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

Your ability to find cheap auto insurance for a Toyota Corolla in Arkansas relies on many different factors such as whether you are single or married, if you are currently insured, and if you have a history of accidents. Drivers in Arkansas pay an average rate of $900 every 12 months to insure their Corolla, but that policy rate is an approximation using cost data for a 40-year-old single female driver with comprehensive and collision coverage and $1,000 deductibles.

There is a good probability you’re not a 40-year-old female, possibly married instead of single, or maybe your driving record isn’t squeaky clean. Insurance prices are based on the driver profile your best shot at finding cheap car insurance rates for your Toyota is to take your time and compare rates from as many companies as possible.

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Your vehicle’s trim level impacts the coverage cost, so the rate you pay to insure a Corolla LE model will be $20 cheaper than the insurance cost for the fancier Corolla XRS model, as shown in the prices below.

Table data assumes single female driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and Arkansas minimum liability limits. Discounts applied include safe-driver, homeowner, claim-free, multi-policy, and multi-vehicle. Information does not factor in specific garaging location which can increase or decrease coverage prices greatly.

Deciding which company offers the most affordable insurance rates for a Toyota Corolla involves a tad more effort in order to find the lowest price. Each company has a unique formula to set premium rates, so let’s look at the rankings for the insurance companies that tend to be cheaper in Arkansas.

Best Cheap Insurance Rates for Your Corolla

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USAA normally has some of the most affordable car insurance rates in Arkansas at around $991 a year. Auto Club, Travelers, State Farm, and Southern Farm Bureau also qualify as some of the most economical Arkansas auto insurance companies.

As shown in the rates above, if you currently buy coverage from State Farm and switched to Auto Club, you might see a yearly price reduction of in the neighborhood of $176. Policyholders with Southern Farm Bureau could save as much as $190 a year, and Columbia Insurance policyholders might lower prices by up to $237 a year.

To see how much you can save, click here to get quotes or visit any of the low-priced companies below.

These premium estimates are averaged for all drivers and vehicles in Arkansas and and are not figured with a specific rating modification 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 affirms the importance of why you need to get rate quotes from many companies using your own driver data and vehicle information.

Does it make sense to buy full coverage?

Finding cheap insurance for a Toyota Corolla in Arkansas is probably important to the majority of drivers, and one common way to find cheaper insurance is to only pay for liability coverage. The information below compares yearly insurance costs with liability coverage only compared to full coverage. The rates are based on no tickets, no at-fault accidents, $100 deductibles, single status, and no discounts are applied.

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If the expense is averaged for all age categories, physical damage insurance costs $2,481 per year over and above liability only. That is a large expense which might make you wonder when is the right time to remove full coverage. There is no set guideline of when to exclude physical damage insurance, but there is a guideline you can consider. If the annual cost of your full coverage insurance is more than 10% of the settlement you would receive from your company, then it’s probably a good time to buy liability coverage only.

There are some situations where removing full coverage is not financially feasible. If you haven’t paid off your loan, you must maintain physical damage coverage to protect the lienholder’s interest. Also, if you cannot afford to purchase a different vehicle in case of an accident, you should not opt for liability only.

Discounts on cheap insurance for a Toyota Corolla in Arkansas

Insurance providers that offer cheap quotes for a Toyota Corolla may also provide discounts that can reduce rates by 35% or more if you meet specific criteria. A list of companies and some of their more popular discounts can be found below.

• GEICO may include discounts for anti-theft, five-year accident-free, defensive driver, seat belt use, and anti-lock brakes.
• Travelers offers discounts for student away at school, hybrid/electric vehicle, new car, good student, multi-car, continuous insurance, and home ownership.
• Nationwide offers premium reductions for Farm Bureau membership, anti-theft, accident-free, multi-policy, good student, business or organization, and family plan.
• Farmers Insurance includes discounts for distant student, multi-car, youthful driver, homeowner, business and professional, good student, and switch companies.
• Esurance offers discounts including claim free, anti-theft, defensive driver, emergency road assistance, multi-policy, multi-car, and online quote.
• State Farm may offer discounts for student away at school, Drive Safe & Save, multiple autos, anti-theft, good student, and defensive driving training.
• Progressive discounts include multi-vehicle, online signing, continuous coverage, online quote discount, and multi-policy.
• Mercury Insurance has savings for annual mileage, multi-car, low natural disaster claims, ease of repair, age of vehicle, and good driver.

The illustration below shows the difference between insurance rates with and without discounts applied to the premium. The costs are based on a male driver, no accidents or driving violations, Arkansas state minimum liability limits, comprehensive and collision coverage, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second bar shows the rates with safe-driver, marriage, homeowner, vehicle safety, multiple vehicle, and claim-free discounts applied. With discounts applied, the average savings per year on insurance for a Toyota Corolla is 28% or $561.

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Which car insurance company is best?

If you’re looking for the cheapest insurance for a Corolla in Arkansas, the first places to look would be Progressive, Geico, State Farm, and Allstate. The table below compares and contrasts pricing and service ratings, plus some optional coverages offered by each company.