2002 Toyota Corolla Insurance Rates – 9 Tips for Cheaper Quotes

Car owners who just recently started comparing insurance rates online will discover purchasing low cost insurance coverage can be quite challenging.

You should make it a habit to do price comparisons at least once a year because auto insurance rates are adjusted regularly by insurance companies. Even if you got the best rate on Corolla coverage at your last renewal there may be better deals available now. Block out anything you think you know about auto insurance because you’re about to learn the quickest way to save money, get proper coverage and the best rates.

Choosing the best insurance company for you is quite easy. In a nutshell, anyone who shops for insurance coverage will more than likely be able to save money. Although car owners can benefit by having an understanding of how big insurance companies market insurance on the web.

How to shop auto insurance online

Comparing auto insurance rates can be a lot of work if you don’t utilize the most efficient way. You can spend your afternoon talking to local insurance agents in your area, or you could save time and use online quotes to get pricing more quickly.

Most of the larger companies are enrolled in a marketplace that enables customers to complete one form, and each participating company can give them a price determined by their information. This prevents consumers from doing quote forms to each company.

To participate in this free quote system, click here to open in new window.

The only drawback to using this type of form is that consumers can’t choose the providers to receive prices from. So if you prefer to pick specific insurance companies for rate comparison, we have assembled a list of companies who write auto insurance in your area. Click here to view list.

However you get your quotes, make sure you are using identical information for each price quote. If you use differing limits it’s impossible to make a fair comparison for your Toyota Corolla. Slightly different insurance coverages could skew the results. Just keep in mind that more quotes will increase your chances of finding better pricing. Not every company allows you to get prices over the internet, so you also need to get price quotes from them as well.

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Insurance coverage advertisements

Big name companies like Allstate, Geico and Progressive seem to constantly run ads on television and other media. All the companies convey the message that drivers can save some big amount if you switch your coverage. That’s great but how can every company sell you cheaper insurance coverage? It’s all in the numbers.

Insurance companies have specific guidelines for the type of driver that will most likely be profitable. For instance, this type of risk profile should be between the ages of 30 and 50, has few claims, and drives a vehicle with a low ISO rating. Someone that meets those criteria is entitled to the best price and most likely will save a lot of money.

Drivers who are not a match for the “perfect” profile may receive higher premium rates which leads to business going elsewhere. The ads state “drivers that switch” but not “everyone who gets a quote” can get the lowest rates when switching. That’s why companies can truthfully advertise the savings. Each company has different criteria, so it’s extremely important to get insurance coverage quotes from several different companies. It is impossible to guess which company will provide the lowest premium rates.

Lower-cost auto insurance rates with discounts

Some insurance providers don’t always publicize their entire list of discounts very well, so the below list has a few of the more well known in addition to some of the lesser obvious discounts that may be available.

• Discount for Low Mileage – Driving less could earn lower auto insurancerates due to less chance of an accident.
• Paperless Signup – Some of the larger companies will provide an incentive for completing your application on the internet.
• Telematics Data – Insureds that choose to allow driving data collection to study where and when they drive remotely like Allstate’s Drivewise might get better premium rates as long as the data is positive.
• Braking Control Discount – Vehicles with ABS braking systems or traction control are safer to drive and qualify for as much as a 10% discount.
• Theft Deterent – Cars optioned with advanced anti-theft systems help deter theft so companies will give you a small discount.
• Homeowners Pay Less – Owning a house may earn you a small savings because of the fact that having a home demonstrates responsibility.
• No Accidents – Claim-free drivers can save substantially as opposed to frequent claim filers.
• Payment Method – If you pay your bill all at once rather than paying in monthly installments you may have a lower total premium amount.
• Multiple Vehicles – Insuring multiple cars on one policy may reduce the rate for each vehicle.

As a disclaimer on discounts, most discount credits are not given to your bottom line cost. Some only apply to the price of certain insurance coverages like liability and collision coverage. Even though it appears having all the discounts means you get insurance for free, you’re out of luck.

If you would like to view insurers with significant discounts, follow this link.

Tailor your insurance coverage to you

When it comes to buying adequate coverage, there isn’t really a one size fits all plan. Everyone’s situation is a little different.

