How Much Does Toyota Corolla Insurance Cost?
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When purchasing a car, insurance is inevitable. If you get into an accident or deal with theft, car insurance keeps you safe from financial loss. Those who have recently purchased a Toyota Corolla might be looking into insurance for their vehicle. If this pertains to you, you might wonder - how much does Toyota Corolla insurance cost?
Read on to learn more about how much Toyota Corolla insurance costs. We’ll talk about the Toyota Corolla insurance cost for the most recent update, costs by year, and factors that can impact your insurance. There’s a lot to cover, so let’s get started as soon as possible!
How Much Does Toyota Corolla Insurance Cost?
According to insuraviz.com, the average Toyota Corolla insurance cost is about $1,252 a year. If you’re looking for low insurance rates, the Toyota Corolla is one of the cheapest vehicles to insure. Insurance factors can change based on external factors and the company offering coverage.
Here are some of the prices to insure the 2020 Toyota Corolla from varying companies, according to thezebra.com, to demonstrate the differences in cost:
- Allied: $792 a year
- USAA: $1,232 a year
- GEICO: $1,319 a year
- Vermont Mutual: $1,236 a year
- Nationwide: $1,348 a year
- State Farm: $1,371 a year
Allied is one of the most affordable choices, but most range around $1250 a year.
Every insurance company comes with its perks and restrictions. It’s critical to research the insurance company before you invest in them.
The price of insurance can vary depending on the trim you select. Let’s discuss Toyota Corolla insurance cost as it pertains to the 2022 trims of the vehicle.
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Which Trim is the Cheapest?
The 2022 Toyota Corolla has six trims, all of which boast different features and designs. The cost of your insurance will vary depending on the trim you select.
Here are is the Toyota Corolla Insurance cost based on the trim you select according to insuraviz.com:
- L: $1,182 a year
- LE: $1,192 a year
- LE Eco: $1,200 a year
- SE: $1,234 a year
- XLE: $1,272 a year
- XSE: $1,294 a year
The more advanced the trim, the more you will need to pay for annual insurance.
These prices pertain to the 2022 model of the Toyota Corolla. If you decide to invest in a used model, the insurance costs will differ. Let’s look at the Toyota Corolla insurance cost by year, so you can decide which model will work best for you.
A Look at Toyota Corolla Insurance Cost By Year
If you purchase a used Toyota Corolla, your insurance will likely be less than the 2022 Toyota Corolla insurance cost. It’s critical to understand these, as not everyone invests in a new vehicle for their life. Let’s talk about the insurance costs of vehicles over the past few years.
Here are some of the Toyota Corolla insurance costs by year, according to thezebra.com:
- 2020: The average cost is about $1,622.
- 2019: The average cost is about $1,729.
- 2018: The average cost is about $1,098.
- 2017: The average cost is about $1,069.
- 2016: The average cost is about $1,503.
- 2015: The average cost is about $908.
- 2014: The average cost is about $905.
- 2013: The average cost is about $933.
Although the cost generally goes down with older models, some have risks that require higher insurance premiums.
Consider these averages if you’re interested in a used Toyota Corolla for your life. On top of other factors, the age of your vehicle will impact how much you pay each month to protect your finances when you drive.
Cost of Toyota Corolla Lease Insurance
If you lease a Toyota Corolla instead of buying, the insurance will cost a different amount. There is a specific process Toyota follows that applies to all of their vehicles. It’s slightly different from the typical Toyota Corolla insurance cost.
If you get insurance on a Toyota lease, here’s how it works according to valuepenguin.com:
- You invest in the minimum liability coverage by state
- You purchase physical damage insurance
- You consider investing in Toyota’s Guaranteed Auto Protection
Several gap coverage options can replace Toyota’s GAP program.
Insurance for a lease is typically more expensive than with a purchase. This expense is because you need to turn the car back in at the end of your lease.
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What Factors Can Affect Insurance?
If you’re looking at Toyota Corolla insurance cost, several factors can impact the cost. These are also critical to consider, especially if this is the first time you’re investing in car insurance for your life.
According to caredge.com, here are a few of the biggest factors that can impact your Toyota Corolla insurance cost:
- Age: Age has one of the biggest impacts on your insurance premiums. Younger drivers pay more than older, more experienced drivers do.
- Driving history: If you have a history of traffic violations and accidents, you could be responsible to pay more for your insurance.
- Location: Some states, such as California, charge more for insurance because there are more drivers and accident potential.
- Company: Some insurance companies charge more for their insurance coverages than others do.
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If you’re a young driver with a history of accidents, the cost of your insurance will be higher than an older driver with a past of safe driving on the road.
Many things can affect Toyota Corolla insurance cost. Whether you’re a young driver or investing in a used car, there is a lot to consider before deciding which premium you’ll put your money into for the future.
Conclusion
Many factors can impact Toyota Corolla insurance cost. On average, it will cost you about $1,252 a year to insure a Toyota Corolla. It’s one of the cheapest insurance options out there for a vehicle.
We hope this information was helpful! Insurance can be confusing, but it’s necessary to protect your investment in a vehicle. With help, you can be confident in the insurance you settle on for your Toyota Corolla.
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