Buying cheaper coverage for a Toyota Corolla relies on lots of different rating factors such as whether you are single or married, your credit status, and citations on your driving record. Drivers pay approximately $646 annually to insure their Corolla, but that price is a valuation based upon a 40-year-old married female driver with both comprehensive and collision coverage and $1,000 deductibles.
Most likely you’re not a 40-year-old female, single instead of married, and maybe you want different deductibles. Auto insurance is not the same for everyone, so the best way to find cheap insurance prices for your Toyota is to do a thorough rate comparison. To cut your rates now, get a free quote and you will be able to see rates from the best companies in Tennessee.
Compare Toyota Corolla Insurance Rates
The trim level of your Corolla has an effect on the yearly cost, so the cost to insure a Corolla LE will be $16 less than the price to insure the more costly Corolla XRS trim level, as demonstrated by the prices below.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Corolla LE | $118 | $274 | $304 | $18 | $90 | $804 | $67 |
| Corolla S | $118 | $274 | $304 | $18 | $90 | $804 | $67 |
| Corolla XLE | $118 | $274 | $304 | $18 | $90 | $804 | $67 |
| Corolla XRS | $134 | $274 | $304 | $18 | $90 | $820 | $68 |
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Cost estimates assume married female driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and Tennessee minimum liability limits. Discounts applied include homeowner, claim-free, safe-driver, multi-vehicle, and multi-policy. Prices do not factor in the specific area where the vehicle is garaged which can raise or lower rates significantly.
Trying to find cost effective auto insurance is not most people’s favorite thing to do, and finding out which company quotes the cheapest insurance rates for a Toyota Corolla will involve even more diligence.
Every insurance provider has their own unique process to set premium rates, so to begin we’ll rank the most affordable insurance companies in Nashville. It’s important that you understand Nashville, TN insurance rates are calculated based on many things that can increase the policy price. Improving your credit rating, buying a home instead of renting, or getting a ticket for running a stop sign can trigger rate changes that can cause some rates to be more affordable than competitors.
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| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Utica National | $744 |
| 2 | Auto-Owners | $836 |
| 3 | Cincinnati Insurance | $876 |
| 4 | Penn National | $908 |
| 5 | USAA | $929 |
| 6 | Tennessee Farmers | $961 |
| 7 | Erie | $987 |
| 8 | Nationwide | $1,002 |
| 9 | Allied | $1,060 |
| 10 | Westfield | $1,079 |
| 11 | GEICO | $1,156 |
| 12 | Shelter | $1,187 |
| 13 | Progressive | $1,190 |
| 14 | Travelers | $1,201 |
| 15 | State Farm | $1,201 |
| 16 | Direct General | $1,201 |
| 17 | State Auto | $1,241 |
| 18 | The Hartford | $1,245 |
| 19 | 21st Century | $1,261 |
| 20 | Chubb | $1,316 |
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Utica National may have some of the cheapest car insurance rates in Nashville at around $744 per year. Auto-Owners, Cincinnati Insurance, Penn National, and USAA also rank well as some of the best Nashville, TN insurance companies.
In the above rates, if you currently buy coverage from Penn National and switched to Auto-Owners, you may see an annual premium reduction of upwards of $72. Drivers with USAA may save as much as $93 a year, and Tennessee Farmers policyholders might reduce prices by as much as $125 a year.
Remember that these estimates are averages for all types of insureds and vehicles and are not factoring in a vehicle location for a Toyota Corolla. So the insurer that can offer the best rates for your situation may not even be in the top 30 companies in the list above. That’s why you need to get quotes using your own personalized driver profile and vehicle information.
Get discounts on Nashville car insurance
Insurers that provide policies for a Toyota Corolla may also offer rate discounts that can lower rates by 35% or more if you can meet the requirements. A list of companies and a summarized list of policyholder discounts are:
- GEICO offers premium reductions for good student, anti-lock brakes, driver training, emergency military deployment, membership and employees, and air bags.
