Finding cheaper coverage for a Toyota Corolla doesn’t take too much effort, but it relies on many different factors such as whether you are married or single, whether you are claim-free, and if you have tickets or violations. Drivers in Ohio will pay on average $676 a year for Corolla insurance, but that cost is a projection based upon a 50-year-old single female driver with full coverage and $250 deductibles.
Odds are that you may not be 50 years old (or even female), married instead of single, or maybe you need higher liability limits than the state minimum. Even a slight difference in the factors used in pricing a policy could end up in a significant change in the policy cost.
Different coverage needs are the reason why the only real way to find the cheapest rates for your Toyota is to put in the effort to do a thorough rate comparison. Do a quick rate comparison now and you will receive prices from some of the best companies around.
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Your Toyota’s trim level impacts the coverage cost, so the price to insure a Corolla LE model will be $20 lower than the cost to insure the fancier Corolla XRS trim level, as shown in the chart below.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Corolla LE | $150 | $342 | $256 | $16 | $76 | $840 | $70 |
| Corolla S | $150 | $342 | $256 | $16 | $76 | $840 | $70 |
| Corolla XLE | $150 | $342 | $256 | $16 | $76 | $840 | $70 |
| Corolla XRS | $170 | $342 | $256 | $16 | $76 | $860 | $72 |
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Data rating is based on single female driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and Ohio minimum liability limits. Discounts applied include multi-vehicle, homeowner, multi-policy, safe-driver, and claim-free. Rate quotes do not factor in the specific area where the vehicle is garaged which can influence coverage rates substantially.
Establishing which company quotes the best auto insurance rates for a Toyota Corolla requires a tad more effort in order to find coverage that fits your budget. Every car insurance company uses a different method for determining rates, so let’s take a look at the lowest cost auto insurance companies in Ohio.
It’s a good idea to know that Ohio auto insurance rates are impacted by many factors which can substantially change the price of your policy. Simply having a birthday, getting divorced, or getting a speeding ticket may generate price changes resulting in some companies being cheaper than competitors.
Best Insurance Companies for Your Corolla
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Utica National | $654 |
| 2 | Erie | $681 |
| 3 | Allied | $697 |
| 4 | Travelers | $705 |
| 5 | Frankenmuth | $708 |
| 6 | USAA | $711 |
| 7 | Merchants Insurance Group | $771 |
| 8 | Cincinnati Insurance | $772 |
| 9 | Motorists Mutual | $792 |
| 10 | General Casualty | $813 |
| 11 | Grange Mutual | $836 |
| 12 | Hastings Mutual | $866 |
| 13 | Central Mutual | $866 |
| 14 | State Farm | $867 |
| 15 | Atlantic States | $904 |
| 16 | Westfield | $918 |
| 17 | Progressive | $953 |
| 18 | Western Reserve | $961 |
| 19 | Auto-Owners | $968 |
| 20 | Farmers | $995 |
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Utica National normally has some of the best car insurance rates in Toledo at around $654 each year. Erie, Allied, Travelers, and Frankenmuth are also some of the cheapest Toledo, OH insurance companies.
As the rates illustrate above, if you currently buy coverage from Travelers and switched to Erie, you could see an annual premium reduction of in the vicinity of $24. Ohio drivers with Frankenmuth might save as much as $27 a year, and USAA insureds might realize rate reductions of up to $30 a year.
Be aware that those policy rates are averages for all insureds and vehicles and and are not calculated with a specific vehicle garaging location for a Toyota Corolla. So the insurer that can offer the best rates for your situation may not even be in the top 33 companies shown above. That is why you need to compare rates from multiple companies using your own driver information and specific vehicle type.
The chart below shows how choosing a deductible can raise or lower insurance costs when trying to find cheap insurance for a Toyota Corolla. The prices are based on a married female driver, comprehensive and collision coverage, and no discounts are applied to the premium.
A 30-year-old driver could lower rates by $242 a year by switching the physical damage coverage from a $100 deductible up to a $500 deductible, or save $366 by switching to a $1,000 deductible. Young drivers, such as the Age 20 example, could reduce their rates as much as $516 or more just by choosing larger deductibles. If you make the decision to raise deductibles, it will be required to have enough in a savings account to enable you to pay the extra out-of-pocket expense, which deters some people from using high deductibles.
How accidents and tickets impact rates in Toledo
One of the best ways to enjoy cheap auto insurance prices in Toledo for a Corolla is to be a careful driver and not receive tickets or have accidents. The example below highlights how traffic violations and at-fault claims influence insurance rates for different age groups. The rates are based on a single male driver, full coverage, $100 deductibles, and no discounts are taken into consideration.
In the prior example, the average cost of a car insurance policy in Toledo per year with no accidents or violations is $1,668. Factor in one speeding ticket and the average cost rises to $1,877, an increase of $209 each year. Then add two accidents along with the one speeding ticket and the annual cost of auto insurance for a Toyota Corolla jumps again to an average of $3,605. That’s an increase of $1,936, or $161 per month, just for not maintaining a clean driving record!
Last year’s bargain might be this year’s rip off
Ohio auto insurance rates are determined by lots of factors which can substantially decrease or increase the cost of your policy. Simply turning a year older, getting divorced, or getting a reckless driving citation can produce rate changes that can make some companies cheaper than competitors. In addition to those changes, insurance companies modify rates every year to adjust for unexpected claims or profits. An extended period of higher than normal claims can cause additional premium costs, while profitable underwriting can cause lower-cost Corolla insurance rates.
To illustrate this point, the data below shows rates for the cheapest car insurance in Toledo, OH for a 45-year-old female driver with no violations or accidents, and a good credit rating. If we estimate rates based on her current rating profile, Utica National might quote the most affordable car insurance rates in Toledo at $808 a year. This is $232 less than the average rate paid by Ohio drivers of $1,040. Allied, Frankenmuth, Erie, and Travelers also make the list of the cheapest Toledo, OH auto insurance companies.
In this next rate comparison, we will give the driver from the above example a couple of claims, a lower credit rating, and an imperfect driving record. Since each auto insurer uses a different method for determining prices, analyzing rate quotes could now result in a substantially altered list of affordable companies as shown below.
Cincinnati Insurance now has the best price on car insurance in Toledo with Merchants Insurance Group, Motorists Mutual, General Casualty, and Grange Mutual completing the list. This shows why it is critical to shop around with many companies to get the most affordable auto insurance quotes for a Toyota Corolla. Car insurance prices are made up of many different factors and change frequently, so the most affordable company when you last compared rates may now be priced much higher than other options.
How to find budget-friendly auto insurance for a Toyota Corolla
Below you’ll find a few penny-pinching suggestions that can help Ohio drivers get lower-cost auto insurance.
- Higher comprehensive and collision coverage deductibles will save money
- Avoid accidents
- Avoid filing excessive claims
- Save money by insuring older vehicles for liability only
- Do not get tickets
- Shop around for lower rates once a year
The final tip is remarkably vital, as we emphasized in the article above. Auto insurance prices fluctuate considerably, so don’t be hesitant to buy from a new company if you find a cheaper price. We understand brand loyalty, but it’s not recommended if it’s costing you lots of money. Take a couple minutes and compare prices to find cheaper auto insurance for a Toyota Corolla in Toledo.