2007 Toyota Corolla Insurance Rates
Average insurance rates for a 2007 Toyota Corolla are $1,076 a year with full coverage. Comprehensive insurance costs an estimated $184, collision costs $290, and liability costs $450. Buying a liability-only policy costs as little as $496 a year, with high-risk insurance costing $2,324 or more. Teenage drivers receive the highest rates at $4,248 a year or more.
Annual premium for full coverage: $1,076
Rate estimates for 2007 Toyota Corolla Insurance
Rate data is compiled from all 50 U.S. states and averaged for all 2007 Toyota Corolla models. Rates are based on a 40-year-old male driver, $500 comprehensive and collision deductibles, and a clean driving record. Remaining premium consists of UM/UIM coverage, Medical/PIP, and policy fees.
Price Range by Coverage and Risk
For a middle-aged driver, prices range go from as low as $496 for the bare minimum liability coverage to the much higher price of $2,324 for a high risk driver.
These differences demonstrate why everyone should compare rates for a targeted area and risk profile, instead of using average rates.
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Recommended Companies for Cheap 2007 Toyota Corolla Insurance
Want lower auto insurance rates for your Toyota Corolla? Are you overwhelmed by the dozens of auto insurance company choices? You’re not the only one! People have so many options that it can quickly become a lot of work to find the lowest price.
You should make it a habit to compare prices every six months due to the fact that insurance rates change regularly. If you had the best rates for Corolla coverage last year the chances are good that you can find a lower rate today. Starting right now, block out anything you think you know about auto insurance because we’re going to show you the right way to remove unneeded coverages and save money.
This information will let you in on the best way to quote coverages and some tips to save money. If you currently have car insurance, you will be able to cut costs considerably using this strategy. But consumers can benefit from knowing the methods companies use to market insurance on the web.
Policy discounts you shouldn’t miss
Insuring your fleet can be pricey, buy you may qualify for discounts to help offset the cost. Certain discounts will be applied when you quote, but lesser-known reductions have to be manually applied before they will apply.
Recommended Companies for the Best Insurance Rates
- One Accident Forgiven – Some insurance companies will allow you to have one accident without raising rates if you are claim-free for a set time period.
- Multiple Policy Discount – When you have multiple policies with one company you could get a discount of 10% to 20% off each policy.
- Homeowners Pay Less – Owning a house may earn you a small savings because owning a home requires personal responsibility.
- Safe Driver Discount – Drivers who don’t get into accidents can pay as much as 50% less for Corolla coverage than less cautious drivers.
- Life Insurance Discount – Companies who offer life insurance give a break if you buy life insurance from them.
- Seat Belts Save more than Lives – Using a seat belt and requiring all passengers to use their safety belts can save 10% or more on the medical payments or PIP coverage costs.
- Multi-car Discount – Insuring more than one vehicle on one policy qualifies for this discount.
- Theft Prevention System – Vehicles with anti-theft systems can help prevent theft and earn discounts up to 10%.
- Discount for New Cars – Buying coverage on a new vehicle can be considerably cheaper because new vehicles have to meet stringent safety requirements.
Keep in mind that some credits don’t apply the whole policy. A few only apply to the cost of specific coverages such as collision or personal injury protection. Just because it seems like it’s possible to get free car insurance, companies wouldn’t make money that way. Any amount of discount will cut the amount you have to pay.
Car insurance companies that possibly offer some of the above discounts are:
Check with each company what discounts are available to you. Some discounts might not be offered everywhere.
Free Auto Insurance Quotes
There are a lot of ways to compare auto insurance quotes, but there is one way that is less labor-intensive and much quicker. You could spend the better part of a day driving to insurance agencies in your area, or you could use online quotes for quick rates.
Most car insurance companies participate in an industry program where insurance shoppers send in one quote, and at least one company can provide price quotes. This saves time by eliminating quotation requests for each company you want a rate for. To access this free quoting program, click here to start a free quote.
The only drawback to comparing rates this way is that consumers can’t choose the providers to receive prices from. So if you prefer to choose specific providers to receive pricing from, we have a listing of low cost auto insurance companies in your area. Click here for list of insurance companies.
It’s up to you which method you use, but make absolute certain that you use apples-to-apples information on every quote you get. If you enter mixed coverages then you won’t be able to truly determine the lowest rate. Slightly different coverage limits may cause a big price difference. Just keep in mind that comparing a large number of companies gives you a better chance of getting the best rates.
Insurance agents can help
When it comes to choosing the right insurance coverage for your personal vehicles, there is no “best” method to buy coverage. Coverage needs to be tailored to your specific needs.
For example, these questions might help in determining whether your personal situation will benefit from professional help.
- Are split liability limits better than a combined single limit?
- When should my teen driver be added to my policy?
- Do I have coverage if my license is suspended?
- Should I put collision coverage on all my vehicles?
- Can I afford to pay high deductible claims out of pocket?
