Unbelievable but true according to a study 70% of consumers kept their coverage with the same insurance company for over three years, and about 40% of consumers have never even compared rates from other companies. Consumers in Colorado Springs could save roughly $605 a year, but they underestimate the amount of money they would save if they changed companies.
The most effective way to get the cheapest Toyota Corolla insurance in Colorado Springs is to compare prices regularly from companies who sell insurance in Colorado.
- Try to understand auto insurance and the things you can control to drop your rates. Many things that are responsible for high rates like your driving record and an imperfect credit history can be amended by paying attention to minor details. Read the full article for information to get better rates and find additional discounts you may qualify for.
- Quote rates from direct, independent, and exclusive agents. Exclusive and direct companies can only provide price estimates from one company like GEICO or Allstate, while agents who are independent can provide price quotes for a wide range of companies.
- Compare the new quotes to the premium of your current policy and see if you can save money. If you find a better price and decide to switch, ensure coverage does not lapse between policies.
A good tip to remember is that you use identical coverage information on each quote and and to get prices from as many car insurance companies as possible. This provides an apples-to-apples comparison and plenty of rates choose from.
Most larger insurance companies provide prices for coverage direct online. The process is fairly simple as you simply type in the coverage amounts you desire as requested by the quote form. Once you submit the form, their quoting system requests your credit score and driving record and provides a quote.
This makes it simple to compare prices and it is important to compare as many rates as possible if you are searching for the cheapest car insurance rates.
To use this form to compare rates, compare rates now from the companies shown below. To compare your current rates, we recommend you type in deductibles and limits identical to your current policy. This ensures you will get rate comparison quotes for similar coverage.
The providers in the list below have been selected to offer quotes in Colorado Springs, CO. To get cheap car insurance in Colorado Springs, it’s a good idea that you visit as many as you can to get the lowest price.
Toyota Corolla insurance charts and tables
The rate information shown below highlights a range of insurance rates for Toyota Corolla models. Being able to understand how insurance quotes are established is important for making smart choices when buying a car insurance policy.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Get Your Own Custom Quote Go|
Above prices assume single male driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Colorado minimum liability limits. Discounts applied include safe-driver, claim-free, homeowner, multi-vehicle, and multi-policy. Premium amounts do not factor in specific zip code location which can affect premium rates considerably.
Insurance rate increases from tickets or accidents
The illustration below illustrates how speeding tickets and accidents can raise Toyota Corolla car insurance costs for each different age category. The data is based on a married male driver, comprehensive and collision coverage, $100 deductibles, and no discounts are factored in.
Price comparison of only insuring for liability
The diagram below illustrates the comparison of Toyota Corolla car insurance costs with full physical damage coverage and with liability coverage only. The information is based on a clean driving record, no claims, $500 deductibles, single marital status, and no discounts are applied to the premium.
When to drop comp and collision
There is no definitive rule that works best for making the decision to drop comprehensive and collision coverage on your policy, but there is a general guideline. If the yearly cost for physical damage coverage is 10% or more of any settlement you would receive from your insurance company, then it could be time to drop full coverage.
For example, let’s pretend your Toyota Corolla book value is $8,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled, you would only receive $7,000 after you pay the deductible. If premiums are more than $700 annually for full coverage, then you might consider buying liability only.
There are some cases where dropping full coverage is not in your best interest. If you still have a loan on your vehicle, you must maintain physical damage coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if your finances do not allow you to purchase a different vehicle if your current one is damaged, you should keep full coverage on your policy.
It may be expensive, but it’s not optional
Despite the high insurance cost for a Toyota Corolla in Colorado Springs, maintaining insurance is not optional due to several reasons.
- The majority of states have mandatory insurance requirements which means it is punishable by state law to not carry specific minimum amounts of liability insurance if you don’t want to risk a ticket. In Colorado these limits are 25/50/15 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $15,000 of property damage coverage.
- If you bought your vehicle with a loan, it’s most likely the lender will have a requirement that you carry insurance to guarantee loan repayment. If you do not pay your insurance premiums, the lender may insure your Toyota at an extremely high rate and force you to pay for the expensive policy.
- Auto insurance preserves not only your car but also your financial assets. It will also pay for medical transport and hospital expenses for you, any passengers, and anyone injured in an accident. Liability coverage, the one required by state law, will also pay for a defense attorney in the event you are sued. If damage is caused by hail or an accident, comprehensive (other-than-collision) and collision coverage will cover the damage repairs after a deductible is paid.
The benefits of carrying enough insurance more than cancel out the cost, particularly for liability claims. The average driver in Colorado is overpaying over $865 each year so you should quote rates at least once a year to save money.
Components of Your Toyota Corolla Insurance Rates
A large part of saving on auto insurance is knowing some of the factors that aid in calculating the price you pay for auto insurance. If you understand what controls the rates you pay, this allows you to make educated decisions that can earn you lower rates.
