Cheapest 1993 Toyota Corolla Insurance Rates in 2023
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UPDATED: Jun 27, 2022
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Expensive insurance coverage can empty your savings account and put the squeeze on your family’s finances. Doing a price comparison is a great way to slash your bill and have more diposable income.
You have multiple car insurance companies to insure vehicles with, and though it is a good thing to be able to choose, it can be more difficult to compare rates and cut insurance costs.
The purpose of this post is to let you in on how car insurance quotes work and some money-saving tips. If you are paying for car insurance now, you should be able to reduce your rates substantially using this information. But consumers need to have an understanding of the way companies determine prices and take advantage of how the system works.
Discounts to lower Toyota Corolla insurance rates
Insurance can be prohibitively expensive, but you can get discounts that you may not know about. Some trigger automatically at the time you complete a quote, but less common discounts must be specifically requested in order for you to get them.
- Low Mileage – Keeping the miles down on your Toyota can qualify you for discounted rates on garaged vehicles.
- Homeowners Savings – Being a homeowner may earn you a small savings because owning a home requires personal responsibility.
- College Student – Kids in college who are attending college without a vehicle on campus can be insured at a reduced rate.
- Multiple Cars – Buying insurance for all your vehicles on one policy may reduce the rate for each vehicle.
- Use Seat Belts – Requiring all passengers to use a seat belt could save 15% off your PIP or medical payments premium.
- 55 and Retired – If you’re over the age of 55, you may receive a discount up to 10% on Corolla insurance.
- Air Bag Discount – Vehicles equipped with air bags or motorized seat belts can qualify for discounts of more than 20%.
- Pay Now and Pay Less – If paying your policy premium upfront rather than paying monthly you may reduce your total bill.
Keep in mind that many deductions do not apply to the overall cost of the policy. Most only reduce specific coverage prices like medical payments or collision. So even though it sounds like you would end up receiving a 100% discount, you’re out of luck. Any qualifying discounts will help reduce your overall premium however.
To see a list of insurers with discount car insurance rates, click here to view.
Why your Toyota Corolla insurance rates may be high
Smart consumers have a good feel for the different types of things that help determine auto insurance rates. Knowing what determines base rates allows you to make educated decisions that may reward you with better auto insurance rates.
The following are some of the items companies use to determine rates.
- What are your deductibles? – Deductibles for physical damage represent how much money you are required to spend if you file a covered claim. Physical damage insurance, otherwise known as comp (or other than collision) and collision, covers damage that occurs to your car. A few examples of covered claims are colliding with a building, damage caused by hail, and windstorm damage. The more you have to pay, the less your auto insurance will be on Corolla insurance.
- Liability insurance protects assets – The liability section of your policy is the coverage that protects you if you are found liable for causing damage or personal injury in an accident. Liability insurance provides legal defense which can be incredibly expensive. Carrying liability coverage is mandatory and cheap compared to insuring for physical damage coverage, so do not cut corners here.
- Do men or women drive better? – Statistics demonstrate women tend to be less risk to insure than men. Now that doesn’t mean women are better drivers. Men and women are in accidents in similar numbers, but the men tend to have more serious accidents. Men also statistically get cited for more serious violations such as reckless driving.
- Little extras can really add up – There are quite a few add-on coverages that you can get tricked into buying on your auto insurance policy. Coverages like personal injury protection, accidental death and motor club memberships may be wasting your money. These may sound like a good investment when talking to your agent, but if you don’t need them get rid of them and save.
- Your credit rating is important – Having a bad credit score is a large factor in determining your rates. If your credit rating is lower than you’d like, you could pay less to insure your 1993 Toyota Corolla by spending a little time repairing your credit. Drivers with excellent credit tend to file fewer claims and have better driving records than drivers with poor credit.
- Do you work long hours in a high stress job? – Did you know your job can affect your rates? Careers like real estate brokers, architects and financial analysts tend to have higher average rates in part from high stress levels and long work hours. Conversely, professions such as farmers, engineers and homemakers receive lower rates on Corolla insurance.
- Traffic violations increase rates – Only having one citation may increase your cost twenty percent or more. Drivers with clean records get better rates than people who have multiple driving citations. Drivers with severe tickets like hit and run, DWI or reckless driving convictions are required to submit a SR-22 form with the DMV in their state in order to drive a vehicle legally.
Tailor your coverage to you
When it comes to buying coverage for your vehicles, there isn’t really a “perfect” insurance plan. Each situation is unique so this has to be addressed. These are some specific questions may help you determine whether or not you might need professional guidance.
- Do I need to file an SR-22 for a DUI in my state?
- Do I need an umbrella policy?
- How do I buy GAP insurance?
- Am I covered when driving a rental car?
- Can I get a multi-policy discount?
