Lower Your 2002 Toyota Corolla Insurance Cost

Looking for the cheapest insurance rates for your Toyota Corolla? Saving money on insurance is difficult for drivers who are new to buying insurance online. With so many agents and online companies, it can easily turn into hard work to compare prices.

It is always a good idea to get comparison quotes on a regular basis because insurance prices are constantly changing. Just because you had the best deal on Corolla insurance two years ago other companies may now be cheaper. There are a lot of ways to save on insurance out there, but in just a couple of minutes you can learn some great ideas on how to save money.

If you are paying for car insurance now, you should be able to cut costs considerably using this information. The purpose of this post is to tell you how to effectively get price quotes and some money-saving tips. Although drivers must know the way insurance companies compete online because it can help you find the best coverage.

Find discounts to get cheap auto insurance quotes

Properly insuring your vehicles can get expensive, but you may qualify for discounts that can drop the cost substantially. Certain discounts will be triggered automatically when you purchase, but some may not be applied and must be specifically requested before they will apply.

  • No Charge for an Accident – This isn’t a discount exactly, but companies like Allstate and Progressive will allow you to have one accident before they charge you more for coverage with the catch being you have to be claim-free prior to the accident.
  • Military Rewards – Having a family member in the military could trigger a small discount.
  • Own a Home and Save – Owning a house may earn you a small savings because maintaining a house shows financial diligence.
  • Discount for Low Mileage – Maintaining low annual mileage could qualify for lower premium rates on the low mileage vehicles.
  • Discount for Life Insurance – Select insurance companies reward you with a small discount if you purchase life insurance.
  • Discounts for Seat Belt Usage – Drivers who require all vehicle occupants to wear their seat belts can save a little on the premium charged for medical payments and/or PIP.
  • Buy New and Save – Insuring a new car may earn a small discount because newer models are generally safer.
  • Anti-lock Brake System – Cars that have anti-lock braking systems have fewer accidents and the ABS can save up to 10%.
  • Paper-free Discount – A handful of larger companies will give you a small discount for signing up on the internet.
  • Telematics Discount – People who choose to allow data collection to monitor where and when they drive by using a telematic data system such as Allstate’s Drivewise and State Farm’s In-Drive system could see a rate decrease as long as they are good drivers.

A little note about advertised discounts, most discounts do not apply the the whole policy. Most cut the cost of specific coverages such as liability, collision or medical payments. So when the math indicates you could get a free auto insurance policy, nobody gets a free ride. Any amount of discount will help reduce your premiums.

Larger auto insurance companies and some of their more popular discounts are outlined below.

  • Esurance offers discounts for anti-theft, anti-lock brakes, Pac-12 alumni, good driver, emergency road assistance, and defensive driver.
  • The Hartford may include discounts for good student, bundle, anti-theft, vehicle fuel type, driver training, and air bag.
  • AAA policyholders can earn discounts including good driver, education and occupation, multi-policy, anti-theft, good student, AAA membership discount, and multi-car.
  • GEICO offers discounts including federal employee, seat belt use, multi-policy, emergency military deployment, multi-vehicle, and defensive driver.
  • State Farm has discounts for driver’s education, multiple policy, safe vehicle, accident-free, Steer Clear safe driver discount, defensive driving training, and student away at school.

Check with all companies you are considering which discounts they offer. Discounts might not be offered on policies in your state. To view providers who offer discounts, click here.

How to buy auto insurance

Most of the larger companies allow consumers to get price estimates direct online. Getting online rates is fairly straightforward as you just enter the coverage amounts you desire as detailed in the form. Once entered, the system orders credit information and your driving record and quotes a price.

This makes it a lot easier to compare rates but the time it takes to visit several different sites and enter the same data into a form is a waste of time. But it’s very important to perform this step in order to find better auto insurance pricing.

A quicker way to lower your auto insurance bill uses one form to return rates from a bunch of companies at once. The form is fast, requires much less work on your part, and makes comparison shopping much simpler. As soon as you send your information, it gets priced and you can choose any of the returned quotes.

If one or more price quotes are lower than your current rates, it’s easy to complete the application and purchase coverage. The entire process just takes a couple of minutes and can result in significant savings.

To find out how much you’re overpaying now, click here to open in new window and input your coverage information. If you currently have coverage, we recommend you replicate the insurance coverages identical to your current policy. This ensures you will be getting a rate comparison based on the exact same insurance coverage.

