Finding economical insurance for a Toyota Corolla is pretty easy to do, but it relies on a complex formula that considers things such as how many miles you drive each year, your credit rating, and citations on your driving record. North Carolina drivers will pay on average $561 per year for Corolla insurance, but that cost is a valuation calculated using a 30-year-old married female driver with full coverage and $1,000 deductibles.
It’s more than likely you aren’t exactly 30 years old or even a female, you might be single instead of married, or maybe you don’t qualify for the same discounts. This demonstrates why the way we recommend to find cheap insurance rates for your Toyota is to do your own rate comparisons.
Your Toyota’s trim level tends to have a direct impact on the yearly cost, so the price to insure a Corolla LE model will be $14 lower than the insurance cost for the fancier Corolla XRS trim level, as shown in the chart below.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
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Data assumes married female driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and North Carolina minimum liability limits. Discounts applied include multi-policy, multi-vehicle, claim-free, homeowner, and safe-driver. Information does not factor in specific location which can revise rates greatly.
Buying cheap insurance is hard enough, and finding out which insurers offer the best car insurance rates for a Toyota Corolla calls for even more rate comparisons.
Every car insurance company uses different criteria to determine rates, so to begin we’ll rank the car insurance companies that tend to be cheaper in North Carolina.
Cheap Insurance Rates for Your Corolla
|Rank||Company||Cost Per Year|
|3||NC Farm Bureau||$716|
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Utica National quotes some of the lowest car insurance rates in Durham at around $643 a year. This is $229 less than the average premium paid by North Carolina drivers of $872. Progressive, NC Farm Bureau, Penn National, and Liberty Mutual also qualify as some of the cheaper Durham, NC auto insurance companies.
In the above example, if you currently buy coverage from NC Farm Bureau and switched to Utica National, you might realize a yearly savings of in the neighborhood of $73. Drivers with Penn National may save as much as $74 a year, and Liberty Mutual customers might lower prices by $78 a year.
To see if you’re overpaying, click here to begin a quote or quote prices from the following companies.
These prices are averaged for all types of insureds and vehicles and and are not figured with a specific location for a Toyota Corolla. So the car insurance company that fits your situation best may not even be in the top 20 companies in the list above. That is why you need to get car insurance quotes using your own driver information and specific vehicle type.
Get discounts on Durham car insurance rates
Car insurance companies that offer cheap quotes for a Toyota Corolla may also offer price discounts that could reduce prices by 25% or more if you meet specific eligibility requirements. A few popular companies and a summarized list of policyholder discounts are shown below.
- GEICO may offer discounts for air bags, military active duty, multi-vehicle, federal employee, and defensive driver.
- Travelers policyholders can earn discounts including multi-policy, home ownership, early quote, student away at school, payment discounts, and hybrid/electric vehicle.
- Nationwide may have discounts that include anti-theft, business or organization, Farm Bureau membership, easy pay, multi-policy, accident-free, and defensive driving.
- Farmers Insurance includes discounts for bundle discounts, teen driver, alternative fuel, business and professional, and electronic funds transfer.
- Esurance has discounts for homeowner, renters, emergency road assistance, multi-car, and defensive driver.
- State Farm offers discounts for safe vehicle, multiple autos, good driver, passive restraint, multiple policy, good student, and Drive Safe & Save.
- Progressive offers premium reductions for continuous coverage, multi-policy, homeowner, online signing, good student, and multi-vehicle.
- Mercury Insurance offers discounts including low natural disaster claims, annual mileage, good driver, professional/association, multi-policy, location of vehicle, and anti-theft.
The diagram below shows the comparison of premium costs with and without discounts applied to the premium. The rate quotes are based on a male driver, no claims or driving citations, North Carolina state minimum liability limits, comp and collision included, and $1,000 deductibles.
The first bar for each age group shows the price with no discounts. The lower bar shows the rates with claim-free, passive restraint, vehicle safety, marriage, accident-free, and multiple policy discounts applied. When discounts are applied, theaverage amount saved on car insurance for a Toyota Corolla is 28% or $369.
