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Updated Aug. 30, 2024
The Toyota Corolla, introduced in 1966, has remained Toyota's worldwide bestseller due to its durability, reliability, and overall performance. In 2022, the Corolla nabbed the top spot as Canada’s most popular car. Toyota is also leading globally in hybrid vehicle sales. Other popular Toyota models include the Camry, Prius, Tacoma, Tundra, RAV4, and Lexus.
Despite significant supply chain issues affecting the entire car market, sales of Toyotas increased in January 2023 by 11.8% compared to the same time the previous year.
Toyotas are also known for retaining their value better than most cars, so they fetch higher prices on the secondary market. Buying a Toyota is an investment, and they can cost quite a bit. Protecting yourself and your Toyota with the right car insurance is essential.
| Time frame | Total sales | YoY change | Toyota sales | Lexus sales |
|---|---|---|---|---|
| Jan. 2023 | 12,859 | +11.8% | 10,574 | 2,285 |
| Dec. 2022 | 13,393 | + 11.6% | 11,453 | 1,940 |
| Nov. 2022 | 15,202 | +9.0% | 13,091 | 2,111 |
| Oct. 2022 | 16,581 | +8.2% | 14,129 | 2,452 |
| Sep. 2022 | 16,486 | -18.8% | 14,332 | 2,154 |
| Aug. 2022 | 15,555 | -27.0% | 13,502 | 2,053 |
| Time frame | Model | Sales | YoY change |
|---|---|---|---|
| Jan. 2023 | Corolla Hybrid | 748 | --* |
| Highlander | --* | --* | |
| RAV4 | --* | +30.4% | |
| Lexus NX, RX, GX, LS | --* | +82.9% |
Source: Toyota Canada Inc.
*Data not disclosed by the manufacturer
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People tend to obsess over body type and estimated annual maintenance and fuel costs when deciding on a car model. But one expense that's often overlooked are the monthly insurance costs.
Fact: the make and model of your car have a significant impact on your insurance premium.
To help you choose a Toyota that fits your budget, we assessed the insurance costs for some of the most popular Toyota models using RATESDOTCA data from real customers.
So keep watching the price at the pumps like a hawk. But don't neglect your insurance. It's an opportunity to find even more savings.
Estimated premiums are based on a 35-year-old male with a driving record free of claims or road convictions.
| 2022 Models | Cheapest monthly | Cheapest annually | MSRP |
|---|---|---|---|
| Mirai | $108.58 | $1,303.00 | $54,990.00 |
| Tundra | $112.75 | $1,353.00 | $50,350.00 |
| Tacoma | $117.42 | $1,409.00 | $40,690.00 |
| 4Runner | $126.25 | $1,515.00 | $51,050.00 |
| Venza | $128.58 | $1,543.00 | $40,050.00 |
| Sienna | $129.83 | $1,558.00 | $41,650.00 |
| Rav4 Prime | $131.25 | $1,575.00 | $49,390.00 |
| Prius Prime | $134.17 | $1,610.00 | $33,750.00 |
| Gr Supra | $138.33 | $1,660.00 | $57,170.00 |
| C-Hr | $143.33 | $1,720.00 | $24,350.00 |
| Corolla Cross | $144.83 | $1,738.00 | $24,890.00 |
| Corolla Hatchback | $148.58 | $1,783.00 | $23,350.00 |
| Highlander | $149.00 | $1,788.00 | $45,650.00 |
| Rav4 | $149.50 | $1,794.00 | $32,150.00 |
| Sequoia | $150.50 | $1,806.00 | $75,990.00 |
| Gr86 | $152.00 | $1,824.00 | $31,490.00 |
| Corolla Hybrid 4Dr | $153.67 | $1,844.00 | $27,320.00 |
| Prius | $153.67 | $1,844.00 | $29,350.00 |
| Corolla 4Dr | $161.00 | $1,932.00 | $22,690.00 |
| Camry | $176.25 | $2,115.00 | $30,190.00 |
Source: RATESDOTCA quoter
| Model | Cheapest monthly | Cheapest annually | 2022 MSRP |
|---|---|---|---|
| Mirai | $89.92 | $1,079.00 | $54,990.00 |
