It’s a fact that car insurance companies don’t want you to compare rates. Insureds who shop around are likely to move their business because they have good chances of finding more affordable rates. A recent survey revealed that drivers who compared rates once a year saved an average of $72 a month compared to policyholders who never shopped for cheaper rates.
If finding the best price on Toyota Corolla insurance in Orlando is the reason for your visit, learning the best way to compare insurance premiums can help you succeed in saving money.
The best way we recommend to get discount auto insurance rates is to make a habit of regularly comparing prices from insurance carriers in Orlando.
- Step 1: It will benefit you to learn about what is in your policy and the things you can control to prevent expensive coverage. Many rating criteria that are responsible for high rates like accidents, careless driving, and a negative credit score can be remedied by making small lifestyle or driving habit changes. Read the full article for additional tips to get low prices and get discounts that may be overlooked.
- Step 2: Request price quotes from independent agents, exclusive agents, and direct companies. Exclusive and direct companies can only quote rates from a single company like GEICO or Farmers Insurance, while agents who are independent can quote prices for many different companies. Find an Orlando insurance agent
- Step 3: Compare the new rate quotes to your existing rates and determine if there is any savings. If you find a better price, make sure there is no lapse in coverage.
- Step 4: Provide proper notification to your current company of your intention to cancel your current auto insurance policy and submit the completed application along with a down payment for the new policy. As soon as you have the new policy, safely store the proof of insurance paperwork in your vehicle.
A tip to remember is that you’ll want to make sure you compare similar deductibles and liability limits on every price quote and and to get price estimates from as many companies as possible. This enables a fair price comparison and a complete rate analysis.
Toyota Corolla Insurance Rates Can Be Cheaper
Many factors are part of the equation when you get a price on insurance. A few of the factors are predictable like an MVR report, although others are not as apparent like your vehicle usage or your vehicle rating.
Better rates for being claim-free – Companies in Florida award discounts to drivers who are not frequent claim filers. If you are the type of insured that files lots of claims you can pretty much guarantee either policy cancellation or increased premiums. Your car insurance is intended for major claims that would cause financial hardship.
Bundle and save – Most larger insurance companies provide better rates to people who consolidate policies with them in the form of a multi-policy discount. Even if you already get this discount, you may still want to compare Toyota Corolla rates in Orlando to confirm you are receiving the best rates possible.
Drive less and get lower rates – The higher the miles on your Toyota in a year’s time the higher your rates will be. The majority of insurers calculate prices based upon how much you drive. Vehicles that do not get driven very much get more affordable rates compared to those used for work or business. Improper usage on your Corolla can cost quite a bit. Double check that your car insurance coverage states the right rating data, because it can save money.
Higher comp and collision deductibles cost less – Physical damage insurance, aka comp and collision, insures against damage to your Toyota. Some instances where coverage would apply are colliding with a building, vandalism, and damage caused by flying debris. Comp and collision deductibles define the amount you are required to spend out-of-pocket in the event of a claim. The more money the insured has to pay upfront, the better rate you will receive.
Pay less if you’re married – Having a significant other can actually save you money on your car insurance bill. Having a significant other is viewed as being more financially stable and insurance companies like that married drivers tend to file fewer claims.
Toyota Corolla claim probability – Insurers analyze past claim statistics to help calculate a profitable premium price. Models that statistically have higher number or severity of losses will be charged more to insure. The table below demonstrates the historical insurance loss data for Toyota Corolla vehicles.
