2016 Toyota Corolla Insurance Rates
Average insurance rates for a 2016 Toyota Corolla are $1,370 a year for full coverage insurance. Comprehensive costs around $272, collision insurance costs $524, and liability coverage costs $416. Buying a liability-only policy costs as little as $474 a year, and high-risk insurance costs around $2,976. Teen drivers receive the highest rates at up to $5,174 a year.
Annual premium for full coverage: $1,370
Rate estimates for 2016 Toyota Corolla Insurance
Rate data is compiled from all 50 U.S. states and averaged for all 2016 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 the average driver, prices range range from as low as $474 for only liability insurance to the much higher price of $2,976 for a driver that may need high-risk insurance.
These differences illustrate why everyone should compare rates for a specific zip code and risk profile, rather than using price averages.
Use the form below to get rates for your location.
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Recommended Companies for Cheap 2016 Toyota Corolla Insurance
Paying for expensive Toyota Corolla insurance can drain your budget and force you to make sacrifices.
Multiple insurance companies compete to insure your vehicles, so it can be very hard to choose a provider to get the lowest rate
You should take the time to take a look at other company’s rates as often as possible because insurance prices are rarely the same from one policy term to another. Just because you found the best price on Corolla insurance six months ago you will most likely find a better rate quote today. Forget anything you know (or think you know) about insurance coverage because you’re about to learn the things you must know in order to properly buy coverages while reducing your premium.
Recommended Companies for the Best Insurance Rates
Lower rates by qualifying for these nine discounts
Insurance coverage can be pricey, but you can get discounts that can help lower your rates. Some of these disounts will be visible at quote time, but some must be manually applied before they will apply.
- Discounts for Seat Belt Usage – Buckling up and requiring all passengers to buckle up before driving could save 15% on the medical payments or PIP coverage costs.
- Onboard Data Collection – Drivers that enable data collection to study driving habits by using a telematic data system such as Snapshot from Progressive or Drivewise from Allstate may get a rate reduction as long as the data is positive.
- Theft Deterent System – Cars with anti-theft systems prevent vehicle theft and can earn a small discount on your policy.
- Accident Waiver – but some companies like Libery Mutual, GEICO and Allstate will turn a blind eye to one accident before your rates go up if you have no claims before the accident.
- Own a Home and Save – Just being a homeowner can save you money because maintaining a house shows financial diligence.
- Discount for Life Insurance – Larger insurance carriers have a lower premium rate if you buy a life policy as well.
- Senior Citizen Rates – Mature drivers are able to get better insurance coverage rates on Corolla insurance.
- Bundle and Save – If you combine your auto and home policies and insure them with the same company you could get a discount of as much as 10 to 15 percent.
- Low Mileage Discounts – Keeping the miles down on your Toyota may allow you to get substantially lower insurance coveragerates.
Please keep in mind that most credits do not apply the whole policy. Most only reduce specific coverage prices like physical damage coverage or medical payments. So even though it sounds like all the discounts add up to a free policy, insurance companies wouldn’t stay in business.
To find companies that offer the discounts shown above, click here to view.
Compare free insurance rate quotes
When shopping for insurance there are multiple ways to compare prices from many available insurance companies in your state. The quickest method to find the lowest Toyota Corolla rates is to use the internet to compare rates. This is quite simple and can be completed in several different ways.
- The most recommended method consumers can make multiple comparisons would be an industry-wide quote request form click here to open form in new window. This easy form keeps you from doing separate quotes for each company. A single form gets insurance cost estimates from multiple companies.
- A different way to analyze rates requires a visit to each company’s website and repeat the quote process. For example, let’s assume you want to see prices from Allstate, Progressive and State Farm. In order to get each rate, you would have to spend time going to each site individually and repeatedly type in your coverage information, which can be really labor intensive. For a handy list of car insurance company links in your area, click here.
Whichever method you choose, compare apples-to-apples coverage information for every company. If you are comparing different deductibles you will not be able to truly determine the lowest rate. Just slight variations in limits can make a big difference in price. And when price shopping your coverage, comparing all the rates in your area increases the change that you will find a better price.
Insurance coverage is unique, just like you
When it comes to choosing the best insurance coverage coverage, there is no best way to insure your cars. Coverage needs to be tailored to your specific needs and a cookie cutter policy won’t apply. For instance, these questions can aid in determining if you might need an agent’s assistance.
- Are my friends covered when driving my 2016 Toyota Corolla?
- Am I getting all the discounts available?