| Corolla Hatchback | $95.08 | $1,141.00 | $23,350.00 |
| Corolla Cross | $95.08 | $1,141.00 | $24,890.00 |
| Rav4 Prime | $95.08 | $1,141.00 | $49,390.00 |
| 4Runner | $95.08 | $1,141.00 | $51,050.00 |
| Sienna | $96.83 | $1,162.00 | $41,650.00 |
| Prius prime | $96.25 | $1,155.00 | $33,750.00 |
| Rav4 | $96.25 | $1,155.00 | $32,150.00 |
| Venza | $97.50 | $1,170.00 | $40,050.00 |
| C-HR | $98.42 | $1,181.00 | $24,350.00 |
| Tundra | $98.42 | $1,181.00 | $50,350.00 |
| Prius | $98.08 | $1,177.00 | $29,350.00 |
| Corolla 4DR | $99.42 | $1,193.00 | $22,690.00 |
| Corolla Hybrid 4DR | $99.42 | $1,193.00 | $27,320.00 |
| Camry | $99.42 | $1,193.00 | $30,190.00 |
| Sequoia | $100.00 | $1,200.00 | $75,990.00 |
| GR Supra | $101.25 | $1,215.00 | $57,170.00 |
| Tacoma | $101.25 | $1,215.00 | $40,690.00 |
| GR86 | $101.42 | $1,217.00 | $31,490.00 |
| Highlander | $100.75 | $1,209.00 | $45,650.00 |
Source: RATESDOTCA quoter
Have more questions about Toyota insurance? We have answers.
According to RATESDOTCA estimates, the cheapest Toyota to insure in Ontario is the Mirai, a hydrogen-powered sedan. Premiums amount to approximately $108 per month or $1,303 per year. The Mirai has the highest manufacturer's suggested retail price (MSRP) of the cars we surveyed at $54,990.
According to RATESDOTCA estimates, the cheapest Toyota to insure in Alberta is the Mirai, a hydrogen-powered sedan. Premiums on the Mirai are about $89.92 per month ($1,079 per year.) The Mirai is also the most affordable Toyota to insure in Ontario, though it costs about $19 more monthly.
The next lowest premium we found was $95.08 per month. Four Toyota models surveyed commanded this premium:
The best insurance for a Toyota vehicle depends on many things. Some drivers qualify for discounts depending on affiliations and or experience. Insurance companies also provide discounts for vehicle usage, vehicle location, and potential theft in the area. There are many variables to consider.
That's why it's important to around using sites like RATESDOTCA for the best quotes for Toyota car insurance to find the best rates that suit your needs.
The right insurance policy protects your investment, while also providing you with good value. You don't want to pay any more for insurance than you have to. There are many good reasons to choose a Toyota, such as dependability, fuel economy, safety and great performance. Because of Toyota's high standards in areas such as fuel efficiency and safety, you can also get car insurance at appealing rates. If you are looking for cheapest car insurance for your Toyota car, let RATESDOTCA do the work for you!
Joel Kranc is a freelance writer and content provider who has worked with RATESDOTCA since 2019. He holds an MA in political science from the University of Toronto and a film certificate from New York University.
He has been published in and worked for such companies as CNN, Rogers Media, Institutional Investor Magazine, The Globe and Mail, Infrastructure Investor, BenefitsPRO Magazine, Global Finance Magazine, With Intelligence, the CPP Investment Board, Hospitals of Ontario Pension Plan, and many more financial services and industry publications.
He is the author of "Retirement Planning in 8 Easy Steps," which, when released in 2015, was No. 11 on the Publisher's Weekly US Bestseller List for Business and Finance, beating out Mark Cuban's "How to Win at the Sport of Business."
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