Save Money on Toyota Corolla Insurance in Minneapolis

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Drivers who are new to comparing insurance rates on the web can find sourcing low cost Toyota Corolla insurance is harder than it needs to be.

How to find cheaper Toyota Corolla insurance in Minneapolis

Truthfully, the best way to get affordable car insurance rates is to do an annual price comparison from companies who provide car insurance in Minneapolis.

  • First, try to understand how auto insurance works and the measures you can take to prevent expensive coverage. Many things that result in higher rates like traffic citations and an unfavorable credit rating can be improved by being financially responsible and driving safely.
  • Second, compare rates from exclusive agents, independent agents, and direct providers. Exclusive and direct companies can only give rate quotes from one company like Progressive and State Farm, while independent agents can give you price quotes from many different companies.
  • Third, compare the quotes to your existing rates to see if you can save by switching companies. If you find better rates and decide to switch, make sure there is no lapse in coverage.
  • Fourth, provide notification to your current company to cancel your current coverage. Submit payment and a completed application to the new insurer. As soon as coverage is bound, put the certificate verifying proof of insurance above your visor, in the console, or in the glove compartment.

The most important part of this process is that you'll want to make sure you compare similar deductibles and liability limits on each quote request and and to get rates from as many different insurance providers as possible. Doing this helps ensure a level playing field and maximum price selection.

Insurance rates Toyota Corolla in MinneapolisUnfortunately, nearly 70% of customers have remained with the same car insurance company for at least four years, and almost half have never even compared quotes to find cheaper rates. With the average premium in America being $1,847, drivers could save an average of 46.5% each year by just comparing quotes, but they don't understand how simple it is to compare rates online.

If you have a policy now, you will surely be able to save money using these techniques. Our objective in writing this article is to familiarize you with how car insurance works and some money-saving tips. But Minnesota consumers must understand the methods companies use to determine premium rates and use this information to your advantage.

Most companies give prices on the web. Doing online price comparisons for Toyota Corolla insurance in Minneapolis is quite simple as all you need to do is type in the coverages you want into the form. When complete, the system will obtain credit information and your driving record and gives you a price quote based on these and other factors.

Quoting online for Toyota Corolla insurance in Minneapolis helps simplify price comparisons, and it's very important to do this if you want to find cheaper auto insurance pricing.

To find out if lower rates are available, compare rates from the companies below. If you currently have coverage, we recommend you enter the coverage information exactly as they are listed on your policy. This ensures you are getting a rate comparison for similar insurance coverage.

The car insurance companies shown below can provide free quotes in Minneapolis, MN. If you want to find the cheapest auto insurance in Minnesota, we suggest you get price quotes from several of them to find the cheapest car insurance rates.

Coverage statistics and figures

The coverage table shown next showcases estimates of prices for Toyota Corolla models. Understanding how insurance prices are calculated is important for making decisions when choosing a new policy provider.

Toyota Corolla Insurance Rates in Minneapolis, MN
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Corolla LE $192 $414 $304 $18 $92 $1,020 $85
Corolla S $192 $414 $304 $18 $92 $1,020 $85
Corolla XLE $192 $414 $304 $18 $92 $1,020 $85
Corolla XRS $216 $414 $304 $18 $92 $1,044 $87
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Data based on married male driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and Minnesota minimum liability limits. Discounts applied include claim-free, homeowner, safe-driver, multi-vehicle, and multi-policy. Price information does not factor in vehicle location which can change coverage rates considerably.

Physical damage deductibles

One of the hardest decisions when shopping for auto insurance is how high should the deductibles for physical damage be. The rates below may help you to understand the rate differences when you buy lower versus higher deductibles. The first rate estimation uses a $100 comprehensive and collision deductible and the second set of prices uses a $1,000 deductible.

Toyota Corolla insurance rates with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Corolla LE $272 $580 $318 $18 $94 $1,307 $109
Corolla S $272 $580 $318 $18 $94 $1,307 $109
Corolla XLE $272 $580 $318 $18 $94 $1,307 $109
Corolla XRS $308 $580 $318 $18 $94 $1,343 $112
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Toyota Corolla insurance rates with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Corolla LE $152 $306 $318 $18 $94 $888 $74
Corolla S $152 $306 $318 $18 $94 $888 $74
Corolla XLE $152 $306 $318 $18 $94 $888 $74
Corolla XRS $170 $306 $318 $18 $94 $906 $76
Get Your Own Custom Quote Go

Premium data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Minnesota minimum liability limits. Discounts applied include safe-driver, homeowner, multi-vehicle, multi-policy, and claim-free. Table data does not factor in specific location which can modify premium rates substantially.

