Buying the best cheap coverage for a Toyota Corolla in Indiana depends on a large number of factors such as how you use your vehicle, whether or not you have filed claims in the past, and any prior driving offenses. Drivers in Indiana pay approximately $845 per year for Corolla insurance, but that cost is an estimation based upon a 30-year-old single male driver with full physical damage coverage and $500 deductibles.
This brings up the issue that more than likely you're not a 30-year-old male, you might be married instead of single, or maybe you prefer higher deductibles. Even a slight difference in the rating criteria used to formulate rates could result in a significant change in the cost of insurance for a Toyota Corolla.
The different assumptions illustrate why the only way to find the cheapest insurance price for your Toyota is to do a thorough rate comparison. In less than five minutes you will get price quotes from some of the most affordable companies that insure vehicles in Indiana.
Your vehicle's trim level impacts the coverage cost, so the price to insure a Corolla LE trim level will be $24 cheaper than the price to insure the more costly Corolla XRS model, as shown in the table below.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
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Data assumes single male driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and Indiana minimum liability limits. Discounts applied include multi-vehicle, homeowner, claim-free, safe-driver, and multi-policy. Information does not factor in specific location which can modify auto insurance rates substantially.
Finding decent, affordable insurance is not most people's favorite thing to do, and determining which companies have the cheapest auto insurance rates for a Toyota Corolla in Indiana involves even more shopping around.
Every auto insurer has their own unique process to set policy rates, so let's rank the auto insurance companies with the most affordable rates in Indiana.
Compare Cheap Insurance Quotes for Your Corolla
|Rank||Company||Cost Per Year|
|6||Indiana Farmers Mutual||$875|
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Travelers may have some of the most affordable car insurance rates in Indiana at around $614 annually. Cincinnati Insurance, USAA, Erie, and Western Reserve also qualify as some of the best Indiana auto insurance companies.
In the rate table above, if you are a customer of Erie and switched to Cincinnati Insurance, you may realize yearly savings of about $47. Drivers with Western Reserve could save as much as $214 a year, and Indiana Farmers Mutual insureds might lower prices by up to $217 a year.
Be aware that those rates are averaged across all insureds and vehicles and do not take into consideration a specific rate factor for a Toyota Corolla. So the auto insurance company that is most affordable for your situation may not even be in the list above. That points out the importance of why you need to compare rates from multiple companies using your own personal information and vehicle type.
Full coverage rates compared to liability only
Paying a lower price for auto insurance is probably important to most vehicle owners, and an effective way to pay less for insurance for a Toyota Corolla in Indiana is to only buy liability insurance. The diagram below shows the difference between car insurance costs with and without full coverage. Data assumes no driving violations, no at-fault accidents, $500 deductibles, drivers are not married, and no discounts are factored in.
If we average the cost for all age groups, full coverage on your policy costs an extra $1,668 per year more than carrying just liability coverage. That proposes the question when is it a good idea to stop buying full coverage. There is no definitive rule that works best for making the decision to drop physical damage coverage on your policy, but there is a general guideline you can use. If the annual cost of your full coverage insurance is more than about 10% of the settlement you would receive from your company, then it may be the right time to buy liability only.
For example, let's pretend your vehicle's settlement value is $6,500 and you have $1,000 policy deductibles. If your vehicle is damaged in an accident, the most your company would pay you is $5,500 after the policy deductible has been paid. If you are currently paying more than $550 annually for full coverage, then it's probably a good time to buy liability coverage only.
There are some situations where only buying liability is not financially feasible. If you haven't paid off your loan, you are required to maintain full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if you don't have enough money to buy a different vehicle if your current one is totaled, you should not buy liability only.
Cautious drivers save money
The common sense way to maintain low auto insurance prices in Indiana for a Corolla is to pay attention while driving and avoid getting tickets or having accidents. The chart below shows how speeding tickets and at-fault collisions can impact auto insurance rates for each age group. The data assumes a single male driver, comprehensive and collision coverage, $250 deductibles, and no policy discounts are applied.
In the example above, the average cost of a car insurance policy per year with a clean driving record and no accidents is $1,873. Add in one speeding ticket and the average cost swells to $2,108, an increase of $236 each year. Next add one accident along with the one speeding ticket and the yearly cost of auto insurance for a Toyota Corolla in Indiana goes up to an average of $2,781. That's an increase of $909, or $76 per month, just for being a careless driver!
The example below shows how different deductible levels can increase or decrease insurance premiums when searching for cheap insurance for a Toyota Corolla in Indiana. The data assumes a single female driver, full coverage, and no discounts are applied.
As shown above, a 40-year-old driver could reduce rates by $310 a year by changing from a $100 deductible to a $500 deductible, or save $468 by selecting a $1,000 deductible. Youthful drivers, like the 20-year-old, can cut $790 annually just by choosing higher deductibles when buying full coverage. If you do decide to increase your deductibles, it will be necessary to have plenty of discretionary funds to offset the extra out-of-pocket expense, which is the main disadvantage of using high deductibles.