The average monthly Toyota Corolla insurance premium for a 2023 model is $164.36, or $1,972.29 per year. Your real expenses, however, are determined by your driving history, car model, location, and other considerations.
If you’re considering buying a Toyota Corolla, one important factor to keep in mind is the cost of car insurance. The cost of insurance can vary depending on a number of factors. In this article, we’ll take a closer look at how much you can expect to pay for car insurance for a Toyota Corolla, as well as the factors that can impact your insurance costs.
On average, the cost of car insurance for a Toyota Corolla can range from $100 to $200 per month, depending on the coverage level you choose. However, the actual cost can vary widely based on a number of factors.
One of the biggest factors that affects the cost of car insurance for a Toyota Corolla is your driving history. If you have a clean driving record with no accidents or tickets, you can expect to pay less for car insurance than someone with a history of accidents or traffic violations. Your age and gender can also impact your insurance costs, as younger drivers and male drivers are often considered higher-risk and may pay more for insurance.
The level of coverage you choose for your Toyota Corolla can also impact your insurance costs. Liability coverage is the minimum coverage required by law in most states, and will typically cost less than comprehensive or collision coverage. However, if you want to protect your Toyota Corolla against damage from accidents, theft, or other incidents, you’ll need to purchase additional coverage, which can increase your insurance costs.
In addition to your driving history and coverage level, your location can also impact your insurance costs. If you live in an area with high rates of car theft or accidents, you may pay more for insurance than someone who lives in a lower-risk area. Your insurance company will also consider factors such as your credit score and the amount of driving you do each year when determining your insurance rates.
One way to potentially lower your insurance costs is to shop around and compare quotes from different insurance companies. While the cost of car insurance for a Toyota Corolla can vary based on a number of factors, each insurance company will have its own formula for calculating rates. By getting quotes from several different companies, you can compare prices and find the best deal for your needs.
It’s also worth considering other factors that can impact your insurance costs, such as your deductible. A higher deductible means that you’ll pay more out of pocket if you get into an accident, but it can also lower your monthly insurance premiums. Additionally, taking defensive driving courses or installing safety features such as a car alarm or anti-theft device can also help lower your insurance costs.
What factors affect car insurance rates for Toyota Corolla?
Since vehicle performance, theft rates, maintenance costs, safety ratings, and other variables might vary, the brand and model you choose can have a direct influence on the amount you pay for auto insurance. This is because insurance companies calculate your rates based on your risk of submitting claims and the expense of paying them out. Here’s how some of Corolla’s features may impact your insurance rates.
- Body type. The Toyota Corolla is a four-door car built for comfort and safety, which may result in cheaper insurance rates.
- Type of car. The Toyota Corolla is a low-cost small automobile that should be easy to maintain and repair. This might assist to lower insurance costs.
- Theft. The Corolla has a rather high theft rate when compared to other vehicles, which may result in higher insurance costs.
- Repairs. The Corolla requires little maintenance and is inexpensive to fix. Both of these characteristics may contribute to lower insurance costs.
- Safety ratings. The 2018 Corolla was named the IIHS’s top safety selection, and it boasts excellent safety scores that might lower insurance costs.
- Fuel type. The Toyota Corolla is a gas-powered car, thus insurance should be less expensive than for diesel or hybrid vehicles.
- Trim & packages. Selecting trims or packages that boost power or overall value may result in higher premiums. Options that increase visibility and safety, on the other hand, maybe eligible for vehicle insurance reductions.
How to compare insurance for the Toyota Corolla
The Corolla is Toyota’s entry-level small car, first introduced in 1966. It is one of the most popular automobiles in the United States, and it is well-known for its comfort and safety. With a slew of safety features and high crash test ratings, it’s likely to qualify for auto insurance reductions.
- Price. Every company promises to have the lowest vehicle insurance rates. However, because coverage and features differ between providers, utilizing the same information when obtaining quotations will allow you to evaluate similar alternatives.
- Deductible. Policies with a larger deductible often have lower monthly rates, whereas those with smaller deductibles typically have higher premiums. Choose a quantity that is appropriate for your circumstances.
