Buying economical auto insurance for a Toyota Corolla in Colorado relies on a whole bunch of factors such as how far you commute, the performance level of your vehicle, and your motor vehicle report. Colorado drivers pay approximately $1,187 a year to insure their Corolla, but that amount is an estimate calculated based on a 30-year-old single male driver with both comprehensive and collision coverage and $250 deductibles.
But there is a high probability that you're not a 30-year-old male, married instead of single, or maybe you need higher liability limits than the state minimum. Just a minor difference in the rating criteria used to formulate rates could result in a significant change in how much coverage for a Toyota Corolla costs.
Every driver's needs are different, and that is why the way we recommend to find affordable rates for your Toyota is to do your own rate comparisons. In just a few minutes you will be able to compare rates from some of the best insurers around.
The specific model of Corolla will influence price, so the rate you pay to insure a Corolla LE will be $40 less than the cost to insure the fancier Corolla XRS version, as shown in the prices below.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
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Data based on single male driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and Colorado minimum liability limits. Discounts applied include safe-driver, homeowner, multi-vehicle, multi-policy, and claim-free. Price estimates do not factor in specific garaging location which can decrease or increase coverage prices significantly.
Finding reliable, low-priced auto insurance is not the easiest thing to accomplish, and deciding which companies offer the cheapest auto insurance rates for a Toyota Corolla in Colorado will involve a bit more work.
Each insurance company uses a different method to determine rates, so first we will examine the auto insurance companies that tend to have lower prices in Colorado. It's important that readers know that Colorado auto insurance rates are determined by lots of factors that may substantially change the cost of a policy. Price variation is why it is crucial to shop around to find the most affordable auto insurance rates for a Toyota Corolla. Rates can be determined by many different factors and change frequently, so the most economical company when you last compared rates may now be costing you a lot of money.
Compare Cheap Insurance Quotes for Your Corolla
The Hartford generally has some of the cheapest car insurance rates in Colorado at around $825 each year. Grange, USAA, Nationwide, and Auto-Owners also make the cut as some of the lowest-priced Colorado car insurance companies.
As the rates illustrate above, if you buy coverage from Grange and switched to The Hartford, you might see annual savings of approxmiately $133. Customers with USAA could save as much as $184 a year, and Nationwide policyholders might see rate reductions of $330 a year.
To get a quick, customized rate comparison, click here to start your custom quote or visit any of the low-priced companies below.
Be aware that those estimates are averages across all types of drivers and the different vehicles they drive and do not take into consideration a specific rate value for a Toyota Corolla. So the auto insurance company that is most affordable for your situation may not even be in the top 21 companies shown above. That emphasizes why you need to compare rates from multiple companies using your own individual information.
Types of discounts on Colorado car insurance
Insurance companies that provide coverage for a Toyota Corolla may provide discounts that may potentially lower prices by 35% or more if you are eligible for them. Large auto insurance companies and some of the premium reductions they offer are included below.
- Progressive has discounts for online signing, online quote discount, continuous coverage, good student, and multi-policy.
- AAA has savings for good student, multi-car, pay-in-full, good driver, and anti-theft.
- Farmers Insurance may include discounts for multi-car, electronic funds transfer, youthful driver, switch companies, teen driver, and mature driver.
- GEICO includes discounts for defensive driver, anti-theft, multi-vehicle, five-year accident-free, military active duty, multi-policy, and driver training.
- Esurance policyholders can earn discounts including anti-theft, multi-policy, paid-in-full, multi-car, claim free, emergency road assistance, and homeowner.
- SAFECO offers premium reductions for homeowner, bundle discounts, safe driver, teen safe driver, anti-lock brakes, and drive less.
- State Farm offers discounts for safe vehicle, passive restraint, multiple policy, defensive driving training, driver's education, and multiple autos.
The diagram below shows the difference between auto insurance costs with and without discounts applied. The data is based on a female driver, no violations or accidents, Colorado state minimum liability limits, full coverage, and $500 deductibles. The first bar for each age group shows the average annual price with no discounts. The second bar shows the rates with anti-theft, marriage, safe-driver, claim-free, accident-free, and passive restraint discounts applied. When these discounts are applied, the the amount saved on auto insurance for a Toyota Corolla is 28% or $551.
Full coverage rates vs. liability-only in Colorado
Saving money when shopping for auto insurance is the goal of most vehicle owners, and a great way to buy cheap insurance for a Toyota Corolla in Colorado is to buy liability only. The example below illustrates the difference between premium costs with full coverage compared to only the Colorado minimum liability coverage. The premium estimates are based on no violations or accidents, $1,000 deductibles, drivers are single, and no discounts are applied.
If all age groups are averaged, physical damage insurance costs an extra $1,865 per year over liability only. That touches on the question if you should buy full coverage at all. There is no definitive formula of when to phase out comp and collision coverage, but there is a general guideline you can use. If the annual cost of coverage is more than 10% of the vehicle's replacement cost less your deductible, then it could be time to drop full coverage.
The example below illustrates how your choice of deductibles can raise or lower insurance premiums when searching for cheap insurance for a Toyota Corolla in Colorado. The price estimates are based on a married female driver, full physical damage coverage, and no discounts are applied.
The data above shows that a 40-year-old driver could reduce rates by $334 a year by switching the physical damage coverage from a $100 deductible to a $500 deductible, or save $504 by selecting a $1,000 deductible. Even younger insureds, such as the Age 20 example, have the ability to save up to $828 or even more just by choosing larger deductibles.
When insureds make the decision to increase the deductibles on their policy, it will be important to have additional savings on hand to pay the extra out-of-pocket expense, which is the one inconvenience of using high deductibles.