Compare Toyota Corolla Insurance Rates in Fort Wayne

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Are you doing reasearch to find more competitive Toyota Corolla insurance in Fort Wayne? Finding cheap coverage rates for Toyota Corolla insurance in Fort Wayne might be slightly frustrating for beginners to buying insurance online. With literally dozens of online companies, it can easily become a real difficult job to find cheaper Toyota Corolla insurance rates.

Insurance rates Toyota Corolla in Fort WayneUnbelievably, the vast majority of car insurance customers have remained with the same car insurance company for a minimum of four years, and almost half have never even shopped around for affordable coverage. The average driver in Indiana can save hundreds of dollars each year just by getting comparison quotes, but they think it's difficult to compare other rate quotes.

The quickest way to compare insurance rates in your area is to know almost all companies have advanced systems to provide you with a free rate quote. To get started, all you need to do is give the companies some data such as the type of vehicles you drive, coverage limits, marital status, and how your vehicles are used. Those rating factors gets sent immediately to multiple companies and they return quotes instantly to find the best rate.

If you would like to start a quote now, click here and complete the form.

The providers in the list below have been selected to offer price quotes in Fort Wayne, IN. In order to find cheap auto insurance in Fort Wayne, IN, we suggest you visit two to three different companies in order to get a fair rate comparison.

Don't overlook these Toyota Corolla insurance discounts

Car insurance is not cheap nor is it fun to buy but you might find some hidden discounts to help offset the cost. A few discounts will automatically apply at the time of purchase, but lesser-known reductions have to be requested specifically before you get the savings.Save money with discounts

  • Multiple Vehicles - Purchasing coverage when you have primary and secondary vehicles with one company can get a discount on all vehicles.
  • Federal Employees - Federal government employees could cut as much as 10% off with a few car insurance companies.
  • Responsible Driver Discount - Drivers who avoid accidents can save up to 40% or more on their Fort Wayne car insurance quote compared to accident prone drivers.
  • Payment Method - If you pay your bill all at once rather than spreading payments over time you may have a lower total premium amount.
  • Discount for Life Insurance - Some car insurance companies give a discounted price on car insurance if you buy some life insurance in addition to your auto policy.
  • Renewal Discounts - A few car insurance companies give discounts for renewing your policy prior to your current Corolla insurance policy expiring. It can save you around 10%.

As is typical with insurance, most of the big mark downs will not be given to the whole policy. Most cut individual premiums such as liability, collision or medical payments. Even though it appears you can get free auto insurance, companies don't profit that way.

The example below compares Toyota Corolla insurance rates with and without discounts applied to the rates. The data is based on a female driver, no accidents, no driving violations, Indiana state minimum liability limits, comp and collision included, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-policy, claim-free, homeowner, multi-car, marriage, and safe-driver discounts applied.

Companies and their possible discounts include:

  • American Family may offer discounts for good student, good driver, mySafetyValet, multi-vehicle, accident-free, bundled insurance, and air bags.
  • Nationwide policyholders can earn discounts including Farm Bureau membership, family plan, defensive driving, multi-policy, and accident-free.
  • MetLife may have discounts that include good student, claim-free, multi-policy, accident-free, good driver, defensive driver
  • 21st Century offers discounts for theft prevention, 55 and older, anti-lock brakes, good student, student driver, and early bird.
  • Farmers Insurance includes discounts for teen driver, good student, switch companies, alternative fuel, multi-car, and youthful driver.
  • Allstate may include discounts for resident student, safe driver, auto/life discount, early signing, farm vehicle, anti-lock brakes, and new car.

If you are trying to find the cheapest Toyota Corolla rate quotes, ask all the companies what discounts are available to you. Some discounts might not apply in Fort Wayne. If you would like to choose from a list of providers with discount rates in Fort Wayne, click this link.

Auto insurance statistics for a Toyota Corolla

The rate information below highlights estimates of insurance costs for Toyota Corolla models. Learning how rate quotes are calculated is important to be able to make smart buying decisions.

