2016 Toyota Corolla Insurance Cost – 5 Tips for Cheaper Prices

Searching for the cheapest car insurance rates for your Toyota Corolla? Are you burned out from paying out the nose to pay your car insurance bill each month? Your situation is no different than millions of other vehicle owners.

Many insurance companies compete for your business, and because of this it can be hard to compare insurance companies to get the cheapest price

You should make it a habit to check car insurance prices quite often because prices are constantly changing. Even if you got the lowest rates on Corolla coverage a couple years back you may be paying too much now. Ignore everything you know about car insurance because we’re going to show you the quickest way to reduce your cost while increasing coverage.

Compare auto insurance price quotes online

There are several ways to compare auto insurance quotes, and some are more efficient than others. You can spend countless hours driving to agents in your area, or you can stay home and use the web to get prices fast.

All the larger companies belong to a marketplace that allows shoppers to send in one quote, and each company returns a competitive quote based on the submitted data. This prevents consumers from doing repetitive form submissions for each company.

To compare pricing click to open in new window.

One minor caviat to doing it this way is you don’t know exactly which carriers you will receive quotes from. So if you want to select from a list of companies to receive pricing from, we have a page of the cheapest auto insurance companies in your area. Click here to view list.

It’s up to you how you get prices quotes, just do your best to enter identical quote information for every quote you compare. If you are comparing differing limits you will not be able to determine the lowest rate for your Toyota Corolla. Having just a slight variation in coverages could throw off the whole comparison. And when quoting auto insurance, remember that having more price comparisons increases your odds of finding more affordable insurance. Not every company allows you to get quotes online, so it’s recommended that you also compare quotes from the smaller companies as well.

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Insurance policy discounts

Insuring your vehicles can cost a lot, but you might be missing out on some discounts to cut the cost considerably. Most are applied when you get a quote, but once in a while a discount must be requested specifically before you get the savings.

• Discounts for Seat Belt Usage – Forcing all vehicle occupants to buckle their seat belts can save 10% or more on the premium charged for medical payments and/or PIP.
• Claim-Free Discount – Insureds with no claims or accidents can save substantially as opposed to bad drivers.
• Homeowners Savings – Owning your own home or condo may trigger a policy discount on insurance because owning a home requires a higher level of personal finance.
• Telematics Data Discounts – People who choose to allow driving data submission to scrutinize vehicle usage by using a telematics device such as State Farm’s In-Drive could possibly reduce rates if their driving habits are good.
• Accident Forgiveness – This one is not really a discount per se, but a handful of insurance companies permit an accident before your rates go up as long as you don’t have any claims prior to being involved in the accident.

As a disclaimer on discounts, most of the big mark downs will not be given to your bottom line cost. Most only cut individual premiums such as liability, collision or medical payments. If you do the math and it seems like you would end up receiving a 100% discount, you won’t be that lucky.

For a list of insurance companies who offer cheap insurance quotes, click here to view.

How do I know if I need professional advice?

When buying proper insurance coverage, there really is no best way to insure your cars. Everyone’s situation is a little different so this has to be addressed. Here are some questions about coverages that might help in determining whether or not you might need professional guidance.

• Does having multiple vehicles earn me a discount?
• Does my policy cover my teen driver if they drive my company car?
• Do I have coverage if my license is suspended?
• Do I get a pro-rated refund if I cancel my policy early?
• Why am I required to buy liability insurance?
• When should my teen driver be added to my policy?
• Who is covered when they drive my 2016 Toyota Corolla?
• Will my insurance pay for OEM parts?
• What is no-fault insurance?

If you’re not sure about those questions but one or more may apply to you, you may need to chat with an insurance agent. To find lower rates from a local agent, take a second and complete this form or go to this page to view a list of companies.

What insurance coverages do you need?

Learning about specific coverages of your policy can help you determine appropriate coverage at the best deductibles and correct limits. Insurance terms can be impossible to understand and even agents have difficulty translating policy wording. Listed below are typical coverage types found on the average insurance policy.

Uninsured or underinsured coverage

This protects you and your vehicle’s occupants from other motorists when they either have no liability insurance or not enough. Covered losses include hospital bills for your injuries as well as damage to your Toyota Corolla.

Since a lot of drivers carry very low liability coverage limits, it doesn’t take a major accident to exceed their coverage limits. For this reason, having high UM/UIM coverages is a good idea. Normally these coverages are similar to your liability insurance amounts.

Comprehensive protection

This coverage will pay to fix damage that is not covered by collision coverage. You first must pay your deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive can pay for claims such as hitting a deer, rock chips in glass, fire damage and damage from flooding. The highest amount your insurance company will pay is the cash value of the vehicle, so if the vehicle is not worth much consider dropping full coverage.

Collision coverage protection

This pays to fix your vehicle from damage from colliding with another car or object. A deductible applies and then insurance will cover the remainder.

Collision coverage pays for things such as crashing into a ditch, colliding with a tree, sustaining damage from a pot hole, hitting a parking meter and sideswiping another vehicle. Collision coverage makes up a good portion of your premium, so consider removing coverage from older vehicles. It’s also possible to raise the deductible to bring the cost down.

Liability car insurance

This coverage provides protection from damage or injury you incur to other people or property. It protects YOU from legal claims by others. Liability doesn’t cover your own vehicle damage or injuries.

Liability coverage has three limits: bodily injury per person, bodily injury per accident and property damage. You commonly see liability limits of 50/100/50 which stand for a $50,000 limit per person for injuries, $100,000 for the entire accident, and $50,000 of coverage for damaged propery. Some companies may use one limit called combined single limit (CSL) which provides one coverage limit rather than limiting it on a per person basis.

Liability can pay for things such as pain and suffering, structural damage and medical services. How much coverage you buy is a personal decision, but consider buying as high a limit as you can afford.

Medical expense coverage

Personal Injury Protection (PIP) and medical payments coverage provide coverage for expenses for pain medications, doctor visits, dental work and X-ray expenses. They are often utilized in addition to your health insurance policy or if you lack health insurance entirely. It covers not only the driver but also the vehicle occupants and also covers being hit by a car walking across the street. Personal injury protection coverage is not universally available and gives slightly broader coverage than med pay

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Be Smart and Buy Smart

As you go through the steps to switch your coverage, never reduce coverage to reduce premium. There are a lot of situations where someone sacrificed uninsured motorist or liability limits and found out when filing a claim that saving that couple of dollars actually costed them tens of thousands. The ultimate goal is to buy the best coverage you can find at the best cost.

You just read a lot of ways to compare 2016 Toyota Corolla insurance premium rates online. The most important thing to understand is the more rate comparisons you have, the better your chances of lowering your prices. You may even discover the lowest premium rates are with a company that doesn’t do a lot of advertising. These smaller insurers may cover specific market segments cheaper as compared to the big name companies such as State Farm, Geico and Nationwide.

Additional detailed information can be found at these sites:

• Distracted Driving Statistics (Insurance Information Insitute)
• Credit Impacts Car Insurance Rates (State Farm)
• Cellphones, Texting and Driving (iihs.org)
• Five Steps to Filing an Auto Insurance Claim (Insurance Information Insitute)
• Air Bags: Potential Dangers to Your Children (Insurance Information Insitute)
• Insuring a Leased Car (Insurance Information Insitute)

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