Is it cheaper to insure a Toyota Camry or Corolla?

UPDATED: Jun 24, 2013

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UPDATED: Jun 24, 2013Fact Checked

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Asked June 24, 2013

1 Answer

On the surface, the Toyota Corolla looks like the less expensive choice between Corolla and the Camry. It starts off with an MSRP more than $4000 lower than the Camry, but over a 5 year car loan, the Corolla edges up to being only slightly less expensive. Almost all of that increase in the cost to own the Corolla comes from the fact that it will cost you more to insure the Corolla over time than it would the Camry.

Over that initial 5 year period, your cost to insure the Toyota Camry is going to be around $2149 per year, and run an average 5-year cost of $10,757. By comparison, the Corolla will cost close to $2483, with a 5-year average total of $12,430. This additional cost to insure the vehicle actually offsets some gains made by the Corolla for lower maintenance, fuel and financing costs.

Bear in mind that these costs are estimates based on someone with a high credit score and safe driving record. If your own scores are less than perfect, you can expect to pay more for the insurance. On the other hand, you may be able to switch insurance companies and find a better rate than what you are already paying. Start with a website such as this one which offers free online insurance quotes, and compare your premiums against several leading insurers.

Car insurance is partly based on the safety record and features of the cars, but it is also based on the safety of the car when it is parked or being driven, as well. For example, if you park your Corolla on the curb at night, it will cost significantly more to insure than if you parked it in a private garage. This is because parking on the curb increases the risks for hit-and-runs, vandalism, theft, and burglary, so insurance companies offer discounts to those who use a garage.

Answered June 24, 2013 by Anonymous

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