Toyota MR2 Insurance Rates

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Jeffrey Johnson graduated summa cum laude from the University of Baltimore School of Law and has worked in legal offices and nonprofits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman University and worked in film, education, and publishing. His professional writing has appeared on sites like The Manifest and Vice, and he is the author of a novel ...

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Written by Jeffrey Johnson
Insurance Lawyer Jeffrey Johnson

UPDATED: Jan 15, 2020

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There are many options when buying insurance for your Toyota MR2. You can get prices from an agent or shop online to compare rates from multiple companies. online is easy and there is a good chance you can save money.

shopping for insurance may think buying cheap Toyota MR2 insurance is very challenging. Finding lower Toyota MR2 insurance cost is not rocket science. You just have to spend a little time getting comparison quotes from different insurance companies. by comparing rates here.

Car insurance premiums for a Toyota MR2 will vary greatly based upon several criteria. Some of these factors include:

  • The performance level of your MR2
  • Your accident history
  • Use of your vehicle
  • Extra coverages like towing and rental
  • Your claim history
  • No coverage lapses saves money
  • Whether you own your home

An additional factor Toyota MR2 insurance rates is the year of the vehicle. Newer models than older models so repair costs are higher which will push premiums up. Conversely, newer models may have safety features such as adaptive cruise control, blind-spot warning system, autonomous braking, and anti-lock brakes so those may lower rates.

Liability coverage - Liability insurance protects you from damage that occurs to other people or property Liability insurance covers things like legal defense fees, bail bonds, and repair bills for other people's vehicles. Liability insurance is relatively cheap so you should buy as much as you can afford.

Collision coverage - pays for damage to your MR2 caused by collision with another car or object. You have to pay a deductible and then insurance will cover the remainder. Toyota MR2 collision insurance is rather expensive coverage, so consider dropping it from older vehicles. You can also raise the deductible to bring the cost down.

Comprehensive coverage - Comprehensive insurance pays for damage OTHER than collision with another vehicle or object. You first have to pay a deductible and then insurance will cover the rest of the damage. The maximum amount you'll receive from a claim is the actual cash value, so if it's not worth much more than your deductible consider dropping full coverage.

Uninsured/Underinsured Motorist coverage - Your UM/UIM coverage protects you and your vehicle's occupants from other drivers when they do not carry enough liability coverage. only carry the minimum required liability limits, it only takes a small accident to exceed their coverage. So UM/UIM coverage .

Medical payments coverage and PIP - Med pay and PIP coverage provide coverage for short-term medical expenses such as nursing services, prosthetic devices, and dental work. They are often used to fill the gap from your health insurance plan or if you do not have health coverage. PIP is not available in all states and gives slightly broader coverage than med pay.

How does the size and class of the Toyota MR2 Spyder affect liability car insurance rates?

If you’ve ever bought insurance before, then you know that liability coverage is required in every state. Liability coverage protects you if you cause an accident, as it pays for the other driver’s accident costs. There are two coverages labeled under liability coverage: bodily injury and property damage. As the names suggest, these coverages will pay for the other party’s medical bills and vehicle repairs.

One of the main things that affects how much your liability coverage will cost is the size and class of your vehicle. The Toyota MR2 Spyder fits into the mini size of sports cars. Unfortunately, mini-size cars don’t do well in crashes, especially if they are in accidents with larger vehicles.

You may think that because mini-size sports cars will cause less damage to other vehicles, insurers may lower the rates for property damage and bodily injury liability insurance. However, this is not the case. Sports cars are faster, which makes crashes and claims more likely. If you look at a list of which cars are the cheapest to insure, you will never find a sports car listed.

Even if insurers did lower costs, you may find that the cost of your Personal Injury Protection (PIP) or Medpay goes up, as you are more likely to be injured in a crash in a small sports car. This means that even if you save a little on liability insurance, you will see that the coverages protecting you and your vehicle will go up. If the Toyota MR2 Spyder also has high loss numbers (meaning multiple claims are filed), this will also cancel out any discounts you may have earned.

