Find Affordable Toyota Corolla Insurance in Oklahoma City

Discount Toyota Corolla insuranceWould you like to stop wasting money and find more competitive Toyota Corolla insurance in Oklahoma City? Pricey insurance in Oklahoma City can consume your personal savings and force you to prioritize other expenses. Performing a price comparison can lower your rates and help to make sure you’re not throwing money away.

We don’t have to tell you that insurance companies don’t want policyholders to compare prices from other companies. Insureds who shop around for better prices will probably switch insurance companies because the odds are good of finding better rates. Remarkably, a study showed that drivers who compared rates regularly saved as much as $70 a month compared to other drivers who never compared rates.

If finding the best rates on Toyota Corolla insurance in Oklahoma City is why you’re here, then having a good understanding how to find companies and compare car insurance can help you succeed in saving money.

Steps to buying lower priced Toyota Corolla insurance in Oklahoma City

The recommended way to get discount car insurance rates is to start comparing prices yearly from companies that insure vehicles in Oklahoma City.

  1. Spend some time learning about what is in your policy and the measures you can control to prevent expensive coverage. Many factors that cause rate increases like careless driving and an unacceptable credit rating can be eliminated by making minor changes in your lifestyle. Continue reading for more information to keep prices down and earn larger discounts.
  2. Quote rates from direct, independent, and exclusive agents. Exclusive and direct companies can only give rate quotes from one company like Progressive or State Farm, while agents who are independent can give you price quotes from multiple insurance companies. Compare rates
  3. Compare the new rate quotes to your existing coverage to determine if you can save on Corolla insurance. If you can save money, ensure coverage does not lapse between policies.

The key thing to remember is that you use identical limits and deductibles on each quote and and to get prices from as many companies as feasibly possible. Doing this helps ensure a level playing field and a complete selection of prices.

Since you have so many different company options, it is very difficult to pick a more affordable company.

Most of the larger companies provide prices on the web. Getting Toyota Corolla insurance prices online doesn’t take a lot of time as you simply enter the coverages you want on the page. When the form is submitted, the quote system makes automated requests for information on your driving record and credit history and generates pricing information based on the information you submitted. This helps simplify price comparisons, and it is important to get many rate quotes in order to get a better rate.

To fill out one form to compare multiple rates now, take a look at the companies shown below. If you have your current policy handy, we recommend you input coverages and limits as close as possible to your current policy. Using the same limits helps guarantee you’re receiving a rate comparison using the exact same coverages.

The following companies are our best choices to provide free quotes in Oklahoma. If the list has multiple companies, we suggest you visit several of them to get the best price comparison.

Toyota Corolla insurance rates and statistics

The coverage table below highlights a range of insurance costs for Toyota Corolla models. Having insight into how auto insurance prices are calculated can be useful when making smart choices when comparing insurance rates.

Toyota Corolla Insurance Rates in Oklahoma City, OK
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Corolla LE $428 $1010 $606 $36 $182 $2,262 $189
Corolla S $428 $1010 $606 $36 $182 $2,262 $189
Corolla XLE $428 $1010 $606 $36 $182 $2,262 $189
Corolla XRS $484 $1010 $606 $36 $182 $2,318 $193
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Prices based on single female driver age 30, no speeding tickets, no at-fault accidents, $100 deductibles, and Oklahoma minimum liability limits. Discounts applied include safe-driver, multi-vehicle, homeowner, multi-policy, and claim-free. Estimates do not factor in specific zip code location which can influence coverage prices noticeably.

Analysis of deductible levels

A question often asked by Oklahoma City drivers is how high should the deductibles for physical damage be. The rates below can help you understand the differences in price between low and high policy deductibles. The first pricing table uses a $250 deductible for comprehensive and collision coverage and the second set of prices uses a $500 deductible.

Toyota Corolla insurance rates with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Corolla LE $346 $688 $448 $26 $134 $1,667 $139
Corolla S $346 $688 $448 $26 $134 $1,667 $139
Corolla XLE $346 $688 $448 $26 $134 $1,667 $139
Corolla XRS $392 $688 $448 $26 $134 $1,713 $143
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Toyota Corolla insurance rates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Corolla LE $282 $554 $448 $26 $134 $1,444 $120
Corolla S $282 $554 $448 $26 $134 $1,444 $120
Corolla XLE $282 $554 $448 $26 $134 $1,444 $120
Corolla XRS $318 $554 $448 $26 $134 $1,480 $123
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Data based on married male driver age 30, no speeding tickets, no at-fault accidents, and Oklahoma minimum liability limits. Discounts applied include homeowner, multi-policy, multi-vehicle, safe-driver, and claim-free. Rate information does not factor in specific location information which can influence rates greatly.

Using the premium rates above, we can conclude that using a $250 deductible will cost you roughly $19 more each month or $228 for a full year across all Toyota Corolla models than quoting the higher $500 deductible. Since you would pay $250 more out of your own pocket with a $500 deductible as compared to a $250 deductible, if you tend to go at a minimum 13 months between claim filings, you would save money if you elect the higher deductible.