Toyota Corolla Insurance Rates in Fort Wayne, IN
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Corolla LE $236 $592 $340 $20 $102 $1,290 $108
Corolla S $236 $592 $340 $20 $102 $1,290 $108
Corolla XLE $236 $592 $340 $20 $102 $1,290 $108
Corolla XRS $268 $592 $340 $20 $102 $1,322 $110
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Data based on single male driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and Indiana minimum liability limits. Discounts applied include multi-policy, multi-vehicle, homeowner, safe-driver, and claim-free. Rate quotes do not factor in vehicle garaging location which can impact premiums substantially.

Physical damage deductibles: Should you raise them?

The hardest decision when buying coverage is how high or low should comp and collision deductibles be. The following tables summarize the rate differences when you buy lower versus higher comp and collision deductibles. The first set of prices uses a $100 deductible and the second set of rates uses a $500 deductible.

Toyota Corolla insurance policy rates with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Corolla LE $242 $514 $280 $16 $84 $1,161 $97
Corolla S $242 $514 $280 $16 $84 $1,161 $97
Corolla XLE $242 $514 $280 $16 $84 $1,161 $97
Corolla XRS $272 $514 $280 $16 $84 $1,191 $99
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Toyota Corolla insurance policy rates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Corolla LE $176 $348 $280 $16 $84 $904 $75
Corolla S $176 $348 $280 $16 $84 $904 $75
Corolla XLE $176 $348 $280 $16 $84 $904 $75
Corolla XRS $200 $348 $280 $16 $84 $928 $77
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Table data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Indiana minimum liability limits. Discounts applied include homeowner, safe-driver, claim-free, multi-policy, and multi-vehicle. Premium costs do not factor in specific location information which can lower or raise premium rates considerably.

Based on the above data, using a $100 deductible will cost you approximately $22 more each month or $264 a year than quoting the higher $500 deductible. Because you would be required to pay $400 more if you file a claim with a $500 deductible as compared to a $100 deductible, if you tend to have at least 18 months between claims, you would probably save some money if you decide on a higher deductible.

Calculate savings of higher deductibles

Average monthly premium for $100 deductibles: $98
Average monthly premium for $500 deductibles (subtract): - $76
Monthly savings from raising deductible: $22
Difference between deductibles ($500 - $100): $400
Divide difference by monthly savings: $400 / $22
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 18 months

One thing to note is that higher deductibles results in more money out-of-pocket when you have to file a claim. You should have some non-essential savings in order to pay more to get your vehicle repaired.

The diagram below highlights how deductible choice and can increase or decrease Toyota Corolla insurance premiums for different age groups. The price estimates are based on a married female driver, comprehensive and collision coverage, and no discounts are taken into consideration.

Auto insurance premiums based on gender

The illustration below compares Toyota Corolla yearly insurance costs for male and female drivers. The price estimates are based on no violations or accidents, full coverage, $250 deductibles, single marital status, and no other discounts are factored in.

Full coverage or liability only

The example below visualizes the comparison of Toyota Corolla annual premium costs with full physical damage coverage compared to only buying liability only. The premiums are based on no violations or accidents, $500 deductibles, single status, and no discounts are factored in.

When to stop buying comprehensive and collision coverage

There is no set guideline of when to phase out physical damage coverage on your policy, but there is a general school of thought. If the annual cost of comprehensive and collision coverage is more than about 10% of the replacement cost of your vehicle minus the policy deductible, then you may need to consider dropping full coverage.

For example, let's assume your Toyota Corolla claim settlement value is $3,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled, the most your company will settle for is $2,000 after paying the physical damage deductible. If premium cost is more than $200 annually for your policy with full coverage, then you may want to consider only buying liability coverage.

There are some cases where only buying liability is not advised. If you still owe a portion of the original loan, you have to carry full coverage in order to satisfy the requirements of the loan. Also, if you don't have enough money to buy a different vehicle in the even your car is totaled, you should not consider dropping full coverage.

Are auto insurance agents of importance?