So even though the Toyota MR2 Spyder may not cause much damage to others in a crash, the nature of sports cars means drivers are more likely to get into crashes and suffer serious injuries or property damage. Bottom line? You can probably expect the cost of your liability insurance to be higher for a sports car.

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What does liability insurance cost for a Toyota MR2 Spyder?

Since we’ve explained how liability is affected by size and class, we want to build on this information by showing you how much liability insurance will cost. To give you a rate sample, we got a quote from Geico. Our sample quote was based on a 40-year-old male driver from Pennsylvania. He has a bachelor’s degree, no accidents, a full coverage policy, a $500 deductible, and a clean driving record. He also owns his own car and commutes an average of 13,000 miles a year.

Take a look at the list below to see how bodily injury rates increase for a six month period based on the coverage level.

  • Low ($15,000/$30,00): $10.00
  • Medium ($100,000/$200,000): $20.50
  • High ($500,000/$500,000): $33.01

If you want to upgrade from low to high bodily injury liability coverage, you will have to pay an extra $23 (or an extra $4 a month). This is a very low rate, especially since the Toyota MR2 Spyder is a sports car. Take a look at the prices for property damage liability coverage below to see if they are as low as the rates for bodily injury liability.

  • Low ($5,000): $385.10
  • Medium ($20,000): $400.86
  • High ($100,000): $412.37

The cost of an upgrade from low to high coverage is only $27. This is a cheap rate, and if you combine it with the cost of high coverage for bodily injury liability, you are only paying $50 (less than $10 a month) for complete liability protection. You should definitely consider purchasing the best liability coverage possible, as it is fairly cheap for a sports car.

What are the safety features and ratings of the Toyota MR2 Spyder?

Part of the shopping process for a new car involves at least glancing at the safety features of a car. But while drivers may be more concerned with the BlueTooth system, insurers’ main concern is what features of a car will prevent crashes, protect occupants during a crash, and prevent theft. With every safety feature your car has, you can expect a small discount on your premium.

To see what the base model safety features on the Toyota MR2 Spyder are, we visited AutoBlog.com and looked at the safety features for a 2005 Toyota MR2 Spyder two-door model (the last model year made). Take a look at the list below.

  • Crash safety features: front impact airbags and seatbelt pretensioners.
  • Crash prevention safety features: halogen headlights and daytime running lights.
  • Theft prevention safety features: ignition disable device.

The Toyota MR2 is an older car model, so it is lacking a number of new safety features, such as collision warning, anti-lock brakes, stability control, and anti-whiplash headrests. Because it is a roofless sports car, it also lacks overhead airbags. The result? Insurers will likely not give you a great discount based solely on safety features.

However, part of the safety feature discount is also based on a vehicle’s crash rating. A car model that has a poor crash rating is a warning sign to insurers, as it means they will have to pay for more crash claims. Unfortunately, neither the National Highway Traffic Safety Administration (NHTSA) nor the Insurance Institute for Highway Safety (IIHS) have done safety tests on the Toyota MR2 Spyder.

This means that insurers will have to look at the overall result of safety tests for sports cars. So even if the Toyota MR2 Spyder does better in a crash than other sports cars models, insurers won’t be aware of this.

Instead, insurers will be looking over fatalities and crashes for sports cars, like the Insurance Institute for Highway Safety’s data on fatalities by vehicle type. The data shows that in 2018, there were 48 car driver deaths per million vehicles, compared to 34 for pickups and 23 for SUVs. For all occupant deaths per million vehicles: 69 car occupants died, 42 pickup occupants died, and 32 SUV occupants died.

Cars (which include sports cars) have many more deaths than pickups and SUVs. Take a look at the list below to see how car fatalities are grouped by crash type for 2018.

