How Much Does It Cost To Insure Your Toyota?
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UPDATED: Mar 18, 2021
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If you’re looking for the best rates on Toyota insurance, it’s important to shop around, get quotes and learn what each of the top companies has to offer.
It’s crucial that the coverage you have suits your needs as an individual driver.
The best insurance companies differentiate themselves by providing more than just reasonably priced insurance policies. They also have plenty of available options for their customers, such as discounts for good driving, safety features, and bundled policies.
Many factors play a part in fixing your final rate.
Your age, geographic location, driving record, and even your gender, can all have a substantial effect on your rate.
The make and model of your car are equally, if not more, important in determining your final policy price.
When you’re calculating the cost of Toyota insurance, it’s crucial to have a good understanding of how your insurance provider estimates your risk level.
Elements such as safety ratings, theft rates, engine size, and the cost of repairs all contribute to how much you pay and how well you’re covered in case of an accident.
How Much Does Toyota Insurance Cost, On Average?
When you’re shopping for Toyota insurance, it’s more than likely you’ll find a large variety of price points.
Although the lowest may seem like a great deal, that might not necessarily be the case.
It’s important to understand what type of coverage you’ll get for the quoted price, and what exactly is included. It’s always an excellent idea to research the company’s background and merits before purchasing a policy.
Following, we made a detailed breakdown of these factors, along with other important considerations that can affect a Toyota driver.
1. Toyota Safety Rating and Damage Threshold.
The Insurance Institute for Highway Safety (IIHS) sets the safety ratings and damage thresholds for hundreds of passenger vehicles.
These ratings play a significant role in setting Toyota insurance rates, and indeed, for all other brands as well. The IIHS rates vehicles in several safety categories, assigning one of four grades: G (Good), A (Acceptable), M (Marginal), or P (Poor). The IIHS has tested many of Toyota’s vehicles, and the following are a brief sample of some models.
2018 Toyota 4Runner
While the results of safety testing on the 2018 4Runner are mainly good, this mid-size SUV did have problems in some categories. In Child Seat Anchors (Ease of Use) and Small Overlap Front (Driver’s Side), it received a rating of M, and a P score for headlights. In all other categories, the Toyota 4Runner received a G rating.
2018 Toyota Camry
The 2018 Toyota Camry fared much better in safety ratings across the board. In all categories, this sedan received a “G” rating and was named the Top Safety Pick+ for 2018 by the IIHS. These positive ratings are most likely to contribute to a lower insurance rate.
2. Toyota Comprehensive and Collision Coverage
An important factor in figuring out the price of comprehensive and collision coverage for your vehicle is its overall cash value. This value largely depends on the year and model of the car as well as its included features.
According to Kelley Blue Book, the value of a 2018 Toyota 4Runner SR5 with standard features is between $32,653 and $34,448.
On the other hand, the fair market range for a 2018 Toyota Camry LE is only between $21,559 and $23,096. This variation in pricing contributes to the wide variety of Toyota insurance policy pricing.
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Toyota Claims Frequency and Potential to Cause Damage
The IIHS publishes a yearly study of insurance company losses as they relate to specific vehicles. Each included auto receives a rating in several categories: collision, comprehensive, property damage, personal injury, medical payments, and bodily injury.
According to the IIHS’s 2015 – 2017 Insurance Loss Report, the Toyota Camry rated average in all categories except personal injury and medical payments, for which it rated substantially worse than average. These ratings are likely to result in a slightly higher insurance rate.
The Toyota 4Runner (4-doors) did much better.
It rated better than average in all categories except for medical payments which was rated substantially better than average, and property damage, for which it received an average rating.
The 4-Runner’s positive ratings mean that insurance policies for it will likely be more favorable than for the Camry, despite their difference in price.
Toyota Insurance Discounts
If you’ve purchased a vehicle with up-to-date safety features, there’s a good chance that your insurance provider will offer you a discounted rate.
Most 2019 Toyota vehicles come fully equipped with standard safety features including eight airbags, an energy-absorbing body, and the Star Safety System™, which includes anti-lock brakes, vehicle stability control, and electronic brake-force distribution.
Wh0 Are the Best Companies for Toyota Insurance?
When you’re ready to purchase car insurance for your Toyota, or for any other car brand, remember to seek quotes from at least three companies, to view each one’s different policy offerings and rates.
Spend some time researching ratings and reviews of each provider.
This will help you to decide which company is the best fit for your needs.
A few other important factors to consider about each company:
- Financial strength
- Customer service
- How comfortable you feel with the agent
Once you’re ready to discuss purchasing a policy, make sure to ask some of the following questions so you can get the best possible rate for your situation:
- Are there discounts offered for being a good driver or driving less?
- If I bundle my policies, will I receive a discount?
- What discounts are available for my vehicle’s safety features?
- If I pay in full or set up automatic payments will I qualify for a discount?
What to Know About Toyota
By volume, Toyota is the world’s largest automaker. This Japanese company has been in existence since the mid-1930s and is known for making quality vehicles.
Its diverse range of models includes hybrids, sedans, coupes, SUVs, minivans, and trucks. Its cars are reasonably priced and known for easily accessible parts and inexpensive repairs.
After reading the above information, you should have a better understanding of how Toyota insurance rates are determined.
Use this article to help you find the best coverage and rates for your needs.