Some consumers still prefer to get advice from a local agent and that can be a great decision The biggest benefit of price shopping on the web is that you can obtain lower rates but still work with a licensed agent. Supporting neighborhood insurance agencies is still important in Fort Wayne.

Find insurance agent in Fort WayneBy using this form (opens in new window), the coverage information is sent to local insurance agents that can provide free Fort Wayne car insurance quotes to get your business. It makes it easy because there is no need to leave your computer since price quotes are sent instantly to you. Get lower rates without a big time investment. In the event you want to quote rates from a specific company, you just need to go to their quote page and fill out the quote form the provide.

How to choose the best auto insurance agent in Fort Wayne

If you want an insurance agent, it can be helpful to understand the different agency structures and how they operate. Fort Wayne agents can either be independent or exclusive depending on the company they work for.

Independent Auto Insurance Agencies or Brokers

These type of agents do not work for one specific company and that is an advantage because they can write policies amongst many companies and possibly get better coverage at lower prices. To transfer your coverage to a different company, your agent can switch companies and the insured can keep the same agent.

When comparing auto insurance prices, we recommend you get quotes from at a minimum one independent agency to ensure the widest selection of prices. Most independent agents also contract with different regional companies that may provide cheaper auto insurance rates.

Shown below is a partial list of independent agencies in Fort Wayne that may be able to provide price quotes.

More insurance agents

Exclusive Insurance Agents

Exclusive agencies can only write with one company like Farmers Insurance, Allstate, or State Farm. These agents are not able to compare rates from other companies so they really need to provide good service. They are highly trained on their products and sales techniques and that enables them to sell even at higher rates. Some insured continue to use the same exclusive agent primarily because of high brand loyalty and the convenience of having a single billing for all their coverages.

Listed below is a list of exclusive insurance agencies in Fort Wayne who can help you get price quote information.

More insurance agents

Deciding on an auto insurance agent should depend on more than just the premium amount. Here are some questions you should ask.

  • Does the agent have a valid license to sell insurance in Indiana?
  • Do the agents have professional certifications like CPCU or CIC?
  • Is the agency involved in supporting local community causes?
  • How are claims handled?
  • Is there any savings for paying the full premium?

How to Lower Your Insurance Prices

Many different elements are taken into consideration when you get a price on insurance. Some factors are common sense such as your driving record, but other factors are less apparent such as your marital status or your commute time. Consumers need to have an understanding of some of the elements that help determine insurance rates. If you know what controls the rates you pay, this enables you to make decisions that may result in lower insurance prices.

The itemized list below are some of the items companies use to determine your rates.

  • Where do you drive? - The higher the miles on your Toyota each year the more you'll pay to insure your vehicle. A lot of companies apply a rate based upon how the vehicle is primarily used. Cars that do not get driven very much can get a lower rate compared to those used for work or business. It's always a good idea to double check that your declarations sheet is rated on the correct driver usage, because it can save money. Having an incorrect usage rating on your Corolla can cost quite a bit.
  • When should you file policy claims? - Insurance companies in Indiana provide most affordable rates to people who only file infrequent claims. If you file claims often, you can pretty much guarantee increased rates or even have your policy non-renewed. Auto insurance is designed for claims that you cannot pay yourself.
  • Having a spouse can save on insurance - Getting married may cut your premiums compared to being single. Marriage means you're more mature and insurance companies reward insureds because being married results in fewer claims.
  • Five star NHTSA crash test rating saves money - Safe vehicles can get you lower premiums. The safest vehicles reduce injuries and better occupant protection means less claims paid which can result in lower premiums. If your Toyota has ratings of a minimum four stars on Safercar.gov you may be receiving a better rate.
  • Vehicle features can affect insurance rates - Buying a car with a theft deterrent system can help bring down rates. Theft prevention features such as vehicle immobilizer systems, General Motors OnStar and LoJack tracking systems help track and prevent vehicle theft.
  • Older drivers are lower risk - Mature drivers are more responsible, cost insurance companies less in claims, and usually have better credit. Drivers with little experience tend to be inattentive and easily distracted when at the wheel of a vehicle therefore insurance rates are much higher.

