Buying cheaper car insurance for a Toyota Corolla can be pretty simple, but it hinges on a lot of different factors such as whether you are married or single, where you live, and whether or not you are a good driver. New Mexico drivers pay approximately $632 each year to insure their Corolla, but that price is an approximation based on a 50-year-old married female driver with both comprehensive and collision coverage and $1,000 deductibles.
When estimating a car insurance rate like we just did, the issue is that you may not be 50 years old (or even female), you might be single instead of married, or maybe you rent instead of own your home. There is no one cookie-cutter policy that works for everyone, so the way we recommend to find cheap car insurance rates for your Toyota is to do a thorough rate comparison.
Vehicle trim level impacts the coverage cost, so the price you pay to insure a Corolla LE model will be $16 cheaper than the cost to insure the fancier Corolla XRS model, as shown in the table below.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
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Prices based on married female driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and New Mexico minimum liability limits. Discounts applied include claim-free, homeowner, multi-vehicle, safe-driver, and multi-policy. Information does not factor in specific garaging location which can change rates considerably.
Trying to buy affordable insurance is not the easiest thing to accomplish, and deciding which company has the cheapest insurance rates for a Toyota Corolla calls for even more shopping around.
Each auto insurer has a different formula to determine rates, so let’s take a look at the insurance companies with the overall best prices in Albuquerque, NM.
Best Auto Insurance Prices for Your Corolla
|Rank||Company||Cost Per Year|
|4||Farm Bureau Mutual||$1,202|
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USAA may offer some of the lowest car insurance rates in Albuquerque at around $657 a year. Allied, Safeco, Farm Bureau Mutual, and State Farm would also be considered some of the cheaper Albuquerque, NM insurance companies.
As the example above demonstrates, if you are insured with Farm Bureau Mutual and switched to Allied, you could see a yearly price reduction of upwards of $244. Drivers with State Farm may save as much as $352 a year, and Farmers policyholders might reduce prices by as much as $357 a year.
It’s important to note that these policy prices are averaged across all ages of drivers and types of vehicles and do not take into consideration an exact location for a Toyota Corolla. So the car insurance company that fits your situation best may not even be in the list above. That illustrates why you need to compare rates from as many companies as possible using your own personalized driver profile and vehicle information.
Irresponsible driving raises your rates
In a perfect world, the best way to score the cheapest insurance premiums in Albuquerque for a Corolla is to drive attentively and avoid tickets and accidents. The information below illustrates how violations and accident claims can increase car insurance costs for different categories of driver ages. The price estimates are based on a married female driver, full physical damage coverage, $250 deductibles, and no discounts are applied.
The data above shows the average cost of a car insurance policy in Albuquerque per year with no violations or accidents is $1,651. Factor in one speeding ticket and the average cost jumps to $1,920, an increase of $269 each year. Now add in one accident along with the one speeding ticket and the annual cost of insurance for a Toyota Corolla goes up to an average of $2,691. That’s an increase of $1,040, or $87 per month, just for not paying attention while driving!
The example below illustrates how choosing a deductible can change yearly insurance costs when getting quotes for cheap insurance for a Toyota Corolla. The rate quotes are based on a married female driver, full coverage, and no other discounts are factored in.
In the chart above, a 40-year-old driver could lower their car insurance rates by $296 a year by changing their physical damage coverage from a $100 deductible up to a $500 deductible, or save $446 by selecting a $1,000 deductible. Young drivers, like the 20-year-old, can save $736 each year just by choosing larger deductibles. If you do decide to increase your deductibles, it is necessary to have plenty of money set aside to pay the extra out-of-pocket expense, which deters some people from using high deductibles.
Why you should shop around for Corolla insurance
Albuquerque, NM insurance rates are determined by lots of factors that will increase or decrease the cost of coverage. Improving your credit rating, buying a home, or getting a reckless driving citation can produce rate changes that may make certain companies cheaper than before. In addition, car insurance companies file new New Mexico auto insurance rates multiple times each year in order to remain profitable. Larger than normal claims can cause increased rates, while lower claims may result in cheaper Corolla insurance rates.
To illustrate this example, the chart below shows the company with the cheapest car insurance in Albuquerque, NM for a 30-year-old male driver with no prior claims, no tickets, and solid credit. If we look at prices based on his current rating profile, USAA might offer the cheapest car insurance rates in Albuquerque at $939 a year. This is $629 less than the average rate paid by New Mexico drivers of $1,568. Allied, Safeco, Farm Bureau Mutual, and Farmers are also on the list of the top five cheapest Albuquerque, NM auto insurance companies.
The next chart shows rates after we give the driver from above some claims, less-than-perfect credit, and a few traffic violations. Since every car insurance company has a proprietary method for filing rates in each state, analyzing rate quotes may result in a different set of the cheapest car insurance companies in Albuquerque as shown below.
Allied now has the cheapest price in Albuquerque with USAA, Central Mutual, The Hartford, and Safeco also having competitive pricing. This example shows why drivers need to compare many different companies when trying to find the most affordable car insurance rates for a Toyota Corolla.
Rates can be determined by many factors and change frequently, so the most affordable company a year ago may now be an over-priced policy.
How to find low-cost auto insurance for a Toyota Corolla
It’s not impossible to find cheaper rates, and here are some money-saving ideas that can help Albuquerque drivers find low-cost coverage.
- Tickets and violations raise rates
- Good credit scores may make rates cheaper
- On older vehicles, drop full coverage
- Having at-fault accidents will increase rates
- Raise deductibles to save money
- Vehicles with safetly features generally cost less to insure
- Compare rates often to find the best deal
That last piece of advice is extraordinarily valuable, as we hit on in this write-up. Prices charged by companies can change in a short period of time, so drivers shouldn’t be resistant to buy a different policy if you can find a cheaper rate. Having a favorite company is great, but we do not recommend it if that loyalty ends up costing a lot of money every month. In just a few minutes you could compare prices to find cheaper auto insurance for a Toyota Corolla in Albuquerque.
If you have questions and prefer to have professional advice when comparing insurance rates for a Toyota Corolla, the agencies below can aid you in deciding which policy is best.
To find an agent close to where you live, click the button at the bottom of the list or click here to compare price quotes.
Tim Gallegos – State Farm Insurance Agent
1100 Coors Blvd SW, Ste B2 – Albuquerque, NM 87121 – (505) 200-2319
Derek Sanchez – State Farm Insurance Agent
725 San Mateo Blvd NE – Albuquerque, NM 87108 – (505) 292-3984
Allstate Insurance: Eladio Muniz
1028 Eubank Blvd – Albuquerque, NM 87112 – (505) 291-0624
Michele Romero – State Farm Insurance Agent
3904 Carlisle Blvd NE c – Albuquerque, NM 87107 – (505) 881-7000
Daniels Insurance Inc
320 Gold Ave SW # 700 – Albuquerque, NM 87102 – (505) 766-9676