Using the premium rates above, we can conclude that using a $100 deductible will cost you approximately $35 more each month or $420 every year averaged for all Corolla models than choosing the higher $1,000 deductible. Due to the fact that you would have to pay $900 more out of your own pocket with a $1,000 deductible as compared to a $100 deductible, if you average at least 26 months between claim filings, you would more than likely save some money if you choose the higher deductible.

How to determine when to raise deductibles

Average monthly premium for $100 deductibles: $110
Average monthly premium for $1,000 deductibles (subtract): - $75
Monthly savings from raising deductible: $35
Difference between deductibles ($1,000 - $100): $900
Divide difference by monthly savings: $900 / $35
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 26 months

One big caveat is that raising deductibles to get cheaper rates results in having to pay to pay more out-of-pocket if you have a claim. You need to have enough money put aside in the event you have to pay the higher deductible.

Cost of full coverage

The chart below compares Toyota Corolla annual premium costs with full coverage and liability only. Data assumes no accidents, no driving violations, $250 deductibles, drivers are not married, and no discounts are applied.

When to stop paying for full coverage

There is no specific rule for phasing out full coverage on your policy, but there is a guideline you can consider. If the annual cost of your full coverage insurance is more than about 10% of the settlement you would receive from your company, the it may be a good time to stop paying for full coverage.

For example, let's assume your Toyota Corolla replacement value is $3,000 and you have $1,000 full coverage deductibles. If your vehicle is damaged in an accident, the most you would receive is $2,000 after the deductible is paid. If you are paying in excess of $200 annually to have full coverage, then it could be time to drop full coverage.

There are some circumstances where buying only liability insurance is not a good plan. If you still owe a portion of the original loan, you have to keep full coverage to protect the lienholder's interest in the vehicle. Also, if you don't have enough money to buy a different vehicle if your current one is totaled, you should not drop full coverage.

Three good reasons to insure your Corolla

Even though it's not necessarily cheap to insure a Toyota in Minneapolis, insuring your vehicle may be required for several reasons.

  • The majority of states have minimum mandated liability insurance limits which means state laws require a minimum amount of liability insurance coverage in order to drive the car legally. In Minnesota these limits are 30/60/10 which means you must have $30,000 of bodily injury coverage per person, $60,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
  • If you have a lien on your Corolla, almost all lenders will force you to have physical damage coverage to protect their interest in the vehicle. If the policy lapses, the bank will be required to insure your Toyota at an extremely high rate and force you to reimburse them much more than you were paying before.
  • Insurance protects not only your Toyota Corolla but also your assets. It will also provide coverage for medical bills for not only you but also any passengers injured in an accident. Liability insurance, one of your policy coverages, will also pay to defend you if anyone sues you for causing an accident. If your Toyota gets damaged, collision and comprehensive (also known as other-than-collision) coverage will pay to restore your vehicle to like-new condition.

The benefits of buying insurance more than offset the price you pay, especially with large liability claims. Despite what companies tell you, the average driver is wasting up to $800 each year so it's important to compare rates each time the policy renews to be sure current rates are still competitive.

Informed Drivers Can Lower Their Insurance Rates

Lots of factors are part of the calculation when you get your auto insurance bill. Some of the criteria are obvious such as your driving record, but other criteria are not as apparent like where you live or how safe your car is.

  • Insurance premiums and vehicle performance - The performance of the car or truck you own makes a substantial difference in your auto insurance rates. Small economy passenger cars usually have the lowest premiums, but many other things help determine your insurance rates.

    The chart below is based on a single male driver age 50, full coverage with $100 deductibles, and no discounts or violations. It shows Toyota Corolla insurance premiums compared to other makes and models that have different performances.

