Who Has the Cheapest Insurance Quotes for a Toyota Corolla in Maryland?

When the topic is auto insurance, the word “cheap” really should not be used anywhere to describe car insurance prices. It’s a simple fact that cheap auto insurance for a Toyota Corolla may be a thing of the past. Don’t let that spoil your day, because we will show you how you can still get auto insurance that works with your budget.

Your chances of finding the cheapest car insurance for a Toyota Corolla in Maryland relies on a complicated equation that takes into consideration things such as if you are married or single, if you currently have coverage, and if your driving record shows any at-fault accidents. Maryland drivers will pay on average $820 every 12 months to buy Toyota Corolla insurance, but that cost is a ballpark figure that rates a 50-year-old married male driver that includes both comprehensive and collision coverage and $1,000 policy deductibles.

Chances are that rate is not what you would pay, because most likely you’re not a 50-year-old male, possibly single instead of married, and maybe you have sub-par credit that needs to be factored in. Auto insurance is unique to each driver, so the way we recommend to find cheap insurance prices for your Toyota is to make a habit of comparing prices at least once a year. Quotes are free and you will receive prices from top-rated car insurance companies that insure Toyota vehicles in Maryland.

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The trim level of your Toyota tends to impact the coverage cost, so the rate you pay to insure a Corolla LE trim level will be $18 cheaper than the price to insure the higher-end Corolla XRS model, as shown below.

Price data assumes married male driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Maryland minimum liability limits. Discounts applied include safe-driver, claim-free, homeowner, multi-policy, and multi-vehicle. Premium amounts do not factor in the specific area where the vehicle is garaged which can increase or decrease coverage rates significantly.

Comparing rates for reasonably-priced insurance is not the easiest thing to accomplish, and deciding which companies quote the lowest-priced auto insurance rates for a Toyota Corolla will require even more work. Each insurance company has a different formula to set their prices, so we’ll take a look at the auto insurance companies that tend to have lower prices in Maryland.

Cheap Insurance Rates for Your Corolla

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USAA has some of the most affordable car insurance rates in Maryland at around $920 each year. Liberty Mutual, Penn National, Erie, and State Auto would also be considered some of the lowest-priced Maryland auto insurance companies.

In the above rates, if you are a policyholder with State Auto and switched to Liberty Mutual, you might achieve an annual premium reduction of around $134. Maryland drivers with Amica could save as much as $203 a year, and MetLife customers might see rate reductions of $322 a year.

These policy rates are averaged across all types of drivers and the different vehicles they drive and do not take into consideration a specific rate value for a Toyota Corolla. So the car insurance company that can offer the best rates for your situation may not even be in the rate chart shown above. That illustrates why you need to get car insurance quotes using your own specific driver and vehicle information.

Difference between full coverage and liability only rates

Finding the cheapest insurance for a Toyota Corolla in Maryland should be important to the majority of vehicle owners, and one good way to lower the cost of insurance is to buy liability only. The diagram below compares car insurance rates with full physical damage coverage compared to only buying liability only. The premiums are based on a clean driving record, no claims, $250 deductibles, marital status is single, and no discounts are applied.

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If the expense is averaged for all age categories, full coverage on your policy costs $2,697 per year over and above liability coverage. At some point, every insured wonders if physical damage coverage is worth the money. There is no exact rule to eliminate full coverage on your policy, but there is a general school of thought. If the annual cost of having full coverage is more than around 10% of the replacement cost minus the deductible, then you might consider buying liability only.

Auto insurance rates are higher with tickets and accidents

The best way to snag cheap auto insurance prices for a Corolla is to be a good driver and avoid getting tickets or having accidents. The illustration below illustrates how traffic citations and at-fault claims raise annual premium costs for each age group. The costs are based on a single male driver, comp and collision included, $250 deductibles, and no additional discounts are factored in.

google.charts.setOnLoadCallback(drawVioqcibChart);function drawVioqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘No Violations or Accidents’, ‘One Speeding Ticket and No Accidents’, ‘One Speeding Ticket and Two Accidents’],[‘Age 20’, 4653,4993,7897],[‘Age 30’, 2381,2723,5627],[‘Age 40’, 2371,2713,5615],[‘Age 50’, 2155,2497,5401],[‘Age 60’, 2083,2427,5331],[‘Age 70’, 2539,2883,5787]]);var options = {title: ‘Effect of Tickets and Claims on Maryland Toyota Corolla Insurance’,titleTextStyle: {color: ‘#333’, fontSize: 17, bold: true},width: ‘100%’,height: 600,’chartArea’: {left:100,top:50,’width’: ‘100%’, ‘height’: ‘70%’},legend: {position: ‘bottom’,textStyle: {fontSize: 12}},colors:[‘#b2da64′,’#eed355′,’#e39e71’],hAxis: {title: ‘Annual Insurance Cost for a Toyota Corolla in Maryland’,minValue: 0,format: ‘$###,###’},vAxis: {title: ‘Age of Insured’}};var formatter = new google.visualization.NumberFormat({fractionDigits: 0,prefix: ‘$’});formatter.format(data,1);formatter.format(data,2);formatter.format(data,3);var chart = new google.visualization.BarChart(document.getElementById(‘qcibvio’));chart.draw(data, options);}

The data above shows the average cost of a car insurance policy in Maryland per year with no violations or accidents is $2,697. Factor in one speeding ticket and the average cost jumps to $3,039, an increase of $342 each year. Now throw in two accidents along with the one speeding ticket and the yearly cost of auto insurance for a Toyota Corolla jumps again to an average of $5,943. That’s an increase of $3,246, or $271 per month, just for not driving responsibly!

How to get the cheapest insurance for a Toyota Corolla in Maryland

The list below summarizes some money-saving suggestions that can help drivers buy more affordable coverage.

• Maintain a safe distance and avoid accidents
• Increase your credit score
• Keep your driving record clean
• Buy a safer vehicle
• Drop full coverage on older vehicles
• Increase the comprehensive and collision deductibles on your policy
• Compare rates often to find the best deal

The last item on the list is particularly significant, as was discussed in this article. Car insurance rates can be changed at any time, so don’t be hesitant to buy a policy from a new company if you find a better deal.

Brand loyalty is great, but it’s not a good idea if that loyalty results in overpaying lots of hard earned cash every month. If you have a few minutes, now is a great time to compare prices and find cheaper car insurance for a Toyota Corolla.