Save Money on Toyota Corolla Insurance in Minneapolis

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.

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 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.

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.

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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