Comparing Toyota and Honda Auto Insurance Prices

Honda and Toyota have rivaled for decades with similar designs, features and prices, but how do these two car companies compare, when it come to insurance prices?

Honda and Toyota = Cheaper Insurance Rates

Both of these companies offer affordable cars and along with the value associated with Honda and Toyota manufactured cars, these vehicles are available for cheap insurance rates, as well. Why are these cars cheaper? There are three main reasons:

a) Both of these manufacturers sell economically priced vehicles and cheaper vehicle equals cheaper rates.

b) Honda and Toyota both make vehicles with multiple safety features and their cars typically rank high in crash safety tests.

c) Cars or other vehicles made by these car manufacturers are most often smaller in size, therefore vehicles made by Honda and Toyota tend to cause less damage to other cars, in the event of an accident.

The price of the vehicle is helpful to insurance companies in determining the risk to insure the vehicle. And because insurance companies use the risk of the vehicle being in an accident (as well as, the risk of the vehicle being stolen, being involved in speed racing or sustaining or causing serious damage in the event of an accident) to calculate the premium, these qualities in Toyota and Honda models are what keeps the cost of insurance at one of the lowest premiums. In fact, vehicles from both, Honda and Toyota are available for cheaper insurance premiums than most other makes.

Which Insurance is Lower: Toyota Vs. Honda?

When comparing insurance prices between Toyota and Honda, it’s difficult to make an accurate determination. However, when it comes to comparing the insurance rates for similar cars from both manufacturers the rates are almost always very close in price. For instance, the Honda Accord DX is priced around $21,795 and insurance is around $1,250 per year, while the Toyota Corolla costs about $19,359 MSRP and the insurance is $1,250 a year, as well. While, the cost is often very similar for both makes, insurance is traditionally cheaper for Honda rather than Toyota. The early 2010 recall of many Toyota models may have contributed to higher rates, as well.

Fact: The Honda Civic offers one of the lowest premiums, in the sedan category.

How They Compare

Honda and Toyota are both comparable car manufacturers because they both tend to release similar models. Therefore, the insurance rates are generally similar for both Honda and Toyota. For instance, both Honda and Toyota have released hybrid cars that are close in comparison: the Toyota Prius and the Honda Insight. Both of these options feature an affordable list price, great fuel economy and similar insurance rates.

These two car companies offer similar models featuring comparable safety features and the insurance is typically, cheaper for Honda models as opposed to Toyota. Overall Toyota and Honda vehicles are both great options because they both offer economically priced insurance rates.

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