What Car Insurance is Cheapest for a Toyota Corolla in Baltimore?

Buying cheap insurance for a Toyota Corolla is fairly simple, but it is dependent upon a large number of factors such as the safety rating for your Corolla, your claims history, and your policy deductibles. Drivers pay approximately $960 each year for Corolla insurance, but that is calculated based on a 50-year-old single male driver with full coverage and $1,000 deductibles.

When projecting a rate like this, the problem is that you may not be 50 years old (or even male), possibly married instead of single, or maybe you are just looking for cheap liability insurance. Even a minor change in the factors used in pricing a policy can result in a massive change in rates.

Insurance is an individual thing, so the best way to find the cheapest rates for your Toyota is to compare as many rates as possible. In less than five minutes you can get rates from some of the most affordable companies that insure Toyota vehicles in Maryland.

Insure Your Toyota for Less

The trim level of your vehicle will influence the yearly cost, so the rate you will pay to insure a Corolla LE trim level will cost $22 less than the insurance cost for the more well-appointed Corolla XRS trim level, as shown in the prices below.

Toyota Corolla Insurance Rates in Baltimore, MD
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Corolla LE $166 $404 $458 $28 $138 $1,194 $100
Corolla S $166 $404 $458 $28 $138 $1,194 $100
Corolla XLE $166 $404 $458 $28 $138 $1,194 $100
Corolla XRS $188 $404 $458 $28 $138 $1,216 $101
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Prices above based on single male driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Maryland minimum liability limits. Discounts applied include multi-policy, safe-driver, multi-vehicle, homeowner, and claim-free. Estimates do not factor in specific location which can alter coverage prices noticeably.

Best auto insurance company in Baltimore

Selecting the best insurance company can be a challenge considering how many companies there are in Baltimore. The company ratings shown next could help you analyze which auto insurance companies you want to consider when comparing rates. These ratings are only comprised of the largest companies in the United States, so companies without a large exposure are not factored into these rankings.

Top 10 Large Auto Insurers in Baltimore Ranked by Value

  1. Travelers
  2. American Family
  3. AAA Insurance
  4. Safeco Insurance
  5. Progressive
  6. The Hartford
  7. The General
  8. 21st Century
  9. Esurance
  10. Titan Insurance

Top 10 Large Auto Insurers in Baltimore Ranked by A.M. Best Rating

  1. Travelers – A++
  2. USAA – A++
  3. GEICO – A++
  4. State Farm – A++
  5. Titan Insurance – A+
  6. Esurance – A+
  7. Progressive – A+
  8. Nationwide – A+
  9. The Hartford – A+
  10. Allstate – A+

Impact of citations and accidents on Baltimore insurance rates

The ideal way to maintain the most affordable auto insurance premiums in Baltimore for a Corolla is to drive safe and avoid accidents and traffic citations. The chart below highlights how speeding tickets and at-fault accidents can raise insurance rates for each different age category. The price estimates are based on a single male driver, comp and collision included, $100 deductibles, and no discounts are taken into consideration.

In the prior example, the average cost of an auto insurance policy in Maryland per year with a clean driving record and no accidents is $2,965. Receive one speeding ticket and the average cost increases to $3,339, an increase of $374 each year. Then add in one accident along with the one speeding ticket and the yearly cost of auto insurance for a Toyota Corolla goes up to an average of $4,414. That’s an increase of $1,450, or $121 per month, just for not paying attention while driving!

Difference between full coverage and liability only rates

Saving on auto insurance is the goal of most vehicle owners, and one of the quickest ways to lower the cost of insurance for a Toyota Corolla is to not buy comprehensive and collision coverage. The illustration below visualizes the comparison of insurance rates when comparing full coverage to liability only. The costs are based on no accidents or driving violations, $500 deductibles, single marital status, and no policy discounts are applied.

On average, full coverage on your policy costs an extra $2,402 per year over liability only. That is a significant amount which raises the question if you should buy full coverage at all. There is no exact formula for phasing out physical damage coverage on your policy, but there is a guideline you can use. If the yearly cost for physical damage coverage is more than 10% of replacement cost minus your deductible, then it might be time to buy liability only.

For example, let’s assume your vehicle’s replacement value is $7,500 and you have $1,000 deductibles. If your vehicle is totaled in an accident, the most you would receive is $6,500 after paying the physical damage deductible. If you are paying in excess of $650 annually for physical damage coverage, the it may be a good time to stop paying for full coverage.

There are some circumstances where dropping physical damage coverage is not financially feasible. If you still owe money on your vehicle, you have to maintain full coverage in order to prevent your loan from defaulting. Also, if your finances do not allow you to purchase a different vehicle if your current one is totaled, you should not opt for liability only.

How to find cheaper auto insurance for a Toyota Corolla

Below you’ll find a few thrifty solutions that can help Maryland drivers locate lower-cost auto insurance.

That last idea is particularly vital, as was emphasized in this piece. Coverage prices in Baltimore go up and down frequently, so don’t be tentative to buy a policy from a new company if a better rate can be found.

Having brand loyalty is commendable, but it’s not a great idea if that loyalty ends up costing a wad of cash every year. If you have a few minutes, now is a great time to compare prices to find cheaper auto insurance for a Toyota Corolla.