- Is my babysitter covered when using my vehicle?
- What can I do if my company denied a claim?
- Are my tools covered if they get stolen from my vehicle?
- How much underlying liability do I need for an umbrella policy?
If you don’t know the answers to these questions but a few of them apply then you might want to talk to an insurance agent. To find an agent in your area, complete this form or go to this page to view a list of companies.
Save $457 a year. For real?
Insurance providers like Allstate and Progressive regularly use ads in print and on television. They all make an identical promise that you’ll save big if you move your coverage to them. How can each company claim to save you money? This is how they do it.
All companies are able to cherry pick for the type of driver that makes them money. An example of a profitable customer could possibly be between the ages of 30 and 50, is a homeowner, and has excellent credit. A customer getting a price quote who meets those qualifications will get very good rates and is almost guaranteed to save quite a bit of money when switching.
Consumers who are not a match for these standards will have to pay more money and ends up with business not being written. Company advertisements say “drivers who switch” not “people who quote” save money. That is how insurance companies can confidently make those claims.
Because of the profiling, you absolutely need to quote coverage with many companies. You cannot predict which company will provide you with the cheapest Toyota Corolla insurance rates.
Car insurance 101
Understanding the coverages of a auto insurance policy helps when choosing the best coverages and proper limits and deductibles. The coverage terms in a policy can be difficult to understand and coverage can change by endorsement. Shown next are the normal coverages found on most auto insurance policies.
Comprehensive (Other than Collision)
This pays for damage caused by mother nature, theft, vandalism and other events. You first have to pay a deductible and then insurance will cover the rest of the damage.
Comprehensive can pay for claims like fire damage, rock chips in glass and damage from getting keyed. The highest amount you’ll receive from a claim is the actual cash value, so if the vehicle’s value is low consider dropping full coverage.
Medical expense insurance
Med pay and PIP coverage reimburse you for short-term medical expenses for ambulance fees, pain medications, surgery and X-ray expenses. They are often used to fill the gap from your health insurance policy or if there is no health insurance coverage. Coverage applies to you and your occupants as well as if you are hit as a while walking down the street. Personal injury protection coverage is not available in all states and gives slightly broader coverage than med pay
Protection from uninsured/underinsured drivers
This protects you and your vehicle when the “other guys” do not carry enough liability coverage. Covered losses include injuries sustained by your vehicle’s occupants as well as damage to your 1993 Toyota Corolla.
Since many drivers have only the minimum liability required by law, their liability coverage can quickly be exhausted. For this reason, having high UM/UIM coverages is very important. Frequently your uninsured/underinsured motorist coverages are set the same as your liablity limits.
This pays for damage to your Corolla from colliding with another car or object. You will need to pay your deductible then the remaining damage will be paid by your insurance company.
Collision coverage protects against claims such as sideswiping another vehicle, crashing into a building, crashing into a ditch, sustaining damage from a pot hole and hitting a parking meter. Collision coverage makes up a good portion of your premium, so analyze the benefit of dropping coverage from vehicles that are 8 years or older. Drivers also have the option to bump up the deductible in order to get cheaper collision rates.
Coverage for liability
Liability insurance provides protection from damage that occurs to people or other property by causing an accident. It protects YOU against other people’s claims. Liability doesn’t cover your injuries or vehicle damage.
Split limit liability has three limits of coverage: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You might see limits of 100/300/100 which stand for a limit of $100,000 per injured person, a limit of $300,000 in injury protection per accident, and property damage coverage for $100,000. Some companies may use a combined single limit or CSL which provides one coverage limit and claims can be made without the split limit restrictions.
Liability coverage protects against things like funeral expenses, repair bills for other people’s vehicles, loss of income, medical services and emergency aid. How much liability coverage do you need? That is your choice, but buy as large an amount as possible.
Lower-priced 1993 Toyota Corolla insurance is possible from both online companies and with local insurance agents, so compare prices from both in order to have the best chance of saving money. Some insurance coverage companies do not offer you the ability to get quotes online and these smaller companies work with independent agents.
In this article, we covered many ways to compare insurance prices online. The most important thing to understand is the more you quote, the higher your chance of finding lower rates. You may even discover the best prices are with some of the lesser-known companies. Regional companies may only write in your state and offer lower rates compared to the large companies like GEICO and State Farm.
Additional detailed information can be found in the articles below:
- Vehicle Size and Weight FAQ (iihs.org)
- What Car Insurance is Cheapest for a Toyota Corolla in Baltimore? (BaltimoreAutoGuard.com)
- Understanding your Policy (NAIC.org)
- How Does Hitting a Deer Impact Insurance Rates? (Allstate)
- Auto Insurance 101 (About.com)
- Insuring a Leased Car (Insurance Information Insitute)
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