Finding the cheapest car insurance for a Toyota Corolla is fairly simple, but it depends on a lot of rating criteria such as whether you are married or single, whether you are claim-free, and any driving offenses on your record. New York drivers will pay around $869 per year to insure their Corolla, but that cost is based on a 50-year-old single female driver with full physical damage coverage and $100 deductibles.
Odds are that you aren’t exactly 50 years old or even a female, married instead of single, or maybe you have a teenager that needs to be on your policy. There is no perfect policy for every driver, so the only way to find the most affordable coverage for your Toyota is to put in the effort to do a thorough rate comparison.
Vehicle trim level will be a contributing factor to the annual cost of coverage, so the price you pay to insure a Corolla LE trim level will cost $26 less than the price to insure the fancier Corolla XRS model, as shown in the table below.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Corolla LE | $196 | $476 | $300 | $18 | $90 | $1,080 | $90 |
| Corolla S | $196 | $476 | $300 | $18 | $90 | $1,080 | $90 |
| Corolla XLE | $196 | $476 | $300 | $18 | $90 | $1,080 | $90 |
| Corolla XRS | $222 | $476 | $300 | $18 | $90 | $1,106 | $92 |
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Table data assumes single female driver age 50, no speeding tickets, no at-fault accidents, $100 deductibles, and New York minimum liability limits. Discounts applied include safe-driver, claim-free, multi-vehicle, homeowner, and multi-policy. Prices do not factor in Buffalo location which can influence coverage rates considerably.
Comparing quotes for reasonably-priced car insurance is tough enough, and determining which companies have the lowest-priced insurance rates for a Toyota Corolla will require even more rate comparisons. Every auto insurer uses slightly different criteria to set their prices, so we’ll take a look at the insurance companies with the overall cheapest rates in Buffalo.
It’s a good idea to know that Buffalo, NY insurance rates are impacted by many things that control the cost of your policy. This price fluctuation is why drivers need to compare rates when trying to get the most affordable auto insurance rates for a Toyota Corolla. Insurance rates are influenced by many risk factors and can increase or decrease at any time, so the cheapest company the last time you shopped around may now not even be in the top five.
Lowest Insurance Price Quotes for Your Corolla
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | USAA | $1,187 |
| 2 | Erie | $1,242 |
| 3 | Allstate | $1,541 |
| 4 | Utica National | $1,549 |
| 5 | Progressive | $1,558 |
| 6 | Travelers | $1,559 |
| 7 | MetLife | $1,588 |
| 8 | Amica | $1,644 |
| 9 | Preferred Mutual | $1,686 |
| 10 | GEICO | $1,869 |
| 11 | New York Central Mutual | $1,874 |
| 12 | State Farm | $1,904 |
| 13 | Safeco | $1,966 |
| 14 | Central Mutual | $2,028 |
| 15 | Liberty Mutual | $2,066 |
| 16 | Hanover | $2,393 |
| 17 | Encompass | $2,583 |
| 18 | Nationwide | $3,147 |
| 19 | Mercury | $3,926 |
| 20 | 21st Century | $4,455 |
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USAA quotes some of the best car insurance rates in Buffalo at around $1,187 each year. Erie, Allstate, Utica National, and Progressive also make the cut as some of the cheapest Buffalo, NY insurance companies.
In the above rates, if you currently buy coverage from Utica National and switched to USAA, you could earn an annual savings of in the vicinity of $362. Customers with Progressive could save as much as $371 a year, and Travelers customers might lower prices by $372 a year.
To find the cheapest rates for your vehicle, click here to get quotes or quote prices from the following companies.
Understand that those estimates are averages for all types of drivers and the different vehicles they drive and are not factoring in a specific vehicle garaging location for a Toyota Corolla. So the car insurance company that has the cheapest price for you may not even be in the top 20 companies shown above. That is why you need to get rate quotes from many companies using your own driver data and vehicle information.
Rate comparison of full coverage and liability-only
Paying less for insurance should be important to most vehicle owners, and one of the best ways to save on the cost of insurance for a Toyota Corolla is to buy liability only. The illustration below illustrates the comparison of auto insurance costs with full coverage compared to only the New York minimum liability coverage. The information is based on no violations or accidents, $1,000 deductibles, marital status is single, and no policy discounts are applied.
If the expense is averaged for all age categories, physical damage coverage on your policy costs an additional $1,392 per year more than carrying just liability coverage. Lot’s of drivers question if buying full coverage is a good investment. There is no exact formula to stop paying for comprehensive and collision coverage on your policy, but there is a general guideline. If the yearly cost for physical damage coverage is more than 10% of the settlement you would receive from your company, then it’s probably a good time to buy liability coverage only.
For example, let’s pretend your vehicle’s book value is $9,000 and you have $1,000 policy deductibles. If your vehicle is totaled, you would only receive $8,000 after you pay the deductible. If premiums are more than $800 annually for your policy with full coverage, then you may want to consider only buying liability coverage.
There are some cases where eliminating full coverage is not financially feasible. If you still owe a portion of the original loan, you are required to maintain full coverage to protect the lienholder’s interest in the vehicle. Also, if your savings is not enough to buy a different vehicle if your current one is damaged, you should not opt for liability only.
The importance of comparing Corolla insurance rates
Buffalo insurance rates are based on many factors which can substantially decrease or increase the cost of a policy. Improving your credit score, adding a teenager to your policy, or getting caught speeding may cause policy rate changes that can cause some rates to be more affordable than others.
Not only that, but car insurance companies file new rates as needed to adjust for unexpected claims or profits. Significantly higher losses may cause higher priced premiums, while lower claim levels may result in cheaper Corolla insurance rates.
To help illustrate this point, the bar chart below shows which company has the cheapest car insurance in Buffalo, NY for a 35-year-old male driver with no violations or accidents, and a decent credit rating. When comparing rates based on his personal risk profile, USAA offers the cheapest car insurance rates in Buffalo at $1,896 annually. This is $179 less than the average policy premium paid by New York drivers of $2,075. Erie, Utica National, Progressive, and Travelers are also on the list of the best Buffalo, NY auto insurance companies.
In this next rate comparison, we will give the driver in the first chart some claims, a lower credit score, and a traffic citation. Due to the fact that every auto insurer uses a different method to establish rates, comparing rates may now result in a substantially altered list of companies as shown below.
Amica now has the best auto insurance rate in Buffalo with Allstate, Erie, Preferred Mutual, and USAA also having competitive pricing. This example illustrates why it is important to shop around when trying to find the best insurance quotes for a Toyota Corolla. Insurance rates are determined by many things and can change substantially, so the cheapest rate the last time you shopped your coverage around may now be quite expensive.