The average cost of auto insurance for a Toyota Corolla is $400 a month or $4,800 a year. With a base price of $26,385, the annual insurance cost–to–base car price ratio is 18.2%.
Introduced in 1966, the Corolla is Toyota’s entry-level compact sedan. It’s one of the most popular vehicles in North America and is best known for both comfort and safety. Equipped with a number of safety features and great crash test ratings, it may be eligible for auto insurance discounts.
Compare free quotes online for Toyota Corolla insurance rates
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Toyota car insurance rates by model
Model
Monthly insurance rate
Base car price
4runner
$448
$56,455
Camry
$440
$33,985
Corolla
$400
$26,385
Highlander
$533
$49,855
Prius
$270
$40,645
Prius Prime
$408
$33,550
RAV4
$416
$36,215
RAV4 Hybrid
$416
$39,015
Sequoia
$510
$83,525
Sienna
$415
$48,015
Tacoma
$456
$50,015
Tundra
$425
$54,515
To determine these estimated costs, we aggregated quotes from insurance companies using this profile:
Single, 35 year old female
Latest model vehicle
20,000 km driven yearly
Perfect driving record
Equipped with winter tires
Driver located in Etobicoke, Ontario
Our estimated price is for full insurance coverage, which usually includes mandatory liability coverage, comprehensive and collision coverage.
Other factors that can affect your auto insurance rate
The model year
The vehicle’s trim
The amount of coverage you need
The estimated kilometres you drive in a year
The vehicle’s safety and anti-theft features
The driver’s credit score
The driver’s location
The driver’s age
The driver’s driving history in the past several years
The driver’s marital status
Your (or the driver’s) gender
Whether the driver rents, leases or owns the vehicle
How to compare Toyota Corolla insurance
After working out a budget for your monthly car payments and other ownership costs, auto insurance is the last thing you want to think about. With an average cost of $400 per month, coverage can be expensive and frustrating to shop for if you don’t know what to look for. But since auto insurance is mandatory in every province, you’ll need to start shopping if you want to take your Corolla on the road. Here’s what to look for:
Price. Every provider claims to have the best price on auto insurance. But since coverage and features can vary between providers, using the same information when getting quotes will help you compare similar options.
Deductible. In most cases, policies with a higher deductible often have lower monthly premiums, whereas those with lower deductibles usually come with higher premiums. Choose an amount that works for your situation.
Minimum coverage. Each province has different mandatory coverage requirements, so it’s important to ensure your policy meets your provincial minimums before committing to anything.
Additional coverage. Personal injury protection and medical payments coverage are two of many additional coverage options you may come across. When shopping around, think about whether or not any of these options would work for your situation.
Extras. Extras like roadside assistance and new car coverage may be included with your policy. If not, find out how much you’ll need to pay to get the features you want.
Restrictions. Find out if any restrictions apply to your policy to avoid gaps in coverage or denied claims.
Manufacturer offer or loyalty discount. Find out if your manufacturer has any special offers or loyalty discounts through partnerships with insurance providers.
Warranty. Find out what’s covered by your manufacturer or extended warranty to avoid paying for overlapping coverage.
What factors affect Toyota Corolla insurance rates?
Since performance, theft rates, repair costs, safety ratings and other variables can differ between vehicles, your choice of make and model can have a direct impact on the price you pay for auto insurance. This is because insurance providers evaluate your risk of filing claims and the cost of paying them out when calculating your premiums. Here’s how a few of the Corolla’s characteristics could affect your premiums.
Body type. The Toyota Corolla is a four-door sedan that’s designed for comfort and safety, which could lead to lower insurance costs.
Type of car. The Toyota Corolla is an entry-level compact car that shouldn’t be too expensive to maintain or repair. This could help reduce the cost of insurance.
Theft. The Corolla does not appear on Équité Association’s “Top 10 Most Stolen Vehicles” list, which could lead to lower insurance premiums.
Repairs. The Corolla doesn’t need much maintenance and is inexpensive to repair. Both of these factors could help reduce the cost of insurance.
Safety ratings. The Corolla has great safety ratings that could make insurance cheaper. The 2023 model won an IIHS TOP SAFETY PICK award.
Fuel type. The Toyota Corolla runs on gas, which should make insurance cheaper than diesel or hybrid vehicles.
Trim & packages. Choosing trims or packages that increase power or overall value may lead to higher premiums. That said, options that improve visibility and safety may be eligible for auto insurance discounts.
Does the Toyota Corolla qualify for auto insurance discounts?
You could save money on car insurance for your Toyota Corolla if it comes equipped with these safety features.
The Toyota Corolla has been around since 1982. The midsize car is known for its spacious seating, comfortable ride and high safety scores. From 1997 to 2016, with the exception of the year 2001, the Toyota Corolla has been the top-selling passenger car in the United States.
On top of that, this 2024 Toyota Corolla was awarded near-perfect ratings in almost all crash test categories from the NHTSA (National Highway Traffic Safety Administration) in the US.
The 2024 Toyota Corolla holds an impressive 76/100 star reliability rating from J.D. Power, which is better than most vehicles in its class.
Toyota Corolla maintenance
Like most Toyota vehicles, the Corolla is built for commuting, daily driving and other light use. It comes packed with a number of features that make it safe and comfortable to drive, and its reliable design means you can spend less time in the shop and more time on the road.
But like any vehicle, routine service appointments can ensure that there are no urgent issues, allowing your vehicle to operate as it should. Here’s what to expect in terms of vehicle maintenance.
Toyota recommends an oil change every 8,000 km or 5 months, whichever comes first.
Oil changes for a Toyota Corolla should cost between $100 and $130, but your actual cost could vary.
Consult your owners manual or contact your dealership for more information on the Toyota Corolla’s maintenance schedule.
What extended warranty comes with the Toyota Corolla?
The Corolla comes with Toyota’s standard 3-year/60,000 km limited warranty, along with a 5-year/100,000 km powertrain warranty. The standard warranty covers all parts other than normal wear such as oil and air filters, tires and so on. New Toyota vehicles also come with a 3-year or unlimited km coverage of 24/7 roadside assistance.
Toyota offers extended warranty options, so ask your dealer for more information. That said, Toyota vehicles are extremely reliable and have low average repair costs, so you should decide whether the price of an extended warranty is worth the cost.
Bottom line
The Toyota Corolla is a top-rated sedan that is best known for comfort and safety. Like most Toyotas, the Corolla comes with a number of amazing safety and driver assistance features that could reduce the chance of accidents. Compare your options to find the best price on the coverage you need.
Frequently asked questions about the Toyota Corolla
The Corolla comes equipped with a number of award-winning safety and driver assistance features that may be eligible for discounts. That said, discounts and rates vary between providers, so you’ll need to get quotes from multiple sources to find the actual price you’ll pay for coverage.
There is no single best provider for the Corolla. Auto insurance policies and rates are affected by a number of driver and vehicle-related factors, so you’ll need to compare your options and get multiple quotes to find out which is best for your situation.
You can learn more about provincial minimums here, by selecting your province or territory in the top right hand corner. Or you can speak with your provider to find a policy that suits your needs. When shopping around, it's essential to find a policy that fits into your budget but also fulfills your provincial minimum requirements.
Peter Carleton is a writer that covers banking and investing, breaking down what you need to know about where you put your money. When Peter's not thinking about cutting-edge banking apps and robo-advisors, he runs a creative agency and spends his spare time cooking or reading.
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