Finding cheaper coverage for a Toyota Corolla in North Carolina is normally pretty easy, but it relies on a large number of rating criteria such as how you use your Corolla, the likelihood of your vehicle being stolen, and any past driving violations you may have had. Drivers in North Carolina pay on average $558 annually for Corolla insurance, but that is a valuation calculated using a 50-year-old married female driver with full physical damage coverage and $500 deductibles.
The issue with using an average estimated rate is the likelihood you’re not a 50-year-old female, single instead of married, or you just prefer to insure for liability only. Having what appears to be a very minor change in rating criteria or coverage limits can result in a large change in policy price.
Not every driver requires the same auto insurance coverages, so the only real way to find affordable rates for your Toyota is to just take the time to compare rates yourself.
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The trim level of your vehicle impacts the cost of coverage, so the price you will pay to insure a Corolla LE trim level will be $16 lower than the price to insure the higher-priced Corolla XRS version, as shown below.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Corolla LE | $120 | $256 | $234 | $14 | $70 | $694 | $58 |
| Corolla S | $120 | $256 | $234 | $14 | $70 | $694 | $58 |
| Corolla XLE | $120 | $256 | $234 | $14 | $70 | $694 | $58 |
| Corolla XRS | $136 | $256 | $234 | $14 | $70 | $710 | $59 |
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Data rating is based on married female driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and North Carolina minimum liability limits. Discounts applied include multi-policy, homeowner, multi-vehicle, claim-free, and safe-driver. Premium costs do not factor in vehicle garaging location which can revise price quotes noticeably.
Finding the best company can be rather challenging considering how many different insurance companies sell coverage in North Carolina. The company ratings displayed below could help you choose which companies to look at when comparing insurance rates for a Toyota Corolla.
These ratings only include companies that insure vehicles across America, so smaller companies are not taken into consideration for these rankings. To compare price quotes and find the cheapest rates for a Toyota Corolla, click this link.
Top 10 Large Auto Insurance Providers Overall in Raleigh
- Travelers
- USAA
- AAA Insurance
- Nationwide
- Allstate
- State Farm
- The Hartford
- Safeco Insurance
- Progressive
- American Family
Rate difference between full and liability-only coverage
Finding the cheapest car insurance is the goal of most drivers, and one of the fastest ways to buy cheaper insurance for a Toyota Corolla is to only buy liability insurance. The illustration below shows the comparison of insurance prices with and without full coverage. The rates are based on no violations or accidents, $100 deductibles, single marital status, and no discounts are taken into consideration.
If all age groups are averaged, physical damage coverage costs $1,828 per year over liability only. At some point, about every driver wonders if buying full coverage is worth the expense. There is no definitive formula of when to drop comp and collision coverage, but there is a guideline you can use. If the yearly cost of full coverage is about 10% or more of any settlement you would receive from your insurance company, then it might be time to buy liability only.
For example, let’s pretend your vehicle’s replacement value is $3,000 and you have $1,000 full coverage deductibles. If your vehicle is destroyed, you would only receive $2,000 after paying the physical damage deductible. If you are paying more than $200 annually for comprehensive and collision coverage, then you might want to think about dropping full coverage.
There are some circumstances where dropping physical damage coverage is not a good idea. If you still owe money on your vehicle, you are required to maintain full coverage in order to keep the loan. Also, if you don’t have enough money to buy a different vehicle if your current one is totaled, you should keep full coverage in place.
The diagram below demonstrates how deductible levels can impact insurance prices when searching for cheap insurance for a Toyota Corolla. Data assumes a single male driver, comp and collision included, and no discounts are applied to the premium.
In the chart above, a 30-year-old driver could reduce rates by $310 a year by switching from a $100 deductible to a $500 deductible, or save $466 by switching to a $1,000 deductible. Youthful drivers, like the 20-year-old, could shave $924 or even more by selecting a higher deductible. When insureds make the decision to increase the deductibles on their policy, it is necessary to have additional savings on hand to enable you to pay the extra out-of-pocket expense, which is the main drawback of higher deductibles.
Get discount Raleigh car insurance rates
Car insurance companies that offer cheap quotes for a Toyota Corolla may also give you policy discounts that could reduce prices by 25% or more if you qualify. Companies and a partial list of their discounts are:
- State Farm offers premium reductions for multiple autos, good driver, Steer Clear safe driver discount, accident-free, and good student.
- Progressive policyholders can earn discounts including multi-policy, good student, homeowner, online quote discount, online signing, and continuous coverage.
- Travelers has discounts for continuous insurance, hybrid/electric vehicle, home ownership, multi-policy, new car, payment discounts, and student away at school.
- American Family discounts include bundled insurance, mySafetyValet, defensive driver, multi-vehicle, Steer into Savings, accident-free, and good student.
- Liberty Mutual has savings for good student, exclusive group savings, newly married, new graduate, and safety features.
The example below shows the comparison of insurance rates with and without discounts applied to the policy rates. The data assumes a male driver, a clean driving record, no at-fault accidents, North Carolina state minimum liability limits, full coverage, and $500 deductibles. The first bar for each age group shows the price with no discounts. The second shows the rates with claim-free, anti-theft, multiple policy, homeowner, vehicle safety, and marriage discounts applied. When discounts are factored in, the average savings per year on car insurance for a Toyota Corolla is 28% or $416.
If you prefer to get some professional advice when trying to find the best insurance rates for a Corolla, the agents below can probably provide answers to your questions and help you determine which insurance coverage you need.
To locate a Raleigh insurance agent near you, click the button at the bottom of the list.
- Suzanne Wilson – State Farm Insurance Agent
8961 Harvest Oaks Dr #205 – Raleigh, NC 27615 – (919) 870-1413 - David Brown – State Farm Insurance Agent
9380 Falls of Neuse Rd #105 – Raleigh, NC 27615 – (919) 846-1819 - Anthony Sykes – State Farm Insurance Agent
4030 Wake Forest Rd Ste 106 – Raleigh, NC 27609 – (919) 850-0560 - Superior Insurance of Raleigh
2431 Spring Forest Rd #123 – Raleigh, NC 27615 – (919) 261-6164 - Blackmon Insurance
3416 Poole Rd # 110 – Raleigh, NC 27610 – (919) 231-8131