Cheapest Insurance Quotes for a Toyota Corolla in Utah

Because the topic is car insurance, the words “affordable” or “cheap” should never be used anywhere to describe car insurance rates. Excuse the oxymoron, but cheap car insurance for a Toyota Corolla does not exist. But don’t despair, because we are going to show you some ways you can quote and buy car insurance that won’t break your budget.

The chances that you’ll find the cheapest car insurance for a Toyota Corolla in Utah is contingent on lots of different rating factors such as miles driven annually, whether or not you have prior claims, and blemishes on your driving record. Drivers in Utah pay around $760 each year to buy Toyota Corolla insurance, but that price is a projection based on rates for a 50-year-old married male that wants both comprehensive and collision coverage and $100 deductibles.

Chances are that you are not 50 years old and maybe not even male, maybe you are single instead of married, or maybe you prefer to not insure for full coverage. Auto insurance is unique to every driver, so the best way to find the most affordable coverage for your Toyota is to do a thorough rate comparison.

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The specific model of Corolla can impact the insurance rate, so the price you will be charged to insure a Corolla LE model will be $22 lower than the price to insure the more costly Corolla XRS model, as shown below.

Data based on married male driver age 50, no speeding tickets, no at-fault accidents, $100 deductibles, and Utah minimum liability limits. Discounts applied include claim-free, multi-policy, safe-driver, homeowner, and multi-vehicle. Information does not factor in your specific Utah location which can decrease or increase insurance rates considerably.

Picking the best insurance company can be rather challenging considering how many choices drivers have in Utah. The company information below could help you select which coverage providers to look at when buying insurance for a Toyota Corolla. The ratings below are only comprised of companies with a national presence, so companies that may only write in Utah are not included in these rankings.

Full coverage rates compared to liability-only

Finding the cheapest insurance for a Toyota Corolla in Utah is the goal of most people, and an easy way to lower the cost of insurance is to buy liability only. The information below illustrates the difference between premium costs with and without physical damage coverage. The rate quotes are based on no claims or driving citations, $500 deductibles, marital status is single, and no additional discounts are factored in.

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If we average the cost for all age groups, physical damage coverage costs an extra $1,592 per year more than just buying liability only. Many of you may wonder if you should buy full coverage. There isn’t a written rule of when to exclude comprehensive and collision coverage on your policy, but there is a general school of thought. If the yearly cost for physical damage coverage is more than around 10% of the replacement cost minus the deductible, then it may be the right time to buy liability only.

For example, let’s pretend your vehicle’s replacement value is $5,000 and you have $1,000 physical damage deductibles. If your vehicle is destroyed, the most you would receive is $4,000 after paying your policy deductible. If premium cost is more than $400 a year for comprehensive and collision coverage, then it could be time to drop full coverage.

There are some conditions where only buying liability is not a good plan. If you still have a lienholder on your title, you must maintain physical damage coverage in order to keep the loan. Also, if your emergency fund is not enough to purchase a different vehicle in case of an accident, you should not opt for liability only.

The illustration below illustrates how your choice of deductibles can raise or lower yearly insurance costs when trying to find cheap insurance for a Toyota Corolla. The data assumes a single male driver, full coverage, and no discounts are factored in.

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In the chart above, a 50-year-old driver could lower their car insurance rates by $308 a year by changing their physical damage coverage from a $100 deductible up to a $500 deductible, or save $462 by changing to a $1,000 deductible. Young drivers, like the age 20 example, could drop their prices $1,016 annually by selecting a higher deductible. When increasing deductibles, it will be necessary to have additional funds squirreled away to enable you to pay the extra out-of-pocket expense, which deters some drivers from choosing higher deductibles.

Cheapest car insurance: Progressive, Allstate, State Farm, or Geico

If you are shopping around for car insurance, four of the best places to start are Progressive, Allstate, State Farm, and Geico. Combined they have 48.5% of all policies written in the United States. The data below shows some of the different options and features that are available for buyers.