  • Don't let your coverage lapse - Driving with no insurance is not a good idea and you will pay a penalty because you let your coverage have a gap. Not only will you pay more, not being able to provide proof of insurance will get you fines and jail time.
  • Cheaper to insure females? - The statistics show women are more cautious behind the wheel. However, don't assume that women are BETTER drivers than men. Males and females cause fender benders in similar numbers, but males tend to have higher claims. In addition to higher claims, males also get ticketed for serious violations such as DWI and reckless driving.

    The illustration below compares Toyota Corolla insurance prices for male and female drivers. The costs are based on no driving violations, no at-fault accidents, full coverage, $500 deductibles, drivers are not married, and no other discounts are factored in.

  • How much liability - The liability section of your policy will protect you if ever you are found to be at fault for damages caused by your negligence. It will provide legal defense coverage up to the limits shown on your policy. Liability is cheap when compared to the cost of physical damage coverage, so do not skimp.
  • Pleasure use saves money - Driving a lot of miles in a year's time the more you'll pay to insure your vehicle. A lot of insurance companies charge rates based on how the vehicle is used. Cars that do not get driven very much get more affordable rates than vehicles that are driven to work every day. Double check that your vehicle rating reflects the correct usage. A policy that improperly rates your Corolla can cost quite a bit.
  • Big cities mean more claims - Being located in less populated areas is a good thing when talking about car insurance. People who live in big cities tend to have congested traffic and longer commutes to work. Fewer drivers on the road corresponds to lower accident rates in addition to lower liability claims.
  • Bad credit hurts insurance premiums - Having a bad credit score factor in determining premium rates. Consumers who have excellent credit tend to file fewer claims and have better driving records than drivers who have bad credit. If your credit rating can use some improvement, you could save money insuring your Toyota Corolla by improving your credit score.
  • Insurance loss data for a Toyota Corolla - Insurers factor in historical loss data to calculate a price that offsets possible losses. Vehicles that are shown to have high amounts or severity of claims will have higher rates.

    The table below outlines the actual insurance loss data for Toyota Corolla vehicles. For each policy coverage, the claim amount for all vehicles averaged together is considered to be 100. Values that are below 100 mean the vehicle has better than average losses, while numbers shown that are more than 100 indicate higher probability of having a loss or statistically larger losses.

    Toyota Corolla Insurance Claim Statistics
    Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
    Toyota Corolla 133 111 94 156 158 128

    Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years

Cheaper auto insurance is a realistic goal

Drivers change insurance companies for a number of reasons such as high prices, denial of a claim, policy non-renewal and an unsatisfactory settlement offer. No matter why you want to switch, finding a new company is actually quite simple.

Lower-priced auto insurance in Minneapolis can be found on the web and with local Minneapolis insurance agents, so you should be comparing quotes from both so you have a total pricing picture. Some insurance providers don't offer online quoting and these regional carriers only sell coverage through local independent agents.

When buying insurance coverage, make sure you don't buy lower coverage limits just to save a few bucks. There have been many cases where consumers will sacrifice liability coverage limits to discover at claim time that the few dollars in savings costed them thousands. Your strategy should be to buy enough coverage for the lowest price while not skimping on critical coverages.

Steps to saving on Toyota Corolla insurance in Minneapolis

If you want to save money, the best way to find the cheapest price for Toyota Corolla insurance is to make a habit of comparing prices annually from companies in Minneapolis.

  • First, read and learn about how auto insurance works and the things you can change to drop your rates. Many things that cause rate increases like traffic tickets, fender benders, and a bad credit score can be eliminated by paying attention to minor details.
  • Second, quote rates from direct carriers, independent agents, and exclusive agents. Exclusive agents and direct companies can provide rates from a single company like GEICO and State Farm, while agents who are independent can provide price quotes for a wide range of insurance providers.
  • Third, compare the new rates to your existing coverage to see if cheaper Corolla coverage is available in Minneapolis. If you can save some money and decide to switch, ensure coverage does not lapse between policies.
  • Fourth, provide proper notification to your current company of your intent to cancel your current coverage and submit a signed application and payment to the new company. Once the application is submitted, put the new certificate verifying proof of insurance with your vehicle's registration.

A crucial key to this process is to make sure you enter the same level of coverage on each quote and and to look at as many companies as possible. This ensures the most accurate price comparison and a thorough price selection.

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