- Should I carry comprehensive and collision coverage?
- How many claims can I have before being canceled?
- Do I need added coverage for expensive stereo equipment?
- Does my 2007 Toyota Corolla qualify for pleasure use?
- Can I afford low physical damage deductibles?
If you don’t know the answers to these questions but you think they might apply to your situation, then you may want to think about talking to a licensed insurance agent. To find an agent in your area, take a second and complete this form.
Auto insurance coverage information
Learning about specific coverages of a auto insurance policy aids in choosing appropriate coverage and proper limits and deductibles. Policy terminology can be difficult to understand and even agents have difficulty translating policy wording.
Collision coverage – Collision coverage covers damage to your Corolla caused by collision with an object or car. A deductible applies then the remaining damage will be paid by your insurance company.
Collision insurance covers claims like hitting a mailbox, backing into a parked car, hitting a parking meter, crashing into a ditch and sustaining damage from a pot hole. Paying for collision coverage can be pricey, so you might think about dropping it from lower value vehicles. You can also increase the deductible to get cheaper collision coverage.
Comprehensive coverages – This 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 coverage pays for claims like damage from getting keyed, theft, rock chips in glass, hitting a deer and fire damage. The maximum amount a auto insurance company will pay at claim time is the actual cash value, so if the vehicle’s value is low it’s probably time to drop comprehensive insurance.
Coverage for medical payments – Med pay and PIP coverage reimburse you for immediate expenses for chiropractic care, rehabilitation expenses, funeral costs and dental work. The coverages can be used in conjunction with a health insurance policy or if you do not have health coverage. Coverage applies to all vehicle occupants and will also cover if you are hit as a while walking down the street. Personal injury protection coverage is not universally available but can be used in place of medical payments coverage
Liability auto insurance – This provides protection from damages or injuries you inflict on other people or property. This coverage protects you from claims by other people. It does not cover damage sustained by your vehicle in an accident.
Liability coverage has three limits: per person bodily injury, per accident bodily injury, and a property damage limit. Your policy might show liability limits of 25/50/25 that translate to $25,000 bodily injury coverage, a limit of $50,000 in injury protection per accident, and a total limit of $25,000 for damage to vehicles and property. Occasionally you may see a combined single limit or CSL which limits claims to one amount rather than limiting it on a per person basis.
Liability insurance covers things such as bail bonds, emergency aid, repair costs for stationary objects, court costs and medical services. How much liability should you purchase? That is up to you, but you should buy as much as you can afford.
Uninsured and underinsured coverage – Your UM/UIM coverage protects you and your vehicle’s occupants from other motorists when they are uninsured or don’t have enough coverage. It can pay for medical payments for you and your occupants and damage to your Toyota Corolla.
Because many people only carry the minimum required liability limits, it only takes a small accident to exceed their coverage. So UM/UIM coverage should not be overlooked. Most of the time the UM/UIM limits are similar to your liability insurance amounts.
At the end of the day…
The cheapest 2007 Toyota Corolla insurance can be purchased from both online companies in addition to many insurance agents, and you need to price shop both to have the best rate selection. Some insurance providers do not provide online price quotes and these smaller companies work with independent agents.
As you go through the steps to switch your coverage, you should never skimp on coverage in order to save money. In many instances, consumers will sacrifice uninsured motorist or liability limits to discover at claim time that a couple dollars of savings turned into a financial nightmare. Your focus should be to buy a smart amount of coverage at a price you can afford while not skimping on critical coverages.
Drivers switch companies for a number of reasons such as questionable increases in premium, denial of a claim, being labeled a high risk driver or even an unsatisfactory settlement offer. Regardless of your reason, switching insurance coverage companies is not as hard as you think.
More tips and info about insurance coverage is available in these articles:
- What Determines the Price of My Auto Insurance Policy? (Insurance Information Insitute)
- Older Drivers FAQ (iihs.org)
- Collision Insurance Coverage (Nationwide)
- Uninsured Motorist Statistics (Insurance Information Insitute)
- Speed and Speed Limit FAQ (iihs.org)
- When is the Right Time to Switch Car Insurance Companies? (Allstate)
Find the Cheapest Quotes in Your Area
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Rates by U.S. City
|New York City, NY||$2,097|
|Los Angeles, CA||$1,806|
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Rates by Driver Age
Full coverage, $500 deductibles
Rates by Deductible
Full coverage, driver age 40
Rates by Liability Limit
Full coverage, driver age 40
Rates for High Risk Drivers
Full coverage, $500 deductibles, two speeding tickets, and one at-fault accident
If a financial responsibility filing is required, the additional charge below may also apply.
Potential Rate Discounts
If you qualify for discounts, you may save the amounts shown below.
|5-yr Accident Free||$70|
|5-yr Claim Free||$68|
|Paid in Full/EFT||$42|
Discounts are estimated and may not be available from every company or in every state.