2008 Toyota Corolla Car Insurance Cost – 7 Ideas for Cheapest Prices
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UPDATED: Nov 29, 2021
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Trying to find cheaper insurance for a Toyota Corolla can normally be a lot of work, but you can follow these tips to make it easier.
There is a right way and a wrong way to shop for auto insurance and you need to know the absolute fastest way to quote coverages for a Toyota and get the lowest price.
How to Get Insurance Coverage Comparison Quotes
Effectively comparing insurance coverage prices can be a lot of work if you aren’t aware of the easiest way. You can waste hours talking about coverages with insurance agencies in your area, or you can utilize online quoting to quickly compare rates.
Most of the larger companies participate in a marketplace that enables customers to submit one quote, and each participating company provides a quote based on that information. This eliminates the need for repetitive form submissions for every insurance coverage company.
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The only downside to pricing coverage this way is that consumers can’t choose which companies to get quotes from. So if you want to choose individual companies to request quotes from, we have a listing of the cheapest insurance coverage companies in your area.
It’s up to you how you get prices quotes, just be sure to compare apples-to-apples coverage limits and deductibles for each comparison quote. If you have different deductibles you will not be able to determine the lowest rate for your Toyota Corolla.
Don’t pay full price with these seven discounts
Car insurance is not cheap, but you may find discounts to reduce the price significantly. Certain discounts will be triggered automatically at quote time, but a few need to be asked for before being credited. If you aren’t receiving every discount available, you are paying more than you should be.
- Good Students Pay Less – A discount for being a good student can earn a discount of 20% or more. The discount lasts well after school through age 25.
- Seat Belt Usage – Buckling up and requiring all passengers to wear their seat belts could save 15% off the personal injury premium cost.
- Federal Employees – Active or retired federal employment could cut as much as 10% off on Corolla coverage with certain companies.
- Multi-car Discount – Having more than one vehicle on one policy qualifies for this discount.
- Sign Early and Save – Some companies give discounts for buying a policy prior to your current policy expiration. It can save you around 10%.
- Distant Student – Any of your kids living away from home attending college and do not have a car may qualify for this discount.
- Military Discounts – Being on active duty in the military could be rewarded with lower premiums.
As a disclaimer on discounts, most credits do not apply to the entire policy premium. Most only apply to the price of certain insurance coverages like liability, collision or medical payments. So even though it sounds like it’s possible to get free car insurance, you won’t be that lucky. Any qualifying discounts will cut your premiums.
A partial list of companies that may offer these discounts include:
- Mercury Insurance
- Farmers Insurance
- Auto-Owners Insurance
- Liberty Mutual
Double check with all companies you are considering which discounts you may be entitled to. Some discounts might not be offered everywhere.
Your personal situation dictates your coverage
When choosing the right insurance coverage, there really is not a best way to insure your cars. Every situation is different.
Here are some questions about coverages that may help you determine if your insurance needs would benefit from professional advice.
- Do I have any recourse if my insurance company denies a claim?
- Does car insurance cover theft of personal property?
- Does my car insurance cover rental cars?
- At what point should I drop full coverage?
- Is my camper covered by my car insurance policy?
- Do I need medical payments coverage since I have good health insurance?
- How does medical payments coverage work?
- When should I drop full coverage on my 2008 Toyota Corolla?
- What is PIP insurance?
- Does coverage extend to a rental car in a foreign country?
If you can’t answer these questions but one or more may apply to you, you may need to chat with an insurance agent. If you don’t have a local agent, fill out this quick form. It is quick, free and you can get the answers you need.
Information about specific coverages
Having a good grasp of your car insurance policy can be of help when determining which coverages you need and proper limits and deductibles. The terms used in a policy can be impossible to understand and even agents have difficulty translating policy wording.
This will pay to fix damage to your Corolla resulting from a collision with another vehicle or an object, but not an animal. You will need to pay your deductible and the rest of the damage will be paid by collision coverage.
Collision coverage pays for claims like crashing into a building, sustaining damage from a pot hole and sideswiping another vehicle. Paying for collision coverage can be pricey, so consider dropping it from vehicles that are older. Another option is to bump up the deductible to bring the cost down.
Comprehensive insurance coverage pays for damage OTHER than collision with another vehicle or object. You first have to pay a deductible and then insurance will cover the rest of the damage.
Comprehensive can pay for things such as a tree branch falling on your vehicle, fire damage and damage from a tornado or hurricane. The maximum payout a car insurance company will pay at claim time is the ACV or actual cash value, so if your deductible is as high as the vehicle’s value consider dropping full coverage.
Medical expense coverage
Coverage for medical payments and/or PIP kick in for bills like doctor visits, chiropractic care, funeral costs, surgery and nursing services. The coverages can be utilized in addition to your health insurance policy or if there is no health insurance coverage. They cover you and your occupants in addition to getting struck while a pedestrian. PIP coverage is only offered in select states but can be used in place of medical payments coverage
Uninsured or underinsured coverage
Your UM/UIM coverage provides protection from other motorists when they are uninsured or don’t have enough coverage. Covered losses include injuries to you and your family and damage to your 2008 Toyota Corolla.
Since many drivers carry very low liability coverage limits, it doesn’t take a major accident to exceed their coverage limits. That’s why carrying high Uninsured/Underinsured Motorist coverage is important protection for you and your family. Most of the time these limits are similar to your liability insurance amounts.
This coverage can cover damages or injuries you inflict on people or other property by causing an accident. Split limit liability has three limits of coverage: bodily injury per person, bodily injury per accident and property damage. Your policy might show values of 100/300/100 which stand for $100,000 in coverage for each person’s injuries, a per accident bodily injury limit of $300,000, and $100,000 of coverage for damaged property. Some companies may use a combined limit which limits claims to one amount rather than limiting it on a per person basis.
Liability coverage pays for things such as funeral expenses, repair costs for stationary objects and repair bills for other people’s vehicles. How much liability coverage do you need? That is a decision to put some thought into, but you should buy as high a limit as you can afford.
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