Cheaper 2005 Toyota Corolla Insurance Cost

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Jeffrey Johnson graduated summa cum laude from the University of Baltimore School of Law and has worked in legal offices and nonprofits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman University and worked in film, education, and publishing. His professional writing has appeared on sites like The Manifest and Vice, and he is the author of a novel ...

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Written by Jeffrey Johnson
Insurance Lawyer Jeffrey Johnson

UPDATED: Nov 29, 2021

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Nobody likes paying for insurance coverage, in particular when the cost is too high. With so many insurance companies to choose from, it can be challenging to pick the lowest cost company.

Buying car insurance is not that difficult. If you have a policy now or are shopping for new coverage, you can learn to cut your premiums and still get good coverage. Consumers just need to learn how to compare rates over the internet.

Compare Auto Insurance Costs

Effectively comparing auto insurance prices can be a lot of work if you don’t utilize the most efficient way to do it. You could waste a few hours talking about coverages with insurance agencies in your area, or you can stay home and use online quotes to get prices fast.

Most of the best insurance companies participate in a marketplace where insurance shoppers send in one quote, and every company provides a quote based on that information. This saves time by eliminating quotation requests to each individual auto insurance company.

To fill out one form to compare multiple rates now click here to start a free quote.

The single downside to using this type of form is you don’t know exactly which companies to get quotes from. So if you prefer to choose individual companies to receive pricing from, we have a listing of low cost auto insurance companies in your area.

However you get your quotes, double check that you are using apples-to-apples coverage limits for every company. If you use different values for each quote you will not be able to determine which rate is truly the best.

Lower rates by qualifying for discounts

Companies that sell car insurance don’t list every discount in an easy-to-find place, so the following is a list of some of the more common as well as the least known discounts you could be receiving. If they aren’t giving you every credit available, you’re just leaving money on the table.

  • Discount for New Cars – Buying coverage on a new vehicle can save up to 30% compared to insuring an older model.
  • More Vehicles More Savings – Buying coverage for multiple cars or trucks on one policy may reduce the rate for each vehicle.
  • Good Student Discount – This discount can be rewarded with saving of up to 25%. The good student discount can last up to age 25.
  • Life Insurance – Select insurance companies reward you with a discount if you purchase life insurance from them.
  • Senior Discount – Older drivers can possibly qualify for reduced rates for Corolla insurance.
  • Payment Discounts – If you pay your entire premium ahead of time instead of making monthly payments you could save up to 5%.
  • Discount for Swiching Early – Some insurance companies reward drivers for buying a policy prior to your current policy expiration. The savings is around 10%.
  • Seat Belt Usage – Buckling up and requiring all passengers to wear their seat belts could save 15% off your medical payments premium.

A little note about advertised discounts, most discounts do not apply the whole policy. Most only apply to the cost of specific coverages such as medical payments or collision. So even though it sounds like it’s possible to get free car insurance, it doesn’t quite work that way.

Car insurance companies that possibly offer these benefits include:

  • State Farm
  • Progressive
  • Progressive
  • MetLife
  • Farm Bureau
  • GEICO
  • SAFECO

Check with each insurance company which discounts they offer. Savings might not apply in your state.

Car insurance is unique, just like you

When it comes to choosing coverage for your vehicles, there really is not a “best” method to buy coverage. Everyone’s situation is unique and a cookie cutter policy won’t apply. These are some specific questions may help highlight whether you would benefit from professional advice.

  • How high should my medical payments coverage be?
  • Do I get a pro-rated refund if I cancel my policy early?
  • What is PIP insurance?
  • Can my teen driver be rated on a liability-only vehicle?
  • How can I get my company to pay me more for my totalled car?
  • Am I covered if I wreck a rental car?
  • Do I need higher collision deductibles?
  • Does my 2005 Toyota Corolla qualify for pleasure use?

If you’re not sure about those questions but you think they might apply to your situation then you might want to talk to a licensed insurance agent. If you don’t have a local agent, simply complete this short form.

Why you might be paying too much to insure your Toyota Corolla

It’s important that you understand the factors that come into play when calculating the price you pay for insurance coverage. When you know what positively or negatively controls the rates you pay allows you to make educated decisions that can help you get big savings.

