Since Genesis is an expensive luxury brand, a Genesis vehicle may come with higher insurance rates if the repair or replacement costs are expensive for your particular model. But there are other variables, too. The city and province you live in, your age, driving history and any collisions or speeding tickets can have a big effect on your driving insurance.
Insurance providers will also look at the vehicle’s model and age, as well as its safety features. The Genesis G70 and G90 4-door sedan models and 2021 Genesis GV80 4-door SUV rank well in this area, and were included in the Insurance Institute for Highway Safety’s annual Top Safety Picks awards. Insurers also look at real claims data from the Canadian Loss Experience Automobile Rating (CLEAR) system. The CLEAR system groups vehicles according to risk — a lower CLEAR number means the vehicle is lower risk. The CLEAR system isn’t public, but insurers can use it to gauge the likeliness that a particular model of vehicle will make a claim at some point, and how much it will cost.
Insurance rates vary widely among individual drivers, different vehicles and insurance providers, so the average insurance costs for Genesis cars aren’t always a reliable resource to base your insurance budget on. It’s imperative to shop around and apply for quotes to get an idea of how much it will cost to insure a Genesis.