Toyota Scion Insurance
The word is out. The Scion is dead. Toyota has finally pulled the plug on the brand that targeted younger consumers. But the good news for diehard Scion fans is that the vehicle is being re-branded.
Even though a million Scions were sold over its 13-year lifetime, it seems that didn’t live up to Toyota’s expectations. When you take a look at the brand and its marketing, it was a 13-year retail experiment devised by marketing experts to show that millennials preferred to purchase vehicles built just for them that were very different from the vehicles built for and purchased by their parents and grandparents. It now appears that Toyota has decided millennials don’t want to stand out from the crowd after all.
The good news for Scion owners is that Toyota is going to take responsibility for the remaining warranty, financing, and service elements. If you are now a Scion owner, you may be interested in knowing what happens next, if anything, and how your brand has fared over the years when it comes to cost of ownership, safety, and Scion insurance rates.
Targeting Scions for Millennials
The execs at Toyota have indicated that Scion sales are not necessarily what doomed the project. In fact, not everyone considers it a failure. Toyota just finally realized after 13 years that the Scion didn’t have a reason to live.
Beginning in 2010, Scion sales began to drop considerably. Toyota was in the middle of a financial conundrum resulting from lawsuits about the Camry’s unintended acceleration problem. While dealers were complaining, Toyota President Akio Toyoda explained that resources needed to be prioritized and the Scion brand would have to wait.
In 2013, after two new models were added, sales began to rebound, but not enough to continue the social marketing experiment that had begun 10 years earlier. What killed the Scion brand was lack of interest by millennials. Toyota had assumed that the youngest generation would jump at the chance to own a vehicle that went against everything their parents believed in, that they wanted smaller, quicker, sportier, urban-style cars. But in reality, millennials decided that owning vehicles like the ones their parents owned wasn’t such a bad idea. Evidently, things like cost of ownership, durability, styling, and the cost of Scion insurance meant more to millennials than Toyota gave them credit for.
How Much Does Scion Insurance Cost?
When considering the cost of insurance for a vehicle, the best place to start is the safety features. They have everything to do with what happens before and during a crash, so having all the popular safety features reduces the cost of insurance.
Toyota reports that all Scion models are built to Toyota’s quality standards. Multiple airbags for the driver and passengers, anti-lock brakes, and a low-speed pre-collision feature make Scion models a safe ride. When pre-collision and collision safety features are available, liability rates are reduced, and insurance rates become more affordable.
A large portion of comprehensive and collision rates are based on the replacement cost of the vehicle. Since the Scion’s most expensive offering comes in under $30,000, Scion insurance rates for comprehensive and collision should be moderate.
Insurance rates for Scion vehicles are a little above average, at about $900 per year depending on your location. However, these rates can be reduced by discounts that are typically provided to customers who pay in full, bundle other insurance policies, or complete an approved defensive driving course.
Although the brand has been discontinued, there’s no reason to assume that Scion insurance rates will experience a significant increase, like most discontinued vehicles, because Toyota is more than likely to keep making replacement parts available well into the future.
Most Popular Scion Models
For 2016, Scion offered seven models; these four are the most popular in the lineup:
- Scion iA: This four-door sedan comes standard with a 1.6 L 106 hp engine and 6-speed manual transmission. Even the base model provides important safety features such as multiple airbags, anti-lock brakes, and driveline traction control.
- Scion iM: This is a four-door hatchback that is perfect for a growing family. The base model comes with a slightly more powerful engine than the iA and has all the safety features you would expect from a Toyota.
- Scion tC: This popular model is a two door coupe. The base model comes with a 2.5 L 179 hp engine and a 6-speed manual transmission. The tC has not only traction control but also electronic stability control, along with all the other safety features offered for the Scion.
- Scion FR-S Coupe: This coupe is the twin sister to the Subaru BRZ. Its 200 hp engine puts the FR-S in the sports car class, and it is available with all the safety bells and whistles.
Getting the Right Insurance Coverage for Your Scion
If you plan to purchase a used Scion, or if you currently own one, the next step is to contact your Trusted Choice ® independent agent and find the insurance savings that may be available to you. With multiple carrier selections, your Trusted Choice agent can help you get you Scion insurance quotes at the most competitive rates. Contact a local agent today.