For each coverage type, the loss probability for all vehicles, regardless of make or model, is set at 100. Numbers below 100 imply a favorable loss record, while values over 100 show a trend for more claims or tendency to have higher losses.
| Vehicle Model | Collision | Property Damage | Comp | Personal Injury | Medical Payment | Bodily Injury |
|---|---|---|---|---|---|---|
| Toyota Corolla | 133 | 111 | 94 | 156 | 158 | 128 |
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Auto insurance statistics and figures
The coverage table below outlines estimates of insurance rates for Toyota Corolla models. Having insight into how insurance rates are calculated can aid in making smart choices when selecting a coverage provider.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Corolla LE | $348 | $748 | $426 | $26 | $128 | $1,676 | $140 |
| Corolla S | $348 | $748 | $426 | $26 | $128 | $1,676 | $140 |
| Corolla XLE | $348 | $748 | $426 | $26 | $128 | $1,676 | $140 |
| Corolla XRS | $392 | $748 | $426 | $26 | $128 | $1,720 | $143 |
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Premium data assumes married female driver age 30, no speeding tickets, no at-fault accidents, $100 deductibles, and Florida minimum liability limits. Discounts applied include homeowner, multi-policy, claim-free, multi-vehicle, and safe-driver. Rate information does not factor in vehicle location which can affect auto insurance rates considerably.
Higher deductibles save money
When shopping for auto insurance, a common question is which deductibles should you choose. The figures shown below determine the price difference when you choose different policy deductibles. The first table uses a $100 physical damage coverage deductible and the second rate chart uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Corolla LE | $358 | $764 | $418 | $24 | $124 | $1,713 | $143 |
| Corolla S | $358 | $764 | $418 | $24 | $124 | $1,713 | $143 |
| Corolla XLE | $358 | $764 | $418 | $24 | $124 | $1,713 | $143 |
| Corolla XRS | $406 | $764 | $418 | $24 | $124 | $1,761 | $147 |
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| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Corolla LE | $262 | $516 | $418 | $24 | $124 | $1,344 | $112 |
| Corolla S | $262 | $516 | $418 | $24 | $124 | $1,344 | $112 |
| Corolla XLE | $262 | $516 | $418 | $24 | $124 | $1,344 | $112 |
| Corolla XRS | $296 | $516 | $418 | $24 | $124 | $1,378 | $115 |
| Get Your Own Custom Quote Go | |||||||
Cost estimates assume married male driver age 30, no speeding tickets, no at-fault accidents, and Florida minimum liability limits. Discounts applied include multi-vehicle, claim-free, safe-driver, multi-policy, and homeowner. Premium costs do not factor in garaging location in Orlando which can change price quotes greatly.
Using the data above, we can ascertain that using a $100 deductible will cost you about $31 more each month or $372 every year across all Toyota Corolla models than opting for the higher $500 deductible. Since you would pay $400 more if you file a claim with a $500 deductible as compared to a $100 deductible, if you go at a minimum 13 months between claim filings, you would probably be better off if you opt for a higher deductible.
Calculate savings of higher deductibles
| Average monthly premium for $100 deductibles: | $144 |
| Average monthly premium for $500 deductibles (subtract): | – $113 |
| Monthly savings from raising deductible: | $31 |
| Difference between deductibles ($500 – $100): | $400 |
| Divide difference by monthly savings: | $400 / $31 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 13 months |
One important note is that a higher deductible level results in more money out-of-pocket when you do file a claim. That will force you to have enough disposable savings in the event you have to pay the higher deductible in order to repair your vehicle.
The chart below illustrates how choosing a deductible and can raise or lower Toyota Corolla insurance premiums for different categories of driver ages. The premiums assume a single male driver, full physical damage coverage, and no discounts are applied.
Responsible drivers pay cheaper Orlando auto insurance rates
The information below shows how traffic citations and accident claims can increase Toyota Corolla yearly insurance costs for each age group. The costs are based on a single female driver, full coverage, $100 deductibles, and no discounts are applied to the premium.
Comparison of auto insurance rates by age and gender in Orlando
The chart below illustrates the comparison of Toyota Corolla premium costs for male and female drivers. The premium estimates are based on no claims or violations, full coverage, $500 deductibles, single status, and no discounts are factored in.
Toyota Corolla liability rates compared to full coverage
The example below compares Toyota Corolla insurance costs with and without full coverage. The rate quotes are based on no claims or violations, $500 deductibles, marital status is single, and no discounts are applied to the premium.
