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Toyota has been a popular brand for quite some time. But when it comes to insuring one of the brand’s many vehicles, which one is the cheapest, especially for those with poor credit? Let’s look at what determines your insurance rates, how poor credit affects those prices, and which Toyota model is the most affordable to insure for someone who doesn’t have great credit. 

What determines your insurance rates?

A light blue 2023 Toyota RAV4, which is the Toyota with the lowest insurance cost.
2023 Toyota RAV4 | Toyota Motor Sales, U.S.A., Inc.

Several factors will determine how much your insurance will be for your policy. First is your driving record. Have you had tickets in the past, or have you been in a few accidents, especially ones deemed to put you at fault? These can label you as a risk when deciding insurance rates. 

Then there’s your age and gender. Teens are typically the most expensive to insure because they’re new to driving and could not have the skills to avoid accidents like a 30-50-year-old person would with more experience behind the wheel.

What vehicle do you drive? The model you’re getting behind the wheel makes a difference too. A minivan with lots of safety features will earn you plenty of deductions, while a sports car may increase your rates, even if you’ve got the best driving record possible. 

Other determining factors include the theft statistics in your area, how far you drive your car daily, and the deductions you choose when signing up for insurance. Companies offering auto insurance will consider all these factors when coming up with your premium prices. 

Which Toyota has the lowest insurance costs?

Of all the models in the Toyota lineup, the one that has the lowest insurance costs appears to be the RAV4. It’s an SUV with plenty of safety features, so that’s probably one of the main reasons why it’s cheaper than other models. 

A person driving the Toyota RAV4 with a good driving record and good credit with this vehicle would pay $1,438. Now if the same person with nothing bad on their driving record still had a good credit score, but they found themselves in an accident where they were at fault, the price would go up to $2,111. If the person had no accidents, but their record wasn’t good and their credit was poor the price increases to $2,470. 

If you compare that to the cost of the most expensive Toyota model, the price is even higher. The brand’s Land Cruiser SUV brings in approximately $1,980 for a person with good credit and a good record. A poor credit score comes close to doubling that price, leaving them with a bill for $3,401. If their score was good, however, but they had an accident where they were at fault, the price would be $2,907. 

Toyota offers decent vehicles, and because they come with safety features in its models, you qualify for some deductions, depending on which company you get your policy through. At this time, the RAV4 offers you the most inexpensive price yet. Poor credit on your record, however, will affect your rates, and usually by a lot, so expect to pay nearly double what you otherwise would’ve paid.

How poor credit affects your insurance rates

If you have poor credit, you can expect to pay a fair amount more for your rates than if you have good credit. A low score on credit reports will alert the insurance company that you could be a risk for paying for the premiums. 

For Toyota vehicles, specifically, an eighteen-year-old could pay $5,739 if they had a good driving record and happened to have good credit. It’s not likely, though, because teens won’t have any credit at this age, or it will be low, so you’re more likely to pay around $9,859, according to CarEdge

On the other hand, if you’re forty years old with a good driving record and credit, you may only pay about $1,818. However, if the same person had poor credit, they would pay $3,123. If they had an at-fault accident recently, with good credit, they may have to pay $2,670. 

Poor credit increases your premiums, sometimes doubling what you would normally pay. But, not all states take credit scores into account. For example, the state of Hawaii doesn’t allow your credit to play a part in the insurance rates. 

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