- Auto-Owners Insurance may include discounts for mature driver, anti-theft, safe driver, anti-lock brakes, safe vehicle, and paid in full.
- American Family may offer discounts for good student, defensive driver, TimeAway discount, accident-free, mySafetyValet, bundled insurance, and good driver.
- Esurance may have discounts that include anti-theft, homeowner, online shopper, defensive driver, multi-policy, Pac-12 alumni, and anti-lock brakes.
- Progressive discounts include good student, online signing, online quote discount, multi-policy, multi-vehicle, and continuous coverage.
- State Farm offers discounts for multiple policy, passive restraint, multiple autos, Steer Clear safe driver discount, and Drive Safe & Save.
- AAA has savings for education and occupation, multi-policy, multi-car, good student, good driver, AAA membership discount, and pay-in-full.
The chart below shows the difference between car insurance rates with and without some available policy discounts. The rates are based on a female driver, no violations or claims, Tennessee state minimum liability limits, full coverage, and $1,000 deductibles.
The first bar for each age group shows insurance cost with no discounts. The lower bar shows the rates with marriage, passive restraint, multiple policy, homeowner, vehicle safety, and defensive driving course discounts applied. When these discounts are applied to the policy premium, the average amount saved each year on insurance for a Toyota Corolla is 28% or $403.
Cost of full coverage
Reducing the cost of insurance should be important to the majority of vehicle owners, and an easy way to pay lower rates for insurance for a Toyota Corolla is to not pay for full coverage. The diagram below shows the comparison of annual premium costs with full physical damage coverage and with liability coverage only. The information is based on no claims or driving citations, $100 deductibles, marital status is single, and no discounts are taken into consideration.
If averaged out across all ages, physical damage coverage costs an additional $2,115 per year over liability only. A very common question is if buying full coverage is a good investment. There is no definitive formula to eliminate full coverage, but there is a general guideline. If the annual cost of coverage is more than around 10% of the vehicle’s replacement cost less your deductible, then it may be the right time to buy liability only.
For example, let’s say your vehicle’s settlement value is $9,000 and you have $1,000 full coverage deductibles. If your vehicle is severely damaged, the most you would get paid by your company is $8,000 after paying your deductible. If you are paying over $800 a year for your policy with full coverage, the it may be a good time to stop paying for full coverage.
How accidents and tickets impact rates
The recommended way to score the most affordable insurance rates in Tennessee for a Corolla is to be a safe driver and avoid accidents and keep your driving record clean. The information below demonstrates how traffic citations and at-fault claims can drive up car insurance rates for each age group. The data assumes a single male driver, full coverage, $100 deductibles, and no policy discounts are applied.
In the chart above, the average cost of auto insurance in Tennessee per year with no accidents or violations is $2,155. Factor in two speeding tickets and the average cost jumps to $2,868, an increase of $713 each year. Next add one accident along with the two speeding tickets and the annual cost of insurance for a Toyota Corolla goes up to an average of $3,584. That’s an increase of $1,429, or $119 per month, just for not being more responsible behind the wheel!
If you wish to have professional advice when shopping around for cheaper insurance for a Toyota Corolla, the agents shown below can provide answers to your questions and help you determine which policy is best.
To find an agent in your neighborhood, click the button at the bottom or click here to compare price quotes.
- Michael Davis – State Farm Insurance Agent
2817 West End Ave #209 – Nashville, TN 37203 – (615) 321-3388 - Fridrich, Pinson and Associates Insurance Agency
3825 Bedford Ave #203 – Nashville, TN 37215 – (615) 327-0105 - MJC Insurance Group
1506 Church St Suite 2 – Nashville, TN 37203 – (615) 873-1988 - GEICO Insurance Agent
14981 Old Hickory Boulevard – Nashville, TN 37211 – (615) 376-2969 - HQ Insurance, Inc.
2451 Atrium Way – Nashville, TN 37214 – (615) 884-3535