Cheapest 2012 Toyota Corolla Insurance Rates in 2024

Feel like you’re a prisoner to an overpriced car insurance policy? Believe me, there are lots of people in the same boat.

Because there are so many companies to choose from, it can be impossible to locate the most affordable provider.

Compare Quotes for Insurance

To find the best insurance prices, there are several ways to compare rate quotes from insurance companies in your area. The recommended way to find the lowest 2012 Toyota Corolla rates involves getting comparison quotes online. This can be accomplished in several different ways.

The single most time-saving way to find low rates is an all-inclusive rate comparison (click to open form in new window). This easy form keeps you from doing repetitive form entry for every insurance company. One form submission will return quotes from several companies.

A harder way to shop for insurance online is to manually visit the website of each company to complete a price quote. For sake of this example, we’ll pretend you want to compare Auto-Owners, Safeco and Farmers. To find out each rate you need to go to every website to enter your coverage information, and that’s why the first method is more popular.

The hardest way to compare rates is to spend time driving to different agent offices. The internet has reduced the need for local agents unless you have a need for the trained guidance of a licensed agent. Drivers can comparison shop online and get advice from an agent in your area.

Whichever way you use, ensure you are comparing identical coverage limits for every company. If you use different limits and deductibles on each one it will be impossible to make a fair comparison for your Toyota Corolla. Just a small difference in coverages can mean a large discrepancy in price. And when price shopping your coverage, comparing more company’s prices will enable you to find a lower rate.

Do you qualify for a discount?

Companies do not advertise all available discounts in a way that’s easy to find, so the following is a list of both well-publicized and the harder-to-find discounts you could be receiving.

• Accident Free – Drivers with accident-free driving histories pay less compared to accident-prone drivers.
• Fewer Miles Equal More Savings – Keeping the miles down on your Toyota could be rewarded with a substantially lower rate.
• Bundle and Save – When you combine your home and auto insurance with one insurance company you could get a discount of approximately 10% to 15%.
• Anti-lock Brake System – Vehicles equipped with ABS or steering control prevent accidents and therefore earn up to a 10% discount.
• Payment Method – If you pay your bill all at once instead of monthly or quarterly installments you could save up to 5%.
• Theft Prevention Discount – Vehicles equipped with anti-theft or alarm systems are stolen less frequently and will save you 10% or more.
• Passive Restraints – Cars that have air bags and/or automatic seat belt systems can get savings of 20% or more.

As a disclaimer on discounts, most discount credits are not given to the overall cost of the policy. The majority will only reduce individual premiums such as collision or personal injury protection. Even though it may seem like all those discounts means the company will pay you, insurance coverage companies aren’t that generous.

A partial list of companies who might offer these discounts are:

• American Family
• Nationwide
• MetLife
• 21st Century
• Farmers Insurance
• Allstate

Before buying, ask all companies you are considering which discounts they offer. All car insurance discounts might not apply everywhere.

Factors that can influence insurance rates for a Toyota Corolla

It’s important that you understand some of the elements that go into determining the price you pay for auto insurance. Knowing what impacts premium levels allows you to make educated decisions that will entitle you to much lower annual insurance costs.

Listed below are a partial list of the pieces companies use to determine prices.

• Frequent auto insurance claims increase rates – If you frequently file small claims, you can expect higher rates. Auto insurance companies generally give discounts to drivers who file claims infrequently. Insurance coverage is intended for the bigger claims that can’t be paid out-of-pocket.
• Your credit rating is important – Having a bad credit score is a important factor in calculating your auto insurance rates. If your credit score is lower than you’d like, you could pay less to insure your 2012 Toyota Corolla by improving your rating. Consumers who have high credit scores tend to be less risk to insure than drivers who have poor credit.
• Being married is a good thing – Having a wife or husband can get you a discount on your auto insurance policy. Having a spouse means you’re more responsible it has been statistically shown that married couples file fewer claims.
• Theft deterrents lower rates – Choosing a vehicle with an alarm system can help bring down rates. Anti-theft devices such as LoJack tracking devices, vehicle tamper alarm systems or GM’s OnStar system can thwart your car from being stolen.
• Bundling policies can get discounts – Some insurance companies provide better rates to insureds who carry more than one policy. It’s known as a multi-policy discount. Discounts can amount to 10 percent or more. Even though this discount sounds good, it’s still a good idea to shop around to confirm you are receiving the best rates possible.

