Toyota Tacoma Insurance Cost for 2023

• Toyota Tacoma insurance cost averages $1,614 per year, $807 for a 6-month policy, or $135 per month.
• The cheapest Tacoma to insure is the SR Access Cab 4WD trim level at an estimated $1,496 per year. The most expensive to insure is the Limited 2WD at $1,740 annually.
• When compared to the entire 2023 midsize truck segment, the Tacoma ranks sixth for insurance affordability, costing $52 less per year on average than comparable trucks.
• Location is a big factor when buying Tacoma insurance. Full coverage rates can be less than $90 a month in states like Iowa, Virginia, North Carolina, and Maine, but over $167 a month in Rhode Island, Florida, and Michigan.

How much does Toyota Tacoma insurance cost?

2023 Toyota Tacoma insurance costs an average of $1,614 yearly, or around $135 each month. When compared to the entire midsize pickup segment, the Tacoma costs $52 less than the segment average, which is $1,666.

When compared to all 2023 model year vehicles, not just midsize pickups, insurance for a Tacoma costs 16.3% less than the national average car insurance rate of $1,900 per year.

Two important things that help determine how much you’ll pay to insure your Tacoma are your age and the deductibles you choose for your policy.

In general, the younger you are, the more you’ll pay for insurance, up to about age 65 when that trend reverses. And higher deductibles on your policy will cost less since you are choosing to pay more out-of-pocket in the event you have a claim.

The next chart illustrates how 2023 Toyota Tacoma insurance rates are impacted by driver age and the policy deductible for physical damage coverage (comprehensive and collision). The overall average rate we use throughout our comparison is the one shown in the chart for a 40-year-old driver using $500 policy deductibles.

As shown by the chart trends, insurance cost goes down with driver age, but goes up when deductibles are decreased. Younger drivers with low deductibles will pay the highest rates to protect their Tacoma, while older drivers who choose higher deductibles will pay the least.

Teen drivers cost considerably more to insure, with rates as high as $6,578 for a 16-year-old driving a 2023 Tacoma with full coverage and low deductibles.

Sales of the Toyota Tacoma in 2022 were more than double its nearest competitor. 237,323 Tacomas were sold in that year, with the Chevy Colorado coming in second at 89,197 units. The Jeep Gladiator ranked third at 89,197 models sold.

Which Tacoma has the cheapest insurance?

The Tacoma trim with the cheapest insurance rates is the SR Access Cab 4WD at an average cost of $1,496 per year. On the high end, the Limited 2WD at $1,740 per year will cost the most to insure.

As buyers add options and packages to their Tacoma, the cost obviously increases. With higher MSRP (and vehicle value) insurance cost increases as well. The SR Access Cab 4WD starts at $30,325 and increases to $40,005 for the Limited 2WD model, so insurance cost is going to be higher for the upper-end trim levels.

The table below shows average 2023 Tacoma insurance rates for various policy terms for each of the available trim levels and models.

The Tacoma vs. other midsize trucks: How does it rank?

When compared to all other midsize trucks, the Tacoma ranks sixth out of 10 total models for having the most affordable insurance rates at $1,614 per year. The cheapest to insure in the segment is the Ford Maverick $1,464 per year.

The chart below shows how well Tacoma insurance prices fare against other midsize trucks like the Chevrolet Colorado, Ford Ranger, and Jeep Gladiator.

Another useful way to look at insurance rates is to compare the cost to insure other pickup models that have the closest purchase price to the Tacoma.

A 2023 Toyota Tacoma has an average MSRP of $35,044, which ranges from $30,325 to $40,005, depending on the exact trim level and option package.

The four midsize pickup models closest in price to the Toyota Tacoma are the Nissan Frontier, Ford Ranger, Hyundai Santa Cruz, and Chevrolet Colorado.

The list below shows how each of these models compares to the Tacoma for both average purchase price and the cost of insurance.

• Compared to the Nissan Frontier – The average MSRP for a 2023 Toyota Tacoma is $531 more expensive than the Nissan Frontier, at $35,044 compared to $34,513. Insuring the Nissan Frontier costs an average of $92 less each year than the Toyota Tacoma.
• Compared to the Ford Ranger – The Ford Ranger has an average sticker price of $34,244, ranging from $27,400 to $40,945, which is $800 cheaper than the average sticker price for the Toyota Tacoma. The cost to insure a Toyota Tacoma compared to the Ford Ranger is $48 more per year on average.
• Compared to the Hyundai Santa Cruz – Having an average MSRP of $33,344 ($25,450 to $40,320), the Hyundai Santa Cruz costs $1,700 less than the Toyota Tacoma. Insuring a Tacoma compared to the Hyundai Santa Cruz costs an average of $26 less every 12 months.
• Compared to the Chevrolet Colorado – The average MSRP for a 2023 Toyota Tacoma is $2,292 cheaper than the Chevrolet Colorado, at $35,044 compared to $37,336. Insurance on a 2023 Toyota Tacoma costs an average of $144 more every 12 months than the Chevrolet Colorado.

For more insurance cost comparisons for a Tacoma, see our full index page of comparisons.

If you use your Tacoma for off-roading or overlanding, be sure to check with your company about extra coverage for things like rooftop tents, performance suspension parts, and extra gear. They may not be covered by a standard policy.

Toyota Tacoma insurance: New versus used

Consumers generally tend to understand that newer vehicles cost more to insure. Insurance for a Tacoma tends to follow this general rule as well.

Every model year has a little different insurance cost, primarily due to an increased replacement cost value for newer models when compared to older models. Occasionally, insurance can be more expensive on an older model, as improvements in safety features can cause a newer model year to actually be cheaper to insure.

The table below shows average annual insurance rates for 2013 to 2023 Tacomas for three different driver ages.

Location and the cost of insuring a Toyota Tacoma

Your location is one of the primary factors that determine how much Tacoma insurance costs, along with your age, driving record, and policy coverage.

Insurance regulation is handled at the state level, which causes different states to have vastly different car insurance rates. And even within any one state, rates vary significantly depending on where you live.

The chart below shows how much insurance averages on a 2023 Toyota Tacoma in thirty of the largest metro areas in America.

As mentioned earlier, state regulations affect insurance rates. Some states have more favorable liability laws that help keep the cost of car insurance down. While others are known for having laws that lead to insurance fraud and inflated costs for medical payments and liability claims.

The table below shows estimated auto insurance rates for a 2023 Toyota Tacoma in all 50 states.

Without a doubt, the Tacoma is a great truck despite being overdue for a redesign. Insuring a Tacoma should not break the bank (depending on your location, of course) and all those “taco” owners will be pleased to know they have the lowest insurance rates in the midsize truck category.