Guidelines for eliminating full coverage
There is no definitive rule to drop comprehensive and collision coverage on your policy, but there is a general guideline. If the annual cost of coverage is about 10% or more of replacement cost minus your deductible, then it could be time to drop full coverage.
For example, let’s pretend your Toyota Corolla replacement cost is $9,000 and you have $1,000 policy deductibles. If your vehicle is destroyed, the most your company would pay you is $8,000 after paying your policy deductible. If it’s costing in excess of $800 annually for comprehensive and collision coverage, then you might consider buying liability only.
There are some situations where buying only liability insurance is not a good plan. If you still have a lienholder on your title, you have to keep full coverage in order to prevent your loan from defaulting. Also, if your savings is not enough to buy a different vehicle in the even your car is totaled, you should keep full coverage.
Car insurance discounts help lower rates for Toyota Corolla insurance in Orlando
Some insurers don’t always publicize every discount available very clearly, so here is a list a few of the more common and the more hidden credits available to lower your premiums when you buy Orlando auto insurance online. If you do not double check each discount you deserve, you could be paying more than you need to.
- Driver Training Discounts – Completing a defensive driving course could earn you a small percentage discount and easily recoup the cost of the course.
- College Student Discount – College-age children living away from Orlando attending college and do not have a car may be able to be covered for less.
- Low Mileage – Fewer annual miles on your Toyota could earn cheaper premium rates.
- Senior Discount – Drivers that qualify as senior citizens may qualify for lower premium rates.
- Homeowners Savings – Simply owning a home can save you money because owning a home means you have a higher level of financial diligence.
- Accident Forgiveness – This one is not really a discount per se, but companies like Allstate, State Farm and GEICO will turn a blind eye to one accident before they charge you more for coverage if you have no claims for a set time period.
- Seat Belt Discounts – Requiring all passengers to use a seat belt can save up to 15% off the PIP or medical payment premium.
- Discount for New Cars – Adding a new car to your policy can save up to 30% due to better safety requirements for newer models.
- E-sign – Many larger companies will discount your bill up to fifty bucks simply for signing on your computer.
A quick disclaimer, some of the credits will not apply to all coverage premiums. Some only reduce the cost of specific coverages such as liability and collision coverage. Even though it may seem like you would end up receiving a 100% discount, car insurance companies aren’t that generous.
The example below shows the difference between Toyota Corolla premium costs with and without discounts applied to the policy rates. The data assumes a male driver, a clean driving record, no claims, Florida state minimum liability limits, full physical damage coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with marriage, multi-car, safe-driver, multi-policy, homeowner, and claim-free discounts applied.
A few companies that may include some of the discounts shown above may include but are not limited to:
If you are trying to find the cheapest Toyota Corolla rate quotes, ask all the companies which discounts you may be entitled to. Some credits might not be offered in Orlando. To choose insurers who offer free Toyota Corolla insurance quotes in Florida, click here to view.
Find affordable auto insurance prices by comparing often
People who switch companies do it for many reasons like denial of a claim, poor customer service, questionable increases in premium and extreme rates for teen drivers. Regardless of your reason for switching companies, switching auto insurance companies can be easier than you think.
As you shop your coverage around, make sure you don’t buy lower coverage limits just to save a few bucks. There have been many cases where an insured cut uninsured motorist or liability limits and discovered at claim time they didn’t have enough coverage. Your goal is to buy the best coverage you can find at an affordable rate and still be able to protect your assets.
Lower-priced auto insurance in Orlando can be sourced both online as well as from insurance agents, so you should be comparing quotes from both in order to have the best price selection to choose from. There are still a few companies who may not provide the ability to get a quote online and many times these regional carriers only sell through independent agents.
Other articles
- Learn About Car Insurance (GEICO)
- Who Has Cheap Car Insurance for a Subaru Outback in Orlando? (FAQ)
- Who Has Cheap Orlando Auto Insurance for Business Use? (FAQ)
- Determining Your Vehicle’s Value and Repair Cost (Insurance Information Institute)
- Vehicle Safety Ratings (iihs.org)
- Drunk Driving Statistics (Insurance Information Institute)