How many times have you told yourself it's time to shop around for more competitive Toyota Corolla insurance in Chesapeake? Do you get exhausted from not being able to afford to insure your Toyota every month? You are no different than many other consumers in Virginia.
A recent car insurance study revealed that almost 70% of drivers in Virginia have stayed with the same insurance company for more than four years, and 38% of customers have never quoted rates to find cheap coverage. American drivers could save an average of almost 47% each year, but they just don't understand how easy it is to find cheap rates by getting comparison quotes.
Companies like State Farm, GEICO and Farmers Insurance persitently shower you with ad campaigns and consumers find it hard to ignore the promise of big savings and do the work needed to find the best deal.
It's important to quote other rates at least once a year since rates are variable and change quite frequently. Even if you got the best premium rates on Toyota Corolla insurance in Chesapeake a year ago a different company probably has better prices today. You can find a lot of misleading information regarding Corolla insurance out there, but in just a couple of minutes you can learn a lot of great tips on how to slash your car insurance rates in Chesapeake.
Discounts for cheaper insurance quotes
Companies do not list every available discount in a way that's easy to find, so here is a list a few of the more common and the harder-to-find credits available to you.
- Theft Deterrent - Vehicles optioned with advanced anti-theft systems help deter theft and earn discounts up to 10% off your Chesapeake car insurance quote.
- Online Discount - Many larger companies will discount your bill up to fifty bucks for buying a policy and signing up on your computer.
- Discounts for Multiple Vehicles - Having multiple vehicles on one policy could earn a price break for each car.
- Own a Home and Save - Owning a house in Chesapeake may trigger a policy discount on insurance because it requires a higher level of personal finance.
- Sign Early and Save - Some larger companies reward drivers for buying a new policy prior to the expiration date on your current Corolla insurance policy. You can save around 10% with this discount.
- New Vehicle Savings - Adding a new car to your policy can be considerably cheaper due to better safety requirements for newer models.
- Defensive Driver - Taking a course teaching defensive driving skills is a good idea and can lower rates and make you a better driver.
- Government Employee Discount - Simply working for the federal government could qualify for a slight premium decrease with a few insurance companies.
- Military Discounts - Having an actively deployed family member may qualify for rate reductions.
You should keep in mind that many deductions do not apply to the entire cost. Most only cut specific coverage prices like collision or personal injury protection. Just because you may think adding up those discounts means a free policy, insurance companies wouldn't stay in business.
Auto insurance companies that possibly offer some of the above discounts include:
If you need lower rates, check with every company which discounts they offer. Savings might not apply in your state. To see insurance companies that offer the discounts shown above in Virginia, click here.
Most major insurance companies make it easy to get insurance quotes direct online. Obtaining pricing for Toyota Corolla insurance in Chesapeake is very simple as you just enter the amount of coverage you want into the form. After you complete the form, the system will order your driving and credit reports and gives you a price quote based on the information you submitted. Quoting online for Toyota Corolla insurance in Chesapeake simplifies rate comparisons, and it's absolutely necessary to perform this step if you want to get the most affordable premium possible.
To quickly compare pricing, compare rates now from the companies shown below. If you have your current policy handy, we recommend you duplicate coverages and limits identical to your current policy. This guarantees you will be getting a price comparison based on identical coverages.
The companies shown below are our best choices to provide price quotes in Chesapeake, VA. If multiple companies are listed, it's a good idea that you compare several of them to get a more complete price comparison.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Get Your Own Custom Quote Go|
Data assumes single male driver age 50, no speeding tickets, no at-fault accidents, $100 deductibles, and Virginia minimum liability limits. Discounts applied include safe-driver, multi-policy, claim-free, multi-vehicle, and homeowner. Prices do not factor in specific Chesapeake garaging location which can influence rates noticeably.
Does full coverage make sense?
The chart below illustrates the comparison of Toyota Corolla car insurance costs with full physical damage coverage compared to only buying the minimum liability limits required in Virginia. Data assumes no claims or driving violations, $250 deductibles, single female driver, and no discounts are applied.
Should you pay for full coverage or liability only?
There is no clear-cut formula of when to drop comp and collision coverage, but there is a guideline you can use. If the yearly cost of comp and collision coverage is more than around 10% of replacement cost minus your deductible, then you may want to consider only buying liability coverage.
