Cheapest Insurance for a Toyota Corolla in North Carolina

Buying affordable coverage for a Toyota Corolla in North Carolina hinges on a lot of rating criteria such as the safety features of your vehicle, whether or not you are currently insured, and deductibles for comprehensive and collision coverage. Drivers pay approximately $930 each year to buy insurance for a Toyota Corolla, but that cost is a valuation based on rates for a 40-year-old single female driver that purchased full physical damage coverage and $100 policy deductibles.

This brings up the issue that more than likely you’re not a 40-year-old female, you might be married instead of single, or maybe you have a violation on your driving record. Even a very minor difference in quote information can cause big differences in price quotes.

Auto insurance is unique to every driver, so the best way to quote the cheapest coverage for your Toyota is to shop your policy around at every renewal.

Cheapest Toyota Corolla Insurance Rates

The trim level of your Toyota tends to have a direct effect on the insurance rate, so the price you will pay to insure a Corolla LE will be $26 less than the insurance cost for the higher-end Corolla XRS trim level, as shown by the rates below.

Price data assumes single female driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and North Carolina minimum liability limits. Discounts applied include claim-free, multi-policy, multi-vehicle, homeowner, and safe-driver. Premium amounts do not factor in specific zip code location which can impact rates substantially.

What is the best car insurance company in North Carolina?

Finding a highly-rated company can be a challenge considering how many companies there are in North Carolina. The company rank data listed below can help you analyze which auto insurers you want to consider shopping prices with. These ratings are only made up of companies with a nationwide focus, so companies that only write business in North Carolina or surrounding areas are not taken into consideration for these rankings.

Top 10 Large Car Insurance Companies in North Carolina Ranked by Value

1. Travelers
2. American Family
3. AAA Insurance
4. Safeco Insurance
5. Progressive
6. The Hartford
7. The General
8. 21st Century
9. Esurance
10. Titan Insurance

Top 10 Large Car Insurance Companies Overall in North Carolina

1. Travelers
2. USAA
3. AAA Insurance
4. Nationwide
5. Allstate
6. State Farm
7. The Hartford
8. Safeco Insurance
9. Progressive
10. American Family

Top Companies for Toyota Corolla Insurance in North Carolina

Liability-only versus full coverage

Finding the cheapest insurance for a Toyota Corolla in North Carolina should be important to the majority of people, and one easy way to find cheap insurance is to buy only liability coverage. The information below compares insurance rates with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The premiums are based on no accidents or driving violations, $250 deductibles, drivers are not married, and no discounts are applied.

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If we average the cost for all age groups, physical damage insurance costs $1,664 per year over and above liability only. Lot’s of drivers question if paying for full coverage is a waste of money. There is no definitive rule of when to drop physical damage coverage, but there is a general convention. If the yearly cost of comp and collision coverage is more than 10% of replacement cost minus your deductible, then you might want to consider buying only liability coverage.

For example, let’s assume your vehicle’s book value is $8,000 and you have $1,000 full coverage deductibles. If your vehicle is destroyed, the most your company will settle for is $7,000 after paying the physical damage deductible. If premium cost is more than $700 a year for comprehensive and collision coverage, the it may be a good time to stop paying for full coverage.

Why you should be comparing rates

North Carolina car insurance rates are calculated based on many things that can increase the price you pay. Simply improving your credit, moving to a different location, or getting a couple of tickets can trigger price changes that can now make some companies cheaper than before.

Additionally, companies file new North Carolina auto insurance rates as often as every three months in order to offset underwriting gains or losses. Higher than usual claims can result in price increases, while lower claims can cause lower-priced Corolla insurance rates.

To illustrate this point, the data below shows a variety of companies that have the cheapest car insurance in North Carolina for a 45-year-old male driver with a good driving record, no prior claims, and good credit. Based on his current risk factors, Progressive might offer the cheapest car insurance rates in North Carolina at $639 a year. This is $233 less than the average rate paid by North Carolina drivers of $872. Utica National, Penn National, GEICO, and Liberty Mutual are also included in the cheapest North Carolina auto insurance companies.

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The chart below compares rates after we give the driver from the above example a chargeable claim, a lower credit rating, and a stop sign violation. Because each insurer has a proprietary formula for setting prices, comparing quotes will most likely result in a completely different list of the cheapest companies as shown below.

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State Farm now has the best price on car insurance in North Carolina with Titan, Utica National, Auto-Owners, and Erie completing the list. This example demonstrates why it is crucial to shop around to find the most economical insurance rates for a Toyota Corolla.

Prices are impacted by many risk factors and can decrease or increase without notice, so the cheapest company six months ago may now be an over-priced policy.

Cheapest Toyota Corolla insurance quotes

Drivers have many ways to find lower-cost car insurance in North Carolina, but the most prevalent methods are from a captive (or exclusive) agency such as Allstate or Auto-Owners, an independent insurance agent, or buying direct from a company like Progressive or Geico.

Each way is similar, but buyers should know the differences in how they price policies.

Independent agents write for multiple companies and can get rate quotes from every one. Agents of this type are usually affiliated with several companies and can give you more rates, which can help you get the best chance of saving money. If a cheaper price is found, your policy is moved internally which requires no work on your part.

Exclusive agencies are usually restricted to just one company, two examples being a State Farm or Allstate agent. These agents normally cannot compare rates from other companies, so if prices are high they cannot provide alternatives.

If you choose to buy car insurance direct, you skip either of the other two types of agents and instead shop buying direct from a company like Esurance or Progressive. This option is a good choice for drivers who have little risk and have a good understanding of what car insurance covers and what it doesn’t.

So which way is best for finding the cheapest insurance for a Toyota Corolla in North Carolina? One answer would be buying from a direct car insurance company saves the most money since there is no middleman, but that is not always the case. We could also say that buying from an independent agent is the best way since they can quote with many companies, but that assumption is not true either. For some people, exclusive agencies may have very competitive prices that independents and direct companies can’t touch.

Since car insurance prices are based on many different factors, the only true way to make sure you’re not overpaying for car insurance is to compare lots of quotes. Experts recommend getting quotes from all three to have the best selection of rates to choose from. For a list of companies offering online discounts, click here to view.

Tips to find economical car insurance for a Toyota Corolla

The list below shows some of the recommended penny-pinching suggestions that can help you buy more affordable auto insurance.

• Raise deductibles to save money
• Do not pay for comprehensive and collision coverage on older vehicles
• Avoid filing excessive claims
• Do not get traffic tickets
• Avoid having at-fault accidents
• Compare rate quotes frequently

The final tip is especially necessary, as was emphasized in this article. Prices charged by car insurance companies can change significantly in a year, so don’t hesitate to switch companies if you can find a cheaper rate. Staying with the same company for years is fine, but it’s not a great idea if that devotedness results in you overpaying thousands of dollars over several years. It takes less than five minutes to compare prices to find cheaper car insurance for a Toyota Corolla.