2005 Toyota Corolla Car Insurance Rates

Searching for lower car insurance rates for your Toyota Corolla? Feel like you’re a prisoner to high-priced car insurance? Believe me when I say there are many consumers feeling the pinch from expensive car insurance. Multiple insurers compete to insure your vehicles, so it’s not easy to compare every company to find the best rates possible.

Elements that influence Toyota Corolla insurance rates

Smart consumers have a good feel for the rating factors that help determine the price you pay for insurance. Understanding what influences your rates allows you to make educated decisions that could result in much lower annual insurance costs.

  • Choose a safe vehicle and save – Safer cars are cheaper to insure. Safer cars result in less severe injuries and any reduction in injury severity translates into savings for insurance companies and more competitive rates for policyholders. If the Toyota Corolla has ratings of a minimum an “acceptable” rating on the Insurance Institute for Highway Safety website it is probably cheaper to insure.
  • Little extras can really add up – There are quite a few additional coverages that you can get tricked into buying if you aren’t careful. Coverages like personal injury protection, accidental death and term life insurance are examples of these. They may seem good when talking to your agent, but if they’re wasting money get rid of them and save.
  • Pleasure use saves money – The more you drive in a year’s time the more you’ll pay to insure your vehicle. The majority of insurers apply a rate based on their usage. Cars not used for work or commuting can get a lower rate compared to those used for work or business. Ask your agent if your insurance policy properly reflects the correct driver usage, because it can save money. Incorrect usage on your Corolla can cost quite a bit.
  • Lower deductibles cost more – Physical damage insurance, otherwise known as comp (or other than collision) and collision, is used to repair damage to your Toyota. Some examples of claims that would be covered would be collision with another vehicle, damage from fire, or theft. Deductibles for physical damage are how much you are required to spend out-of-pocket before a claim is paid by your company. The higher the amount the insured has to pay upfront, the less your insurance will be for Corolla coverage.
  • Optional equipment can affect rates – Driving a car with an alarm system can save you a little every year. Anti-theft features like LoJack tracking devices, vehicle tamper alarm systems or GM’s OnStar system all hinder your car from being stolen.
  • Multi-policy discounts can save money – Most insurers provide better rates to insureds who consolidate policies with them such as combining an auto and homeowners policy. Discounts can add up to five, ten or even twenty percent. Even if you’re getting this discount you still need to comparison shop to ensure the best deal. You may still be able to find a better deal by insuring with multiple companies.
  • Careful drivers pay lower rates – Good drivers get better rates than people who have multiple driving citations. Just one moving violation can increase rates by as much as thirty percent. Drivers who have severe citations such as DWI, reckless driving or hit and run convictions may need to file a proof of financial responsibility form (SR-22) to the state department of motor vehicles in order to drive a vehicle legally.

The quickest method to get rate comparisons is to know most insurance companies participate in online systems to provide you with a free rate quote. The only thing you need to do is take a few minutes to give details such as how much education you have, whether you are single or married, deductibles desired, and if you have a valid license. That rating information is automatically sent to multiple different insurance companies and they return rate quotes instantly to find the best rate.

To compare multiple company rates now, click here and complete the quick form.

Discounts are available to cut your rates

The price of auto insurance can be rather high, but discounts can save money and there are some available that you may not even be aware of. A few discounts will automatically apply at the time of quoting, but some may not be applied and must be asked about prior to getting the savings. If you aren’t receiving every discount possible, you are paying more than you should be.

  • Discount for New Cars – Putting insurance coverage on a new car can be considerably cheaper because new vehicles have to meet stringent safety requirements.
  • Federal Government Employee – Simply working for the federal government may qualify you for a discount for Corolla coverage depending on your company.
  • Multi-car Discount – Buying insurance for more than one vehicle on the same car insurance policy qualifies for this discount.
  • Lower Rates for Military – Having a family member in the military can result in better rates.
  • Early Signing – Some companies give discounts for switching policies before your current policy expires. This can save 10% or more.
  • Life Insurance – Some companies give better rates if you take out life insurance.
  • Claim Free – Good drivers with no accidents can earn big discounts compared to frequent claim filers.
  • Drivers Education – Have your child take driver’s ed class in school.
  • Drive Safe and Save – Drivers who avoid accidents can get discounts for up to 45% lower rates for Corolla coverage than drivers with accidents.
  • Braking Control Discount – Vehicles with anti-lock braking systems are safer to drive and qualify for as much as a 10% discount.

