Finding cheap auto insurance for a Toyota Corolla is pretty easy for most people to do, but it depends on a lot of rating criteria such as how old the vehicle is, the performance level of your vehicle, and blemishes on your driving record. Drivers in Wisconsin pay approximately $514 a year for Corolla insurance, but that cost is using a 40-year-old married female driver with full physical damage coverage and $1,000 deductibles.
Most likely you may not be 40 years old (or even female), possibly single instead of married, and maybe your Corolla just needs liability-only coverage. Even a minor difference in the criteria used to calculate rates could result in a significant change in rates.
This illustrates why the only real way to find the cheapest rates for your Toyota is to just take the time to compare rates yourself. Do a quick rate comparison now and you will get price quotes from the cheapest companies that offer coverage in Wisconsin.
Cheapest Toyota Corolla Insurance Rates
Your vehicle’s trim level will be a contributing factor to the annual cost of coverage, so the price you pay to insure a Corolla LE will be $12 cheaper than the price to insure the more costly Corolla XRS model, as demonstrated by the prices below.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Corolla LE | $94 | $218 | $242 | $14 | $72 | $640 | $53 |
| Corolla S | $94 | $218 | $242 | $14 | $72 | $640 | $53 |
| Corolla XLE | $94 | $218 | $242 | $14 | $72 | $640 | $53 |
| Corolla XRS | $106 | $218 | $242 | $14 | $72 | $652 | $54 |
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Data variables include married female driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and Wisconsin minimum liability limits. Discounts applied include homeowner, safe-driver, multi-vehicle, claim-free, and multi-policy. Price estimates do not factor in specific location which can alter rates considerably.
Insuring your vehicle with a good quality auto insurance company is difficult considering how many companies are available to choose from in Wisconsin. The information in the next section can help you choose which car insurance companies you want to consider when comparing rates.
These rankings are only comprised of large nationwide companies, so companies that have a smaller presence are not included in the list. To get rate quotes from these top insurers and more, simply click here.
| Company | Value | Customer Service | Claims | Customer Satisfaction | A.M Best Rating | Overall Score |
|---|---|---|---|---|---|---|
| USAA | 99 | 100 | 90 | 92% | A++ | 97.4 |
| 21st Century | 89 | 86 | 100 | 88% | A | 92.7 |
| GEICO | 97 | 91 | 88 | 85% | A++ | 92.5 |
| Nationwide | 88 | 94 | 91 | 88% | A+ | 91.3 |
| AAA Insurance | 93 | 87 | 88 | 87% | A | 90.8 |
| Liberty Mutual | 91 | 91 | 92 | 87% | A | 90.7 |
| Safeco Insurance | 90 | 93 | 88 | 86% | A | 90.2 |
| State Farm | 91 | 94 | 80 | 88% | A++ | 90.2 |
| Travelers | 89 | 91 | 94 | 79% | A++ | 90.1 |
| American Family | 88 | 92 | 83 | 88% | A | 89.4 |
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Data Source: Insure.com Best Car Insurance Companies
The diagram below shows how different deductible levels can affect insurance costs when searching for cheap insurance for a Toyota Corolla. The data is based on a married female driver, comprehensive and collision coverage, and no discounts are applied.
The chart above illustrates that a 50-year-old driver could lower rates by $212 a year by changing their physical damage coverage from a $100 deductible to a $500 deductible, or save $320 by switching to a $1,000 deductible. Even younger drivers, such as the 20-year-old example, could roll back prices as much as $524 annually just by choosing higher deductibles when buying full coverage. When choosing a higher deductible, it is necessary to have plenty of savings on hand to satisfy the extra out-of-pocket expense that comes with higher deductibles.
Does full coverage make sense?
Paying less for car insurance should be important to the majority of vehicle owners, and an effective way to reduce the cost of insurance for a Toyota Corolla is to not buy comprehensive and collision coverage. The chart below illustrates the difference between yearly insurance costs when comparing full coverage to liability only. The premiums are based on a clean driving record, no claims, $1,000 deductibles, marital status is single, and no discounts are applied to the premium.
On average, full coverage costs an extra $1,213 per year more than just insuring for liability. That amount may make you wonder if paying for full coverage is worth it. There is no specific rule to stop paying for physical damage coverage on your policy, but there is a general guideline. If the yearly cost of full coverage is more than 10% of the replacement cost minus the deductible, then you might consider buying liability only.
There are a few cases where only buying liability is not financially feasible. If you have an outstanding loan on your vehicle, you have to maintain full coverage in order to keep the loan. Also, if you can’t afford to buy a different vehicle in the event your current vehicle is totaled, you should not consider dropping full coverage.
Types of discounts on Madison car insurance rates
Auto insurance companies that sell policies for a Toyota Corolla may have rate discounts that can reduce rates by 40% or more if you are eligible. A list of companies and their offered discounts are shown below.
- GEICO offers premium reductions for defensive driver, multi-policy, multi-vehicle, membership and employees, seat belt use, and driver training.
- Auto-Owners Insurance may include discounts for safe vehicle, good student, anti-theft, group or association, safe driver, and multi-policy.
- American Family offers discounts for multi-vehicle, mySafetyValet, defensive driver, good student, air bags, and TimeAway discount.
- Esurance has savings for good student, good driver, multi-car, renters, Switch & Save, emergency road assistance, and homeowner.
- Progressive may offer discounts for online quote discount, good student, online signing, homeowner, multi-vehicle, and multi-policy.
- State Farm has discounts for anti-theft, accident-free, driver’s education, safe vehicle, and Drive Safe & Save.
- AAA offers discounts including good student, AAA membership discount, anti-theft, pay-in-full, and multi-car.
The example below illustrates the comparison of yearly insurance costs with and without some available policy discounts. The premiums are based on a female driver, no claims or violations, Wisconsin state minimum liability limits, comp and collision included, and $100 deductibles.
The first bar for each age group shows insurance cost with no discounts. The second bar shows the rates with multiple vehicle, claim-free, anti-theft, multiple policy, safe-driver, and marriage discounts applied. In this example, the average savings per year on car insurance for a Toyota Corolla is 28% or $441.
If you aren’t sure which coverage you need and prefer to get some guidance when trying to find the best insurance rates for a Toyota Corolla, the agents below can aid you in deciding which car insurance company is the best fit.
To locate a Madison auto insurance agent in your neighborhood, click the link after the list or click here to compare prices now.
- Abacus-Bertz Financial
6417 Odana Rd Suite 13 – Madison, WI 53719 – (608) 238-5800 - Red Barn Insurance Agency
6666 Odana Rd – Madison, WI 53719 – (608) 467-6804 - Cheng Vang – State Farm Insurance Agent
2110 N Sherman Ave – Madison, WI 53704 – (608) 661-5700 - GEICO Insurance Agent
2001 W Beltline Hwy Suite 100 – Madison, WI 53713 – (608) 242-9322 - Steve Aune Agency, Inc. American Family Insurance
658 S Gammon Rd #202 – Madison, WI 53719 – (608) 274-9702