Buying economical auto insurance for a Toyota Corolla is pretty simple, but it hinges on many rating factors such as whether you are a homeower, your credit status, and driving violations and tickets. Drivers pay around $1,371 annually to insure their Corolla, but that figure is an estimate calculated based on a 30-year-old married male driver with both comprehensive and collision coverage and $250 deductibles.
But there is a good chance that you are not 30 years old and maybe not even male, single instead of married, or maybe you have a speeding ticket or two that will increase rates. Having what appears to be a very minor change in the factors used in pricing a policy can make a large difference in the cost of a policy.
There is no perfect policy for every driver, so the only way to find cheap insurance rates for your Toyota is to put in the effort to do a thorough rate comparison. It only takes a few minutes and you will receive price comparisons from the best auto insurance companies available.
The trim level of your Toyota tends to have a direct effect on the yearly cost, so the cost to insure a Corolla LE will cost $48 less than the price to insure the more expensive Corolla XRS trim level, as demonstrated by the prices below.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
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Data variables include married male driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and Louisiana minimum liability limits. Discounts applied include multi-vehicle, safe-driver, homeowner, claim-free, and multi-policy. Rates do not factor in specific garaging location which can influence prices greatly.
Selecting the right insurance provider can be difficult considering how many companies are available to choose from in New Orleans. The company ratings below can help you choose which auto insurers to look at when comparing insurance rates for a Toyota Corolla.
These ratings are only made up of insurance companies that insure vehicles in the majority of U.S. states, so companies without a large exposure are not included in the list. If you’d like to compare prices and find the cheapest rates for a Toyota Corolla, simply click here.
Top 10 Major Auto Insurers in New Orleans Ranked by A.M. Best Rating
- USAA – A++
- State Farm – A++
- GEICO – A++
- Esurance – A+
- Allstate – A+
- The Hartford – A+
- Progressive – A+
- The General – A-
- Liberty Mutual – A
- 21st Century – A
Top 10 Major Auto Insurers Overall in New Orleans
- AAA Insurance
- State Farm
- The Hartford
- Safeco Insurance
- American Family
- The General
Comparison of full coverage and liability-only policies
Reducing the cost of insurance should be important to most drivers, and one common way to lower the cost of insurance for a Toyota Corolla is to not buy comprehensive and collision coverage. The chart below shows the difference between insurance premiums with full coverage compared to only the Louisiana minimum liability coverage. The costs are based on no accidents or driving violations, $250 deductibles, marital status is single, and no discounts are factored in.
If all age groups are averaged, physical damage insurance costs an additional $3,140 per year over having just liability coverage. That brings up the question if physical damage coverage is worth the money. There is no definitive formula to eliminate full coverage, but there is a general school of thought. If the annual cost of coverage is more than about 10% of the replacement cost of your vehicle minus the policy deductible, then it could be time to drop full coverage.
Why you are probably overpaying for Corolla insurance
New Orleans, LA insurance rates are impacted by many factors which can substantially decrease or increase the price of your policy. Improving your credit rating, buying a different vehicle, or having a fender bender can trigger price changes that can cause some rates to be cheaper in comparison to the competition. Not only may things change on your end, but insurance companies change their prices every year or even multiple times each year in order to be able to pay unexpected claims. Unexpectedly high claims can cause higher priced premiums, while less frequent claims may produce cheaper Corolla insurance rates.
To illustrate this example, the bar chart below compares the cheapest car insurance in New Orleans, LA for a 40-year-old male driver with a clear driving record, no claims, and a good credit rating. If we look at prices based on his current rating profile, USAA has the cheapest car insurance rates in New Orleans at $2,756 annually. This is $342 more than the average price paid by Louisiana drivers of $2,414. MetLife, GEICO, Progressive, and Safeway are also included in the top five cheapest New Orleans, LA auto insurance companies.
The chart below compares rates after we give the driver in the first chart an accident claim, a lower credit score, and a traffic citation. Due to the fact that every auto insurer uses their own method to set policy rates, comparing quotes will most likely result in a slightly different list of companies as shown below.
Southern Farm Bureau now has the lowest car insurance rate in New Orleans with State Farm, MetLife, Safe Auto, and USAA now being in the top five. This example illustrates why consumers need to take the time to do a thorough rate comparison when trying to find the best auto insurance rates for a Toyota Corolla. Insurance rates can be altered by many different factors and change substantially, so the most economical company the last time you shopped your coverage around may now not even be in the top five.
How to find economical car insurance for a Toyota Corolla
Here are some of the better thrifty solutions that can help you find low-cost coverage.
- Raise deductibles to save money
- Older vehicles may not need full coverage
- Clean up your credit rating
- Drive attentively and avoid accidents
- Buy a vehicle with excellent safety ratings
- Speeding tickets and other violations increase rates
- Compare rates regularly to ensure the best deal
The last suggestion is extraordinarily valuable, as we hit on in the prior information. Coverage rates fluctuate constantly, so don’t hesitate to switch companies if a better deal can be had.
Having a favorite company is great, but we do not recommend it if that inflexibility results in costing you potentially thousands of dollars a year. It only take a few minutes to compare rates and find cheaper insurance for a Toyota Corolla in New Orleans.
If you like to get help from a professional when shopping for the best coverage for a Toyota Corolla, the insurance agencies below can provide answers to your questions and help you determine which insurance coverage you need. To find an agent closest to you, click the link at the bottom or click here to compare price quotes now.
Nick Pontiff – State Farm Insurance Agent
229 N Genois St – New Orleans, LA 70119 – (504) 309-8773
Chase Dardar – State Farm Insurance Agent
6301 S Claiborne Ave – New Orleans, LA 70125 – (504) 861-4529
4101 S Carrollton Ave c – New Orleans, LA 70119 – (504) 486-0123