For example, let's say your Toyota Corolla book value is $5,000 and you have $1,000 policy deductibles. If your vehicle is totaled in an accident, the most you would get paid by your company is $4,000 after paying your policy deductible. If it's costing you more than $400 a year for full coverage, then you may want to consider only buying liability coverage.
There are some scenarios where dropping full coverage is not a good plan. If you still have a loan on your vehicle, you are required to maintain full coverage to protect the lienholder's interest in the vehicle. Also, if you cannot afford to purchase a different vehicle if your current one is totaled, you should keep full coverage on your policy.
Rate comparison of males versus females in Chesapeake
The example below illustrates the comparison of Toyota Corolla auto insurance costs for male and female drivers. The data is based on no claims, a clean driving record, full coverage, $500 deductibles, single marital status, and no discounts are applied to the premium.
Get Lower-cost Insurance Premiums by Understanding These Factors
One of the most helpful ways to save on insurance is to to have a grasp of a few of the rating criteria that come into play when calculating insurance rates. When you know what positively or negatively determines base rates, this enables informed choices that can help you get better insurance rates. Lots of things are part of the calculation when you get your auto insurance bill. Some of the criteria are obvious such as your driving record, but some are more obscure like your continuous coverage or your vehicle rating.
The items below are some of the most rate-impacting factors that factor into premiums.
What type of vehicle do you drive? - The performance level of the car or truck you are trying to find cheaper insurance for makes a significant difference in determining your rates. Since the Toyota Corolla is a sedan, insuring your vehicle will cost about the same than the average rate where you live in Chesapeake. Economy passenger cars usually are quite affordable to insure, but the cost you end up paying is determined by many additional factors.
Minor frequent insurance claims are not good - If you are the type of insured that files lots of claims you can look forward to either a policy non-renewal or much higher rates. Insurance companies in Virginia give most affordable rates to insureds who only file infrequent claims. Your car insurance is intended to be relied upon for more catestrophic claims.
Pay more if you have a long commute - Residing in small towns and rural areas is a good thing if you are looking for the lowest rates. Fewer people translates into fewer accidents in addition to fewer liability claims. Residents of big cities have congested traffic and longer commute times. The longer drive time means higher likelihood of an accident.
The more you drive the more you pay - The more you drive your Toyota every year the higher your rate. Many insurance companies apply a rate based upon how much you drive. Cars not used for work or commuting receive lower rates than cars that get driven a lot. It's a good idea to make sure your insurance policy is rated on the proper vehicle usage. An incorrectly rated Corolla can cost quite a bit.
What are your physical damage deductibles? - Coverage for physical damage, commonly called comprehensive (or other-than-collision) and collision coverage, insures against damage to your Toyota. Some examples of claims that would be covered would be collision with another vehicle, flood damage, or theft. The deductibles you choose represent how much money the insured will be required to pay in the event of a claim. The higher the amount you have to pay, the less your insurance will be.
Bad credit hurts insurance prices - A driver's credit score will be a significant factor in determining your rates. If your credit score leaves room for improvement, you could pay less to insure your Toyota Corolla by spending a little time repairing your credit. Drivers who have high credit ratings tend to be less risk to insure than drivers with bad credit.
Insurance loss statistics a Toyota Corolla - Auto insurance companies use data from past claims when determining insurance rates. Models that tend to have high amounts or severity of claims will have a higher premium rate.
The table below outlines the compiled insurance loss statistics for Toyota Corolla vehicles. For each insurance policy coverage type, the statistical loss for all vehicles, as a total average, is represented as 100. Percentages below 100 suggest a better than average loss history, while percentage values above 100 indicate more frequent claims or tendancy to have higher losses.
Toyota Corolla Insurance Claim Statistics
|Vehicle Make and Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Local Chesapeake insurance agents
Many drivers would rather buy from a licensed agent and that is OK! A good thing about price shopping on the web is that you can find lower rates and still have a local agent. And providing support for local insurance agencies is still important in Chesapeake.
For easy comparison, once you complete this form (opens in new window), the coverage information is emailed to agents in your area who will return price quotes for your business. You never need to search for an agent since price quotes are sent immediately to you. Get lower rates without having to waste a lot of time. If you have a need to get a comparison quote for a specific company, feel free to visit that company's website and fill out the quote form the provide.
Chesapeake car insurance agents come in two flavors
If you would like to find a reliable insurance agency, it can be helpful to understand the types of agencies and how they are slightly different. Insurance agents in Chesapeake are categorized either exclusive agents or independent agents.
