Who Has Cheap Auto Insurance for a Toyota Corolla in Memphis?

Finding cheap car insurance for a Toyota Corolla is pretty simple for most people to do, but it is dependent upon an enormous amount of factors such as the age of the Corolla, if you have prior claims, and your choice of physical damage deductibles. Drivers pay on average $875 a year for Corolla insurance, but that price is based on a 40-year-old single female driver with full comprehensive and collision coverage and $500 deductibles.

The issue that arises when projecting rates is that it’s very likely that you are not 40 years old and maybe not even female, married instead of single, and you don’t want the same coverages and limits as the example. Auto insurance requires individual risk assessment, so the way we recommend to find cheap auto insurance rates for your Toyota is to do the rate comparisons yourself.

Find Cheaper Toyota Corolla Insurance

Your vehicle’s trim level will likely have an effect on the cost of insurance, so the rate you pay to insure a Corolla LE will be $22 less than the cost to insure the high end Corolla XRS version, as shown in the table below.

Toyota Corolla Insurance Rates in Memphis, TN
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Corolla LE $174 $404 $376 $22 $112 $1,088 $91
Corolla S $174 $404 $376 $22 $112 $1,088 $91
Corolla XLE $174 $404 $376 $22 $112 $1,088 $91
Corolla XRS $196 $404 $376 $22 $112 $1,110 $93
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Prices based on single female driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Tennessee minimum liability limits. Discounts applied include homeowner, multi-vehicle, safe-driver, claim-free, and multi-policy. Price information does not factor in specific garaging location which can raise or lower coverage prices noticeably.

Ending up with the top auto insurance provider can be a challenge considering how many different companies sell coverage in Tennessee. The ranking data shown next may help you select which companies you want to consider when comparing auto insurance rates for a Toyota Corolla. These rankings are only comprised of the companies with a significant amount of written premium nationwide, so companies with more of a regional focus are not taken into consideration for this list.

Top 15 Auto Insurance Companies for a Toyota Corolla in Tennessee
Company Value Customer Service Claims Customer Satisfaction A.M Best Rating Overall Score
Travelers 93 98 99 88% A++ 95.1
USAA 83 99 100 91% A++ 94.1
AAA Insurance 91 95 92 90% A 93.3
Nationwide 85 95 97 89% A+ 92.4
Allstate 77 100 97 88% A+ 90.7
State Farm 80 94 96 88% A++ 90.6
The Hartford 88 93 91 87% A+ 90.4
Safeco Insurance 91 95 85 88% A 90.2
Progressive 88 94 83 88% A+ 90.1
American Family 91 86 95 83% A 89.7
Esurance 86 90 94 90% A+ 89.5
The General 86 93 89 84% A- 88.2
GEICO 79 89 95 87% A++ 87.8
Titan Insurance 86 82 92 86% A+ 86.5
21st Century 86 82 90 84% A 86.4
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Data Source: Insure.com Best Car Insurance Companies

Rate comparison of full coverage and liability-only

Saving money on auto insurance is the goal of the majority of drivers, and one easy way to pay lower rates for insurance for a Toyota Corolla is to buy liability only. The example below visualizes the comparison of yearly insurance costs with full coverage and liability only. The price estimates are based on no accidents, no driving violations, $100 deductibles, single status, and no other discounts are factored in.

Averaged for all age groups, full coverage costs $2,115 per year more than insuring for liability only. That brings up the question when is it a good idea to stop buying full coverage. There is no set rule of when to exclude comprehensive and collision coverage on your policy, but there is a broad guideline. If the yearly cost of full coverage is more than about 10% of the settlement you would receive from your company, then it could be time to drop full coverage.

For example, let’s say your vehicle’s replacement cost is $8,500 and you have $1,000 physical damage deductibles. If your vehicle is severely damaged, you would only receive $7,500 after paying your policy deductible. If premiums are more than $750 a year for full coverage, then it might be time to buy liability only.

There are some scenarios where dropping full coverage is not a good plan. If you haven’t paid off your loan, you must maintain physical damage coverage as part of the loan conditions. Also, if you don’t have enough money to buy a different vehicle in the even your car is totaled, you should not drop full coverage.

Tickets and at-fault accidents raise rates

The common sense way to obtain the most affordable auto insurance prices in Memphis for a Corolla is to drive attentively and have a clean driving record. The information below shows how traffic citations and at-fault fender-benders drive up insurance rates for different age groups. The costs are based on a married male driver, comprehensive and collision coverage, $1,000 deductibles, and no other discounts are factored in.

The data above shows the average cost of car insurance in Tennessee per year with a clean driving record and no accidents is $1,308. Receive two speeding tickets and the average cost hikes up to $1,798, an increase of $490 each year. Then throw in one accident along with the two speeding tickets and the 12-month cost of auto insurance for a Toyota Corolla increases to an average of $2,298. That’s an increase of $990, or $82 per month, just for not paying attention while driving!

Low rates can quickly become overpriced

Memphis, TN auto insurance rates are determined by lots of factors that may substantially change the cost of your policy. Improving your credit rating, having a teenage driver, or having an accident may generate price changes that can cause some rates to be cheaper than before. Not only may your risk profile change, but auto insurance companies change their prices multiple times each year to adjust for heavy claims or excess profits. Significantly higher losses can result in more expensive premiums, while lower claim levels may result in lower-cost Corolla insurance rates.

To illustrate this point, the graph below demonstrates which company has the cheapest car insurance in Memphis, TN for a 30-year-old male driver with no accidents or violations, and solid credit. If we estimate rates based on his current rating profile, Utica National might offer the lowest car insurance rates in Memphis at $1,028 annually. This is $300 less than the average premium paid by Tennessee drivers of $1,328. Cincinnati Insurance, Auto-Owners, Penn National, and Tennessee Farmers are also on the list of the top five cheapest Memphis, TN auto insurance companies.

Let’s now give the driver from the first rate comparison a chargeable accident, bad credit, and an imperfect driving record. Due to the fact that every auto insurer has their own formula for determining rates, analyzing rate quotes may now result in a different ranking of affordable companies as shown below.

Erie now has the cheapest insurance rate in Memphis with Allied, Nationwide, Westfield, and GEICO also being competitive. This illustrates why it is crucial to shop around to get the most economical insurance rates for a Toyota Corolla. Car insurance prices are influenced by many factors and can increase or decrease at any time, so the best option a year ago may now cost much more than other companies.

How to find the cheapest auto insurance for a Toyota Corolla

It is possible to find better rates, and here are a few thrifty ideas that can help you get cheap coverage.

The last item on the list is remarkably necessary, as was affirmed in this article. Rates can be changed at any time, so you should be ready to switch companies if a better rate can be found. Having a favorite company is fine, but we do not recommend it if that devotion results in you overpaying money that could be used for better things. In just a few minutes you could compare prices and find cheaper insurance for a Toyota Corolla in Memphis.