What coverages do I need?

When it comes to choosing the best insurance coverage coverage, there is no best way to insure your cars. Your needs are not the same as everyone else’s so this has to be addressed. For instance, these questions might point out whether your personal situation might need professional guidance.

• Does my policy cover me when driving someone else’s vehicle?
• Is pleasure use cheaper than using my 2012 Toyota Corolla to commute?
• What exactly is covered by my policy?
• Do I really need UM/UIM coverage?
• Will my rates increase for filing one claim?
• When can my company non-renew my policy?
• Does my 2012 Toyota Corolla qualify for pleasure use?
• Can I rent a car in Mexico?
• Is there coverage for injuries to my pets?

If you can’t answer these questions but you think they might apply to your situation, then you may want to think about talking to a licensed agent. If you don’t have a local agent, fill out this quick form.

Insurance coverages 101

Learning about specific coverages of your insurance policy aids in choosing the right coverages and the correct deductibles and limits. The terms used in a policy can be ambiguous and coverage can change by endorsement. Shown next are the usual coverages offered by insurance companies.

Protection from uninsured/underinsured drivers – Your UM/UIM coverage gives you protection from other motorists when they are uninsured or don’t have enough coverage. Covered losses include injuries to you and your family and damage to your 2012 Toyota Corolla.

Because many people only purchase the least amount of liability that is required, their limits can quickly be used up. That’s why carrying high Uninsured/Underinsured Motorist coverage is very important.

Collision coverage – This pays to fix your vehicle from damage caused by collision with a stationary object or other vehicle. You have to pay a deductible and the rest of the damage will be paid by collision coverage.

Collision insurance covers claims such as hitting a parking meter, driving through your garage door, sustaining damage from a pot hole and colliding with a tree. Collision coverage makes up a good portion of your premium, so consider removing coverage from vehicles that are 8 years or older. You can also raise the deductible to save money on collision insurance.

Liability coverage – This coverage will cover damage or injury you incur to people or other property in an accident. This insurance protects YOU against claims from other people. It does not cover your injuries or vehicle damage.

It consists of three limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. As an example, you may have values of 50/100/50 that means you have $50,000 bodily injury coverage, a total of $100,000 of bodily injury coverage per accident, and $50,000 of coverage for damaged property.

Liability insurance covers claims like pain and suffering, repair costs for stationary objects, court costs, bail bonds and funeral expenses. How much coverage you buy is your choice, but it’s cheap coverage so purchase as much as you can afford.

Comprehensive (Other than Collision) – Comprehensive insurance pays for damage caused by mother nature, theft, vandalism and other events. You first have to pay a deductible and then insurance will cover the rest of the damage.

Comprehensive can pay for things such as hitting a deer, damage from flooding, a tree branch falling on your vehicle and rock chips in glass. The maximum amount you can receive from a comprehensive claim is the ACV or actual cash value, so if your deductible is as high as the vehicle’s value consider dropping full coverage.

Medical expense insurance – Medical payments and Personal Injury Protection insurance kick in for expenses for things like surgery, rehabilitation expenses, hospital visits and X-ray expenses. The coverages can be used in conjunction with a health insurance policy or if you lack health insurance entirely. Medical payments and PIP cover not only the driver but also the vehicle occupants as well as any family member struck as a pedestrian. PIP coverage is not an option in every state but can be used in place of medical payments coverage

Find Good Coverage for Less

Affordable 2012 Toyota Corolla insurance can be sourced from both online companies and with local insurance agents, so you should be comparing quotes from both to have the best chance of lowering rates. Some insurance providers do not offer you the ability to get quotes online and these small insurance companies work with independent agents.

When you buy insurance online, never sacrifice coverage to reduce premiums. There are a lot of situations where consumers will sacrifice liability limits or collision coverage only to discover later they didn’t purchase enough coverage. The aim is to get the best coverage possible for the lowest price while still protecting your assets.

Even more information is available at these sites:

• Get the Right Protection (InsureUonline.org)
• Should I Buy a New or Used Car? (Allstate)
• Smart Auto Insurance Tips (Insurance Information Institute)
• Red Light Cameras (State Farm)
• Older Drivers FAQ (iihs.org)
• Anti-Lock Brake FAQ (iihs.org)