- Should I file a claim if it’s only slightly more than my deductible?
- What can I do if my company denied a claim?
- Can my babysitter drive my car?
- Exactly who is provided coverage by my policy?
- Does my 2016 Toyota Corolla need full coverage?
If you’re not sure about those questions but a few of them apply, you may need to chat with a licensed insurance agent. To find an agent in your area, complete this form or you can go here for a list of companies in your area.
Insurance coverage specifics
Knowing the specifics of your insurance policy aids in choosing appropriate coverage for your vehicles. Policy terminology can be difficult to understand and even agents have difficulty translating policy wording. Shown next are the normal coverages available from insurance companies.
Collision – Collision insurance covers damage to your Corolla from colliding with a stationary object or other vehicle. A deductible applies and then insurance will cover the remainder.
Collision can pay for claims like hitting a mailbox, rolling your car and scraping a guard rail. Collision is rather expensive coverage, so you might think about dropping it from lower value vehicles. Drivers also have the option to raise the deductible to bring the cost down.
Medical payments coverage and PIP – Personal Injury Protection (PIP) and medical payments coverage provide coverage for immediate expenses for hospital visits, ambulance fees, chiropractic care, funeral costs and doctor visits. They are used to fill the gap from your health insurance policy or if there is no health insurance coverage. They cover all vehicle occupants as well as getting struck while a pedestrian. PIP is only offered in select states but can be used in place of medical payments coverage
Uninsured/Underinsured Motorist coverage – This gives you protection when other motorists are uninsured or don’t have enough coverage. It can pay for medical payments for you and your occupants and damage to your 2016 Toyota Corolla.
Because many people only carry the minimum required liability limits, it only takes a small accident to exceed their coverage. That’s why carrying high Uninsured/Underinsured Motorist coverage is a good idea. Most of the time the UM/UIM limits are set the same as your liablity limits.
Comprehensive coverage – This coverage will pay to fix damage OTHER than collision with another vehicle or object. You first have to pay a deductible and the remainder of the damage will be paid by comprehensive coverage.
Comprehensive coverage pays for things like hitting a deer, damage from flooding and rock chips in glass. The maximum payout your insurance company will pay is the market value of your vehicle, so if the vehicle is not worth much consider removing comprehensive coverage.
Liability auto insurance – This coverage can cover damages or injuries you inflict on people or other property. Liability coverage has three limits: bodily injury per person, bodily injury per accident and property damage. You might see liability limits of 50/100/50 which means $50,000 bodily injury coverage, $100,000 for the entire accident, and a total limit of $50,000 for damage to vehicles and property. Occasionally you may see a combined limit which combines the three limits into one amount rather than limiting it on a per person basis.
Liability coverage pays for claims such as funeral expenses, bail bonds and court costs. The amount of liability coverage you purchase is up to you, but buy as large an amount as possible.
A tidy conclusion
A few companies may not provide the ability to get quotes online and most of the time these small insurance companies prefer to sell through local independent agencies. Cheap 2016 Toyota Corolla insurance is definitely available on the web in addition to local insurance agencies, so you need to compare both so you have a total pricing picture.
As you go through the steps to switch your coverage, never reduce needed coverages to save money. There have been many cases where an accident victim reduced liability limits or collision coverage and learned later that a couple dollars of savings turned into a financial nightmare. The ultimate goal is to get the best coverage possible for the lowest price while not skimping on critical coverages.
We just showed you a lot of ways to get a better price on 2016 Toyota Corolla insurance. It’s most important to understand that the more you quote insurance, the better your chances of lowering your premium rates. Consumers may even find the lowest priced insurance coverage comes from a lesser-known regional company. These smaller insurers can often insure niche markets at a lower cost as compared to the big name companies such as State Farm or Progressive.
Additional information can be read at these links:
- Tools for Teen Driving Safety (State Farm)
- What to do at the Scene of an Accident (Insurance Information Insitute)
- How to Avoid Buying a Flooded Car (Insurance Information Insitute)
- Safety Features for Your New Car (State Farm)
- Auto Insurance Facts and Statistics (Insurance Information Insitute)
- Shopping for a Safe Car (Insurance Information Insitute)
Find the Cheapest Quotes in Your Area
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Rates by U.S. City
|New York City, NY||$2,166|
|Los Angeles, CA||$2,340|
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Need a specific model?
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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||$101|
|5-yr Claim Free||$89|
|Paid in Full/EFT||$63|
Discounts are estimated and may not be available from every company or in every state.