Buying insurance online can be difficult if you are a beginner to quote comparisons online. But don’t give up because it’s actually quite easy to find lower-cost Toyota Corolla in New Orleans.
It’s a known fact that insurance companies want to keep you from shopping around. People who shop around for cheaper rates will, in all likelihood, move their business because of the high probability of finding a cheaper policy. A study discovered that consumers who compared rates regularly saved $3,400 over four years compared to those who never compared rates.
If saving money on car insurance in New Orleans is your intention, then having a grasp of the best way to shop and compare insurance premiums can make it simple to find affordable coverage.
When price shopping your coverage, comparing more quotes will enable you to find more affordable insurance.
The providers in the list below offer comparison quotes in Louisiana. If multiple companies are listed, it’s highly recommended you compare several of them to find the most competitive car insurance rates.
Toyota Corolla insurance rate analysis
The coverage information shown below covers a range of insurance premium costs for Toyota Corolla models. Having a good understanding how insurance prices are calculated helps drivers make decisions on which insurance to purchase.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Corolla LE | $280 | $650 | $604 | $36 | $180 | $1,750 | $146 |
| Corolla S | $280 | $650 | $604 | $36 | $180 | $1,750 | $146 |
| Corolla XLE | $280 | $650 | $604 | $36 | $180 | $1,750 | $146 |
| Corolla XRS | $316 | $650 | $604 | $36 | $180 | $1,786 | $149 |
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Data assumes single female driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Louisiana minimum liability limits. Discounts applied include multi-vehicle, safe-driver, multi-policy, claim-free, and homeowner. Rate information does not factor in vehicle location which can decrease or increase auto insurance rates noticeably.
Higher deductibles lower rates
One of the hardest decisions when shopping for insurance is where to set your physical damage deductibles. The rates shown below may help to conceptualize the rate fluctuation between low and high insurance deductibles. The first table uses a $100 deductible for physical damage and the second rate table uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Corolla LE | $400 | $850 | $464 | $28 | $140 | $1,907 | $159 |
| Corolla S | $400 | $850 | $464 | $28 | $140 | $1,907 | $159 |
| Corolla XLE | $400 | $850 | $464 | $28 | $140 | $1,907 | $159 |
| Corolla XRS | $452 | $850 | $464 | $28 | $140 | $1,959 | $163 |
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| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Corolla LE | $292 | $574 | $464 | $28 | $140 | $1,498 | $125 |
| Corolla S | $292 | $574 | $464 | $28 | $140 | $1,498 | $125 |
| Corolla XLE | $292 | $574 | $464 | $28 | $140 | $1,498 | $125 |
| Corolla XRS | $330 | $574 | $464 | $28 | $140 | $1,536 | $128 |
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Table data represents married male driver age 30, no speeding tickets, no at-fault accidents, and Louisiana minimum liability limits. Discounts applied include claim-free, multi-policy, multi-vehicle, safe-driver, and homeowner. Prices do not factor in garaging location in New Orleans which can increase or decrease coverage rates considerably.
We can derive from the above data that using a $100 deductible could cost the average driver approximately $34 more each month or $408 for a full year than buying the higher $500 deductible. Since the policyholder would be required to pay $400 more to settle a claim with a $500 deductible as compared to a $100 deductible, if you normally go at a minimum 12 months between claims, you would come out ahead if you choose the higher deductible.
Driving violations and accidents
The chart below illustrates how traffic citations and at-fault fender-benders increase Toyota Corolla insurance rates for different age groups. The data is based on a single male driver, full coverage, $250 deductibles, and no other discounts are factored in.
Why you need insurance for your vehicle
Despite the high cost, paying for auto insurance may be required and benefits you in several ways.
- The majority of states have minimum liability requirements which means the state requires a minimum amount of liability insurance coverage in order to license the vehicle. In Louisiana these limits are 15/30/25 which means you must have $15,000 of bodily injury coverage per person, $30,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.
- If your Toyota has a loan, most lenders will make it a condition of the loan that you have comprehensive coverage to guarantee payment of the loan. If you let the policy lapse, the bank may buy a policy for your Toyota for a much higher rate and require you to reimburse them for the expensive policy.
- Insurance safeguards not only your vehicle but also your assets. Insurance will pay for medical bills incurred in an accident. One policy coverage, liability insurance, will also pay for a defense attorney in the event you are sued. If your Toyota gets damaged, comprehensive (other-than-collision) and collision coverage will pay all costs to repair after the deductible has been paid.
The benefits of having auto insurance greatly outweigh the cost, particularly if you ever have a claim. Unknowingly, the average driver overpays more than $825 a year so compare rate quotes each time the policy renews to save money.
Educate yourself about auto insurance coverages
Knowing the specifics of auto insurance can help you determine the right coverages and the correct deductibles and limits. The terms used in a policy can be difficult to understand and reading a policy is terribly boring.
