Compare Toyota Corolla Insurance Rate Quotes in Plano

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Discount Toyota Corolla insuranceUnimaginable but true, almost 70% of insureds in Texas have been with the same company for well over three years, and just under half have never compared rates to find cheap insurance. With the average auto insurance premium being $1,847, American drivers could save almost 47% a year by just shopping around, but they just don't understand the big savings they would realize if they changed companies.

It takes a few minutes, but the best way to get low-cost Toyota Corolla insurance is to regularly compare price quotes from insurance carriers that sell auto insurance in Plano.

First, spend some time learning about what is in your policy and the changes you can make to keep rates down. Many risk factors that increase rates such as traffic citations and your credit history can be eliminated by making lifestyle changes or driving safer. Read the full article for information to get cheaper rates and get bigger discounts that may have been overlooked.

Second, request rate estimates from exclusive agents, independent agents, and direct providers. Exclusive and direct companies can only quote rates from a single company like GEICO or State Farm, while agents who are independent can provide price quotes for a wide range of companies.

Third, compare the new rate quotes to your current policy premium to see if a cheaper rate is available. If you find a lower rate quote, verify that coverage does not lapse between policies.

The most important part of this process is to use the same deductibles and limits on each price quote and and to get price quotes from as many carriers as you can. Doing this guarantees the most accurate price comparison and a better comparison of the market.

Locating the best rates in Plano is quite easy. If you're already insured, you will be able to shop for the lowest rates using the concepts you're about to learn. But Texas vehicle owners must learn the way companies sell online because rates are impacted by many factors.

Coverage analysis

The coverage table displayed next showcases a range of insurance costs for Toyota Corolla models. Having a good grasp of how rates are formulated can benefit drivers when making informed decisions when comparing rates.

Toyota Corolla Insurance Rates in Plano, TX
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Corolla LE $336 $584 $500 $30 $150 $1,600 $133
Corolla S $336 $584 $500 $30 $150 $1,600 $133
Corolla XLE $336 $584 $500 $30 $150 $1,600 $133
Corolla XRS $378 $584 $500 $30 $150 $1,642 $137
Get Your Own Custom Quote Go

Data based on single male driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and Texas minimum liability limits. Discounts applied include multi-vehicle, multi-policy, safe-driver, claim-free, and homeowner. Rate quotes do not factor in specific location which can change insurance rates greatly.

Deductible analysis

One of the more difficult decisions when buying insurance is which deductibles should you choose. The following tables approximate the premium difference of buying low and high physical damage coverage deductibles. The first pricing table uses a $250 deductible for comp and collision and the second data table uses a $500 deductible.

Toyota Corolla insurance with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Corolla LE $294 $584 $382 $22 $114 $1,421 $118
Corolla S $294 $584 $382 $22 $114 $1,421 $118
Corolla XLE $294 $584 $382 $22 $114 $1,421 $118
Corolla XRS $332 $584 $382 $22 $114 $1,459 $122
Get Your Own Custom Quote Go
Toyota Corolla insurance with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Corolla LE $240 $472 $382 $22 $114 $1,230 $103
Corolla S $240 $472 $382 $22 $114 $1,230 $103
Corolla XLE $240 $472 $382 $22 $114 $1,230 $103
Corolla XRS $270 $472 $382 $22 $114 $1,260 $105
Get Your Own Custom Quote Go

Cost estimates assume married male driver age 30, no speeding tickets, no at-fault accidents, and Texas minimum liability limits. Discounts applied include multi-policy, claim-free, homeowner, safe-driver, and multi-vehicle. Table data does not factor in garaging location in Plano which can alter rates substantially.

We can estimate from the data above that using a $250 deductible costs roughly $15 more each month or $180 for a full year across all Toyota Corolla models than requesting the higher $500 deductible. Because you would pay $250 more to settle a claim with a $500 deductible as compared to a $250 deductible, if you normally average at a minimum 17 months between claims, you would more than likely save some money if you elect the higher deductible.

How to calculate if higher deductibles make sense

Average monthly premium for $250 deductibles: $119
Average monthly premium for $500 deductibles (subtract): - $104
Monthly savings from raising deductible: $15
Difference between deductibles ($500 - $250): $250
Divide difference by monthly savings: $250 / $15
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 17 months

One thing to note is that raising deductibles to save money results in more money out-of-pocket when you have a claim. That will necessitate some money saved in the event you need to pay more for the deductible.