  • Frontal Impact: 7,433 deaths
  • Side Impact: 3,568 deaths
  • Rear Impact: 834 deaths
  • Other (mostly rollovers): 1,303 deaths

Car fatalities made up 13,128 of fatalities in 2018. When you compare this number to SUV total fatalities (5,035) and pickup total fatalities (4,369), it is clear that cars suffer from the most fatalities. These higher numbers could be related to ownership, as more people have cars than a pickup or SUV. Still, statistics show that cars have higher fatality rates, which some insurers may take into consideration without considering ownership numbers.

What is the MSRP of the Toyota MR2 Spyder?

MSRP is an abbreviation for manufacturer suggested retail price. When a manufacturer creates a car, they calculate a suggested sale price before releasing it to be sold. You’ve probably heard of MSRP before, as it crops up on everything from clothes’ tags to makeup. The MSRP can have a huge impact on the final price you pay.

Even though most retailers will mark down the price from the MSRP for car sales, a high MSRP means you will still have a high sales bill. It also means that your collision and comprehensive insurance will be more expensive. You may recall that both of these will protect your car by paying for repairs.

A high MSRP means replacement parts will be more expensive, so insurers will raise rates for these two coverages if an MSRP is high. So what is the MSRP for a Toyota MR2 Spyder? While Kelley Blue Book (KBB) doesn’t have the exact MSRP of the 2005 Toyota MR2 Spyder, the fair market range is $6,518 to $8,369 and the typical price listing is $8,077.

The MSRP will always be a few thousand dollars more than the fair market price, so you can expect the typical MSRP for a 2005 Toyota MR2 Spyder to be around $10,000. This is what insurers’ will look at when determining rates.

Insurers will also look at loss numbers (claims paid) in addition to the MSRP. High loss numbers and a high MSRP together can make for a drastically higher rate for both collision and comprehensive car insurance.

Unfortunately, the IIHS has no data on the Toyota MR2 Spyder (as it is an older model) on its list of insurance losses by make and model. However, the losses for sports cars are generally much higher than other vehicles, such as four-door cars. Small and mini sports cars also show higher injury and collision losses than midsize sports cars.

Since the Toyota MR2 Spyder is a mini sports car with only two doors, it is fair to assume that it will not have great losses for collision and comprehensive insurance. So you can certainly expect your auto insurance rates to be higher for your Toyota MR2 Spyder.

How much will it cost to repair my Toyota MR2 Spyder?

The cost of owning a vehicle can sometimes be much more than people expect. Not only do you have to pay for the vehicle, but you have to pay for car insurance, maintenance, and repair costs. At times, the cost of repairs can be shocking. Perhaps your vehicle has a hard to find, expensive part or needs a custom paint because the original color was discontinued.

We wanted to give you an idea of what repairs will cost for a Toyota MR2 Spyder, so we used InstantEstimator’s rate tool to get an idea of repair costs for level two damage to various car parts.

  • Front bumper: $425
  • Rear bumper: $459
  • Hood: $411
  • Roof: $135
  • Front door: $403
  • Fender: $363
  • Quarter panel: $375

InstantEstimator calculates these average repair rates from the costs of body and paint labor, paint supplies, color tint, hazardous waste disposal, and the final color/sand/buff. From the list of costs above, you can see that repairing the front bumper and hood will cost you the most. The cost of roof repair is low, but this is because the Toyota MR2 Spyder is an open-top convertible.

The average repair costs that you see are also what insurers will look at. Like the other factors we’ve looked at so far, repair costs of a vehicle will affect your collision and comprehensive rates. Remember, insurers are the ones paying for the repairs. So if an insurer sees high repair costs, they will raise your rates to offset any potential losses in the future.

The good news is that you can still keep your rates low by comparison shopping, keeping a clean record, and taking advantage of discounts. We hope our guide to the Toyota MR2 Spyder’s rates answered all your questions, as it can help you understand how to get the best rate and prepare you for the costs of owning a Toyota MR2 Spyder.

Want to start shopping for Toyota MR2 Spyder car insurance today? Enter your ZIP code in our free rate tool.

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