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A brief history of Toyota
Matt Hands, VP, Insurance and MoneySense
Headquartered in Nagoya, Japan, Toyota Motor Corporation is one of the largest automobile manufacturers globally – here’s how it began.
In 1933, Kiichiro Toyoda, the son of Sakichi Toyoda, founded a division under his father’s manufacturing company, Toyoda Automatic Loom Works, and began automobile production. The Model AA Sedan, its first passenger car, was then released in 1936. A year later, the division was established independently and registered as Toyota Motor Company, changing its name to a more lucky character and clear sound in Japanese.
By 1967, Toyota partnered with Canadian Motor Industries (now Toyota Canada Inc.), to expand its distribution in Canada. The next year, Toyota vehicles, such as the Crown, Land Cruiser, and 700UP10 were available cross-country. The automobile company has now sold over 4 million vehicles in Canada under its 285 Toyota and Lexus dealerships.
Today, the Toyota Corolla is the world’s all-time best-seller while other popular models include the Camry and RAV4. Known for its affordability and reliability, the company also has a popular selection of hybrid vehicles, such as the Prius and Sienna.
Mandatory insurance for Toyota vehicles
Third-party liability
Accident benefits
Direct compensation property damage (DCPD)
Uninsured motorist
Optional Toyota car insurance coverage
Collision insurance
Comprehensive insurance
All perils
Specified perils
Toyota insurance endorsements
Suspension of coverage (endorsement 16)
Reinstatement of coverage (endorsement 17)
Loss of use (endorsement 20)
Legal liability for damage to non-owned vehicles (endorsement 27)
Accident forgiveness (endorsement 39)
Replacement cost insurance (endorsement 43)
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Toyota car insurance rates by model
The following car insurance rates are calculated using Ratehub’s auto insurance quoter, taking the average of the three lowest premiums offered for five popular Toyota models.
Methodology: Each table below outlines monthly and annual rates for a 35-year-old male driver, living in Toronto, Ontario with a clean driving record. The policy includes $1,000,000 in third-party liability coverage and a $1000 deductible each for collision insurance and comprehensive insurance.
Keep in mind that insurance companies offer premiums on a case-to-case basis, depending on the driver’s demographics and driving habits. To find the exact price you’ll be paying to insure your Toyota, be sure to compare auto insurance quotes with us.
|
Model (LE 4DR) |
Average monthly rate |
Average annual rate |
|
2021 Corolla |
$166 |
$1,997 |
|
2020 Corolla |
$162 |
$1,935 |
|
2019 Corolla |
$170 |
$2,041 |
|
2018 Corolla |
$169 |
$2,029 |
|
2017 Corolla |
$169 |
$2,028 |
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How to get cheap Toyota insurance
Compare the market
Auto insurance rates vary greatly between companies – you need to research which insurer will offer the best coverage specific to you.
Bundle your policies
You may get discounts if you bundle insurance plans together, for example, by having your auto and home insurance bundled together with the same auto insurance carrier.
Increase your deductible
The deductible is what you pay when something happens to your Toyota, before the insurance company pays the rest. Increasing your deductible can lower your annual premiums – just make sure you can afford it.
Ask about discounts
Many insurers offer discounts to members of professional organizations or affiliation groups – so it pays to ask about discount relationships.
Take a course
Accredited driving courses will not only make you a safer driver, but can also result in discounts from many insurance companies.
Maintain a good driving record
At-fault collisions and driving convictions stay on your insurance record for years and make your rates go way up – if you drive safely, you’ll pay the lowest rates.
Track your driving
With usage-based insurance (UBI) you can earn discounts for driving well. Tracking your own driving online, you can earn discounts by not driving far or often, and on advanced stats like how carefully you brake.
Pay upfront
If you pay your premiums up front for the year – or even per half-year – you will usually end up paying less than if you paid monthly.
FAQ: Toyota car insurance
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Matt Hands, Business Director of Insurance
With 6+ years of experience at Ratehub.ca, Matt’s focus has been on growing its newest business unit, Insurance. He is a thought leader and a valuable resource to respected publications across Canada. read full bio
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