Buying the best cheap auto insurance for a Toyota Corolla is pretty simple for most people to do, but it depends on many rating criteria such as whether you are married or single, whether or not you have filed claims in the past, and physical damage deductibles. Drivers pay around $1,080 per year to insure their Corolla, but that is a valuation calculated using a 40-year-old single male driver with full comprehensive and collision coverage and $1,000 deductibles.
The issue that arises when projecting rates is that it’s very likely that you are not 40 and maybe not even a male, maybe you are married instead of single, or maybe you have a speeding ticket or two that will increase rates. There is no perfect policy for every driver, so the best way to find cheap auto insurance rates for your Toyota is to compare as many rates as possible.
Vehicle trim level will be a contributing factor to the cost of insurance, so the rate you will pay to insure a Corolla LE trim level will be $24 cheaper than the price to insure the higher-end Corolla XRS trim level, as shown in the chart below.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
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Cost estimates assume single male driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and Florida minimum liability limits. Discounts applied include multi-vehicle, multi-policy, safe-driver, claim-free, and homeowner. Information does not factor in zip code location which can alter price quotes substantially.
Selecting a highly-rated auto insurance provider is hard considering how many companies provide coverage in Tampa. The company ratings in the lists below could help you decide which car insurance providers you want to consider when comparing rates. These ratings are only made up of companies that insure vehicles nationwide, so companies without a large exposure will not be included in the list.
Top 10 Large Car Insurance Companies Overall in Tampa
- Mercury Insurance
- AAA Insurance
- State Farm
- The Hartford
- Safeco Insurance
Top 10 Large Car Insurance Companies in Tampa Ranked by Claims Service
- State Farm
- Liberty Mutual
- American Family
- Titan Insurance
- AAA Insurance
Types of discounts on Tampa insurance
Car insurance companies that sell policies for a Toyota Corolla may also give you rate discounts that could lower prices by as much as 35% or more if you are eligible for them. Popular auto insurance companies and their possible discounts are:
- Progressive has discounts for multi-policy, online signing, online quote discount, multi-vehicle, good student, and homeowner.
- SAFECO offers discounts for teen safe driver, accident prevention training, safe driver, anti-theft, drive less, and multi-car.
- American Family may have discounts that include multi-vehicle, air bags, mySafetyValet, early bird, bundled insurance, accident-free, and TimeAway discount.
- MetLife offers premium reductions for multi-policy, defensive driver, good driver, claim-free, good student, and accident-free.
- GEICO policyholders can earn discounts including good student, anti-theft, defensive driver, military active duty, membership and employees, and multi-policy.
- The Hartford may offer discounts for vehicle fuel type, defensive driver, bundle, air bag, and good student.
The diagram below shows the comparison of insurance prices with and without discounts applied to the rates. The rates are based on a male driver, no accidents, no driving violations, Florida state minimum liability limits, full physical damage coverage, and $250 deductibles. The first bar for each age group shows the price with no discounts. The second bar shows the rates with vehicle safety, claim-free, accident-free, safe-driver, passive restraint, and multiple policy discounts applied. When these discounts are applied to the policy premium, theamount saved on auto insurance for a Toyota Corolla is 28% or $769.
A good deal can quickly turn bad
Florida auto insurance rates are impacted by many factors which can significantly increase or decrease the policy price. Simply improving your credit, becoming a homeowner, or having a fender bender may cause policy rate changes that can now make some companies more affordable than competitors. Additionally, companies modify rates as often as every three months in order to be able to pay unexpected claims. Higher than normal claim frequency or severity may cause more expensive prices, while a profitable period may cause lower-priced Corolla insurance rates.
To illustrate this point, the chart below shows rates for the cheapest car insurance in Tampa, FL for a 30-year-old female driver with no prior claims, no tickets, and solid credit. If we estimate prices based on her current risk factors, USAA may have the lowest car insurance rates in Tampa at $1,473 annually. This is $975 less than the average policy premium paid by Florida drivers of $2,448. Electric, Amica, Progressive, and Travelers are the remaining top five cheapest Tampa, FL auto insurance companies.
The chart below compares rates after we give the driver in the first chart a chargeable accident, a lower credit score, and a traffic citation. Due to the fact that each insurance company has a unique formula to set policy rates, comparing rates may now show a different list of cheap Tampa auto insurance companies as shown below.
USAA now has the lowest price in Tampa, FL with Mercury, Esurance, Auto-Owners, and GEICO now being in the top five. This example shows why consumers need to take the time to do a thorough rate comparison when trying to find the most budget-friendly insurance quotes for a Toyota Corolla.
Prices are made up of many risk factors and change dramatically, so the cheapest company the last time you checked may now be an over-priced policy.
How to find the cheapest insurance for a Toyota Corolla
The list below summarizes some penny-pinching solutions that can help Tampa drivers find cheap car insurance.
- Do not get tickets
- Multi-policy discounts save money
- Accidents can significantly increase rates
- Good credit can mean cheaper rates
- Do not file small claims
- Raise your physical damage coverage deductibles
- Compare price quotes at least once a year
The last tip is incredibly important, as we discussed in this piece. Auto insurance prices fluctuate constantly, so don’t be afraid to buy a different policy if you can find a cheaper rate. Many drivers tend to have loyalty to a certain company, but it’s not a good idea if that loyalty results in overpaying a lot of money every month. In just a few minutes you could shop around and find cheaper car insurance for a Toyota Corolla in Tampa.
If you aren’t sure which coverage to buy and prefer to have some advice when comparing insurance rates for a Toyota Corolla, the agents below can help you decide which auto insurance policy fits you best.
To locate an agency by location nearest to you, click the button at the bottom.
- Buhl Insurance Agency
2935 W Hillsborough Ave – Tampa, FL 33614 – (813) 876-0057
- GEICO Insurance Agent
2703 W Kennedy Blvd – Tampa, FL 33609 – (813) 259-1142
- GreatFlorida Insurance – Bill Sullivan
10353 Cross Creek Blvd Suite C – Tampa, FL 33647 – (813) 994-1143