2018 Toyota Corolla Insurance Rates in 2024 – 5 Policy Discounts

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Jeffrey Johnson

Insurance Lawyer

Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

Insurance Lawyer

UPDATED: Apr 8, 2024

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Pricey Toyota Corolla insurance can diminish your family’s budget and force you to cut corners elsewhere. Doing a price comparison is a great way to slash your bill and have more disposable income.

Having so many insurance providers from which to choose, it can be challenging to choose the most cost effective company.

It is always a good idea to compare prices before your next renewal because car insurance prices change quite often. Even if you got the best deal on Corolla coverage last year you can probably find a lower rate today. There is a lot of bad information regarding car insurance on the internet, but I’m going to show you some guaranteed methods to find affordable car insurance.

Five discounts for cheaper insurance rates

Companies that sell car insurance don’t list all discounts very well, so the following is a list of some of the more common as well as some of the hidden discounts that you can inquire about if you buy car insurance online.

  • Life Insurance – Insurance carriers who offer life insurance give lower premium rates if you buy life insurance from them.
  • Passive Restraint Discount – Factory options such as air bags may get savings as much as 30%.
  • Good Student – Performing well in school can earn a discount of 20% or more. Many companies even apply the discount to college students up until you turn 25.
  • Mature Driver Discount – If you’re over the age of 55, you may qualify for better insurance rates on Corolla coverage.
  • Membership in Organizations – Affiliation with a professional or civic organization could trigger savings when shopping for insurance.

Discounts reduce rates, but you should keep in mind that most discount credits are not given to the whole policy. Some only apply to individual premiums such as liability, collision or medical payments. Just because it seems like you can get free auto insurance, insurance companies wouldn’t stay in business.

A few of the larger companies and a partial list of their discounts are detailed below.

  • AAA may include discounts for good driver, anti-theft, multi-policy, multi-car, and AAA membership discount.
  • Progressive policyholders can earn discounts including homeowner, continuous coverage, online signing, good student, multi-policy, and online quote discount.
  • State Farm includes discounts for defensive driving training, accident-free, safe vehicle, good driver, Steer Clear safe driver discount, Drive Safe & Save, and driver’s education.
  • Esurance may have discounts that include homeowner, multi-policy, Pac-12 alumni, online quote, claim free, and multi-car.
  • Nationwide offers discounts including Farm Bureau membership, good student, easy pay, anti-theft, and business or organization.

Check with every prospective company how many discounts you can get. Depending on the company, some discounts might not be offered everywhere. To see insurers offering insurance discounts, enter your zip code here.

Tailor your auto insurance coverage to you

When choosing proper insurance coverage, there really is no “perfect” insurance plan. Coverage needs to be tailored to your specific needs so this has to be addressed. Here are some questions about coverages that could help you determine whether your personal situation will benefit from professional help.

  • Is my Toyota Corolla covered if I use it for business?
  • How much liability coverage do I need in my state?
  • Am I covered if I break a side mirror?
  • Why do I need rental car insurance?
  • Can I make deliveries for my home business?
  • What is high-risk coverage and where do I buy it?
  • How high should my uninsured/underinsured coverage be in my state?
  • What if I owe more than I can insure my car for?

If you’re not sure about those questions but you think they might apply to your situation then you might want to talk to an agent. To find an agent in your area, simply complete your zip code. It’s fast, doesn’t cost anything and may give you better protection.

Coverages available on your policy

Knowing the specifics of a auto insurance policy can be of help when determining which coverages you need for your vehicles. The terms used in a policy can be difficult to understand and reading a policy is terribly boring. Shown next are the usual coverages offered by auto insurance companies.

Comprehensive or Other Than Collision – Comprehensive insurance coverage pays for damage that is not covered by collision coverage. A deductible will apply and then insurance will cover the rest of the damage.

Comprehensive insurance covers claims like damage from a tornado or hurricane, a broken windshield, falling objects, damage from flooding and vandalism. The maximum payout you can receive from a comprehensive claim is the market value of your vehicle, so if the vehicle’s value is low consider dropping full coverage.

Collision – Collision insurance will pay to fix damage to your Corolla resulting from colliding with an object or car. A deductible applies and the rest of the damage will be paid by collision coverage.

Collision coverage protects against claims such as crashing into a building, backing into a parked car, scraping a guard rail and hitting a mailbox. Collision coverage makes up a good portion of your premium, so consider dropping it from vehicles that are older. Drivers also have the option to bump up the deductible to get cheaper collision coverage.

Auto liability insurance – Liability insurance provides protection from injuries or damage you cause to people or other property by causing an accident. This coverage protects you against other people’s claims, and doesn’t cover damage sustained by your vehicle in an accident.

Liability coverage has three limits: bodily injury per person, bodily injury per accident and property damage. Your policy might show liability limits of 50/100/50 which means $50,000 bodily injury coverage, $100,000 for the entire accident, and a total limit of $50,000 for damage to vehicles and property. Another option is a combined limit which provides one coverage limit and claims can be made without the split limit restrictions.

Liability coverage pays for things such as repair costs for stationary objects, legal defense fees, court costs and attorney fees. The amount of liability coverage you purchase is your choice, but consider buying as high a limit as you can afford.

Medical costs insurance – Personal Injury Protection (PIP) and medical payments coverage kick in for short-term medical expenses for prosthetic devices, EMT expenses and nursing services. They are often used in conjunction with a health insurance plan or if you lack health insurance entirely. It covers both the driver and occupants as well as if you are hit as a while walking down the street. Personal Injury Protection is only offered in select states but it provides additional coverages not offered by medical payments coverage

UM/UIM Coverage – Uninsured or Underinsured Motorist coverage gives you protection when the “other guys” do not carry enough liability coverage. Covered losses include injuries sustained by your vehicle’s occupants and damage to your Toyota Corolla.

Due to the fact that many drivers carry very low liability coverage limits, it only takes a small accident to exceed their coverage. So UM/UIM coverage should not be overlooked. Most of the time these limits do not exceed the liability coverage limits.

Power to the consumer

When getting car insurance quotes online, it’s very important that you do not reduce needed coverages to save money. In many cases, an insured dropped collision coverage and found out when filing a claim that the savings was not a smart move. The proper strategy is to purchase plenty of coverage for the lowest price and still be able to protect your assets.

Throughout this article, we presented quite a bit of information on how to save on 2018 Toyota Corolla insurance. It’s most important to understand that the more quotes you get, the higher your chance of finding affordable car insurance. You may be surprised to find that the biggest savings come from a lesser-known regional company. These smaller insurers can often provide lower car insurance rates in certain areas than their larger competitors like State Farm or Progressive.

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