Impact of citations and accidents on insurance rates
In a perfect world, the best way to earn the cheapest car insurance rates in North Carolina for a Corolla is to drive carefully and not get tickets or have accidents. The illustration below shows how traffic citations and accidents influence insurance costs for different age groups. The premiums are based on a single male driver, comp and collision included, $500 deductibles, and no additional discounts are factored in.
The chart shows that the average cost of car insurance per year with no violations or accidents is $1,482. Get two speeding tickets and the average cost hikes up to $1,960, an increase of $478 each year. Then throw in one accident along with the two speeding tickets and the annual cost of car insurance for a Toyota Corolla increases to an average of $2,447. That’s an increase of $965, or $80 per month, just for not driving carefully!
You may be paying too much for Corolla insurance
Durham car insurance rates are influenced by many factors that control the cost of coverage. Simply getting older, buying another vehicle, or getting a couple of tickets may prompt premium changes resulting in some rates now being cheaper than before.
Not only that, but auto insurance companies amend premium rates every year or even multiple times each year in order to protect their financial rating. Unexpectedly high claims may result in increased rates, while less frequent claims can produce more affordable Corolla insurance rates.
As an example, the data below shows the cheapest car insurance in Durham, NC for a 30-year-old female driver with no accidents or violations, and great credit. If we compare prices based on her current risk profile, Progressive might offer the most affordable car insurance rates in Durham at $725 each year. This is $147 less than the average premium paid by North Carolina drivers of $872. Utica National, Liberty Mutual, Titan, and NC Farm Bureau are the remaining best Durham, NC auto insurance companies.
In this example, we will give the driver from the above example an at-fault accident, a little lower credit rating, and an imperfect driving record. Since every car insurance company uses their own calculation for determining rates, comparing rates may now result in a completely different list of the cheapest Durham car insurance companies as shown below.
GEICO now has the lowest price in Durham with State Farm, Auto-Owners, National General, and Erie also being competitive. This example shows why consumers need to spend some time comparing rates when trying to get the lowest car insurance rates for a Toyota Corolla. Rates consist of many things and can change substantially, so the cheapest rate when you last compared rates may now be one of the higher cost companies.
The professional agents shown below are a good start to provide answers to your questions and help you determine which car insurance company is the best fit, as some drivers wish to get some professional advice when trying to find the best insurance rates for a Corolla. It can be difficult to do it yourself, so getting professional guidance from a licensed agent can provide you peace of mind knowing your policy gives you adequate coverage if you have an accident or claim.
To locate a Durham insurance agent near you, click the button link following the list or click here to get price quotes now.
Allstate Insurance Agent: Reginald Wright
2310 S Miami Blvd Ste 131 – Durham, NC 27703 – (919) 484-2493
Allstate Insurance Agent: Tae Kim
4837 Hwy Nc 55 10B – Durham, NC 27713 – (919) 560-9000
Marsh Dawson Insurance Agency
5410 – Durham, NC 27713 – (919) 484-8400
Superior Insurance of Durham
3825 S Roxboro St #118 – Durham, NC 27713 – (919) 224-8034
Debbie Leonard – State Farm Insurance Agent
3702 Hillsborough Rd #2b – Durham, NC 27705 – (919) 383-3887
How to find budget-friendly auto insurance for a Toyota Corolla
The list below details some thrifty ideas that can help Durham drivers get cheap auto insurance.
- Clean up your credit
- Prevent rate increases by staying accident-free
- Do not get traffic citations
- If possible, do not file small claims
- Safer vehicles cost less to insure
- Compare rates and switch if you can find a better deal
That last tip is extremely important, as we emphasized in this piece. Prices in Durham fluctuate considerably, so drivers shouldn’t be resistant to switch to a new company if a better deal can be had. Staying with the same car insurance company is fine, but it’s not a good idea if that stubbornness costs you big bucks every year. In less than five minutes you could shop around and find cheaper car insurance for a Toyota Corolla.