How Much Does Insurance Cost for a Toyota Corolla in Virginia?

The odds of finding the cheapest auto insurance for a Toyota Corolla in Virginia is contingent on a whole bunch of rating criteria such as the safety features built into your vehicle, what you do for a living, and if your driving record shows any at-fault accidents. Drivers will pay on average $730 annually to insure their Corolla, but that policy rate is using rating data for a 40-year-old married male who purchased comprehensive and collision coverage and $250 policy deductibles.

Chances are that you are not a 40-year-old male, maybe you are single instead of married, or maybe you don’t qualify for the same discounts. What seems to be a minor change in rating factors can make a big difference in the price of coverage.

Every policy is rated specifically for the driver, so the most reliable way to find affordable rates for your Toyota is to make a habit of regularly comparing rates from other companies.

Save Now on Corolla Insurance

The specific trim level will have an impact the insurance rate, so the price you pay to insure a Corolla LE will cost $24 less than the cost to insure the higher-end Corolla XRS version, as shown in the table below.

Data variables include married male driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and Virginia minimum liability limits. Discounts applied include homeowner, safe-driver, multi-policy, claim-free, and multi-vehicle. Information does not factor in garaging location in Virginia which can raise or lower auto insurance rates noticeably.

Selecting the right insurance provider is difficult considering how many companies sell coverage in Virginia. The ranking information in the next section could help you decide which auto insurers you want to consider purchasing coverage from. These ratings are only comprised of major nationwide insurance companies, so companies without a large exposure will not be included in this list.

Top 10 Large Car Insurance Companies Overall in Virginia

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

Top 10 Large Car Insurance Companies in Virginia Ranked by A.M. Best Rating

1. Travelers – A++
2. USAA – A++
3. GEICO – A++
4. State Farm – A++
5. Erie Insurance – A+
6. Titan Insurance – A+
7. Esurance – A+
8. Progressive – A+
9. Nationwide – A+
10. The Hartford – A+

Top Companies for Toyota Corolla Insurance in Virginia

Liability rates compared to full coverage

Finding cheap insurance for a Toyota Corolla in Virginia is the goal of most drivers, and a good way to pay lower rates for insurance is to not buy comprehensive and collision coverage. The diagram below visualizes the comparison of insurance costs with full physical damage coverage compared to only buying liability only. The price estimates are based on no accidents or driving violations, $500 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 costs an additional $1,531 per year over having just liability coverage. That amount may make you wonder if paying for full coverage is worth it. There is no set rule to delete full coverage on your policy, but there is a general school of thought. If the annual cost of coverage is more than around 10% of the settlement you would receive from your company, then you might want to think about dropping full coverage.

For example, let’s say your vehicle’s book value is $8,500 and you have $1,000 policy deductibles. If your vehicle is totaled, the most your company will settle for is $7,500 after paying the physical damage deductible. If you are paying in excess of $750 a year for physical damage coverage, then you might consider buying liability only.

Reckless driving habits raise auto insurance rates

The easiest way to snag the best auto insurance premiums in Virginia for a Corolla is to drive carefully and not have accidents or get tickets. The diagram below shows how violations and fender-benders influence insurance costs for different age groups of insureds. The data is based on a married male driver, full physical damage coverage, $500 deductibles, and no discounts are taken into consideration.

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’, 2265,2457,4171],[‘Age 30’, 1173,1367,3085],[‘Age 40’, 1135,1329,3047],[‘Age 50’, 1043,1239,2953],[‘Age 60’, 1023,1217,2935],[‘Age 70’, 1189,1385,3099]]);var options = {title: ‘Effect of Tickets and Claims on Virginia 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 Virginia’,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);}

In the prior example, the average cost of auto insurance in Virginia per year with no accidents or violations is $1,305. Factor in one speeding ticket and the average cost swells to $1,499, an increase of $194 each year. Then throw in two accidents along with the one speeding ticket and the yearly cost of auto insurance for a Toyota Corolla increases to an average of $3,215. That’s an increase of $1,910, or $159 per month, just for not driving responsibly!

Find cheap insurance for a Toyota Corolla in Virginia

Lowering your rates is not difficult, and here are some penny-pinching solutions that can help drivers buy cheaper auto insurance.

• Increase your comprehensive and collision deductibles
• Do not file small claims
• Accidents can significantly increase rates
• Do not get traffic citations
• Remove physical damage coverage on older vehicles
• Check for cheaper rates once a year

The last item on the list is extraordinarily necessary, as we emphasized in the prior article. Insurance prices in Virginia can be changed at any time, so don’t be tentative to buy a different policy if a better rate can be found.

Staying with the same car insurance company is fine, but it’s not a great idea if that loyalty ends up costing money that could be used for better things. It only takes a couple minutes to compare prices to find cheaper car insurance for a Toyota Corolla.