal, indicating an area for improvement in passenger safety alerts.
Additional safety features include standard blind spot detection, lane departure warning and prevention, and rear automatic braking, providing drivers with extra confidence and security on the road.
Category | Evaluation criteria | Rating |
|---|---|---|
Crashworthiness | Small overlap front | G |
Moderate overlap front: updated test | A | |
Side: updated test | G | |
Crash avoidance & mitigation | Headlights | G |
Front crash prevention: vehicle-to-vehicle 2.0 (Standard system) | G | |
Front crash prevention: pedestrian (Standard system) | A | |
Seat belts & child restraints | Seat belt reminders | M |
LATCH ease of use | A | |
Other available safety features
| ||
Source: The Insurance Institute for Highway Safety
Protect your Chevrolet with Chevrolet Protection Plan
The Chevrolet Protection Plan provides coverage beyond the standard warranty, offering peace of mind for your vehicle. For example, you can choose the Powertrain plan, which covers key components like the engine and transmission, or opt for the Total Plus plan for added protection, including advanced high-tech features. These plans are flexible, letting you customize the terms and deductibles to match your needs.
Pre-Paid Maintenance Plan
If you're focused on keeping your vehicle running smoothly, the Pre-Paid Maintenance Plan can be a great choice. It includes services like regular oil changes and tire rotations, ensuring your car stays in top condition. This plan makes it easy to stay on top of scheduled maintenance while helping you extend the life of your Chevrolet.
GAP Coverage (Guaranteed Auto Protection)
For financial protection in unexpected situations, GAP Coverage is an excellent option. For example, if your car is stolen or declared a total loss, this plan helps cover the difference between the insurance payout and what you still owe on your loan. This extra layer of protection ensures that you’re not left dealing with a financial burden after a major event.
Tire Protection Plan
The Tire Protection Plan offers coverage for damage caused by road hazards like potholes or debris. For instance, if your tire or wheel needs repair or replacement, this plan steps in to help, giving you peace of mind as you drive.
EV Protection Plan
Drivers of electric vehicles can benefit from the EV Protection Plan, which focuses on EV-specific components. For example, it includes coverage for critical systems unique to electric vehicles. This plan ensures you’re prepared for repairs or issues that might arise as you enjoy the benefits of going electric.
Chevrolet’s range of protection plans is designed to accommodate a variety of vehicle types and lifestyles. Whether you’re looking for essential coverage or something more comprehensive, there’s an option to fit your needs. For more information, contact your local Chevrolet dealer to find a plan that works best for you.
