RAV4 Insurance Cost: Everything You Need to Know

·5 min read
Photo credit: Heritage Images - Getty Images
Photo credit: Heritage Images - Getty Images

How Much Is Toyota RAV4 Insurance?

A relatively safe crossover, the Toyota RAV4 offers affordable insurance rates. Expect to pay about $1324 annually in insurance for a 2020 model or $110 per month for full coverage. This is about $195 less annually compared to the national average. Liability-only coverage is about $531 annually or $44 each month. Monthly insurance for the RAV4 hybrid is $96.

What Factors Affect RAV4 Insurance?

Two important factors that play a part in your Toyota RAV4 insurance costs involve your location and your vehicle's trim level. The vehicle's age also factors into the price, as rates are higher for newer models. As mentioned, according to BuyAutoInsurance.com, the average annual rate for a 2020 RAV4 is $1324, but a 2010 RAV4 is $1104, which is a difference of $220. Examine the full-coverage rates of the RAV4 over the past 10 years:

  • 2020 Toyota RAV4: $1324

  • 2019 Toyota RAV4: $1310

  • 2018 Toyota RAV4: $1304

  • 2017 Toyota RAV4: $1300

  • 2016 Toyota RAV4: $1284

  • 2015 Toyota RAV4: $1268

  • 2014 Toyota RAV4: $1238

  • 2013 Toyota RAV4: $1208

  • 2012 Toyota RAV4: $1166

  • 2011 Toyota RAV4: $1124

  • 2010 Toyota RAV4: $1104

Your age is another consideration, as younger drivers will pay more since they're considered high-risk drivers. According to BuyAutoInsurance.com, a 20-year-old driver will pay about $1620 more each year compared to a 30-year-old driver. Teenage drivers pay about $4839 annually.

Your location has an impact, as drivers in a more populous area will pay more than those in rural spots. A driving record affects the rates, and teens and those in their 20s experience the highest jump in their rates if they have violations. BuyAutoInsurance.com states that good drivers can save about $546 annually from policy discounts based on their driving behavior.

RAV4 safety features can also help you lower your costs as the 2020 models have some of the following safety features:

  • Air bags

  • Blind-spot monitor

  • Brake assist

  • Cross-traffic alert

  • Daytime running lights

  • Electronic stability control

  • Four-wheel anti-lock brake system

  • Lane departure warning

  • Traction control

What Insurers Offer Some of the Best Rates for the RAV4?

Although dozens of insurers offer car insurance for the RAV4, the following companies are ones you might want to consider:

  • GEICO: As the second-largest insurer in the country, GEICO boasts some of the best customer service and rates in the industry. The company offers emergency roadside service, accident forgiveness, and ride-sharing insurance if you drive for Uber or Lyft.

  • Erie: Even though it's only offered in 12 states, this is a strong option as it offers a variety of customer perks, including accident forgiveness, glass repair, travel expense coverage, and locksmith service.

  • Progressive: This company offers numerous discounts and add-ons that make it a solid choice. Although it's not usually the cheapest option, Progressive makes up for it with a huge list of benefits, such as gap insurance, pet injury protection, and a program where you can opt in to reduce your deductible over time.

How Can You Lower Your RAV4 Insurance?

To reduce the cost of your insurance on your RAV4, consider doing some of the following:

  • Purchase an older RAV4. As mentioned, older vehicles have cheaper rates.

  • Pay your car insurance bill upfront. Some insurers give you a discount for paying your six-month or annual premium in full.

  • Ask about discounts. Similarly, ask your agent if you might qualify for other discounts. For instance, if your new RAV4 has advanced safety features, such as blind-spot monitors or collision avoidance, you might receive discounts through safety programs issued by your insurer.

  • Practice safe driving. This one might seem obvious, but insurers tend to increase costs if you've been an at-fault driver in an accident.

How Much Does a RAV4 Cost?

The cost of ownership of a RAV4 is relatively affordable, but its sticker price is midrange. According to CheapCarInsuranceQuotes.com, the base model starts at $22,475, which is more affordable than the GMC Terrain as it has the manufacturer's suggested retail price (MSRP) of $24,500.

When considering the repair costs, Edmunds estimates that repair costs will not exist for the first two years you own it, but over five years, that number jumps to $732. These costs are in line with what's expected among other compact SUVs, including the Honda CR-V or Hyundai Tucson but are slightly less than the Chevrolet Equinox.

Edmunds also predicts that you might pay about $3434 in scheduled maintenance with the RAV4 during the first five years. This is a little less than the $4000 expected of the Equinox, but it's higher than the estimates of the CR-V and Tucson.

What Insurance Do You Need If You Lease a RAV4?

If you lease your RAV4 through a Toyota dealership, you must have minimum liability coverage mandated by your state. You must also have physical damage insurance that has a maximum deductible of $1000. You can adhere to this minimum deductible coverage by selecting collision and comprehensive coverage. Many major insurers offer this type of coverage.

You might also want to consider adding Toyota Guaranteed Auto Protection (GAP) insurance. In case your vehicle is a total loss, this insurance kicks in if your primary policy pays out less than what you owe. This is common with newer vehicles that depreciate quickly.

Toyota GAP insurance, which Toyota Financial Services offers, is a smart choice for a new or leased vehicle. You might be able to find cheaper gap coverage with a standard insurer through larger companies such as Allstate, Travelers, and Farmers.

While Toyota RAV4 insurance costs vary depending on several factors such as your location, driving history, and age, there are other ways you can cut costs. Speak with your insurer to determine if you qualify for any discounts, and if you really want a RAV4, it might benefit you to purchase an older model. Regardless, it doesn't hurt to shop around for cheaper rates so you can have the best coverage for your budget.

Check this out if you need additional information, resources, or guidance on car insurance.

Sources:

https://www.caranddriver.com/car-insurance/

https://www.buyautoinsurance.com/toyota-rav4/

https://www.edmunds.com/toyota/rav4/2021/cost-to-own/

https://www.cheapcarinsurancequotes.com/how-cheap-is-car-insurance-for-the-toyota-rav-4/

https://www.caranddriver.com/toyota/rav4

https://www.caranddriver.com/car-insurance/a32731255/how-does-gap-insurance-work-after-a-car-is-totaled/

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