How Much are Car Insurance Quotes for a Toyota Corolla in Lexington?

Buying affordable coverage for a Toyota Corolla hinges on a large number of rating criteria such as how far you drive to work, whether or not you garage your vehicle, and blemishes on your driving record. Drivers will pay on average $1,096 each year for Corolla insurance, but that is an approximation using a 40-year-old single male driver with full comprehensive and collision coverage and $250 deductibles.

There’s a good chance you aren’t exactly 40 years old or even a male, you might be married instead of single, and maybe you have sub-par credit that needs to be factored in. Car insurance coverage is unique to each driver, so this is why the best way to find cheap insurance rates for your Toyota is to compare as many rates as you can. In just a couple of minutes you can get prices from the best auto insurance companies that insure Toyota vehicles in Kentucky.

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The specific model of Corolla has an effect on the insurance rate, so the price you will be charged to insure a Corolla LE model will be $32 lower than the price to insure the higher-end Corolla XRS version, as shown in the table below.

Toyota Corolla Insurance Rates in Lexington, KY
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Corolla LE $248 $576 $396 $24 $118 $1,362 $114
Corolla S $248 $576 $396 $24 $118 $1,362 $114
Corolla XLE $248 $576 $396 $24 $118 $1,362 $114
Corolla XRS $280 $576 $396 $24 $118 $1,394 $116
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Above prices assume single male driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and Kentucky minimum liability limits. Discounts applied include multi-vehicle, homeowner, claim-free, safe-driver, and multi-policy. Information does not factor in specific garaging location which can raise or lower coverage rates greatly.

Finding dependable, cost effective insurance is confusing at best, and figuring out which company has the cheapest insurance rates for a Toyota Corolla calls for a little more work. Each auto insurer uses a little different formula for determining prices, so we’ll take a look at the insurance companies with the overall best prices in Lexington, KY.

Cheapest Insurance Rates for Your Corolla

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Cheapest auto insurance in Kentucky ranked by cost per year
Rank Company Cost Per Year
1 Cincinnati Insurance $1,126
2 Kentucky Farm Bureau $1,139
3 USAA $1,175
4 Auto-Owners $1,413
5 Motorists Mutual $1,569
6 Grange Mutual $1,577
7 Travelers $1,663
8 State Farm $1,867
9 Westfield $1,888
10 Safe Auto $1,913
11 Nationwide $2,024
12 Progressive $2,077
13 Electric $2,160
14 State Auto $2,166
15 GEICO $2,341
16 Encompass $2,358
17 Safeco $2,681
18 MetLife $3,084
19 Shelter $3,135
20 Liberty Mutual $3,634
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Cincinnati Insurance offers some of the best car insurance rates in Lexington at around $1,126 annually. This is $1,017 less than the average price paid by Kentucky drivers of $2,143. Kentucky Farm Bureau, USAA, Auto-Owners, and Motorists Mutual would also make the list of some of the cheaper Lexington, KY auto insurance companies.

In the above example, if you currently have coverage with Motorists Mutual and switched to Kentucky Farm Bureau, you may realize a yearly price reduction of about $430. Policyholders with Grange Mutual might save as much as $438 a year, and Travelers insureds might realize rate reductions of up to $524 a year.

To get a quick, customized rate comparison, click here to start your free quote or visit any of the low-priced companies below.

These policy rates are averages across all types of drivers and the different vehicles they drive and and are not figured with an exact vehicle garaging location for a Toyota Corolla. So the auto insurance company that has the cheapest rates for you may not even be in the top 21 companies shown above. That emphasizes why you need to compare as many prices as possible using your own driver and vehicle profiles.

Cost difference between full coverage and liability

Buying cheaper insurance is important to most drivers, and one of the fastest ways to reduce the cost of insurance for a Toyota Corolla is to only buy liability coverage. The chart below shows the comparison of insurance prices with full physical damage coverage compared to only buying the minimum liability limits required in Kentucky. The prices are based on no driving violations, no at-fault accidents, $100 deductibles, marital status is single, and no discounts are applied.

Averaged for all age groups, comprehensive and collision coverage on your policy costs an additional $2,434 per year more than buying just liability insurance. At some point, about every driver wonders if full coverage is worth the money. There is no written rule of when to drop physical damage insurance, but there is a guideline you can use. If the annual cost of your full coverage insurance is 10% or more of the replacement cost minus the deductible, the it may be a good time to stop paying for full coverage.

The example below highlights how deductible selection can change premium costs when trying to find cheap insurance for a Toyota Corolla. The data is based on a married male driver, comp and collision included, and no policy discounts are applied.

As shown above, a 40-year-old driver could lower rates by $316 a year by switching from a $100 deductible up to a $500 deductible, or save $478 by switching to a $1,000 deductible. Even younger insureds, like the 20-year-old, could shave as much as $1,060 each year just by choosing higher deductibles. When using a larger deductible, it will be required to have spare funds to allow you to pay the extra out-of-pocket expense, which is the primary disadvantage of high deductibles.

How to find cheaper car insurance for a Toyota Corolla

Here are some of the recommended money-saving suggestions that can help Kentucky drivers locate more affordable auto insurance.

The last idea is particularly vital, as we discussed in this write-up. Car insurance rates in Lexington change frequently, so drivers shouldn’t hesitate to buy from a different company if a cheaper rate is available. Staying with the same company for years is fine, but it’s not a great idea if that inflexibility results in costing you a lot of money every month. In just a few minutes you could compare prices to find cheaper car insurance for a Toyota Corolla.

The agents listed below can most likely help you make a decision which auto insurance policy fits you best, as some people prefer to get some help when trying to find the best insurance rates for a Corolla. It can be hard to do it yourself, and a licensed agent can provide satisfaction knowing your policy gives you adequate protection. To locate an agency closest to you, click the button at the bottom.

Nationwide Insurance: Turner Ins Group LLC
3320 Clays Mill Rd #211Lexington, KY 40503(859) 219-0972

Dawn Stice – State Farm Insurance Agent
121 Prosperous Pl Ste 11ALexington, KY 40509(859) 271-2277

Barnes Insurance Center
1202 Winchester Rd #100Lexington, KY 40505(859) 253-2728

More insurance agents in Lexington, KY