Rates for owning a Toyota Corolla are quite affordable according to this data blog that has an infographic with the average insurance rates by state.
Toyota Corolla Insurance Cost
The Toyota Corolla insurance cost depends on the state and the level of coverage. The Toyota Corolla can be afforded to everyone; its upfront payment makes it very affordable. The cost of comprehensive insurance for a Toyota corolla ranges from $821 to $1,854 per year, with a larger incurrence of costs in the summertime.
How Much Does a Toyota Corolla Insurance Cost?
The Toyota Corolla insurance price depends on whether the car is a new model or not. If it is a new model, commercially comprehensive cover will cost around $1,017 a month. However, if the vehicle is a used model then the charge with be decreased to an affordable fraction of that cost - at around $488 a month. A Toyota Corolla is one of the most favoured cars in America to own. The average annual salary for an American worker is 32,490 dollars, which goes perfectly with the cost of a Toyota Corolla insurance.
Costs By Age
As you might imagine, younger drivers tend to pay lower insurance rates than older drivers. This does not make sense at first glance; teenagers should be costlier to cover than adults, right? But this is not the case. The reason is because of the inherent risks that young drivers face that leads to ticket, accidents, and car-flip rates. Because car manufacturers are notorious for reducing their production numbers of vehicles meant for teenage drivers, the prices for these vehicles become more affordable over time.
How Much does a Recall for a Toyota Corolla Cost?
The cost involved with a recall for a Toyota Corolla can be high, so here is how insurance prices it. Because the process of checking every Corolla in the dealership would take days to weeks, that makes it hard to put an accurate cost on this coverage. The total average cost for insurance on a Toyota Corolla recalled in 2013 was $747 per vehicle. Toyota has been experiencing a lot of recalls in recent years. In 2013, Toyota recalled 3,200 vehicles for roughly $21 million in addition to the 866 vehicles they recalled at a cost of over $24,000. An average recall costs around three to five thousand dollars, but some can be as low as a hundred dollars without any major issues at risk.
What If You Buy a Used Car? or Warranty?
If you buy a second-hand car from used car dealers, you can get a two year or three-year warranty for between $1200 and $2000 depending on the model per a CNET article. Buying a new Corolla cost about $200 per month at CarGurus in 2017.
Conclusion
The high cost of insurance for the Toyota Corolla may not be worth it. If you are unsure about whether or not to buy one, consider the other costs that come with car insurance. In conclusion some of the key factors that car insurance companies look at as you select your insurance plan include your occupation, age, credit score and driving patterns to calculate their premiums.