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

Buying cheap car insurance for a Toyota Corolla in Maine relies on a pretty complex algorithm that uses a lot of factors such as how far you commute, your profession, and any prior driving citations you have received. Drivers pay around $610 every 12 months to insure a Toyota Corolla, but that is an estimation using rate data for a 50-year-old single female driver that includes full comprehensive and collision coverage and $250 deductibles.

More than likely, you are not 50 years old and maybe not even female, maybe you are married instead of single, and maybe your Corolla just needs liability-only coverage. Have just a small change in rating variables or coverage information can induce significant differences in the cost of coverage for a Toyota Corolla.

There is no one cookie-cutter policy that works for everyone, so the most reliable way to find cheap auto insurance rates for your Toyota is to make a habit of comparing prices at least once a year.

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The trim level of your vehicle tends to impact the annual cost of coverage, so the price you will be charged to insure a Corolla LE trim level will be $16 cheaper than the cost to insure the more well-appointed Corolla XRS trim level, as shown in the chart below.

Cost estimates assume single female driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and Maine minimum liability limits. Discounts applied include homeowner, safe-driver, multi-vehicle, claim-free, and multi-policy. Information does not factor in the specific area where the vehicle is garaged which can lower or raise rates noticeably.

Finding decent, cheap insurance is tough enough, and finding out which companies offer the lowest-priced auto insurance rates for a Toyota Corolla takes even more diligence. Every car insurance company has a proprietary formula for determining prices, so first we will examine the most budget-friendly auto insurance companies in Maine.

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Travelers quotes some of the lowest car insurance rates in Maine at around $606 a year. USAA, Countryway Insurance, Patriot, and Vermont Mutual also rank well as some of the most economical Maine insurance companies.

As illustrated above, if you currently buy coverage from Countryway Insurance and switched to Travelers, you may see yearly savings of around $93. Customers with Patriot might save as much as $104 a year, and Vermont Mutual insureds might realize rate reductions of up to $115 a year.

Bear in mind that those premium estimates are averages for all types of drivers and the different vehicles they drive and are not factoring in a specific rate factor for a Toyota Corolla. So the insurer that has the cheapest price for you may not even be featured in the list of companies above. That underscores the importance of why you need to get car insurance quotes using your own individual information.

Insurance rate increases from tickets or accidents

The common sense way to find the cheapest insurance for a Toyota Corolla in Maine is to be a safe driver and avoid accidents and traffic violations. The illustration below shows how violations and at-fault claims influence insurance costs for different age groups of insureds. The information is based on a married male driver, comp and collision included, $100 deductibles, and no discounts are applied to the premium.

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In the prior example, the average cost of an auto insurance policy in Maine per year with no accidents and a clean driving record is $1,282. Factor in two speeding tickets and the average cost swells to $1,776, an increase of $494 each year. Then throw in two accidents along with the two speeding tickets and the 12-month cost of auto insurance for a Toyota Corolla goes up to an average of $3,481. That’s an increase of $2,199, or $183 per month, just for not being attentive to the road!

Difference between full coverage and liability only rates

Finding the cheapest insurance for a Toyota Corolla in Maine is important to most people, and one common way to reduce the cost of insurance is to only buy liability coverage. The chart below compares insurance rates with liability coverage only compared to full coverage. The rate quotes are based on no accidents, no driving violations, $500 deductibles, drivers are not married, and no discounts are taken into consideration.

google.charts.setOnLoadCallback(drawFclqcibChart);function drawFclqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘Full Coverage with $500 Deductibles’, ‘Liability Only’],[‘Age 20’, 2087,735],[‘Age 30’, 1079,407],[‘Age 40’, 1067,379],[‘Age 50’, 975,355],[‘Age 60’, 945,349],[‘Age 70’, 1157,463]]);var options = {title: ‘Full Coverage Rates Versus Liability Only Rates’,titleTextStyle: {color: ‘#333’,fontSize: 17,bold: true},width: ‘100%’,height: 500,’chartArea’: {left:100,top:50,’width’: ‘100%’, ‘height’: ‘70%’},legend: {position: ‘bottom’},colors: [‘#6791b9′,’#98bee2’],hAxis: {title: ‘Annual Insurance Cost for a Toyota Corolla in Maine’,minValue: 0,format: ‘$###,###’},vAxis: {title: ‘Age of Insured’}};var formatter = new google.visualization.NumberFormat({fractionDigits: 0,prefix: ‘$’});formatter.format(data,1);formatter.format(data,2);var chart = new google.visualization.BarChart(document.getElementById(‘qcibfcl’));chart.draw(data, options);}

As an overall average, physical damage insurance costs an additional $1,218 per year more than buying just liability insurance. That is a big expense that brings up the question if paying for full coverage is a waste of money. There is no definitive formula that works best for making the decision to drop full coverage, but there is a general guideline you can use. If the yearly cost of full coverage is more than around 10% of the settlement you would receive from your company, then you might consider buying liability only.

For example, let’s say your vehicle’s replacement cost is $11,000 and you have $1,000 deductibles. If your vehicle is damaged in an accident, you would only receive $10,000 after you pay the deductible. If you are paying over $1,000 annually for your policy with full coverage, then it might be time to buy liability only.

There are a few cases where dropping physical damage coverage is not in your best interest. If you still owe a portion of the original loan, you are required to maintain full coverage to protect the lienholder’s interest in the vehicle. Also, if your savings is not enough to buy a different vehicle in the even your car is totaled, you should not drop full coverage.

Cheap Toyota Corolla insurance quotes

There are many different ways to find lower-cost auto insurance in Maine, but the most popular are either through an exlusive agent such as Allstate or Liberty Mutual, a non-exclusive or independent agent, or direct online or over the phone from a company like Geico or Progressive. They all have the same end result, but it’s important to point out the distinctions in how they give price quotes.

Independent insurance agents have contracts with many companies and can get rate quotes from all of them. These types of agencies will get prices from more than one company, which may give you the best chance of saving money. If a cheaper price is found, they simply move the coverage in-house and you don’t have to do anything.

An exclusive ageny is restricted to a single company, examples being a State Farm or Farmers agent. They generally cannot quote rates from more than one company, so it’s a take it or leave it situation.

Buying direct means you forego an independent or exclusive agent and instead shop direct either online or via phone. This option is good for drivers who do not have complex finances and have knowledge of what is covered and what is not.

Which method works best to buy the cheapest insurance for a Toyota Corolla in Maine? Most people assume that buying direct saves the most money since there isn’t an agent involved, but that turns out to not be true. A valid argument could also be made that buying auto insurance from an independent agent is the best way to go since they can quote with many companies, but that idea is not necessarily true either. In many circumstances, exclusive agents have very competitive rates that other companies cannot beat.

Due to the fact that auto insurance rates vary so much, the guaranteed way to get the cheapest rates is to get quotes and compare the rates. It’s recommended that drivers get price quotes from all three in order to have enough rates to compare. For a list of companies with some of the cheapest Maine auto insurance rates, click here to view.