Compare Toyota Car Insurance Rates (2023)

You should always compare Toyota car insurance rates since there are various factors that affect car insurance rates, like demographics, coverage options, driving profile, and model year.

For example, a Toyota Yaris costs $129 monthly for full coverage car insurance, making it the cheapest insurance for Toyota cars. On the other hand, 2023 Toyota Camry insurance costs $143 per month.

Fortunately, drivers have various affordable Toyota insurance options, like liability, collision, comprehensive, uninsured motorist, personal injury protection, and gap insurance, depending on the company.

Comparing Toyota Car Insurance Rates

Comparing Toyota car insurance rates is vital to finding the best price for you since various factors affect your auto insurance costs.

The following is a list of factors insurance companies consider when setting your rates:

• Age
• Gender
• Marital status
• Vehicle age, make, and model
• Credit score
• Annual mileage
• Driving record
• Coverage amount
• Occupation
• Discounts

As you can see, some factors are outside of your control, but there are things you can control to get the best Toyota car insurance rate.

For example, you can compare car insurance rates by vehicle make and model to find a Toyota model with lower rates. You can also compare car insurance rates by age and gender to find a company with the best quote.

Check out the table below to compare Toyota car insurance rates by Toyota model:

If you’re looking for the cheapest insurance for Toyota cars, the average monthly rates for the Toyota Yaris are $129 monthly. However, 2023 Toyota Corolla insurance costs $143, so compare Toyota insurance quotes to get the best deal.

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Toyota Car Insurance Coverage Options

Car insurance companies offer Toyota drivers several types of car insurance coverage. 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 Car 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 often gets expressed as three numbers, each indicating the coverage limit of that state. For example, with 20/50/25, your liability insurance covers $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 property damage expenses after an accident with an uninsured or underinsured motorist. While not all states require it, the coverage can protect drivers from suffering the negative financial consequences of being hit by some with little to no insurance coverage. 

Personal Injury Protection Insurance

Personal injury protection insurance, or 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. Like liability and uninsured motorist coverage, states may require a minimum amount of personal injury protection.  

Collision Car Insurance

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

When adding this coverage to your policy, you agree to pay a deductible before your car insurance covers the remaining cost of repair or replacement. 

For example, if your car insurance deductible is $500 and your property damage expenses total $2,500, your insurance company will pay the remaining $2,000 for the repairs. If the vehicle gets totaled, the insurance company pays out the vehicle’s value minus the deductible.

Comprehensive Car Insurance

Comprehensive car insurance covers property damage from non-collision events, including fire, theft, vandalism, natural disasters, and animal damage. Like collision insurance, states don’t require comprehensive insurance, 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 vehicle’s value if it gets 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 gets damaged. 

Gap Insurance

In some cases, when a vehicle gets 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 vehicle’s value, 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. So, you can 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, consider the state minimum car insurance requirements and build on top of that. For example, while your state will require a minimum amount of liability car insurance, consider 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.

How to Compare Toyota Car Insurance Rates and Coverage Options

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 task of comparing rates and finding the best car insurance for your Toyota. 

Here are a few tips to help you find the best Toyota car insurance rates:

• Review the cost of the car insurance policy. Factors like age, gender, driving record, location, vehicle type, and credit score impact your rates. If you have a budget in mind, compare Toyota insurance quotes to see which companies offer the best rates for that budget.
• Review available coverage options. Compare car insurance by coverage type to find affordable Toyota insurance options. If a car insurance company you’re considering doesn’t offer the coverage you need, you should look elsewhere. Here’s how to find out the required auto insurance in your state.
• Review available discounts. Many companies offer car insurance discounts to help lower your insurance premium. There are a few common discounts that car insurance companies offer and discounts unique to the company, offering an additional chance to save.

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 it could cost you more in the long run if you don’t have the coverage you need.

Toyota Car Insurance Discounts

Various insurance companies offer car insurance discounts to help give drivers the best Toyota car insurance rates. Common Toyota car insurance discounts include:

• Good student: Awarded to high school and college drivers with good grades. 
• Multiple line car insurance discount: 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. 

As you can see, drivers have various options to reduce rates for their already affordable Toyota insurance options. Speak with insurance companies you’re considering to ask about eligible discount options.

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How to Compare Car Insurance Rates for Toyota Cars

While most states require drivers to carry car insurance, a driver’s Toyota car insurance coverage needs may differ. Since you have so many coverage options, knowing how each coverage can protect you is important. As you search for the best car insurance for your Toyota, keep your needs and budget in mind to help you narrow your choices.

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