  • Rural vs Urban Areas – Being located in small towns and rural areas has it’s advantages when talking about insurance coverage. Fewer drivers means a lower chance of having an accident and also fewer theft and vandalism claims. Drivers who live in large cities have congested traffic and longer commutes to work. More time commuting translates into higher accident risk.
  • Too many insurance coverage claims drive up costs – If you file claims often, you can definitely plan on either higher rates or even cancellation. Insurance companies award lower rates to insureds who do not file claims often. Car insurance is intended for major claims that would cause financial hardship.
  • Teen drivers pay high rates – Teen drivers have a tendency to get distracted easily in a vehicle so insurance coverage rates are higher. Mature drivers are more responsible, statistically cause fewer accidents and tend to be better behind the wheel.
  • Choose a safe vehicle and save – Vehicles with high crash test scores are cheaper to insure. These vehicles reduce injuries and better occupant protection translates into savings for insurance companies and lower rates for you. If your Toyota has ratings of a minimum four stars on Safercar.gov you may qualify for a discount.

Auto insurance coverage options for a Toyota Corolla

Having a good grasp of auto insurance aids in choosing appropriate coverage at the best deductibles and correct limits. Policy terminology can be difficult to understand and nobody wants to actually read their policy. Listed below are typical coverage types found on the average auto insurance policy.

Comprehensive insurance

Comprehensive insurance pays to fix your vehicle from damage from a wide range of events other than collision. You first must pay your deductible then the remaining damage will be covered by your comprehensive coverage.

Comprehensive insurance covers things such as hitting a deer, a tree branch falling on your vehicle, vandalism, a broken windshield and fire damage. The maximum payout you can receive from a comprehensive claim is the actual cash value, so if your deductible is as high as the vehicle’s value it’s probably time to drop comprehensive insurance.

Collision protection

This coverage will pay to fix damage to your Corolla resulting from colliding with another vehicle or an object, but not an animal. A deductible applies and the rest of the damage will be paid by collision coverage.

Collision insurance covers things such as driving through your garage door, crashing into a ditch, colliding with another moving vehicle, colliding with a tree and scraping a guard rail. This coverage can be expensive, so consider removing coverage from lower value vehicles. You can also increase the deductible to save money on collision insurance.

Med pay and Personal Injury Protection (PIP)

Coverage for medical payments and/or PIP kick in for expenses such as prosthetic devices, chiropractic care, pain medications, nursing services and surgery. They are often used to fill the gap from your health insurance policy or if there is no health insurance coverage. It covers all vehicle occupants in addition to getting struck while a pedestrian. PIP coverage is not an option in every state and gives slightly broader coverage than med pay

Auto liability

Liability insurance protects you from damage or injury you incur to people or other property. It protects YOU against other people’s claims, and doesn’t cover damage to your own property or vehicle.

Liability coverage has three limits: bodily injury per person, bodily injury per accident and property damage. You commonly see limits of 100/300/100 which means $100,000 in coverage for each person’s injuries, $300,000 for the entire accident, and property damage coverage for $100,000.

Liability can pay for claims like repair bills for other people’s vehicles, bail bonds and pain and suffering. How much liability coverage do you need? That is a decision to put some thought into, but consider buying as high a limit as you can afford.

Uninsured/Underinsured Motorist (UM/UIM)

This 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.

Since a lot of drivers carry very low liability coverage limits, their limits can quickly be used up. This is the reason having UM/UIM coverage is a good idea.

You can do this!

As you go through the steps to switch your coverage, never skimp on coverage in order to save money. In too many instances, consumers will sacrifice liability coverage limits only to find out that their decision to reduce coverage ended up costing them more. Your strategy should be to buy a smart amount of coverage at the best price while still protecting your assets.

We just covered a lot of ways to shop for 2005 Toyota Corolla insurance online. The key concept to understand is the more providers you compare, the higher the chance of saving money. You may even discover the best price on car insurance is with some of the lesser-known companies. Smaller companies can often provide lower rates in certain areas compared to the large companies like Progressive and GEICO.

More tips and info about car insurance can be read in the articles below:

Free Auto Insurance Comparison

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