Cheap Insurance for a Toyota Corolla in Mississippi

The odds of finding cheaper auto insurance for a Toyota Corolla in Mississippi relies on a pretty complex algorithm that uses a lot of factors like the number of years of driving experience you have, the condition of your credit, and deductibles for comprehensive and collision coverage. Drivers in Mississippi will pay around $850 annually to buy Toyota Corolla insurance, but that figure is using cost data for a 30-year-old single male driver that includes full coverage including both comprehensive and collision and $1,000 physical damage deductibles.

There is a high likelihood that you may not be 30 years old (or even male), you might be married instead of single, or maybe you’ve had an at-fault accident or two. Having even a minor difference in input factors can induce significant differences in the cost of insurance for a Toyota Corolla.

Car insurance prices are based on the driver profile the only real way to find cheap auto insurance rates for your Toyota is to comparison shop your policy at every renewal or at least every couple of years.

View Toyota Corolla Insurance Rates

The trim level of your Toyota will likely have an effect on the cost of coverage, so the price you will be charged to insure a Corolla LE trim level will be $22 less expensive the insurance cost for the more costly Corolla XRS version, as demonstrated by the prices below.

Table data represents single male driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and Mississippi minimum liability limits. Discounts applied include claim-free, homeowner, multi-policy, safe-driver, and multi-vehicle. Premium amounts do not factor in specific Mississippi garaging location which can alter premiums considerably.

Determining which insurers offer the cheapest car insurance rates for a Toyota Corolla will involve a tad more effort in order to find the best policy. Each auto insurer has a different formula for determining prices, so let’s take a look at the lowest cost car insurance companies in Mississippi.

We do need to point out that Mississippi car insurance rates are influenced by many factors that control the price of coverage. Turning one year older, increasing deductibles, or getting a driving violation can trigger changes in premium that can make some companies more affordable than before.

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google.charts.setOnLoadCallback(drawMST5qcibChart);function drawMST5qcibChart() {var data = google.visualization.arrayToDataTable([[‘Company’, ‘Rate’, { role: ‘style’ }], [‘USAA’, 831, ‘#67CF33’], [‘Travelers’, 1020, ‘#55AC2A’], [‘Unitrin’, 1144, ‘#468F23’], [‘Direct General’, 1317, ‘#3A771D’], [‘ALFA’, 1378, ‘#306318’]]);var options = {title: ‘Top Five Low-Priced Car Insurance Companies in Mississippi’,titleTextStyle: {color: ‘#333’, fontSize: 17, bold: true},width: ‘100%’,height: 300,’chartArea’: {left:0,top:50,’width’: ‘100%’, ‘height’: ‘70%’},bar: {groupWidth: “90%”},legend: {position: ‘none’},vAxis: {viewWindowMode:’explicit’,viewWindow:{max:1478,min:0}}};var formatter = new google.visualization.NumberFormat({fractionDigits: 0,prefix: ‘$’});var view = new google.visualization.DataView(data);view.setColumns([0, 1,{ calc: “stringify”,sourceColumn: 1,type: “string”,role: “annotation” },2]);formatter.format(data,1);formatter.format(data,2);var chart = new google.visualization.ColumnChart(document.getElementById(‘qcibt5cic’));chart.draw(view, options);}

USAA offers some of the best car insurance rates in Mississippi at around $831 a year. Travelers, Unitrin, Direct General, and ALFA would also make the list of some of the most economical Mississippi insurance companies.

In the above example, if you are currently insured with Direct General and switched to Travelers, you might achieve an annual premium reduction of approxmiately $297. Insureds with ALFA could save as much as $358 a year, and Southern Farm Bureau customers might reduce rates by $374 a year.

To find out how your current rates compare, click here to start your custom quote or quote prices from the following companies.

These prices are averaged across all insureds and vehicles and do not factor in a specific rate value for a Toyota Corolla. So the company that can offer the best rates for your situation may not even be featured in the above rate chart. That is why you need to compare prices as often as possible using your own personalized driver profile and vehicle information.

Full coverage versus liability-only

Finding cheap insurance for a Toyota Corolla in Mississippi is the goal of most vehicle owners, and one way to buy cheaper insurance is to only buy liability insurance. The diagram below illustrates the comparison of auto insurance rates with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The information is based on no claims or driving citations, $1,000 deductibles, drivers are not married, and no other discounts are factored in.

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If all age groups are averaged, physical damage coverage costs an additional $1,713 per year more than just buying liability insurance. That is a large expense and it proposes the question when is it a good idea to stop buying full coverage. There is no clear-cut rule for phasing out physical damage coverage, but there is a general school of thought. If the annual cost of having full coverage is more than 10% of the settlement you would receive from your company, then it could be time to drop full coverage.

For example, let’s assume your vehicle’s claim settlement value is $9,000 and you have $1,000 physical damage deductibles. If your vehicle is damaged in an accident, the most your company would pay you is $8,000 after the policy deductible has been paid. If you are paying in excess of $800 annually for full coverage, then you may want to consider only buying liability coverage.

There are some cases where dropping full coverage is not financially feasible. If you have an outstanding loan on your vehicle, you have to keep full coverage in order to prevent your loan from defaulting. Also, if your emergency fund is not enough to purchase a different vehicle in case of an accident, you should not drop full coverage.

The illustration below shows how choosing a deductible can affect yearly insurance costs when trying to find cheap insurance for a Toyota Corolla. The rates are based on a single male driver, full coverage, and no policy discounts are applied.

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As shown above, a 50-year-old driver could lower rates by $358 a year by changing from a $100 deductible to a $500 deductible, or save $540 by changing to a $1,000 deductible. Young drivers, such as the Age 20 example, could lower their rates $1,194 or more by using a higher deductible.

When raising deductibles, it will be required to have enough spare savings to be able to pay the extra out-of-pocket expense, which deters some people from using high deductibles.

Progressive, State Farm, Geico, or Allstate: Which is best?

If you’re looking for the cheapest insurance for a Corolla in Mississippi, four companies to consider are Progressive, State Farm, Geico, and Allstate. When added together, they insure about half of all car insurance policies written. They all have a distict selection of optional coverages and features that buyers can select from. The following table compares and contrasts ratings for price and service, as well as some optional coverages shoppers can find with each company.