Med pay and Personal Injury Protection (PIP) – Personal Injury Protection (PIP) and medical payments coverage reimburse you for expenses like rehabilitation expenses, funeral costs and surgery. They can be utilized in addition to your health insurance program or if there is no health insurance coverage. It covers all vehicle occupants and will also cover if you are hit as a while walking down the street. PIP is only offered in select states but it provides additional coverages not offered by medical payments coverage
Uninsured/Underinsured Motorist (UM/UIM) – Your UM/UIM coverage protects you and your vehicle’s occupants when the “other guys” either are underinsured or have no liability coverage at all. It can pay for hospital bills for your injuries and also any damage incurred to your Toyota Corolla.
Due to the fact that many Louisiana drivers only purchase the least amount of liability that is required (which is 15/30/25), their limits can quickly be used up. So UM/UIM coverage is very important. Normally the UM/UIM limits do not exceed the liability coverage limits.
Comprehensive insurance – Comprehensive insurance coverage covers damage caused by mother nature, theft, vandalism and other events. A deductible will apply then your comprehensive coverage will pay.
Comprehensive coverage protects against claims like hail damage, a broken windshield, damage from flooding, a tree branch falling on your vehicle and damage from getting keyed. The maximum amount your auto insurance company will pay is the cash value of the vehicle, so if the vehicle’s value is low it’s probably time to drop comprehensive insurance.
Liability car insurance – This coverage protects you from injuries or damage you cause to people or other property. This insurance protects YOU from claims by other people, and doesn’t cover your own vehicle damage or injuries.
Coverage consists of three different limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You commonly see policy limits of 15/30/25 which stand for $15,000 in coverage for each person’s injuries, a total of $30,000 of bodily injury coverage per accident, and a limit of $25,000 paid for damaged property. Alternatively, you may have one number which is a combined single limit which combines the three limits into one amount with no separate limits for injury or property damage.
Liability coverage pays for claims such as bail bonds, emergency aid, attorney fees, medical services and pain and suffering. How much liability should you purchase? That is your choice, but buy as high a limit as you can afford. Louisiana requires minimum liability limits of 15/30/25 but you should think about purchasing better liability coverage.
The next chart demonstrates why buying low liability limits may not be enough.
Collision – Collision coverage covers damage to your Corolla caused by collision with a stationary object or other vehicle. You will need to pay your deductible and then insurance will cover the remainder.
Collision coverage protects against things such as rolling your car, colliding with another moving vehicle, hitting a parking meter and colliding with a tree. Paying for collision coverage can be pricey, so you might think about dropping it from vehicles that are 8 years or older. It’s also possible to raise the deductible on your Corolla in order to get cheaper collision rates.
Which auto insurance company is best in Louisiana?
Finding the top car insurance provider can be a challenge considering how many companies are available to choose from in New Orleans. The ranking information below could help you choose which car insurance providers you want to consider comparing prices from.
Top 10 New Orleans Car Insurance Companies Overall
- Travelers
- USAA
- Mercury Insurance
- AAA Insurance
- Nationwide
- Allstate
- State Farm
- The Hartford
- Safeco Insurance
- Progressive
More quotes mean more car insurance savings
We just covered a lot of information how to find lower-cost Toyota Corolla insurance in New Orleans. It’s most important to understand that the more providers you compare, the more likely it is that you will get a better rate. You may even discover the best prices are with a lesser-known regional company.
Insureds leave their current company for any number of reasons including poor customer service, not issuing a premium refund, questionable increases in premium or being labeled a high risk driver. Regardless of your reason for switching companies, switching companies can be easy and end up saving you some money.
Lower-priced Toyota Corolla insurance in New Orleans can be found online as well as from insurance agents, and you need to comparison shop both to have the best selection. Some companies may not offer price quotes online and many times these smaller providers prefer to sell through independent agents.
How to find discount Toyota Corolla insurance in New Orleans
The best way to save on Toyota Corolla insurance is to do a yearly price comparison from providers that insure vehicles in New Orleans.
First, spend a few minutes and learn about what coverages are included in your policy and the factors you can control to prevent expensive coverage. Many risk factors that increase rates such as accidents, traffic tickets, and a low credit score can be amended by making minor driving habit or lifestyle changes.
Second, compare prices from direct carriers, independent agents, and exclusive agents. Exclusive and direct companies can only provide price estimates from a single company like Progressive or State Farm, while independent agencies can provide prices from multiple insurance companies.
Third, compare the new rate quotes to your existing coverage to see if cheaper Corolla coverage is available. If you find a lower rate and decide to switch, ensure there is no coverage lapse between policies.
The critical component of shopping around is to try to compare the same liability limits and deductibles on each quote and and to get price quotes from as many carriers as you can. Doing this provides an apples-to-apples comparison and the best rate selection.
Helpful resources
- Five Steps to Filing an Auto Insurance Claim (Insurance Information Institute)
- What Insurance is Cheapest for a Company Car in New Orleans? (FAQ)
- Vehicle Size and Weight FAQ (iihs.org)
- Choosing an Insurance Company (Insurance Information Institute)
- What are my Rights when Filing a Claim? (Insurance Information Institute)