How to lower your insurance rates

Part of the auto insurance buying process is learning the rating factors that are used to determine the level of your policy premiums. When you know what positively or negatively controls the rates you pay, this enables informed choices that could result in lower premium levels. Many different elements are considered when quoting car insurance. Some are pretty understandable like a motor vehicle report, although others are more obscure like your continuous coverage or how financially stable you are.

Shown below are some of the most common factors that factor into your prices.

  • Car plus home equals more savings – Many companies allow lower prices to customers who consolidate policies with them, otherwise known as a multi-policy discount. The discount can be ten or even up to twenty percent in some cases. Even with this discount, it’s always a smart idea to compare rates to make sure you are getting the best deal.
  • Policy claims cost money – If you’re an insured who likes to file claims don’t be surprised to see higher rates. Companies give lower rates to policyholders that do not abuse their auto insurance. Your insurance policy is intended to be relied upon for more catestrophic claims.
  • Safety ratings are a factor – Vehicles that have high safety ratings tend to have lower insurance rates. Highly rated vehicles reduce injuries and lower rates of occupant injuries translates into savings for insurance companies passed on to you as lower rates. If your Toyota Corolla is rated at a minimum an “acceptable” rating on the Insurance Institute for Highway Safety website you may pay a lower rate.
  • Single vs. married – Having a significant other can get you a discount when buying auto insurance. Having a significant other generally demonstrates drivers are more financially stable and insurance companies like that being married results in fewer claims.
  • Battle of the sexes – Over time, data shows women are more cautious behind the wheel. That doesn’t necessarily mean that men are worse drivers. Females and males are responsible for accidents at about the same rate, but the males have accidents that have higher claims. They also get ticketed for serious violations like DUI and reckless driving.

Tailor your insurance coverage to you

When buying coverage, there really is no cookie cutter policy. Everyone’s needs are different.

For instance, these questions may help you determine whether you could use an agent’s help.

  • Is business equipment covered while in my vehicle?
  • What if I total my 2002 Toyota Corolla and owe more than it’s worth?
  • Is my 2002 Toyota Corolla covered for flood damage?
  • Does liability extend to a camper or trailer?
  • How do I insure my teen driver?
  • Are rock chip repairs covered?
  • Is my trailer covered?
  • What vehicles should carry emergency assistance coverage?
  • How much can I save by bundling my policies?

If you can’t answer these questions but you know they apply to you then you might want to talk to an insurance agent. If you don’t have a local agent, fill out this quick form.

What auto insurance coverages do you need?

Having a good grasp of your policy can help you determine the right coverages and the correct deductibles and limits. The terms used in a policy can be confusing and nobody wants to actually read their policy.

Collision – This coverage covers damage to your Corolla from colliding with an object or car. A deductible applies and then insurance will cover the remainder.

Collision insurance covers things like sideswiping another vehicle, damaging your car on a curb, colliding with another moving vehicle and sustaining damage from a pot hole. Collision coverage makes up a good portion of your premium, so consider dropping it from older vehicles. You can also raise the deductible to save money on collision insurance.

Medical expense coverage – Med pay and PIP coverage pay for short-term medical expenses such as dental work, rehabilitation expenses and doctor visits. They are used to cover expenses not covered by your health insurance policy or if there is no health insurance coverage. Medical payments and PIP cover not only the driver but also the vehicle occupants in addition to if you are hit as a while walking down the street. PIP is not available in all states but can be used in place of medical payments coverage

Comprehensive protection – Comprehensive insurance will pay to fix damage OTHER than collision with another vehicle or object. You need to pay your deductible first and then insurance will cover the rest of the damage.

Comprehensive coverage pays for claims such as rock chips in glass, damage from a tornado or hurricane and a tree branch falling on your vehicle. The maximum payout you can receive from a comprehensive claim is the market value of your vehicle, so if the vehicle is not worth much consider dropping full coverage.

Coverage for liability – Liability insurance protects you from damage or injury you incur to people or other property in an accident. This insurance protects YOU from legal claims by others. It does not cover damage sustained by your vehicle in an accident.

Split limit liability has three limits of coverage: per person bodily injury, per accident bodily injury, and a property damage limit. You might see policy limits of 25/50/25 that means you have $25,000 bodily injury coverage, a per accident bodily injury limit of $50,000, and a limit of $25,000 paid for damaged property. Alternatively, you may have a combined limit which limits claims to one amount without having the split limit caps.