How to calculate deductible break even period

Average monthly premium for $250 deductibles: $140
Average monthly premium for $500 deductibles (subtract): – $121
Monthly savings from raising deductible: $19
Difference between deductibles ($500 – $250): $250
Divide difference by monthly savings: $250 / $19
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 13 months

One important note is that a higher deductible level results in having to pay to pay more out-of-pocket when you do file a claim. You need some extra savings in the event you need to pay the higher deductible in order to repair your vehicle.

Comparison of insurance rates by gender and age

The chart below illustrates the difference between Toyota Corolla insurance prices for male and female drivers. The costs are based on a clean driving record, no at-fault accidents, comp and collision included, $1,000 deductibles, single marital status, and no additional discounts are factored in.

Should you buy full coverage?

The illustration below visualizes the comparison of Toyota Corolla car insurance rates when comparing full coverage to state minimum liability only. The rate quotes are based on a clean driving record, no at-fault accidents, $100 deductibles, marital status is single, and no policy discounts are applied.

When to switch to liability coverage only

There isn’t a written rule to drop physical damage coverage on your policy, but there is a general school of thought. If the annual cost of your full coverage insurance is about 10% or more of the replacement cost minus the deductible, then it’s probably a good time to buy liability coverage only.

For example, let’s assume your Toyota Corolla settlement value is $3,000 and you have $1,000 policy deductibles. If your vehicle is totaled in an accident, the most you would get paid by your company is $2,000 after the deductible is paid. If you are paying more than $200 a year for physical damage coverage, then it might be time to buy liability only.

There are some cases where removing full coverage is not recommended. If you haven’t paid off your loan, you have to carry full coverage to satisfy the loan requirements. Also, if you can’t afford to buy a different vehicle if your current one is in an accident, you should keep full coverage on your policy.

Components of Your Toyota Corolla Insurance Prices

Many factors are part of the equation when premium rates are determined. Some of the criteria are obvious like an MVR report, but other factors are less obvious like your vehicle usage or your commute time.

Liability insurance limits should be high – Your auto insurance policy’s liability coverage provides coverage if ever you are found liable for causing personal injury or damage in an accident. Your liability coverage provides legal defense which can cost thousands of dollars. This coverage is very inexpensive compared to comp and collision, so drivers should make sure they buy enough to cover all assets.

What are your deductibles? – Your deductibles define the amount you are required to spend before a claim is paid by your company. Physical damage insurance, aka comp and collision, is used to repair damage to your car. Some examples of covered claims could be rear-ending another vehicle, damage from fire, and damage caused by road hazards. The higher the amount the insured has to pay upfront, the less your auto insurance will be.

Accidents mean higher costs – Attentive drivers receive lower rates as compared to careless drivers. Just one ticket can bump up the cost twenty percent or more. People who have dangerous citations like DWI, reckless driving or hit and run convictions may face state-mandated requirements to file a SR-22 with their state’s licensing department in order to drive a vehicle legally.

The information below demonstrates how citations and accidents can affect Toyota Corolla auto insurance costs for different age groups of insureds. The data is based on a married female driver, comp and collision included, $250 deductibles, and no policy discounts are applied.

Qualify for multi-policy discounts – Some insurance companies will give discounts to buyers that buy multiple policies, otherwise known as a multi-policy discount. Even if you’re getting this discount drivers will still want to compare other company rates to verify if the discount is saving money.

Toyota Corolla insurance loss statistics – Auto insurance companies take into consideration insurance loss statistics for every vehicle to calculate a price that will offset any claims. Vehicles that tend to have a trend towards higher claims will have a higher cost to insure.

The table below illustrates the insurance loss data used by companies for Toyota Corolla vehicles. For each policy coverage type, the loss probability for all vehicles averaged together is represented as 100. Numbers under 100 are indicative of better than average losses, while values that are above 100 point to more frequent losses or an increased chance of a larger loss.

Auto Insurance Loss Data for Toyota Corolla Models
Specific Toyota 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

Auto insurance protects more than just your car

Even though Oklahoma City Corolla insurance rates can get expensive, insuring your vehicle may not be optional for several reasons.

First, just about all states have minimum liability requirements which means it is punishable by state law to not carry specific minimum amounts of liability protection if you drive a vehicle. In Oklahoma these limits are 25/50/25 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.

Second, if you have a lien on your vehicle, most lenders will make it mandatory that you buy insurance to ensure loan repayment if the vehicle is totaled. If you cancel or allow the policy to lapse, the bank or lender will purchase a policy for your Toyota at an extremely high rate and require you to reimburse them the higher price.

Third, auto insurance preserves both your vehicle and your personal assets. It will also cover medical transport and hospital expenses for yourself as well as anyone injured by you. Liability insurance will also pay to defend you in the event you are sued. If your car is damaged in a storm or accident, collision and comprehensive (also known as other-than-collision) coverage will pay to restore your vehicle to like-new condition.

The benefits of insuring your Corolla greatly outweigh the cost, particularly if you ever have a claim. Unknowingly, the average driver overpays as much as $820 a year so you should quote rates each time the policy renews to save money.