Many people who are in the market for a new car want to know whether or not one car has better insurance rates than another. For example, which is cheaper–Toyota vs. Honda? The problem is, when it comes to a brand comparison, there is no way to say for sure that one make of car is cheaper to insure than another.
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The bottom line is that some Toyotas are going to be cheaper to insure than some Hondas, and vice versa. That is why it is important to know what class of car you are looking to insure. Even better would be to know what model cars you are looking for, then you can do a direct comparison.
The Cheapest Toyota to Insure
The cheapest Toyota vehicle to insure is the Toyota Sienna. The national average cost for insuring a 2011 Sienna is $997 annually. Of course, this number could change drastically for you if you have a bad driving record, multiple traffic violations, and so on.
The Toyota Sienna has been the recipient of several awards, including Best Overall Value by IntelliChoice, which is a company that helps you find the best car for your needs. In addition, the Toyota Sienna was rated as the vehicle with the highest resale value by Kelley Blue Book.
The Cheapest Honda to Insure
The Honda CR-V is the cheapest Honda to insure with a rate of $960 a year. Overall, compared to Toyota or even most other brands, Honda has several vehicles that are cheaper to insure. The Honda Odyssey, which is Honda’s minivan, also has lower insurance costs than the average minivan, at $962 annually on average.
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The Better Value When You Compare Toyota vs. Honda
The truth is that both Toyota and Honda have competitive insurance pricing. Both companies make safe cars that qualify for car insurance discounts. What’s more, both companies make vehicles that are priced economically, which means that they cost less to insure.
Overall, when you compare the two companies in terms of cars, you will find that they rate almost the same when you talk about the same class of car.
Look, for example, at the two minivans listed above. The Sienna is $997 a year, while the Odyssey is $962, on average, a year–these two prices comparable.
Operating Costs of Toyota and Honda Vehicles
If you don’t have your heart set on a particular type of vehicle and insurance costs are the same, something that can help you make a decision about your vehicle is overall operation costs.
Operation costs include things like how many miles you get per gallon of gas, how often you have to change your oil, what the cost of new tires are for your vehicle, how often do you have to change those tires, and so on.
Depreciation and insurance costs are also included in the operation costs of a vehicle and, in the case of Toyota vs. Honda, it is the Toyota Sienna that has the lowest operation costs according to IntelliChoice.
Toyota vs. Honda – The Lowest Rates for You
The problem is that, despite all of the good news about both Toyota and Honda and the low rates that they offer, this may not apply to you at all. The reason for this is that it is your driving record, amongst other things, that will determine just how much you pay for your car insurance.
For example, in addition to your driving record, if you have a poor credit score, your rates are going to be higher than the average rates. What’s more, if you live in an area that sees a lot of car theft, then you will pay even higher rates.
Even the amount of miles that you drive is going to impact your rates.
When you see the average cost of insurance, typically one of two things contributes to that cost. The first is the average cost for a driver in good standing. Typically, when you see a rate based on a good driver, it will be stipulated.
The other, and more common, thing is the average cost for every driver who has that particular vehicle. This includes both good and bad drivers, young and old drivers, and so on. You cannot base your rate on what the national average might be; you must get your own rates by comparing them yourself.
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