Best Toyota Car Insurance: Everything You Need To Know

An active compulsory third party (CTP) insurance is a legal requirement for any driver on Australian roads, and can attract heavy fines if not complied with. But these rates are capped by the states and often linked with the registration of the car.

Additional car insurance cover—such as third-party property damage, third-party fire and theft, or comprehensive car insurance—are optional. But they are certainly recommended because they provide security against large financial bills in case of an accident.

It is also important to note that car insurance is helpful even in situations that don’t involve motor accidents.

Depending on the level of cover you choose, a car insurance policy can also offer protection if your car breaks down in the form of roadside assistance or emergency accommodation; monetary reimbursements if your car is broken into and valuables stolen; guaranteed authorised repairs and even a new car replacement if your vehicle is written off.

The world’s top vehicle maker, Japanese auto giant Toyota, has also been Australia’s top-selling car maker for more than two decades.

Despite the rise of electric vehicles slowing its sales in recent years, Toyota still holds nearly 18% market share in Australia, selling more than 215,000 vehicles in 2023, according to data from the Federal Chamber of Automotive Industries (FCAI).

The Toyota Hilux was the top-selling vehicle in Australia for seven years before being displaced by the Ford Ranger last year. The Toyota Corolla, a top selling model for three years from 2013 to 2015, continues to be among the most sought-after cars.

Other popular models that regularly feature in top five lists include the Toyota RAV4 and Toyota Landcruiser, meaning the brand’s annual sales in Australia are double those of its nearest competitor.

Industry experts attribute the company’s enduring market dominance to its wide variety of models across categories, its robust and dependable vehicles suitable for diverse conditions, its reputation for quality and reliability, and its ability to adapt to changing market dynamics.

Toyota has also benefited from having one of the strongest dealer and customer networks support in Australia. Japanese cars also tend to be somewhat lower in price and hold their value better than most cars.

Toyota has built a reputation for producing vehicles that are well-built and require minimal maintenance. Its reputation for long-lasting vehicles—often reaching 300,000 kilometres or more—also gives it an advantage for those looking for a long-term investment.

Servicing and repairs for its cars are reasonably priced because of the easy availability of components and its vast service network across the country.

The company also offers affordable capped-price service, which gives a stable cost structure for standard upkeep at its repair network. Owners are further protected by the substantial warranty coverage offered by the brand.

According to a survey by the Royal Automobile Club of Western Australia (RAC WA), the Toyota Corolla Ascent and the Toyota Camry Ascent were among the cheapest cars to run in 2023, with total running costs averaging $215.96 per week and $238.28 a week respectively.

Insurance provider Youi separately estimated the average cost of comprehensive cover for Toyota vehicles at $1,391 a year, ranging from $1,018 a year for a Yaris Cross to $2,118 for a Toyota 86.

Overall insurance premiums in Australia last year recorded their largest price increase since 2001, rising 16% over the 12-month period. As with other vehicles, factors that affect insurance costs for Toyota vehicles include:

• The size and price of the vehicle. Premiums can vary a lot depending on the car model and the cost of the vehicle. Higher-end cars are loaded with technology, built with specialised materials, and come with bigger engines, which results in higher replacement costs and hence, higher annual premiums.
• Driver’s age. The age of the driver, as well as how long they’ve been driving, are key factors taken into account when calculating car insurance costs. Drivers under 25 pay the most insurance, while more experienced ones pay less.
• Driver’s location. The address where the car is parked can affect the cost of your car insurance because certain suburbs have higher rates of car theft and vandalism than others, or are more prone to severe weather.
• Level of cover. Insurers provide a range of covers for a vehicle. While a third party damage policy generally only covers damage to the other person’s car and property, comprehensive cover includes loss or damage to your car for insured events, as well as damage your car causes to a third party’s car or property. Hence it costs more.

Owners of Toyota Corolla vehicles could save a significant amount by comparing car insurance quotes from several providers. Our comparison of some of the leading insurers found that ING is the most budget-friendly choice for a male driver under 25 insuring a Corolla, while AAMI is the cheapest option for a female driver in her 40s.

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The rates quoted are for an annual comprehensive insurance cover for a new entry-level Toyota Corolla Ascent Sport Hybrid hatchback car. They are compared for a 24-year-old male and a 44-year-old female with a good driving record.

Rates shown are for an agreed replacement value of $36,900, with an excess of $1,100.