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Insuring your pre-owned Honda

Honda Canada Manufacturing has produced the bestselling vehicle in Canada for 17 consecutive years: the Honda Civic.

So that’s good news for Honda and their dealerships, right? In fact, it actually gets a little better. For 2014, Honda also had another of its popular sedans crack the top 10 bestselling cars in Canada: the Honda Accord.

Not too shabby. In fact, eight of the 10 bestselling new cars had basic models priced at less than $20,000 before all applicable taxes and delivery charges, and the two that cost more (the Ford Fusion and Honda Accord) had a starting price of less than $25,000. Obviously, it would appear that Canadians clearly are conscious about how much they spend on their four wheels.

Next question: Are Canadians just as cost-conscious about auto insurance?

A recent case study conducted in six major Canadian cities examined how the bestselling cars rank in their auto insurance costs. The results are in, and you may be (pleasantly) surprised.

The Honda Accord secured an average of third lowest, while the ever-popular Civic averaged seventh overall.

In fact, from the number one position to the 10th, the difference in quoted premiums is about $175. Could saving almost a couple of hundred dollars a year in car insurance premiums make an appreciable difference in your choice of vehicle?

In today’s ever-tightening economy, the answer may be a resounding yes. We tend to look at major purchases in a different way these days. In fact, it’s really a total cost of ownership. With a car, new or previously enjoyed, this typically includes insurance, maintenance and gas. With a pre-owned vehicle, depreciation is not as big a factor; it has already been accounted for when the gleaming new auto drove off the lot three or more years ago.

Every person is different, so the car that costs you the least to insure may not be the car that costs your neighbour the least to insure. Apples to apples is not part of the insurance conundrum, since every individual and every circumstance, including a person’s driving records, differ greatly.

If you’re in the market to buy one of Canada’s bestsellers — new or previously owned — compare the car insurance market to see which vehicle will save you the most in auto insurance. It takes only a few minutes but could save you hundreds of dollars.

Remember: Honda vehicles are cost-efficient to buy — and maintain.