Buying cheaper coverage for a Toyota Corolla hinges on a lot of factors such as how many miles you drive each year, your credit history, and citations or violations on your driving record. Drivers in Florida pay on average $822 each year for Corolla insurance, but that price is an estimate calculated using a 50-year-old married female driver with full coverage and $1,000 deductibles.
If we were betting, you aren't exactly 50 years old or even a female, maybe you are single instead of married, or maybe you rent instead of own your home. Auto insurance is unique to each driver, so the way we recommend to find the cheapest coverage for your Toyota is to compare as many rates as you can.
The specific trim level tends to have a direct impact on the yearly cost, so the rate you pay to insure a Corolla LE will be $20 less than the price to insure the higher-priced Corolla XRS trim level, as shown below.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
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Data rating is based on married female driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Florida minimum liability limits. Discounts applied include multi-vehicle, multi-policy, claim-free, safe-driver, and homeowner. Table data does not factor in specific zip code location which can change premium rates greatly.
Comparing rates for low-priced auto insurance is challenging, and finding out which insurers offer the cheapest insurance rates for a Toyota Corolla in Florida takes even more shopping around. Each insurance company has a different formula to set their prices, so let's begin by taking a look at the most competitive insurance companies in Florida.
Keep in mind that Florida insurance rates are impacted by many things that control the cost of coverage. Price variation is why it is crucial to do a thorough rate comparison to find cheap auto insurance rates for a Toyota Corolla. Rates are calculated by many different factors and can change substantially, so the most affordable company two years ago may now be wasting a lot of money.
Best Car Insurance Prices for Your Corolla
|Rank||Company||Cost Per Year|
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USAA may offer some of the cheapest car insurance rates in Florida at around $977 annually. This is $1,471 less than the average price paid by Florida drivers of $2,448. Electric, Amica, Progressive, and Travelers also make the cut as some of the cheaper Florida car insurance companies.
As the example above demonstrates, if you currently buy coverage from Progressive and switched to Electric, you could see yearly savings of about $135. Florida drivers with Travelers could save as much as $176 a year, and Allied insureds might lower prices by $214 a year.
It's important to note that these policy prices are averaged across all types of drivers and the different vehicles they drive and are not factoring in a specific rating modification for a Toyota Corolla. So the auto insurance company that can offer the best rates for your situation may not even be in the list above. That affirms the importance of why you need to compare as many prices as possible using your own individual information.
Liability only or full coverage
Reducing premiums for insurance should be important to most people, and one of the easiest ways to find cheap insurance for a Toyota Corolla in Florida is to only buy liability insurance. The illustration below illustrates the comparison of car insurance costs when comparing full coverage to liability only. The data assumes no claims or driving citations, $100 deductibles, single status, and no other discounts are factored in.
If we average the cost for ages 20 through 70, physical damage insurance costs an additional $3,045 per year over and above liability only. That is a large expense and it proposes the question if you should buy full coverage. There is no exact formula to stop buying full coverage, but there is a broad guideline. If the annual cost of comprehensive and collision coverage is more than 10% of the replacement cost of your vehicle minus the policy deductible, the it may be a good time to stop paying for full coverage.
Low rates today, overpriced tomorrow
Florida insurance rates are impacted by many factors which can significantly increase or decrease the price of your policy. Improving your credit score, moving to a different location, or getting caught speeding can trigger changes in premium that can make some companies more affordable than competitors. Also, insurers amend pricing at least once a year to adjust for unexpected claims or profits. An unexpected high level of claims may result in high rates, while lower claims may result in lower-cost Corolla insurance rates.
To illustrate this example, the chart below shows which company has the cheapest car insurance in Florida for a 35-year-old female driver with a clear driving record, no claims, and a high credit rating. Based on her personal risk profile, USAA might quote the lowest car insurance rates in Florida at $957 annually. This is $1,491 less than the average policy premium paid by Florida drivers of $2,448. Amica, Electric, Progressive, and Travelers also make the list of the most affordable Florida auto insurance companies.
The example below compares rates after we give the driver from the first rate comparison a chargeable accident, poor credit, and a speeding ticket. Since each auto insurer has a proprietary formula to set premium rates, getting updated rate quotes may now show a different list of the cheapest car insurance companies in Florida as shown below.
USAA now has the cheapest insurance rate in Florida with Allied, Auto-Owners, Esurance, and State Farm completing the list. This example illustrates why Florida drivers need to compare lots of rates to find the most economical auto insurance quotes for a Toyota Corolla.
Auto insurance prices are influenced by many risk factors and change frequently, so the cheapest company the last time you compared rates may now be quite expensive.
How to find budget-friendly car insurance for a Toyota Corolla
The list below summarizes some penny-pinching solutions that can help Florida drivers locate cheap auto insurance.
- Higher comprehensive and collision coverage deductibles will save money
- Do not get traffic tickets
- Do not pay for comprehensive and collision coverage on older vehicles
- Earn discounts for being claim-free
- At-fault accidents will increase rates
- Shop around for cheaper rates regularly
The last tip is extremely valuable, as we discussed in the prior information. Car insurance rates can change considerably based on profitability, so drivers shouldn't be resistant to switch companies if you find a better deal. Brand loyalty is great, but it isn't a good idea if that dedication is costing hundreds of dollars year after year. Take a few minutes and compare prices to find cheaper insurance for a Toyota Corolla.