- Minimum coverage. Each state has different necessary coverage requirements, so before you commit to anything, be sure your insurance satisfies your state’s minimums.
- Additional coverage. Personal injury protection and medical expenses coverage are only two of the numerous extra coverage options available. Consider whether any of these choices might be appropriate for your circumstance when shopping around.
- Extras. Extras such as roadside assistance and new car coverage may be included in your policy. If not, figure out how much you’ll have to pay to obtain the things you desire.
- Restrictions. To avoid coverage gaps or refused claims, find out whether your insurance has any limits.
- Manufacturer offer or loyalty discount. Determine whether your manufacturer has any special offers or loyalty savings available through agreements with insurance carriers.
- Warranty. To prevent paying for overlapping coverage, find out what is covered by your manufacturer’s or extended warranty.
Does the Toyota Corolla qualify for auto insurance discounts?
If your Toyota Corolla has these safety features, you may save money on car insurance.
- New car discount
- Anti-lock brake discount
- Anti-theft discount
- Passive restraint discount (Airbags, motorized seat belts, etc.)
- Emergency roadside assistance discount
Ready to get started?
We’ve got you covered.
Toyota Corolla safety & reliability ratings
The Toyota Corolla has been on the market since 1982. The midsize automobile is well-known for its roomy seats, smooth ride, and good safety ratings. With the exception of 2001, the Toyota Corolla was the best-selling passenger vehicle in the United States from 1997 through 2016.
The 2018 Corolla receives a 9.3/10 safety rating from U.S. News and J.D. Power. Furthermore, the IIHS granted this car near-perfect ratings in nearly all crash-test categories.
The 2018 Toyota Corolla has a 4.5/5 star dependability rating from U.S. News and J.D. Power, which is much better than most vehicles in its class.
Toyota Corolla maintenance
The Corolla, like the majority of Toyota vehicles, is designed for commuting, everyday driving, and other modest use. It has a slew of features that make it safe and enjoyable to drive, and its dependable design means you can spend less time in the shop and more time on the road. However, like with any car, routine service visits may guarantee that there are no major concerns, allowing your vehicle to run normally. Here’s what to expect in terms of car maintenance.
- Toyota recommends an oil change every 5,000 miles or 5 months, whichever comes first.
- Oil changes for a Toyota Corolla should cost between $75 and $125, but your actual cost could vary.
- The Corolla has an average annual repair cost of over $221, which is below average for similar vehicles.
- Consult your owners manual or contact your dealership for more information on the Toyota Corolla’s maintenance schedule.
Is an extended warranty worth it for the Toyota Corolla?
The Corolla comes with Toyota’s regular 3-year/36,000-mile limited warranty, as well as a 5-year/60,000-mile powertrain warranty and 5-year corrosion coverage. The basic warranty covers all items other than regular wear and tear, such as oil and air filters, tires, and so on. ToyotaCare, which includes scheduled maintenance and 24/7 roadside support, is now included with new Toyota cars for two years or 25,000 miles.
It’s unclear whether Toyota provides extended warranties, but you should ask your dealer for additional information. Having said that, Toyota cars are highly dependable and have low average maintenance costs, so you should consider if the expense of an extended warranty is worthwhile.
Should You Buy A Toyota Corolla?
The Toyota Corolla is a top-rated car recognized for its comfort and safety. The Corolla, like other Toyotas, comes standard with a slew of incredible safety and driver aid systems that may help to decrease the likelihood of an accident. Examine your alternatives to obtain the best deal on the coverage you require.
In conclusion, the cost of car insurance for a Toyota Corolla can vary widely based on a number of factors. Your driving history, coverage level, location, and other factors can all impact your insurance rates. To get the best deal on car insurance for your Toyota Corolla, it’s important to shop around and compare quotes from different insurance companies. By taking the time to understand your options and making informed decisions, you can protect your Toyota Corolla while keeping your insurance costs under control.
- “How Much Does Car Insurance Cost for a Toyota Corolla?” ValuePenguin, https://www.valuepenguin.com/how-much-does-car-insurance-cost-toyota-corolla.
- “Factors That Affect Car Insurance Rates.” The Balance, https://www.thebalance.com/factors-that-affect-car-insurance-rates-527480.