Car insurance for a Toyota Corolla will fluctuate depending on pertinent factors related to underwriting car insurance. An insurance company is going to weigh the various risk factors before determining the cost to insure the vehicle.
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The pertinent factors related to underwriting car insurance include the following:
- Where the driver lives and drives
- Gender, age, and marital status of the driver
- Driver’s credit rating and driving record
- Make and model of the car
- How many miles the car is driven on a yearly basis
Factors that Influence Car Insurance Rates
One factor that influences insurance rates for a particular vehicle is the safety of the car in an accident. The insurance company is concerned with risk, so cars that do not fare well in an accident cost more to insure. This is due to the cost of repair to the car as well as the possibility of medical expenses incurred by the insured.
The Toyota Corolla received a score of ten for safety, according to U.S. News Best Cars rating.
This high safety rating will help to lower insurance premiums on a Toyota Corolla.
Toyota Corollas are affordable to insure because of the safety ratings that the Insurance Institute of Highway Safety rates the car. The Insurance Institute of Highway Safety rates the vehicles on front, side, and roof impact. A “Good” rating is considered to be the best, followed by “Acceptable,” “Marginal,” and “Poor.”
The Insurance Institute of Highway Safety gave the Toyota Corolla a “Good” rating for most 2003-2011 year models for all potential accident impacts.
However, there were some makes and models for 2005-2008 that only received “Acceptable” ratings for side impact. Roof tests were not performed prior to 2009.
Safe cars mean less costs in repairs and medical bills, so if a car is considered safe, the insurance company is going to offer a lower rate as their risk is minimized.
Another reason the Toyota Corolla is inexpensive to insure is due to the cost of the vehicle. In fact, U.S. News rated Toyota Corolla as Number 25 out of 35 cars in the “Best of Affordable Small Cars” Category for 2011. The Toyota Corolla’s initial cost plays a role in repair and replacement of the vehicle when the insurance company is calculating risk.
Safety Features Lower Toyota Corolla Insurance Costs
The following safety features are viewed by auto insurance companies as tools that help to lower the risk of insuring you:
- Electronic Stability Control
- Accident Avoidance System
- Daytime Running Lights
- 4 Wheel Anti-Lock Brakes (with panic stop control)
- Airbags (front, side, head)
The more standard safety features that a vehicle has, the more likely you are to get a lower rate. The Corolla auto insurance costs are relatively good for a vehicle of its class, but the overall value of the vehicle can make it slightly more expensive than some comparable models.
Overall though, factors like stability control, daytime running lights, and anti-lock brakes will help reduce the cost of insuring your Corolla.
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Crash Test Ratings Affect Toyota Corolla Auto Insurance
Insurance providers consider the overall safety of a vehicle when determining what rate to offer. In government crash test ratings, the Corolla received a 4 out of 5 star rating for frontal impacts. Side impact tests received a perfect score of 5 stars for front occupants, while rear passenger test ratings for the vehicle was an overall rating of 4 stars.
These ratings are fairly decent but do not allow for the absolute best reductions in insurance rates compared with similar competitors models that scored perfect in front crash tests.
Factors that Make Toyota Corollas More Expensive to Insure
One reason Toyota Corollas may be more expensive to insure is due to theft. Car insurance companies collect statistics on how often a car is stolen. The more desirable a car is to thieves, the more expensive the car insurance premium.
Although the Toyota Corolla does not get stolen nearly as much as the Toyota Camry, the 2007 Toyota Corolla is Number Ten on the Top Ten list of America’s Most Stolen Cars per the National Insurance Crime Bureau, according to MSN News.
Another factor that could possibly make a Toyota Corolla more expensive to insure than a Sports Utility Vehicle or minivan is the actual person who drives the Toyota Corolla. Toyota Corolla drivers are usually unmarried individuals. Because of the size and price of the car, the drivers are also often first-time drivers.
These components will contribute to higher insurance rates.
In fact, Toyota Corollas were ranked very high on the list of “Ten Best Cars for Teens” compiled by About.com. Part of the reasoning behind the rankings is due to the fact that a Toyota Corolla comes in a V4 engine which makes it almost impossible to speed because it is only a four horsepower engine.
Although the Toyota Corolla may cost slightly more to insure as compared to other cars, the cost of insurance premiums on Toyota Corollas are still quite low.
Consider What Discounts may be Available
Many people go through the process of getting insurance without paying attention to the fact that they can get a wide variety of different discounts. All of the various safety features of the Toyota Corolla should be known by the owner, so that they can state them to the insurance company and hopefully get all the discounts that they qualify for.
Besides the actual vehicle, there are other forms of discounts as well.
How safe a driver you are can make a huge difference in how much you will pay when insuring a Toyota Corolla.
Problems like accidents and an extensive claims history through other insurance companies will more than likely drive up your insurance quote.
Expected Payment for Insurance on a Toyota Corolla
Although insurance premiums vary depending on factors like the ones mentioned above, you can find estimates for insuring Toyota Corolla on the internet. For instance, AOL Autos estimates a 2011 Toyota Corolla will cost $1,122 a year to insure.
However, a 2009 Toyota Corolla can actually cost you more to insure due to the age of the car. The older the car, the more costly the repairs become.
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