Lower Your 2007 Toyota Corolla Insurance Cost

Looking for better car insurance rates for your Toyota Corolla? Expensive car insurance can empty your personal savings and put a big crunch on your finances. Doing a price comparison is free, only takes a few minutes, and is a good way to slash your bill and have more diposable income.

Big-name insurance companies like Geico, Farmers Insurance and State Farm promote their brand names with ad campaigns and it is difficult to see through the deception and do the work needed to find the best deal.

Compare the Market for Car Insurance

When shopping for car insurance there are multiple ways of comparing rates and find the best price. The best method to find the cheapest 2007 Toyota Corolla insurance rates consists of shopping online. It is quite easy and can be accomplished in several different ways.

One of the best ways to compare a lot of rates at once is a comparison rater form (click to open form in new window). This method eliminates the need for separate quotes for each company. Just one form will return price quotes from all major companies.

A more time consuming way to obtain and compare quotes online consists of visiting each company’s website and fill out their own quote form. For example, we’ll pretend you want to compare Geico, Liberty Mutual and American Family. To get each rate you have to take the time to go to each site and enter your information, which is why the first method is quicker. For a list of links to insurance companies in your area, click here.

It’s up to you how you get prices quotes, just make sure you use exactly the same information with each company. If the quotes have unequal deductibles or liability limits it’s not possible to determine the lowest rate for your Toyota Corolla. Slightly different coverages may result in a large different in cost. And when quoting car insurance, remember that having more price comparisons gives you a better chance of getting lower pricing.

Factors determining your Toyota Corolla insurance premium

It’s important that you understand the factors that help determine the rates you pay for auto insurance. Having a good understanding of what impacts premium levels empowers consumers to make smart changes that may reward you with lower auto insurance prices.

  • Bundling policies can get discounts – Some insurance companies will award you with lower prices to policyholders who consolidate policies with them in the form of a multi-policy discount. Even with this discount, you still need to shop around to make sure you are getting the best deal.
  • Higher deductibles cost less – Deductibles for physical damage represent how much money you are required to spend before a claim is paid by your company. Coverage for physical damage, otherwise known as comp (or other than collision) and collision, insures against damage to your car. Some instances where coverage would apply are colliding with a building, damage caused by hail, and rolling your vehicle. The higher the amount you are required to pay out-of-pocket, the less your auto insurance will be for Corolla coverage.
  • Teen drivers pay high rates – Youthful drivers are known to get distracted easily when behind the wheel so auto insurance rates are higher. Older insureds are more responsible, file fewer claims and tend to be better behind the wheel.
  • Do you need those extra coverages? – There are a ton of extra bells and whistles you can purchase if you aren’t careful. Coverages for vanishing deductibles, better glass coverage and membership fees may be costing you every month. They may seem good when talking to your agent, but your needs may have changed so eliminate them to save money.
  • Safer occupants lowers premiums – Vehicles with good safety scores are cheaper to insure. Safer cars have better occupant injury protection and lower injury rates means less money paid by your insurance company and more competitive rates for policyholders. If your Toyota Corolla is rated at least an “acceptable” rating on the Insurance Institute for Highway Safety website it may be receiving lower rates.

Discounts are available to cut your rates

Insurance can cost an arm and a leg, but there could be available discounts that can drop the cost substantially. Most are applied at the time of purchase, but a few must be specially asked for before you get the savings.

  • Lower Rates for Military – Having a deployed family member may qualify for rate reductions.
  • Theft Prevention Discount – Cars that have factory anti-theft systems are stolen less frequently and qualify for as much as a 10% discount.
  • Homeowners Pay Less – Owning a home may earn you a small savings due to the fact that maintaining a home demonstrates responsibility.
  • Federal Government Employee – Employees or retirees of the government can earn a discount up to 10% for Corolla coverage with select insurance companies.
  • Use Seat Belts – Drivers who require all occupants to buckle their seat belts could cut 10% or more off the personal injury premium cost.
  • Payment Discounts – If paying your policy premium upfront instead of monthly or quarterly installments you can actually save on your bill.
  • Senior Citizens – If you qualify as a senior citizen, you may qualify for a discount up to 10% for Corolla coverage.
  • Driver Safety – Successfully completing a driver safety course could cut 5% off your bill depending on where you live.
  • Multiple Vehicles – Buying coverage for multiple vehicles on the same auto insurance policy qualifies for this discount.