Incidental coverages push up costs – There are quite a few additional coverages you can purchase if you don’t pay attention. Add-on coverages like rental car reimbursement, towing, and motor club memberships may be costing you every month. You may think they are a good idea when talking to your agent, but if you’ve never needed them in the past remove them and pocket the money.
Gender impacts premiums – The statistics show that females tend to be a little less risky than males. It does not mean females are better drivers. Females and males get in fender benders in similar numbers, but males cause more damage. Not only that, but men also get cited for more serious violations such as driving while intoxicated (DWI) or driving recklessly.
The information below illustrates the difference between Toyota Corolla yearly insurance costs for male and female drivers. The prices are based on a clean driving record, no at-fault accidents, full coverage, $1,000 deductibles, single marital status, and no discounts are factored in.
Urban residents pay more – Residing in smaller towns and rural areas of the country can be a good thing when trying to find low car insurance rates. Fewer people means a lower chance of having an accident and lower theft and vandalism rates. Drivers who live in large Colorado cities have congested traffic and more time behind the wheel. More time commuting means more chance of being in an accident.
Choose high safety ratings and save – Cars with high safety ratings get lower rates. Vehicles built for safety help reduce the chance of injuries in an accident and fewer injuries means lower claim amounts passed on to you as lower rates. If your Toyota Corolla scored at minimum an “acceptable” rating on the Insurance Institute for Highway Safety website or four stars on the National Highway Traffic Safety Administration website you are probably receiving a discount.
Experienced drivers are lower risk – Mature drivers are more cautious drivers, are lower risk to insure, and are safer drivers. Teen drivers have been known to be careless and easily distracted when behind the wheel so auto insurance rates are higher.
The following chart uses these variables: single driver, full coverage with $100 deductibles, and no discounts or violations.
Toyota Corolla historical loss data – Auto insurance companies factor in insurance loss information to calculate a rate that will offset any claims. Vehicles that the statistics show to have a higher amount or frequency of claims will have higher rates. The table shown below demonstrates the compiled insurance loss statistics for Toyota Corolla vehicles.
For each insurance policy coverage type, the loss probability for all vehicles, regardless of make or model, equals 100. Numbers that are below 100 suggest losses that are better than average, while values over 100 point to more claims or a tendency for losses to be larger than average.
|Specific Toyota Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
When selecting proper insurance coverage for your personal vehicles, there isn’t really a one-size-fits-all type of policy. Every situation is different so this has to be addressed.
For example, these questions might help in determining whether your personal situation may require specific advice.
- Can my teen drive my company car?
- Do I need replacement cost coverage?
- Is my dog or cat covered if injured in an accident?
- Do I really need UM/UIM coverage?
- Will filing a claim cost me more?
- Can I make deliveries for my home business?
- Will my Toyota Corolla be repaired with OEM or aftermarket parts?
If you can’t answer these questions, you may need to chat with a licensed insurance agent. To find an agent in your area, simply complete this short form or you can go here for a list of companies in your area.
Don’t give up on cheap rates
As you go through the steps to switch your coverage, make sure you don’t buy less coverage just to save a little money. There have been many situations where an accident victim reduced comprehensive coverage or liability limits only to find out that it was a big error on their part. Your objective should be to purchase plenty of coverage at the best cost, but do not sacrifice coverage to save money.
We just showed you a lot of information how to get a better price on Toyota Corolla insurance in Colorado Springs. The key thing to remember is the more you quote Colorado Springs auto insurance, the better likelihood of getting low cost Colorado Springs auto insurance quotes. You may even be surprised to find that the lowest priced auto insurance comes from some of the lesser-known companies. Smaller companies may only write in your state and offer lower prices as compared to the big name companies such as Progressive or GEICO.
Discount Toyota Corolla insurance in Colorado Springs can be found from both online companies in addition to many Colorado Springs insurance agents, and you should be comparing both in order to have the best price selection to choose from. A few companies do not provide online price quotes and most of the time these small, regional companies prefer to sell through independent agencies.
- Teen Driver Licensing Information (iihs.org)
- Who Has Affordable Colorado Springs Car Insurance for Felons? (FAQ)
- Who Has Affordable Car Insurance Quotes for College Graduates in Colorado Springs? (FAQ)
- Who Has Affordable Car Insurance Quotes for Drivers Over Age 70 in Colorado Springs? (FAQ)
- How Much are Colorado Springs Auto Insurance Quotes for a Toyota Camry? (FAQ)
- Who Has Affordable Car Insurance for Handicapped Drivers in Colorado Springs? (FAQ)
- Auto Theft Statistics (Insurance Information Institute)
- How to Avoid Common Accidents (State Farm)