    The following data assumes a single driver, full coverage with $100 deductibles, and no discounts or violations.

  • Toyota Corolla historical loss data - Insurers include the past claim trends for vehicles to help determine the price you pay. Models that the data shows to have a trend towards higher claim severity or frequency will have increased rates. The next table illustrates the compiled insurance loss statistics for Toyota Corolla vehicles.

    For each type of coverage, the claim probability for all vehicles, without regard to make or model, is equal to 100. Percentage numbers below 100 suggest a better than average loss history, while values that are above 100 indicate more frequent losses or tendency to have larger claims.

    Insurance Loss Ratings for Toyota Corolla Vehicles
    Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
    Toyota Corolla 133 111 94 156 158 128
    BETTER
    AVERAGE
    WORSE

    Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years

Why you need insurance for your Toyota Corolla

Even though it's not necessarily cheap to insure a Toyota in Fort Wayne, insurance serves several important purposes.

  • Almost all states have minimum mandated liability insurance limits which means you are required to carry specific minimum amounts of liability insurance in order to be legal. In Indiana these limits are 25/50/10 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
  • If your Corolla has a lienholder, almost every bank will have a requirement that you carry insurance to ensure the loan is repaid in case of a total loss. If you do not pay your insurance premiums, the lender may insure your Toyota for a much higher rate and require you to fork over much more than you were paying before.
  • Insurance preserves not only your Toyota but also your financial assets. It will also provide coverage for many types of medical costs for you, any passengers, and anyone injured in an accident. Liability coverage will also pay attorney fees if you are named as a defendant in an auto accident. If you have damage to your Toyota as the result of the weather or an accident, comprehensive and collision coverage will pay to have it repaired.

The benefits of carrying enough insurance greatly outweigh the cost, especially if you ever need it. In a recent study of 1,000 drivers, the average customer overpays as much as $825 a year so we recommend shopping around at every renewal to be sure current rates are still competitive.

Cheaper car insurance rates are possible

You just learned a lot of ways to compare Toyota Corolla insurance auto insurance rates in Fort Wayne. It's most important to understand that the more companies you get premium rates for, the better your comparison will be. You may even be surprised to find that the best price on car insurance is with a company that doesn't do a lot of advertising.

More affordable car insurance in Fort Wayne can be bought from both online companies and also from your neighborhood Fort Wayne agents, so you should be comparing quotes from both to have the best chance of lowering rates. A few companies do not provide internet price quotes and most of the time these regional carriers prefer to sell through independent insurance agencies.

As you restructure your insurance plan, never buy poor coverage just to save money. In too many instances, drivers have reduced collision coverage only to discover later that the savings was not a smart move. The proper strategy is to buy a smart amount of coverage for the lowest price and still be able to protect your assets.

How to save money on Toyota Corolla insurance in Fort Wayne

The best way to get cheaper Toyota Corolla insurance in Fort Wayne is to start comparing prices yearly from companies in Indiana.

  • First, gain an understanding of individual coverages and the things you can change to prevent high rates. Many things that result in higher rates such as traffic tickets, fender benders, and poor credit history can be improved by improving your driving habits or financial responsibility.
  • Second, request rate estimates from independent agents, exclusive agents, and direct companies. Direct companies and exclusive agencies can only provide price estimates from one company like Progressive and State Farm, while agents who are independent can quote rates for a wide range of insurance providers. Compare rates
  • Third, compare the new rates to the premium of your current policy to see if switching to a new carrier will save money. If you find a better price and buy the policy, make sure coverage is continuous and does not lapse.
  • Fourth, tell your current company of your intent to cancel your current coverage. Submit the application along with any required down payment for your new policy. As soon as you have the new policy, place the new certificate of insurance with your registration paperwork.

A tip to remember is to make sure you enter similar coverage information on every quote and and to look at as many car insurance companies as possible. Doing this ensures an accurate price comparison and a complete rate analysis.

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