Cheap Toyota car insurance quotes
Find your cheapest Toyota car insurance quote by comparing quotes from 50+ providers in a single search
| Cheapest Rate | $3,177 |
| Average Rate | $8,540 |
| Savings: $5,363 (63%) | |
| Cheapest Rate | $2,019 |
| Average Rate | $4,718 |
| Savings: $2,699 (57%) | |
| Cheapest Rate | $3,191 |
| Average Rate | $5,496 |
| Savings: $2,305 (42%) | |
Toyota car insurance
Toyotas are generally reliable and well-built and have a reputation for holding their value in the used market. No wonder the brand's rated as one of the top three most reliable car brands by Consumer Reports. (Also in the top three? Toyota's luxury brand, Lexus.)
Knowing a car company's reputation may help you estimate your insurance costs; along with theft risk and vehicle cost, car brand and type do indeed influence car insurance rates.
Insurance companies determine rates by weighing so-called 'moral risk,' which is the risk an individual presents, and 'physical risk,' which is based on the degree of damage usually sustained by a specific car and the associated repair costs, as well as how often specific cars are involved in accidents.
Understanding CLEAR ratings for car insurance
The Canadian insurance industry keeps tabs on the cost of claims by car make and model using a system known as the Canadian Loss Experience Automobile Ratings (CLEAR) system.
CLEAR is based on actual insurance claims data. It assigns a score on how much claims usually cost based on make and model and how likely a car will be the subject of a claim.
A particular Toyota may cost more but could have a lower CLEAR rating, which might translate into a lower rate.
How to interpret CLEAR data
Under the CLEAR system, the benchmark score is 100. Therefore, a score of 122 is 22% above average, and 87 is 13% below the average. Lower scores generally translate into lower auto insurance premiums.
Since there are fewer accident claims than ones for car damage, according to the Insurance Bureau of Canada, scores for accident benefits claims are represented by colour only. The chart below outlines the grading system for accident benefits claims.
| Red | More than 120 (20% above the average) |
|---|---|
| Yellow | Between 81 and 120 |
| Green | Less than 81 (19% below the average) |
-
Toyota Corolla car insurance cost
A 30-year-old driving a Corolla could pay an insurance premium 12% lower than the provincial average of $1,744. Premiums fall by about $90 each decade after that, making Corolla affordable from an insurance standpoint. Here are some possible reasons for why that is.
Toyota Corolla's retail value
The manufacturer's suggested retail price for the 2023 Corolla models starts at $25,804.501, which is lower than the average price of a new vehicle in 2023: which has been reported to be anywhere between $45,000 to $60,000. Car dealerships will often charge more than MSRP. But even factoring that in, Corollas are still much cheaper than the average vehicle.
Toyota Corolla's build quality
The Insurance Institute for Highway Safety (IIHS) selected Corolla's 2023 lineup of sedans and hatchbacks as Top Safety Picks. Both aced the IIHS's crashworthiness, avoidance, and mitigation tests. Other safety features the IIHS found noteworthy:
- Standard daytime running lights
- Optional blind spot detection
- Standard lane departure warning
- Standard lane departure prevention
Toyota Corolla's CLEAR ratings
The Corolla placed sixth out of eight spots for four-door 2021 models, according to the 2022 CLEAR survey. Here's how it fared:
- Collision: 194 (94% above the benchmark)
- Comprehensive: 108 (8% above the benchmark)
- DCPD: 223 (123% above the benchmark)
- Accident benefits: Yellow (average)
The highest overall in the same model year is the Tesla Model 3, which is 60% higher than the Corolla in claims costs.
The lowest overall in the same model year is the Subaru Crosstrek 5DR AWD, which is 45% lower than the Corolla in claims costs.
| Driver’s age | Premium for 2023 Toyota Corolla L 4DR |
|---|---|
| 18 | $3,846 |
| 19 | $3,571 |
| 20 | $2,663 |
| 21 | $2,016 |
| 22 | $1,971 |
| 23 | $1,850 |
| 24 | $1,805 |
| 25 | $1,764 |
| 26 | $1,618 |
| 27 | $1,613 |
| 28 | $1,526 |
| 29 | $1,533 |
| 30 | $1,540 |
| 40 | $1,430 |
| 50 | $1,347 |
| 60 | $1,259 |
Based on a male driver in Ontario with no claims or convictions, with optional coverages (collision and comprehensive) included.
Toyota Camry car insurance cost
For 30-year-old drivers, insurance on a Camry is 11% cheaper than the provincial average of $1,744. Premiums drop precipitously over the next two decades. At age 40, they fall by $348 and $238 more at age 50. Here's how the Camry scored in areas that determine insurance premiums.