Here are some questions about coverages that can help discover if you will benefit from professional help.

• Am I covered if I hit my neighbor’s mailbox?
• Does medical payments coverage apply to all occupants?
• Do I have any recourse if my insurance company denies a claim?
• Do I need to file an SR-22 for a DUI in my state?
• Am I covered when driving someone else’s vehicle?
• What is the rate difference between pleasure use and commuting?
• Should I have combined single limit or split liability limits?
• Do I benefit by insuring my home with the same company?

If you’re not sure about those questions but you think they might apply to your situation, then you may want to think about talking to a licensed agent. To find an agent in your area, complete this form.

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Insurance coverages explained

Understanding the coverages of your policy can be of help when determining which coverages you need and proper limits and deductibles. The terms used in a policy can be confusing and reading a policy is terribly boring.

UM/UIM Coverage

This protects you and your vehicle when the “other guys” either are underinsured or have no liability coverage at all. This coverage pays for injuries sustained by your vehicle’s occupants as well as damage to your Toyota Corolla.

Because many people only carry the minimum required liability limits, their limits can quickly be used up. So UM/UIM coverage is important protection for you and your family.

Comprehensive or Other Than Collision

Comprehensive insurance coverage pays to fix your vehicle from damage OTHER than collision with another vehicle or object. A deductible will apply and then insurance will cover the rest of the damage.

Comprehensive can pay for claims like rock chips in glass, vandalism, damage from a tornado or hurricane and hitting a bird. The most a insurance company will pay at claim time is the cash value of the vehicle, so if your deductible is as high as the vehicle’s value it’s not worth carrying full coverage.

Collision coverage

Collision insurance pays to fix your vehicle from damage resulting from a collision with a stationary object or other vehicle. A deductible applies and the rest of the damage will be paid by collision coverage.

Collision coverage pays for things such as hitting a mailbox, colliding with a tree, hitting a parking meter, scraping a guard rail and crashing into a building. Collision is rather expensive coverage, so analyze the benefit of dropping coverage from vehicles that are 8 years or older. You can also choose a higher deductible to bring the cost down.

Medical costs insurance

Personal Injury Protection (PIP) and medical payments coverage provide coverage for short-term medical expenses for things like dental work, chiropractic care and ambulance fees. The coverages can be utilized in addition to your health insurance program or if you are not covered by health insurance. They cover both the driver and occupants and will also cover if you are hit as a while walking down the street. Personal Injury Protection is only offered in select states and gives slightly broader coverage than med pay

Liability auto insurance

Liability insurance can cover damage that occurs to a person or their property by causing an accident. Liability coverage has three limits: bodily injury per person, bodily injury per accident and property damage. Your policy might show liability limits of 25/50/25 which means $25,000 bodily injury coverage, a limit of $50,000 in injury protection per accident, and a limit of $25,000 paid for damaged property.

Liability coverage protects against claims like loss of income, bail bonds and medical services. How much liability coverage do you need? That is up to you, but it’s cheap coverage so purchase as much as you can afford.

In conclusion

When trying to cut insurance costs, it’s a bad idea to skimp on critical coverages to save a buck or two. There have been many situations where an insured dropped physical damage coverage only to discover later that they should have had better coverage. Your strategy should be to buy the best coverage you can find at an affordable rate, but do not sacrifice coverage to save money.

Insureds switch companies for any number of reasons including high rates after DUI convictions, not issuing a premium refund, delays in responding to claim requests and policy cancellation. It doesn’t matter what your reason, switching companies is not as hard as you think.

There are still a few companies who may not have internet price quotes and many times these smaller providers provide coverage only through local independent agents. Budget-conscious 2002 Toyota Corolla insurance is attainable from both online companies in addition to local insurance agencies, and you need to comparison shop both to have the best rate selection.

More information is located on the following sites:

• What Does No-Fault Insurance Cover? (Allstate)
• Teen Driver Statistics (Insurance Information Insitute)
• All About Airbag Safety (State Farm)
• What is Gap Insurance? (Insurance Information Insitute)
• Reducing Your Risks in a Car Crash Video (iihs.org)
• Vehicle Safety Ratings (iihs.org)

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