The Toyota Corolla is one of the most popular compact cars around the globe. It’s known for reliability, economical fuel consumption, and is affordable. However, potential buyers should also pay attention to the insurance cost of the Toyota Corolla.
This article surveys the factors affecting Toyota Corolla insurance cost, presents the average rates for models of different years, and offers suggestions on how to get cheap quotes.
Overview of Toyota Corolla Insurance Costs
The average annual car insurance for Toyota Corolla typically ranges from $1,200 to $2,500 depending on various factors such as the model year, driver age, location, and driving history of the insured driver’s experience. On an average and based on moderate driving record, a Toyota Corolla owner can obtain full coverage insurance and pay about $121 for one month or $1453 annually.
These figures are slightly, and I mean slightly, above the national average for insurance of compact sedans but they surround the issue of the ownership of the higher value of the car and car theft related problems.
Factors Influencing Insurance Costs
Several factors can affect the insurance premiums for a Toyota Corolla:
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Model Year
One of the most significant determinants of Toyota corolla insurance cost per month is how old the vehicle in question is.
- Newer Models: Newer Toyota Corollas always have higher insurance costs because of its increased market value. This is simply because newer vehicles usually incur higher expenses in terms of repairs or replacement of costly safety systems and technology that have been installed.
- Depreciation: As time advances towards the present, older vehicles become less valuable on the market which results in a decrease in insurance premiums. Such older models, mostly from 2007 or earlier, attract lower rates because these cars are worth less in the market.
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Driver Profile
The characteristics of the driver come next because they always help determine the rates of insurance.
- Age: Most young drivers, especially those aged under 25 years, tend to pay more premiums. Statistically, this age group holds the highest odds of being involved in accidents and thus makes them a more risky bet for insurance companies.
- Driving Experience: Lower rates are often awarded to experienced people with clean records, and this is because insurance providers consider them less risky than less experienced people.
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Location
- Urban Areas vs. Rural Areas: Urban areas have greater traffic pollution and greater chances of accidents getting thefts as compared to rural areas. In terms of insurance costs, urban city dwellers will on average, have to pay higher insurance premiums.
- State Laws and Regulations: Insurance premiums are also affected by state laws. Some states have very high rates simply because of high average accident rate or expensive medicals resulting from car accidents.
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Claim Rates
- Claim Frequency: There is also the factor of the record statistics on how often there are claims for a certain make of vehicle. If, in this case, Corollas have a higher number of claims for some reason than most cars in this category, then it will be expected that overall rates will be high.
2024 Toyota Corolla Insurance Cost
Insurance estimates for the 2024 Toyota Corolla range from $2,400 to $2,500 on an annual basis or about $200 to $211 per month. This figure assumes that the driver will be insuring their vehicle completely with $53,315 in coverage.
| Insurance Company | Average Quote: Liability Only | Average Quote: Full Coverage |
| USAA | $67 | $146 |
| State Farm | $76 | $161 |
| GEICO | $78 | $167 |
| Allstate | $91 | $200 |
2023 Toyota Corolla Insurance Costs The average insurance cost for this model year was around $1575. In the case of liability only insurance, this amount averaged about $95 per month, and full coverage cost around $207.
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| Insurance Company | Average Quote: Liability Only | Average Quote: Full Coverage |
| USAA | $59 | $128 |
| State Farm | $66 | $141 |
| GEICO | $68 | $146 |
2022 Toyota Corolla Insurance Cost
In 2022, the annual premium for insuring a Toyota Corolla was approximately $1,575, with monthly rates averaging around $131
| Insurance Company | Average Quote: Liability Only | Average Quote: Full Coverage |
| USAA | $59 | $128 |
| State Farm | $66 | $141 |
| GEICO | $68 | $146 |
Average Insurance Cost for Toyota Corolla
Based on various model years, the average insurance cost for a Toyota Corolla generally ranges from $1,200 to $2,500 annually.
| Model Year | Average Annual Premium (Full Coverage) |
| 2024 | $2,536 |
| 2023 | $1,575 |
| 2022 | $1,575 |
| 2021 | $1,453 |
| 2020 | $1,400 |
| 2019 | $1,350 |
2007 Toyota Corolla Insurance Cost
Insurance for older models like the Toyota Corolla 2007 is likely to be lower given the depreciation of the cars in the market. This insurance model should cost around $1253 as the annual premium, so it is cheaper than the recent models.
2020 Toyota Corolla Insurance Cost
Annual costs for insuring the 2020 Model are approximately $1,400 per year which averages out to roughly $117 per month. Tthis model has the potential of attracting lower premiums over the years due to safety features that most recent models have.
2021 Toyota Corolla Insurance Cost
So for Insurance for this particular model, the 2021 Toyota Corolla it is expected to be above $1453 a year or around $121 monthly payments. The safety ratings combined with the reliability of this model Factors to the car having a moderate insurance
Finding Cheap Quotes for Toyota Corolla Insurance
In to order secure a cheap car insurance for a Toyota Corolla, the following strategies are recommended:
- Compare Quotes: Always make an effort to gather numerous quotes from multiple insurance websites because the charges of each varies.
- Consider Coverage Options: Consider whether you need full coverage or simply liability coverage based on the worth of your car.
- Look for Discounts: Discounts and other offers are often regarded as being available to safe drivers or people who choose to bundle their policies for home and auto.
- Review Your Policy Regularly: Over the course of time, if you have been using the same insurer for more than five years without changing the policy or doing comparison shopping, it suggests you may be paying too much.
- Adjust Deductibles: Using a higher deductible may be helpful in reducing the premium paid. However, make sure you can pay the deductible when needed.
Conclusion
If you are planning on buying a Toyota Corolla you must consider the insurance costs as well. This is because the cost of annual premiums can vary between $1,200 and more than $2,500 based on the model year and the profile of the driver.
For further information on specific quotes or additional details regarding car insurance options visit Insuranks and get a tailored policy to your needs.
