Buying economical coverage for a Toyota Corolla in Nevada is pretty simple for most people to do, but it relies on many rating factors such as whether you use your Corolla for business use, your claims history, and driving citations. Nevada drivers pay on average $1,139 per year to insure their Corolla, but that figure is an estimation based on a 30-year-old single male driver with full coverage and $100 deductibles.
This brings up the issue that more than likely you may not be 30 years old (or even male), married instead of single, or maybe you don't qualify for the same discounts. Different coverage needs are the reason why the best method for finding the cheapest rates for your Toyota is to just take the time to compare rates yourself.
The specific model of Corolla impacts the cost of insurance, so the rate you pay to insure a Corolla LE will be $40 less than the cost to insure the more well-appointed Corolla XRS trim level, as shown in the prices below.
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Data rating is based on single male driver age 30, no speeding tickets, no at-fault accidents, $100 deductibles, and Nevada minimum liability limits. Discounts applied include multi-policy, multi-vehicle, homeowner, claim-free, and safe-driver. Prices do not factor in your specific Nevada location which can increase or decrease coverage prices significantly.
Trying to find cheap car insurance is confusing at best, and finding out which company has the most affordable auto insurance rates for a Toyota Corolla in Nevada requires additional perseverance. Each company uses a different method for filing rates in each state, so we need to take a look at the auto insurance companies that tend to be cheaper in Nevada.
It's important to know that Nevada auto insurance rates are impacted by many things that control the price you pay for coverage. This price variation is why it is critical to compare rates when trying to get cheap insurance rates for a Toyota Corolla. Auto insurance prices are determined by many things and can decrease or increase without notice, so the cheapest option a year ago may now cost much more than other companies.
Find Cheaper Car Insurance for Your Corolla
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Travelers has some of the best car insurance rates in Nevada at around $939 annually. This is $635 less than the average price paid by Nevada drivers of $1,574. Allied, Capital, Oregon Mutual, and American Family would also be considered some of the best Nevada auto insurance companies.
In the above rates, if you are a policyholder with Oregon Mutual and switched to Allied, you might achieve yearly savings of about $209. Customers with American Family could save as much as $245 a year, and GEICO customers might see rate reductions of $270 a year.
Be aware that those policy rates are averaged across all drivers and vehicles in Nevada and are not factoring in a specific rating modification for a Toyota Corolla. So the auto insurance company that has the cheapest price for you may not even be in the top 20 companies shown above. That underscores the importance of why you need to quote rates from as many companies as possible using your own personal information and vehicle type.
Does full coverage make sense?
Reducing the cost of auto insurance is the goal of the majority of people, and one of the quickest ways to reduce the cost of insurance for a Toyota Corolla in Nevada is to not pay for full coverage. The example below illustrates the difference between insurance costs when comparing full coverage to liability only. The premium estimates are based on no claims, a clean driving record, $1,000 deductibles, marital status is single, and no policy discounts are applied.
As an average, comp and collision coverage costs $1,639 per year more than just buying liability only. That is a big expense that brings up the question if it's worth it to buy full coverage. There is no definitive rule to stop buying physical damage coverage, but there is a general convention. If the annual cost of your full coverage insurance is about 10% or more of the replacement cost of your vehicle minus the policy deductible, the it may be a good time to stop paying for full coverage.
For example, let's assume your vehicle's replacement cost is $4,000 and you have $1,000 policy deductibles. If your vehicle is destroyed, the most your company would pay you is $3,000 after the policy deductible has been paid. If you are currently paying more than $300 annually for comprehensive and collision coverage, then it's probably a good time to buy liability coverage only.
The illustration below illustrates how your choice of deductibles can raise or lower insurance premiums when researching cheap insurance for a Toyota Corolla in Nevada. The data is based on a married female driver, comprehensive and collision coverage, and no policy discounts are applied.
In the chart above, a 50-year-old driver could save $282 a year by changing their physical damage coverage from a $100 deductible to a $500 deductible, or save $426 by selecting a $1,000 deductible. Young drivers, like the 20-year-old, could drop their prices as much as $704 annually by using a higher deductible. When using a larger deductible, it is important to have additional savings on hand to enable you to pay the extra out-of-pocket expense, which is the main drawback of higher deductibles.
Drive responsibly or pay higher rates
The common sense way to enjoy the most affordable auto insurance premiums for a Corolla is to drive attentively and not have accidents or get tickets. The information below illustrates how speeding tickets and at-fault accidents can affect car insurance costs for different insured age categories. The data is based on a single male driver, comp and collision included, $1,000 deductibles, and no discounts are taken into consideration.
In the example above, the average cost of car insurance per year with no violations or accidents is $1,616. Add in two speeding tickets and the average cost increases to $2,131, an increase of $515 each year. Then include one accident along with the two speeding tickets and the yearly cost of auto insurance for a Toyota Corolla in Nevada jumps again to an average of $2,661. That's an increase of $1,045, or $87 per month, just for being a little careless behind the wheel!