Car Insurance CostsToyota CorollaCompare the Cost of Toyota Corolla Insurance by Model Year and Company
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Insurance rates for a Toyota Corolla vary significantly by model year and driver’s age. A 16-year-old driver will pay an average of $5,784 per year for a 2009 Toyota Corolla on a full coverage policy, while a 40-year-old driver will pay $1,253. For the 2022 model, a 16-year-old will pay $7,112 per year, while a 40-year-old will pay an average of $1,575 yearly. MoneyGeek rates the best insurers for balancing affordability with service and claims experience.
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Average Cost and Cheapest Companies for Insuring a Toyota Corolla
The average cost to insure a Toyota Corolla is around $1,453 per year for full coverage. However, the company you choose to insure with can make a big difference in your rates.
The most affordable company for full coverage is State Farm, with an average annual cost of $1,093, while the most expensive is Farmers, at $1,739 per year. State Farm is also the cheapest for a minimum coverage policy, at an average of $497 yearly, while Farmers is the most expensive at $812 per year.
Is a Toyota Corolla Expensive to Insure?
The cost of car insurance for a Toyota Corolla will vary depending on various factors, such as the driver’s age, driving history and the location where the car is registered. Generally, the Toyota Corolla is moderately expensive to insure relative to other vehicle models. According to the most recent data from the National Highway Traffic Safety Administration (NHTSA), the theft rate for Toyota Corollas is above-average. Cars with higher theft rates are riskier to insure, leading insurers to charge pricier premiums.
Best Companies for Insuring a Toyota Corolla
Our analysis found that the best auto insurance companies prioritize affordability, claims management and customer experience. Our top picks for companies insuring the Toyota Corolla are:
- State Farm: MoneyGeek score 90 out of 100 ($1,093 per year)
- GEICO: MoneyGeek score 89 out of 100 ($1,133 per year)
State Farm's rates are the lowest among the insurers in our study, and it offers the second-best customer service rating, meaning you'll get excellent service at a more affordable price.
MoneyGeek Top Pick: State Farm
pros
Cheapest insurer for your Toyota Corolla
Excellent customer service rating
Offers Roadside Assistance coverage
cons
Below average score in claims management
Doesn’t offer Original Equipment Manufacturer (OEM) coverage
COMPANY HIGHLIGHTS
State Farm is the best insurance company to choose when looking for coverage for your Toyota Corolla. Not only does it offer exceptional customer service at an affordable rate, but it also provides Car Rental and Travel Expenses coverage. If your vehicle needs repairs after a covered accident, State Farm will reimburse you for the cost of the rental car to help you get around. You can get reimbursed up to $16 per day or $400 per incident if you opt for an out-of-network rental company.
State Farm will also cover up to $500 of your deductible if you get into an accident in a rental car and up to $500 of meals, lodging and transportation expenses if the accident occurs more than 50 miles away from home.
MoneyGeek Runner-Up: GEICO
pros
Provides quality customer service at affordable premiums for your Toyota Corolla
Offers Mechanical Breakdown Insurance
Offers Roadside Assistance
cons
Doesn't offer Original Equipment Manufacturer (OEM) coverage
Low claims management score
COMPANY HIGHLIGHTS
GEICO is our pick as the second-best insurer for your Toyota Corolla. GEICO offers Mechanical Breakdown Insurance (MBI), Accident Forgiveness and Roadside Assistance coverage for those looking for additional protection for their Toyota Corolla. MBI covers all parts and systems on your vehicle, rather than the standard list of services covered under most dealer-extended warranties, and is available for cars that are less than 15 months old and have fewer than 15,000 miles driven.
Accident Forgiveness ensures drivers' premiums won't increase after their first at-fault accident, although this add-on coverage is unavailable in California, Connecticut or Massachusetts. Roadside Assistance coverage helps cover the cost of flat tire changes, towing and lockout services. These add-ons help provide peace of mind to frequent travelers.
Cost of Insuring a Toyota Corolla by Model Year
The average cost of car insurance for a Toyota Corolla will vary depending on the vehicle's model year. A full coverage policy for a 2009 model is estimated to cost $1,253 per year, while the same plan for a 2022 model is more expensive, at around $1,575 per year. Newer models are more costly to insure than older models since cars depreciate over time.
Insurance rates vary widely by provider. State Farm is the most inexpensive insurer for a 2009 Toyota Corolla, with an average yearly cost of $936, while GEICO is the cheapest option for the 2022 model, at $1,222 per year.
Cost of Insuring a Toyota Corolla for 16- to 25-Year-Olds
When determining the cost of insurance for a Toyota Corolla, providers consider the car's age and the driver's. Generally, auto insurance rates for teenagers and young adults are much more costly than for drivers in their 30s and 40s. The average annual rate for comprehensive coverage for a 16-year-old driving a Toyota Corolla is $6,421, as opposed to just $1,403 for a 40-year-old driver. Rates for teen drivers tend to decrease significantly with age until they reach their 20s, when costs tend to stabilize.
Comparing providers can help you find the most affordable premiums. State Farm offers a full coverage plan for a 16-year-old driving a 2022 Toyota Corolla at $3,929 per year, compared to Farmers’ rate of $9,991 for the same policy. Note that these are individual plans — by joining a family policy, teens could save a considerable sum. Teen drivers and their families can shop around and compare quotes to determine the best cheap insurer for teens.