It’s important to understand that many deductions do not apply the the whole policy. Some only reduce the price of certain insurance coverages like liability, collision or medical payments. So when it seems like it’s possible to get free car insurance, it doesn’t quite work that way. Any qualifying discounts will bring down the amount you have to pay.

To see a list of insurers offering car insurance discounts, click this link.

Everyone needs different coverages

When it comes to choosing the right insurance coverage for your personal vehicles, there is no single plan that fits everyone. Each situation is unique and a cookie cutter policy won’t apply. For example, these questions might point out if your situation may require specific advice.

  • Is my camper covered by my car insurance policy?
  • How high should my uninsured/underinsured coverage be in my state?
  • Do I need roadside assistance coverage?
  • Am I covered when driving on a suspended license?
  • Will filing a claim cost me more?
  • Why am I be forced to buy a membership to get insurance from some companies?
  • Where can I find DUI or SR-22 insurance?

If you’re not sure about those questions but you think they might apply to your situation, then you may want to think about talking to an agent. If you want to speak to an agent in your area, fill out this quick form or click here for a list of insurance coverage companies in your area. It’s fast, doesn’t cost anything and may give you better protection.

Auto insurance coverages

Understanding the coverages of car insurance can be of help when determining which coverages you need and proper limits and deductibles. Policy terminology can be impossible to understand and reading a policy is terribly boring. These are the normal coverages found on most car insurance policies.

Medical costs insurance – Coverage for medical payments and/or PIP kick in for expenses for hospital visits, nursing services, funeral costs and doctor visits. They are often used to cover expenses not covered by your health insurance policy or if you are not covered by health insurance. Coverage applies to you and your occupants and also covers getting struck while a pedestrian. PIP coverage is not an option in every state and gives slightly broader coverage than med pay

UM/UIM Coverage – Uninsured or Underinsured Motorist coverage protects you and your vehicle from other motorists when they either are underinsured or have no liability coverage at all. Covered losses include hospital bills for your injuries as well as your vehicle’s damage.

Since a lot of drivers have only the minimum liability required by law, it only takes a small accident to exceed their coverage. This is the reason having UM/UIM coverage should not be overlooked. Usually your uninsured/underinsured motorist coverages are identical to your policy’s liability coverage.

Liability – Liability insurance will cover damage that occurs to people or other property that is your fault. It protects you against claims from other people. Liability doesn’t cover damage sustained by your vehicle in an accident.

Coverage consists of three different limits, per person bodily injury, per accident bodily injury, and a property damage limit. Your policy might show limits of 100/300/100 that means you have a limit of $100,000 per injured person, a total of $300,000 of bodily injury coverage per accident, and property damage coverage for $100,000. Alternatively, you may have one number which is a combined single limit which provides one coverage limit with no separate limits for injury or property damage.

Liability coverage pays for things like loss of income, funeral expenses, repair bills for other people’s vehicles, bail bonds and repair costs for stationary objects. The amount of liability coverage you purchase is up to you, but you should buy as large an amount as possible.

Collision coverage – This will pay to fix damage to your Corolla from colliding with another vehicle or an object, but not an animal. You first must pay a deductible and then insurance will cover the remainder.

Collision insurance covers things such as backing into a parked car, rolling your car and hitting a parking meter. This coverage can be expensive, so analyze the benefit of dropping coverage from vehicles that are older. You can also choose a higher deductible in order to get cheaper collision rates.

Comprehensive or Other Than Collision – Comprehensive insurance coverage pays for damage from a wide range of events other than collision. You need to pay your deductible first and then insurance will cover the rest of the damage.

Comprehensive insurance covers claims such as hitting a bird, a broken windshield and rock chips in glass. The most your car insurance company will pay is the cash value of the vehicle, so if the vehicle is not worth much consider dropping full coverage.

Be a smart shopper

You just read a lot of techniques to save on 2005 Toyota Corolla insurance. The key thing to remember is the more times you quote, the better your comparison will be. You may even discover the lowest premiums are with an unexpected company. They can often provide lower rates in certain areas than their larger competitors like State Farm, Geico and Nationwide.

As you shop your coverage around, it’s not a good idea to skimp on coverage in order to save money. There have been many cases where drivers have reduced physical damage coverage and found out when filing a claim they didn’t purchase enough coverage. Your strategy should be to purchase plenty of coverage at the best price while still protecting your assets.

Much more information about car insurance can be read at the links below