2002 Toyota Corolla Car Insurance Rates – 8 Policy Discounts

Trying to find cheaper insurance rates for your Toyota Corolla? No one in their right mind looks forward to paying for insurance, especially when the price is too high. Insurance companies such as Geico, 21st Century and Progressive constantly blast consumers with ad campaigns and it is challenging if not impossible to see past the geckos and flying pigs and effectively compare rates to find the best deal.

It’s a good habit to compare prices once or twice a year because prices are constantly changing. Even if you think you had the best deal on Corolla coverage a year ago you may be paying too much now. Starting right now, ignore everything you know about insurance because it’s time to teach you how to quote online to find better rates and still maintain coverage.

Companies offer discounts so take them!

Companies don’t list all available discounts very well, so here is a list both the well known and the more hidden discounts you could be receiving. If you don’t get every credit possible, you are paying more than you should be.

  • Accident Waiver – A handful of insurance companies will allow you to have one accident before your rates go up if you are claim-free prior to the accident.
  • 55 and Retired – If you qualify as a senior citizen, you may receive a small decrease in premiums on Corolla coverage.
  • Distant Student – Kids in college living away from home attending college and don’t have a car may qualify for this discount.
  • Discount for Swiching Early – Some companies give discounts for buying a policy before your current policy expires. The savings is around 10%.
  • Theft Prevention Discount – Vehicles with anti-theft systems are stolen less frequently and will save you 10% or more.
  • Multiple Policy Discount – If you have multiple policies with the same company you could get a discount of up to 20% off your total premium.
  • Discount for Good Grades – A discount for being a good student can save 20 to 25%. The discount lasts until age 25.
  • More Vehicles More Savings – Having multiple cars or trucks on the same car insurance policy can get a discount on all vehicles.

A little note about advertised discounts, many deductions do not apply to the overall cost of the policy. Some only reduce the cost of specific coverages such as liability, collision or medical payments. So when the math indicates you could get a free car insurance policy, you’re out of luck.

To see a list of insurance companies with discount car insurance rates, click here to view.

Do I just need basic coverages?

When choosing the best car insurance coverage for your personal vehicles, there is no one size fits all plan. Everyone’s situation is a little different so your insurance needs to address that. For example, these questions can aid in determining whether or not you could use an agent’s help.

  • What is covered by UM/UIM coverage?
  • Is my vehicle covered by my employer’s policy when using it for work?
  • Are split liability limits better than a combined single limit?
  • If I drive on a suspended license am I covered?
  • When should I drop full coverage on my 2002 Toyota Corolla?
  • What are the best liability limits?
  • I have health insurance so do I need medical payments coverage?
  • Does my 2002 Toyota Corolla qualify for pleasure use?

If you can’t answer these questions but one or more may apply to you, then you may want to think about talking to a licensed insurance agent. If you don’t have a local agent, simply complete this short form or you can go here for a list of companies in your area. It’s fast, free and you can get the answers you need.

Ads can be misleading

Consumers can’t ignore all the ads for car insurance savings from companies such as 21st Century, Allstate and State Farm. All the companies say the same thing that you can save if you move your policy.

How does each company claim to save you money?

Insurance companies are able to cherry pick for the type of driver that is profitable for them. A good example of a driver they prefer could possibly be over the age of 40, has no driving citations, and has excellent credit. A driver who fits that profile will get the preferred rates and is almost guaranteed to cut their rates substantially.

Consumers who fall outside these standards will be quoted higher prices which usually ends up with business not being written. Company advertisements say “customers who switch” not “everybody who quotes” save money. That is how companies can truthfully advertise the way they do. This emphasizes why you need to get as many quotes as possible. It’s not possible to predict which company will have the lowest Toyota Corolla insurance rates.

Specific coverage details

Knowing the specifics of a car insurance policy can be of help when determining the right coverages for your vehicles. The coverage terms in a policy can be confusing and coverage can change by endorsement. Below you’ll find typical coverages available from car insurance companies.

Uninsured/Underinsured Motorist coverage – Your UM/UIM coverage protects you and your vehicle from other motorists when they either have no liability insurance or not enough. This coverage pays for injuries sustained by your vehicle’s occupants and also any damage incurred to your Toyota Corolla.

Since many drivers have only the minimum liability required by law, it doesn’t take a major accident to exceed their coverage limits. For this reason, having high UM/UIM coverages is a good idea.

Collision – Collision coverage pays for damage to your Corolla caused by collision with another car or object. You have to pay a deductible and the rest of the damage will be paid by collision coverage.

Collision insurance covers things like scraping a guard rail, sideswiping another vehicle and colliding with another moving vehicle. Collision is rather expensive coverage, so you might think about dropping it from lower value vehicles. You can also raise the deductible to get cheaper collision coverage.

Medical payments coverage and PIP – Personal Injury Protection (PIP) and medical payments coverage provide coverage for immediate expenses for ambulance fees, X-ray expenses, rehabilitation expenses and prosthetic devices. They are utilized in addition to your health insurance program or if you do not have health coverage. Coverage applies to both the driver and occupants as well as being hit by a car walking across the street. PIP is not universally available but it provides additional coverages not offered by medical payments coverage

Liability coverages – Liability coverage will cover damage that occurs to a person or their property that is your fault. Coverage consists of three different limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. Your policy might show policy limits of 100/300/100 that means you have $100,000 in coverage for each person’s injuries, a total of $300,000 of bodily injury coverage per accident, and a limit of $100,000 paid for damaged property.

Liability coverage protects against things like legal defense fees, emergency aid and pain and suffering. How much liability coverage do you need? That is a personal decision, but you should buy as high a limit as you can afford.

Comprehensive coverage – This will pay to fix damage OTHER than collision with another vehicle or object. You first must pay your deductible then your comprehensive coverage will pay.

Comprehensive coverage protects against things like hitting a bird, a broken windshield and fire damage. The most you can receive from a comprehensive claim is the ACV or actual cash value, so if it’s not worth much more than your deductible consider removing comprehensive coverage.

Do the work, save more money

You just read a lot of tips how to lower your 2002 Toyota Corolla insurance rates. The key concept to understand is the more times you quote, the better chance you’ll have of finding lower rates. You may be surprised to find that the biggest savings come from some of the smallest insurance companies. Some small companies can often provide lower rates in certain areas than the large multi-state companies such as State Farm, Geico and Nationwide.

When shopping online for insurance, it’s not a good idea to buy lower coverage limits just to save a few bucks. There are many occasions where drivers have reduced liability limits or collision coverage and discovered at claim time they didn’t have enough coverage. The proper strategy is to purchase plenty of coverage at an affordable rate, not the least amount of coverage.

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