Cheapest 1998 Toyota Corolla Insurance Rates in 2023

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Jeffrey Johnson

Insurance Lawyer

Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

Insurance Lawyer

UPDATED: Jun 3, 2023

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Looking for lower insurance coverage rates for your Toyota Corolla? Overwhelmed by the wide range of insurance coverage choices? Lot’s of other consumers are too. There are so many companies to choose from that it can be a real challenge to find lower rates.

Locating the lowest cost coverage is quite easy. In a nutshell, every driver who is required by state law to have insurance will more than likely be able to find lower rates. But drivers do need to learn the way insurance companies determine prices and take advantage of how the system works.

The best way we recommend to get rate comparisons takes advantage of the fact most insurance companies will pay a fee to compare their rates. The only thing you need to do is provide a little information like what your job is, whether or not you need a SR-22, driver details, and whether you are single or married. Your rating data is then submitted to many of the top insurers and they provide comparison quotes instantly to find the best rate.

To compare multiple company rates now, click here and see if a lower rate is available.

Can you really save that much by switching?

Companies like State Farm, Allstate and GEICO constantly bombard you with ads in print and on television. All the ads say the same thing that you can save if you switch your policy. But how can every company make almost identical claims?

All the different companies have a certain “appetite” for the type of customer that is profitable for them. For instance, a driver they prefer might be profiled as between 25 and 40, insures multiple vehicles, and has great credit. A driver who meets those qualifications gets the lowest rates and is almost guaranteed to pay quite a bit less when switching companies.

Potential insureds who are not a match for these standards will be quoted higher premiums which leads to the driver buying from a lower-cost company. The ads say “people who switch” but not “drivers who get quotes” save that much money. That’s why companies can claim big savings.

This emphasizes why you need to compare as many rates as you can. Because you never know which insurance coverage company will fit your personal profile best.

Verify you’re getting all your discounts

Insuring your fleet can be pricey, but there could be available discounts that can drop the cost substantially. Certain discounts will be applied at the time of purchase, but less common discounts must be requested specifically in order for you to get them.

  • New Vehicle Savings – Putting insurance coverage on a new car is cheaper because new vehicles have to meet stringent safety requirements.
  • Senior Citizens – If you’re over the age of 55, you may receive a discount up to 10% for Corolla insurance.
  • Discount for Swiching Early – Select companies give a discount for switching to them prior to your current policy expiration. The savings is around 10%.
  • Pay Upfront and Save – If you pay your entire premium ahead of time rather than paying monthly you could save 5% or more.
  • Multiple Cars – Buying coverage for all your vehicles on the same insurance coverage policy could earn a price break for each car.
  • Government Employees – Being employed by or retired from a federal job can save as much as 8% for Corolla insurance depending on your company.
  • Accident Free – Good drivers with no accidents pay less as compared to drivers who are more careless.
  • Auto/Home Discount – When you combine your home and auto insurance with one company you will save at least 10% off all policies.
  • Club Memberships – Affiliation with a professional or civic organization is a good way to get lower rates when buying insurance coverage for Corolla insurance.
  • Low Mileage – Keeping the miles down on your Toyota could be rewarded with a substantially lower rate.

Drivers should understand that most of the big mark downs will not be given to the overall cost of the policy. Some only reduce individual premiums such as comp or med pay. So when it seems like adding up those discounts means a free policy, insurance coverage companies aren’t that generous. Any amount of discount will help reduce your overall premium however.

Insurance companies who might offer these benefits include:

Double check with all companies you are considering which discounts they offer. All car insurance discounts may not be available in your area.

When should I talk to an agent?

When buying coverage, there is no “best” method to buy coverage. Coverage needs to be tailored to your specific needs.

For instance, these questions might help in determining whether or not you would benefit from an agent’s advice.

  • How high should deductibles be on a 1998 Toyota Corolla?
  • Do I need special endorsements for business use of my vehicle?
  • Am I covered when delivering products for my home-based business?
  • Which companies will insure high-risk drivers?
  • What is UM/UIM insurance?
  • Do I need roadside assistance coverage?
  • Do I have coverage if my license is suspended?
  • What are the best liability limits?

If you can’t answer these questions but you know they apply to you, then you may want to think about talking to a licensed agent. If you don’t have a local agent, simply complete this short form.

Car insurance coverage information

Understanding the coverages of a auto insurance policy can help you determine the right coverages and the correct deductibles and limits. The terms used in a policy can be difficult to understand and nobody wants to actually read their policy.

Comprehensive or Other Than Collision

Comprehensive insurance coverage pays for damage caused by mother nature, theft, vandalism and other events. You first have to pay a deductible then your comprehensive coverage will pay.