Drive responsibly or pay higher rates

The chart below illustrates how violations and accident claims raise Toyota Corolla insurance costs for each age group. The premiums are based on a single female driver, full physical damage coverage, $500 deductibles, and no discounts are applied to the premium.

Comparison of full coverage and liability-only policies

The example below shows the difference between Toyota Corolla insurance costs with and without physical damage coverage. The data is based on a clean driving record, no at-fault accidents, $1,000 deductibles, single status, and no policy discounts are applied.

Are you wasting money on full coverage?

There isn't a steadfast formula for phasing out full coverage, but there is a general convention. If the yearly cost of full coverage is more than around 10% of the vehicle's replacement cost less your deductible, then you might consider buying liability only.

For example, let's pretend your Toyota Corolla replacement cost is $8,000 and you have $1,000 policy deductibles. If your vehicle is damaged in an accident, the most you would get paid by your company is $7,000 after paying the physical damage deductible. If you are paying more than $700 annually for comprehensive and collision coverage, then you might want to consider buying only liability coverage.

There are a few situations where removing full coverage is not in your best interest. If you still owe money on your vehicle, you have to keep full coverage to satisfy the loan requirements. Also, if your emergency fund is not enough to purchase a different vehicle in the event your current vehicle is totaled, you should not buy liability only.

What Impacts Toyota Corolla Insurance Prices?

Lots of things are taken into consideration when pricing auto insurance. Some are pretty understandable such as your driving history, but other factors are less obvious such as your marital status or how financially stable you are.

  • Big cities have higher costs - Having an address in areas with lower population is a positive aspect when talking about auto insurance. Less people living in that area translates into fewer accident claims as well as less vandalism and auto theft. Drivers in populated Texas areas have to deal with traffic congestion and higher rates of accident claims. More time behind the wheel statistically corresponds to a higher accident and claim rate.
  • Physical damage deductibles are a factor - Physical damage protection, aka comp and collision, is used to repair damage to your vehicle. Some examples of claims that would be covered are a broken side mirror, damage from fire, and windstorm damage. The deductibles you choose define how much you are required to pay if you file a covered claim. The more of the claim the insured has to pay upfront, the less your company will charge you for insurance.
  • Safer cars cost less to insure - Safer cars tend to have better insurance rates. Safer cars help reduce the chance of injuries in an accident and any reduction in injury severity means less claims paid which can mean better rates for you.
  • Never let your policy expire - Going without insurance is a sure-fire way to trigger a rate increase. Not only will you pay more, getting caught without coverage will get you a hefty fine and possibly a revoked license. You may then be required to prove you have insurance by filing a SR-22 with the Texas department of motor vehicles.
  • Insurance loss statistics a Toyota Corolla - Car insurance companies take into consideration insurance loss statistics for every vehicle to help calculate premium prices. Models that tend to have higher loss trends will have a higher premium rate.

    The table shown below demonstrates the actual insurance loss data for Toyota Corolla vehicles. For each type of coverage, the claim amount for all vehicles compiled together equals 100. Values that are under 100 indicate better than average losses, while numbers above 100 indicate more frequent losses or an increased probability of a larger loss.

    Car Insurance Loss Data for Toyota Corolla Models
    Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
    Toyota Corolla 133 111 94 156 158 128
    BETTER
    AVERAGE
    WORSE

    Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years

Cheap auto insurance rates are available

As you prepare to switch companies, don't be tempted to sacrifice coverage to reduce premiums. There have been many cases where someone dropped liability coverage limits to discover at claim time that the savings was not a smart move. Your aim should be to find the BEST coverage for the lowest price, not the least amount of coverage.

We just showed you many ways to compare Toyota Corolla insurance car insurance rates in Plano. The key thing to remember is the more providers you compare, the better likelihood of getting inexpensive Plano auto insurance quotes. Consumers could even find that the lowest car insurance rates come from some of the lesser-known companies. Some small companies may often insure only within specific states and give better rates than the large multi-state companies such as Allstate, GEICO and Progressive.

The cheapest Toyota Corolla insurance in Plano is attainable from both online companies as well as from insurance agents, and you should be comparing both to have the best selection. A few companies don't offer rates over the internet and these small insurance companies prefer to sell through local independent agents.

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