Liability insurance covers things such as structural damage, repair costs for stationary objects, emergency aid, repair bills for other people’s vehicles and loss of income. How much liability should you purchase? That is a personal decision, but consider buying as much as you can afford.

Uninsured or underinsured coverage – Uninsured or Underinsured Motorist coverage protects you and your vehicle’s occupants when other motorists either have no liability insurance or not enough. Covered claims include injuries sustained by your vehicle’s occupants and damage to your Toyota Corolla.

Because many people only purchase the least amount of liability that is required, their liability coverage can quickly be exhausted. For this reason, having high UM/UIM coverages is very important. Usually your uninsured/underinsured motorist coverages do not exceed the liability coverage limits.

Be Smart and Buy Smart

Consumers switch companies for a variety of reasons including denial of a claim, being labeled a high risk driver, policy cancellation or even not issuing a premium refund. It doesn’t matter what your reason, finding the right car insurance provider is pretty easy and you might even save some money in the process.

Budget-friendly car insurance can be found on the web in addition to many insurance agents, so you need to quote car insurance with both in order to have the best price selection to choose from. There are still a few companies who do not offer online rate quotes and these smaller providers sell through independent insurance agencies.

We just presented many ideas to get a better price on 2002 Toyota Corolla insurance. It’s most important to understand that the more rate comparisons you have, the higher the chance of saving money. Drivers may discover the lowest premium rates come from an unexpected company.

To learn more, feel free to browse these articles:

Comments About 2002 Toyota Corolla Insurance

  1. Marylee Parsons

    Great info, thanks for posting. Got a quote with GMAC for my 2002 Toyota Corolla and saved about $80 a year. They have free quotes online. I’m thinking about dropping full coverage though.

  2. Amalia Mclaughlin

    I’m in West Valley City, UT, and State Farm rates were affordable.

  3. Jonathon Lee

    Found cheapest coverage with Mercury for my Toyota and cut my rates about $120 a year. Insured with 21st Century before.

  4. Carolann Sutton

    Cheap is relative. I’m from Reno, NV. Quoted with Progressive, American Family, and Erie for my 2002 Toyota Corolla and saved $95 a year. I get multi-vehicle and multi-policy discounts. You can get a rate quote online.

  5. Yon Perkins

    Hope my car insurance gets cheaper. I’m from Rapid City, SD. Got car insurance rates from Progressive, AAA, and some I forget for my 2002 Toyota Corolla and saved $108 a year.

  6. Salome Bender

    Cheap is relative. I’m in the south part of Warwick, Rhode Island. Compared rates from a lot of places. Saved roughly $20 a month. GEICO was the best choice for me. I’m a pretty low risk driver. God forbid I actually have a claim.

  7. Mercedes Joseph

    I’m just south of Providence, RI. Got free quotes online for a 2002 Toyota Corolla. Ended up at about $120 savings annually. Went with Progressive. It was easy to get rates. I don’t have comp or collision coverage.

  8. Kathern Hyde

    Any Progressive or Encompass customers near Rockford, Illinois?

  9. Alissa Hill

    I live just to the east of Cincinnati, Ohio. Got prices from Amica, MetLife, and Western Auto Insurance for my 2002 Toyota Corolla and I think I saved about $20 each month. It’s too old for full coverage.

  10. Luana Benton

    Good site, thanks. Located in Great Falls, MT. Received quotes with State Farm, Auto-Owners, Erie, and GMAC for my Toyota and saved $64 a year.

  11. Malik Glass

    I got quite a few price quotes for a 2002 Toyota Corolla in Springfield, MO. Ended up at right around $100 every six months with Amica. Left American Family to switch. I’m thinking about dropping full coverage though.

  12. Forrest Austin

    I got quite a few price quotes for a 2002 Toyota Corolla in Newark, Delaware. Ended up at darn near $80 every six months with AAA. Did it all online. Full coverage costs too much.

  13. Latricia Franco

    FYI in Dover, DE try 21st Century. I got a good deal.

  14. Maximina Woods

    Here’s my info. Went with Auto-Owners for my 2002 Toyota Corolla and cut my rates about $90 a year. Have an at-fault accident tho.

  15. Elanor Carey

    Does State Farm offer new car replacement?