Comprehensive coverage protects against claims such as hail damage, a broken windshield, fire damage, hitting a deer and falling objects. The maximum amount you can receive from a comprehensive claim is the cash value of the vehicle, so if the vehicle is not worth much consider removing comprehensive coverage.

UM/UIM Coverage

Your UM/UIM coverage provides protection when the “other guys” are uninsured or don’t have enough coverage. Covered claims include hospital bills for your injuries and damage to your Toyota Corolla.

Because many people carry very low liability coverage limits, it only takes a small accident to exceed their coverage. This is the reason having UM/UIM coverage is important protection for you and your family. Most of the time these limits are similar to your liability insurance amounts.


Liability coverage will cover damage or injury you incur to other’s property or people in an accident. It protects YOU against other people’s claims, and doesn’t cover your own vehicle damage or injuries.

It consists of three limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. Your policy might show policy limits of 25/50/25 that means you have $25,000 in coverage for each person’s injuries, a total of $50,000 of bodily injury coverage per accident, and a limit of $25,000 paid for damaged property. Some companies may use one number which is a combined single limit that pays claims from the same limit and claims can be made without the split limit restrictions.

Liability insurance covers claims like structural damage, attorney fees, repair costs for stationary objects and legal defense fees. How much liability coverage do you need? That is a personal decision, but you should buy as high a limit as you can afford.

Collision coverage

Collision insurance pays to fix your vehicle from damage from colliding with a stationary object or other vehicle. You have to pay a deductible and then insurance will cover the remainder.

Collision coverage protects against things such as hitting a mailbox, colliding with a tree, damaging your car on a curb, sideswiping another vehicle and rolling your car. This coverage can be expensive, so consider removing coverage from older vehicles. Drivers also have the option to raise the deductible to save money on collision insurance.

Medical costs insurance

Coverage for medical payments and/or PIP pay for short-term medical expenses like EMT expenses, funeral costs and nursing services. They are often utilized in addition to your health insurance program or if there is no health insurance coverage. They cover both the driver and occupants and will also cover getting struck while a pedestrian. Personal Injury Protection is not available in all states and gives slightly broader coverage than med pay

Saving money is sweet as honey

We covered a lot of tips how to save on 1998 Toyota Corolla insurance. The key concept to understand is the more quotes you get, the higher the chance of saving money. You may even find the lowest rates come from a small mutual company.

Insureds who switch companies do it for a variety of reasons including delays in paying claims, not issuing a premium refund, high rates after DUI convictions or unfair underwriting practices. Regardless of your reason for switching companies, finding a great new company can be less work than you think.

As you restructure your insurance plan, it’s not a good idea to buy poor coverage just to save money. There are many occasions where someone sacrificed full coverage and discovered at claim time they didn’t have enough coverage. Your strategy should be to find the BEST coverage for the lowest price while still protecting your assets.

Additional insurance coverage information is available at the links below

Frequently Asked Questions

What factors affect the cost of insurance for a 1998 Toyota Corolla?

Several factors can influence the cost of insurance for a 1998 Toyota Corolla, including your age, location, driving history, credit score, the level of coverage you choose, and the insurance company you select. Additionally, the condition of your vehicle and any modifications or safety features it has may also impact the cost.

Are older cars like the 1998 Toyota Corolla cheaper to insure?

Generally, older cars tend to have lower insurance premiums compared to newer models. This is because the value of an older car is typically lower, which means the potential cost of repairs or replacement is also lower. However, insurance rates can still vary based on other factors, so it’s essential to compare quotes from different insurance providers.

How can I find the cheapest insurance for my 1998 Toyota Corolla?

To find the most affordable insurance for your 1998 Toyota Corolla, consider the following steps:

  1. Shop around and compare quotes from different insurance providers.
  2. Maintain a clean driving record and avoid traffic violations or accidents.
  3. Increase your deductible if you can afford to pay a higher amount out of pocket in case of a claim.
  4. Look for discounts, such as multi-policy discounts or discounts for safety features on your vehicle.
  5. Consider opting for liability coverage only if your car’s value is low and you want to minimize insurance costs.

What are the minimum insurance requirements for a 1998 Toyota Corolla?

The minimum insurance requirements for a 1998 Toyota Corolla can vary depending on your location. In the United States, for example, the minimum coverage typically includes liability insurance, which covers bodily injury and property damage to others if you’re at fault in an accident. However, specific requirements may differ between states, so it’s important to check the local regulations.

Can I get comprehensive and collision coverage for my 1998 Toyota Corolla?

Yes, you can typically get comprehensive and collision coverage for a 1998 Toyota Corolla. Comprehensive coverage helps protect against non-collision incidents such as theft, vandalism, or damage from natural disasters. Collision coverage, on the other hand, covers damage to your vehicle in case of an accident. Adding these coverages may increase your insurance premium, so consider the value of your car and your budget when deciding if they are necessary.

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