Save Money on Toyota Corolla Insurance in Greensboro

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Anyone knows that auto insurance companies don't want you comparing rates. People who compare rates once a year are very likely to buy a new policy because there is a good probability of finding more affordable rates. Surprisingly, a recent survey revealed that people who made a habit of comparing rate quotes saved over $3,400 over four years compared to policyholders who didn't regularly shop around.

If finding the lowest rates on auto insurance is your goal, then understanding the best way to quote and compare cheaper coverage can save money and time.

Insurance rates Toyota Corolla in GreensboroIf you want to save the most money, the best way to get budget auto insurance rates is to regularly compare prices from companies who sell insurance in Greensboro.

  1. Get a basic knowledge of how car insurance works and the modifications you can make to prevent high rates. Many rating criteria that cause high rates such as tickets, at-fault accidents, and an imperfect credit score can be improved by making minor changes to your lifestyle.
  2. Request price quotes from direct, independent, and exclusive agents. Direct companies and exclusive agencies can give quotes from a single company like Progressive or State Farm, while independent agents can quote prices from multiple sources.
  3. Compare the quotes to your existing rates to determine if switching companies saves money. If you can save some money and switch companies, make sure there is no lapse in coverage.
  4. Give proper notification to your current agent or company of your decision to cancel your current policy and submit a down payment along with a signed application to the new insurer. As soon as you have the new policy, put the certificate verifying proof of insurance with the vehicle registration.

A good tip to remember is to try to use similar coverage information on every quote and and to look at as many companies as feasibly possible. Doing this provides the most accurate price comparison and a thorough selection of prices.

Data for Toyota Corolla insurance

The data table displayed next covers a range of insurance prices for Toyota Corolla models. Learning how auto insurance policy rates are figured is important to be able to make informed decisions.

Toyota Corolla Insurance Rates in Greensboro, NC
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Corolla LE $148 $318 $234 $14 $70 $784 $65
Corolla S $148 $318 $234 $14 $70 $784 $65
Corolla XLE $148 $318 $234 $14 $70 $784 $65
Corolla XRS $168 $318 $234 $14 $70 $804 $67
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Table data represents married female driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and North Carolina minimum liability limits. Discounts applied include multi-policy, homeowner, claim-free, safe-driver, and multi-vehicle. Table data does not factor in vehicle location which can decrease or increase insurance rates significantly.

Physical damage deductibles

One of the more difficult decisions when buying auto insurance is how high or low should comp and collision deductibles be. The tables below determine the differences in price when you choose different physical damage deductibles. The first rate table uses a $250 deductible for comprehensive and collision coverage and the second rate table uses a $1,000 deductible.

Toyota Corolla insurance prices with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Corolla LE $192 $382 $250 $14 $74 $937 $78
Corolla S $192 $382 $250 $14 $74 $937 $78
Corolla XLE $192 $382 $250 $14 $74 $937 $78
Corolla XRS $218 $382 $250 $14 $74 $963 $80
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Toyota Corolla insurance prices with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Corolla LE $118 $240 $250 $14 $74 $696 $58
Corolla S $118 $240 $250 $14 $74 $696 $58
Corolla XLE $118 $240 $250 $14 $74 $696 $58
Corolla XRS $134 $240 $250 $14 $74 $712 $59
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Data variables include married male driver age 30, no speeding tickets, no at-fault accidents, and North Carolina minimum liability limits. Discounts applied include safe-driver, claim-free, multi-vehicle, multi-policy, and homeowner. Price estimates do not factor in specific location which can revise premiums considerably.

Based on the figures above, using a $250 deductible will cost you approximately $21 more each month or $252 for a full year across all Toyota Corolla models than opting for the higher $1,000 deductible. Because you would pay $750 more to settle a claim with a $1,000 deductible as compared to a $250 deductible, if you tend to have more than 36 months between claim filings, you would probably save some money by going with a higher deductible.

Six Tips to Get Cheaper Greensboro Insurance Rates

Lots of factors are considered when you get your auto insurance bill. Some are pretty understandable like your driving record, but other factors are more transparent like where you live or how safe your car is. A large part of saving on car insurance is knowing some of the factors that are used to determine car insurance rates. If you have some idea of what impacts premium levels, this enables you to make decisions that may reward you with lower rates.

  • Drive a fast car and pay more - The performance of the vehicle you are trying to find cheaper insurance for makes a significant difference in determining your rates. The lowest base rates are usually for smaller low performance passenger cars, but many other things help determine your insurance rates.

    The data below uses these assumptions: single female driver age 50, full coverage with $100 deductibles, and no discounts or violations. The data compares Toyota Corolla rates compared to other makes and models that have different performances.

  • Higher rates for stressful vocations - Careers like judges, architects, and financial analysts have higher premiums than the average policyholder because of high stress levels and incredibly demanding work hours. On the flip side, careers such as actors, historians and the unemployed pay lower than average rates.
  • Which gender costs less? - Over the last 50 years, statistics have shown women tend to be less risk to insure than men. However, this does not mean females are better at driving than males. Men and women cause auto accidents in similar percentages, but men cause more damage. In addition to higher claims, males also receive more major tickets like driving under the influence (DUI).

    The diagram below shows the comparison of Toyota Corolla yearly insurance costs for male and female drivers. The prices are based on no claims or driving violations, full physical damage coverage, $100 deductibles, drivers are single, and no discounts are applied.

  • Do you qualify for a multi-policy discount? - Most companies will award a discount to people that have more than one policy such as combining an auto and homeowners policy. This can amount to anywhere from five to ten percent in most cases. Even if you're getting this discount it's in your best interest to comparison shop to make sure you are getting the best deal.There is a good possibility that you can save even more than the discount by insuring with multiple companies.
  • Get better rates after the wedding - Having a significant other may save some money when shopping for car insurance. It translates into being more mature than a single person and insurance companies reward insureds because married couples file fewer claims.
  • Drivers with good credit save on car insurance - Having a good credit score is a large factor in determining premium rates. People with very high credit ratings tend to file fewer claims than drivers who have lower credit ratings. If your credit score can be improved, you could pay less to insure your Toyota Corolla by taking the time to improve your credit score.
  • Loss probability for a Toyota Corolla - Insurers analyze claim trends for every vehicle when setting rates for each model. Vehicles that the data shows to have higher loss trends will cost more for coverage. The next table illustrates the historical insurance loss data for Toyota Corolla vehicles.

    For each policy coverage, the claim amount for all vehicles averaged together is equal to 100. Values that are under 100 indicate a favorable loss history, while percentage numbers above 100 point to more losses or an increased probability of a larger loss.

    Auto Insurance Loss Data for Toyota Corolla Models
    Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
    Toyota Corolla 133 111 94 156 158 128

    Data Source: (Insurance Institute for Highway Safety) for 2013-2015 Model Years

Be persistent to save money

As you restructure your insurance plan, it's not a good idea to buy poor coverage just to save money. There are too many instances where an insured cut liability limits or collision coverage and found out when filing a claim that the savings was not a smart move. The proper strategy is to get the best coverage possible at the best cost, but do not sacrifice coverage to save money.

Lower-priced Toyota Corolla insurance in Greensboro can be purchased from both online companies and with local Greensboro insurance agents, and you need to comparison shop both in order to have the best price selection to choose from. Some companies do not offer price quotes online and many times these small, regional companies sell through local independent agents.

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