Independent Agencies or Brokers
Independent agencies do not work for one specific company so they have the ability to put coverage with lots of companies and possibly get better coverage at lower prices. If you want to switch companies, they can switch companies in-house which is easy for the insured.
When searching for an agent, you will definitely want to get insurance quotes from at least one independent agent so that you can do a thorough price comparison.
Featured below is a list of independent insurance agencies in Chesapeake that may be able to give you free insurance rate quotes.
Missions Insurance Agency: Jacques Cureton
517 Kempsville Rd F - Chesapeake, VA 23320 - (757) 447-7211 - View Map
Deborah Williams Insurance Agency, Inc./Global Green Insurance Agency
4200 Portsmouth Blvd #628 - Chesapeake, VA 23321 - (757) 967-9600 - View Map
These agents write business for a single company and examples are Allstate, Farmers Insurance or State Farm. They usually cannot place coverage with different providers so they have no alternatives for high prices. Exclusive agencies are well schooled on the products they sell and that enables them to sell even at higher rates.
Shown below are Chesapeake exclusive insurance agents that are able to give comparison quotes.
Andy Saunders - State Farm Insurance Agent
825 Battlefield Blvd S - Chesapeake, VA 23322 - (757) 482-3315 - View Map
Finding a good car insurance agent should depend on more than just a cheap quote. Some important questions to ask are:
- Which companies can they place coverage with?
- How is replacement cost determined on your vehicle?
- Do they get paid more for recommending certain coverages?
- Can you use your own choice of collision repair facility?
- Are they primarily personal or commercial lines agents in Chesapeake?
- Is the agent CPCU or CIC certified?
- Is assistance available after office hours?
- Do they carry Errors and Omissions coverage?
Auto insurance is not optional
Despite the potentially high cost of Toyota Corolla insurance, buying auto insurance is a good idea for several reasons.
First, the majority of states have compulsory liability insurance requirements which means state laws require specific limits of liability if you want to drive legally. In Virginia these limits are 25/50/20 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $20,000 of property damage coverage.
Second, if you have a loan on your vehicle, most banks will stipulate that you buy full coverage to guarantee payment of the loan. If coverage lapses or is cancelled, the bank will be required to insure your Toyota at an extremely high rate and require you to fork over for the much more expensive policy.
Third, auto insurance preserves your Toyota and your assets. It will also provide coverage for all forms of medical expenses for you, your passengers, and anyone else injured in an accident. Liability coverage also pays for attorney fees and expenses if you are sued as the result of an accident. If your car is damaged in a storm or accident, your auto insurance policy will pay all costs to repair after the deductible has been paid.
The benefits of buying enough insurance greatly outweigh the cost, particularly when you have a large claim. As of last year, the average driver in Virginia overpays more than $825 a year so it's very important to do a rate comparison every year to be sure current rates are still competitive.
The best rates come from being thorough
We've covered a lot of information how to compare Toyota Corolla insurance rates in Chesapeake. It's most important to understand that the more providers you compare, the better likelihood of getting affordable Chesapeake car insurance quotes. You may even find the lowest rates are with a lesser-known regional company. Smaller companies may often insure only within specific states and give getter rates as compared to the big name companies such as State Farm or Progressive.
As you prepare to switch companies, it's very important that you do not buy less coverage just to save a little money. In too many instances, consumers will sacrifice physical damage coverage and discovered at claim time that the savings was not a smart move. Your focus should be to buy the best coverage you can find for the lowest cost, but do not sacrifice coverage to save money.
Much more information about insurance in Virginia can be found below:
- Collision Coverage (Liberty Mutual)
- How Much are Virginia Car Insurance Quotes for a Toyota Camry? (FAQ)
- What Car Insurance is Cheapest for Drivers with Accidents in Virginia? (FAQ)
- Who Has Affordable Virginia Auto Insurance Quotes for a Ford Explorer? (FAQ)
- What Auto Insurance is Cheapest in Harrisonburg, Virginia? (FAQ)
- What Car Insurance is Cheapest in McLean, Virginia? (FAQ)
- What Car Insurance is Cheapest in Newport News, Virginia? (FAQ)
- What is the Cheapest Car Insurance in Portsmouth, Virginia? (FAQ)
- If I File a Claim will My Insurance Go Up? (Insurance Information Institute)
- Preventing Carjacking and Theft (Insurance Information Institute)
- Older Drivers FAQ (iihs.org)