Toyota Camry's retail value
The manufacturer suggested sale price for a 2023 Camry starts at $33,804, which is 77% cheaper than the average sale price for a car. Sale price and insurance costs are related. Generally speaking, the cheaper the vehicle, the less you can expect to pay for insurance.
Toyota Camry's build quality
The Camry was another IIHS Top Safety Pick in 2023 in the midsize, four-door sedan category. It got perfect marks for crashworthiness, near-perfect crash avoidance and mitigation (headlights on some models are rated 'acceptable,' one rung lower than the best score), and perfect marks on seatbelts and child restraints. Other safety features that contributed to Camry’s high score included:
- Standard daytime running lights
- Optional blind spot detection
- Standard lane departure warning
- Standard lane departure prevention
Toyota Camry's CLEAR ratings
Only CLEAR ratings for 2020 Camry models were available at publishing time. Compared to similar sedan models from 2020, it ranked sixth out of seven for claims costs. Here's how it performed:
- Collision: 163 (63% above the benchmark)
- Comprehensive: 72 (28% below the benchmark)
- DCPD: 248 (148% above the benchmark)
- Accident benefits: Yellow (average)
Only the Subaru Crosstrek had lower claims costs (51% lower than the Camry's), and the Honda Accord had the highest (96% higher).
| Driver’s age | Premium for 2023 Camry SE 4DR |
|---|---|
| 18 | $4,231 |
| 19 | $3,877 |
| 20 | $2,920 |
| 21 | $2,203 |
| 22 | $2,156 |
| 23 | $2,027 |
| 24 | $1,980 |
| 25 | $1,777 |
| 26 | $1,658 |
| 27 | $1,628 |
| 28 | $1,596 |
| 29 | $1,572 |
| 30 | $1,548 |
| 40 | $1,200 |
| 50 | $962 |
| 60 | $910 |
Based on a male driver in Ontario with no claims or convictions, with optional coverages (collision and comprehensive) included.
Toyota Rav4 car insurance cost
Premiums for a 30-year-old driver are 23% cheaper than the provincial average of $1,744 (calculated using data from the RATESDOTCA Insuramap). By age 40, premiums fall by almost $100 and about $70 each decade after that. Here's what other factors could contribute to the Rav4 having lower-than-average insurance rates.
Toyota Rav4's retail value
The manufacturer suggested sale price for a 2023 Rav4 starts at $35,874, which is about 40% cheaper than the average price of a car in Canada. Affordable vehicles are more likely to command equally affordable insurance premiums.
Toyota Rav4's build quality
Like the Camry and Corolla, the Rav4 was another IIHS Top Safety Pick in 2023, this time in the small SUV category.
It beat out the former models for most high scores, earning the perfect marks in eight out of ten categories for crashworthiness and perfect crash avoidance, mitigation, seat belts, and child restraints. Other available safety features the IIHS called out include:
- Standard daytime running lights
- Optional blind spot detection
- Standard lane departure warning
- Standard lane departure prevention
Toyota Rav4's CLEAR rating
The CLEAR database contains ratings for 2020 Rav4 models. It received favourable ratings in all categories.
- Collision: 123 (23% above the benchmark)
- Comprehensive: 150 (50% above the benchmark)
- DCPD: 137 (37% above the benchmark)
- Accident benefits: Green (below average)
Worth noting is that older models of the Toyota RAV4 (between 2013-2018) were the tenth most stolen vehicles in 2022, according to the Equite Association, which tracks vehicle thefts and insurance fraud in Canada. Car models with higher theft rates are surcharged, as owners of these cars are more likely to file a claim to have their vehicles replaced.
It could explain why, despite the Rav4's competitiveness in areas like safety and price, it fell just shy of the top 10 vehicles with the best CLEAR ratings: of 41 possible spots, the Rav4 ranked twelfth in the SUV category.
The 2020 SUV with the overall best CLEAR rating was the Hyundai Kona (roughly 55% cheaper on claims costs than the Rav4). The highest scores went to Toyota's luxury car brand. According to CLEAR data, the Lexus RX series is a whopping 511% more expensive on claims costs than the Rav4.
| Driver's age | 2023 Rav4 LE 4DR AWD |
|---|---|
| 18 | $3,551 |
| 19 | $3,296 |
| 20 | $2,447 |
| 21 | $1,843 |
| 22 | $1,803 |
| 23 | $1,691 |
| 24 | $1,651 |
| 25 | $1,537 |
| 26 | $1,435 |
| 27 | $1,409 |
| 28 | $1,382 |
| 29 | $1,360 |
| 30 | $1,340 |
| 40 | $1,243 |
| 50 | $1,174 |
| 60 | $1,103 |
Based on a male driver in Ontario with no claims or convictions, with optional coverages (collision and comprehensive) included.
Latest articles:
