Compare Toyota Car Insurance Rates [2023]

Toyota drivers can choose between a variety of coverages, including liability, uninsured motorist, personal injury protection, comprehensive, collision, and Gap insurance, but this depends on the car insurance company. Model and year impact the cost of car insurance for Toyotas, so drivers can expect to see varying rates. For example, a Toyota Yaris is the cheapest to insure, costing an average of $129 for liability, collision, and comprehensive, while it costs $147 for similar coverage on a 2023 Toyota Tundra. 

Here’s more on car insurance for Toyotas.

Understanding the Different Types of Coverage for Toyotas

Car insurance companies offer several different types of coverage to Toyota drivers. Liability, uninsured motorist, personal injury protection, comprehensive, collision, and Gap insurance are the most common types of coverage purchased, and each offers drivers a specific type of protection. Find out how much car insurance you need.

Liability Insurance 

Liability car insurance covers bodily injury and property damage expenses for other drivers and passengers involved in an accident you caused, up to a certain limit. Almost all states require this type of insurance and dictate the required coverage limit.  

Liability insurance is often expressed as three numbers, with each indicating the coverage limit of that state. For example, with 20/50/25, your liability insurance will cover $20,000 bodily injury liability per person, $50,000 bodily injury liability per accident, and $25,000 property damage liability.

Uninsured Motorist Insurance

Uninsured/underinsured motorist insurance covers bodily injury and/or property damage expenses after an accident with an uninsured or underinsured motorist. Although it isn’t required in all states, it can protect drivers from suffering the negative financial consequences of being hit by some with little to no insurance coverage. 

Personal Injury Protection (PIP) Insurance

Personal injury protection (PIP) insurance, also known as no-fault insurance, covers the driver’s and passengers’ medical expenses regardless of fault. This coverage can also pay for lost wages, replacement services, and funeral expenses. Similar to liability and uninsured motorist, states may require a minimum amount of PIP.  

Collision Insurance

Collision car insurance covers property damage resulting from a collision with another vehicle or object, such as a telephone, guardrail, or building. It is optional coverage, meaning it isn’t mandated by states, but lenders and dealerships may require it for leased or financed vehicles.   

When adding this coverage to your policy, you’re agreeing to pay a deductible before your car insurance covers the remaining cost of repair or replacement. For example, if your deductible is $500 and your property damage expenses total $2,500, your insurance company will pay the remaining $2,000 for the repairs. And if the vehicle is totaled, the insurance company pays out the value of the vehicle, minus the deductible. Learn how to find your car insurance deductible.

Comprehensive Insurance

Comprehensive insurance covers property damage resulting from non-collision events, including fire, theft, vandalism, natural disasters, and hitting an animal. Similar to collision insurance, comprehensive insurance isn’t required by states, but it may be required if you leased or financed your vehicle. Additionally, drivers must pay a deductible before their car insurance covers the cost of repairs or pays out the value of the vehicle if it is totaled. 

Both comprehensive and collision are great coverages for Toyota drivers because it means drivers can avoid the out-of-pocket expense of repairing or replacing their vehicles after it has been damaged. 

Gap Insurance

In some cases, when a vehicle is totaled, the amount remaining on the lease or loan is more than the vehicle’s value. Since car insurance companies only pay out up to the value of the vehicle, Gap insurance covers the difference between the remaining loan or lease balance and vehicle value. 

For example, let’s say your vehicle is worth $5,000, but your remaining loan balance is $7,000 — Gap insurance covers the $2,000 difference. This saves you $2,000, and you get to purchase a new vehicle with peace of mind instead of worrying about paying for the loan on the totaled vehicle. 

When choosing the best car insurance coverage for you, you first want to consider the state minimum car insurance requirements and build on top of that. For example, if your state requires you to purchase liability, that will be the minimum amount of coverage you need, but you can also purchase comprehensive and collision coverage if you have a newer vehicle that would be expensive to repair or replace. Learn more about Gap insurance pricing and coverage.

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How to Compare Rates and Coverage Options for Toyotas

Car insurance companies calculate insurance premiums using several different factors that affect car insurance rates, including the vehicle make, model, and year. As a result, you’ll rarely see two car insurance companies offering the same rates for insurance. Of course, this leaves you with the difficult task of comparing rates and finding the best car insurance for your Toyota. 

Here are a few tips to help you find the best car insurance for your Toyota. 

• Review the cost of the car insurance policy: The cost of your policy is impacted by things like age, gender, driving record, location, vehicle type, and credit score, so expect to see different premiums. If there is a budget you have in mind, see which companies offer a premium that fits into that budget. 

• Review available coverage options: Consider the state minimum required insurance and what coverage you may want beyond that, including comprehensive, collision, and gap insurance. If the coverage you need isn’t offered, that car insurance company is likely not a good fit. Here’s how to find car insurance requirements in your state.

• Review available discounts: Many car insurance companies offer car insurance discounts to help lower your insurance premium, ultimately saving you money. There are a few common discounts that car insurance companies offer, as well as discounts that are unique to the company, which offer an additional chance to save. 

Common Toyota car insurance discounts include: 

• Good student: Awarded to high school and college drivers with good grades. 
• Multi-line or multi-policy: Available to customers with more than one insurance policy. 
• Multi-car: Available to customers with more than one vehicle listed on the car insurance policy. 
• Auto pay: Available to policyholders who have their premium payments automatically deducted from their payment account. 
• Paid-in-full: Available to policyholders who pay their premium in one payment rather than monthly installments. 
• Paperless: Available to policyholders who receive car insurance documents online. 

Ideally, the insurance company you choose will fit your coverage needs and your budget. It may be tempting to go with the company offering the cheapest premium, but if you don’t have the coverage you need, it could cost you more in the long run. 

The Bottom Line: Toyota Drivers Have Different Car Insurance Needs

Although most states require all drivers to carry car insurance, the coverage Toyota drivers need beyond that may differ. Since you have so many coverage options to choose from, it is important to know how each coverage can protect you. And as you search for the best car insurance for your Toyota, keeping your needs and budget in mind can also help you narrow down your choices. 

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