Drivers should understand that most discount credits are not given to the entire cost. Most only cut specific coverage prices like liability and collision coverage. Just because it seems like you would end up receiving a 100% discount, companies wouldn’t make money that way. Any amount of discount will reduce the cost of coverage.

Insurance companies who might offer some of the above discounts include:

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

Everyone needs different coverages

When it comes to buying the best car insurance coverage, there is no perfect coverage plan. Each situation is unique so your insurance needs to address that. For instance, these questions could help you determine whether or not you would benefit from an agent’s advice.

  • Am I covered when driving in Canada or Mexico?
  • What is covered by UM/UIM coverage?
  • Am I better off with higher deductibles on my 2007 Toyota Corolla?
  • Does my insurance cover a custom paint job?
  • Why am I be forced to buy a membership to get insurance from some companies?
  • Is my dog or cat covered if injured in an accident?

If you can’t answer these questions but you know they apply to you, you might consider talking to a licensed insurance agent. If you want to speak to an agent in your area, complete this form or you can go here for a list of companies in your area.

Auto insurance coverage options for a Toyota Corolla

Understanding the coverages of your policy can be of help when determining which coverages you need for your vehicles. Auto insurance terms can be confusing and nobody wants to actually read their policy. Below you’ll find the normal coverages available from auto insurance companies.

Liability insurance

This coverage will cover damage or injury you incur to other people or property by causing an accident. This insurance protects YOU against other people’s claims, and does not provide coverage for damage to your own property or vehicle.

Split limit liability has three limits of coverage: bodily injury per person, bodily injury per accident and property damage. Your policy might show values of 25/50/25 that means you have a $25,000 limit per person for injuries, a total of $50,000 of bodily injury coverage per accident, and $25,000 of coverage for damaged propery. Another option is 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 funeral expenses, structural damage, bail bonds and court costs. How much coverage you buy is a decision to put some thought into, but you should buy higher limits if possible.

Med pay and Personal Injury Protection (PIP)

Personal Injury Protection (PIP) and medical payments coverage kick in for expenses like nursing services, chiropractic care and doctor visits. The coverages can be used to fill the gap from your health insurance plan or if you do not have health coverage. They cover both the driver and occupants and will also cover being hit by a car walking across the street. PIP coverage is not an option in every state but can be used in place of medical payments coverage

Coverage for collisions

Collision coverage will pay to fix damage to your Corolla from colliding with another vehicle or an object, but not an animal. A deductible applies and then insurance will cover the remainder.

Collision can pay for claims like sideswiping another vehicle, driving through your garage door, rolling your car and backing into a parked car. Paying for collision coverage can be pricey, so you might think about dropping it from older vehicles. It’s also possible to increase the deductible to get cheaper collision coverage.

Uninsured/Underinsured Motorist (UM/UIM)

This provides protection when the “other guys” are uninsured or don’t have enough coverage. It can pay for injuries sustained by your vehicle’s occupants and damage to your Toyota Corolla.

Due to the fact that many drivers carry very low liability coverage limits, their liability coverage can quickly be exhausted. For this reason, having high UM/UIM coverages is a good idea. Frequently these limits are similar to your liability insurance amounts.

Comprehensive insurance

Comprehensive insurance coverage pays for damage that is not covered by collision coverage. A deductible will apply and then insurance will cover the rest of the damage.

Comprehensive coverage protects against things such as hail damage, damage from getting keyed and a tree branch falling on your vehicle. The highest amount a auto insurance company will pay at claim time is the actual cash value, so if your deductible is as high as the vehicle’s value consider dropping full coverage.

At the end of the day…

When you buy insurance online, never sacrifice coverage to reduce premiums. There are many occasions where an insured dropped comprehensive coverage or liability limits only to discover later that their decision to reduce coverage ended up costing them more. The proper strategy is to buy a smart amount of coverage at a price you can afford, not the least amount of coverage.

We covered a lot of ways to reduce 2007 Toyota Corolla insurance prices online. It’s most important to understand that the more rate quotes you have, the higher your chance of finding lower rates. You may even find the lowest premiums are with a lesser-known regional company. Some small companies often have lower prices on specific markets than their larger competitors like State Farm, Geico and Nationwide.

Affordable insurance is definitely available from both online companies as well as from independent agents, and you need to comparison shop both to get a complete price analysis. Some insurance companies don’t offer online quoting and these smaller companies work with independent agents.

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