Insurance rates for a Toyota Corolla vary significantly by model year and driver’s age. A 16-year-old driver will pay an average of $5,784 per year for a 2009 Toyota Corolla on a full coverage policy, while a 40-year-old driver will pay $1,253. For the 2022 model, a 16-year-old will pay $7,112 per year, while a 40-year-old will pay an average of $1,575 yearly. MoneyGeek rates the best insurers for balancing affordability with service and claims experience.
Compare the Cost of Toyota Corolla Insurance by Model Year and Company
Updated: January 15, 2025
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Key Takeaways
Insuring a Toyota Corolla averages $1,453 per year or $121 per month. Compared to other vehicles, it is moderately costly to insure due to its higher market value and above-average theft rate.
State Farm offers the cheapest full coverage for a Toyota Corolla at $1,093 per year. The most expensive option is Farmers at $1,739 per year, a potential savings of $646.
Insuring a 2009 Toyota Corolla costs around $1,253 annually, while a 2022 model costs approximately $1,575 per year. Newer models generally have higher insurance costs due to their higher market value.
Key Takeaways
When looking for the cheapest insurance for a Toyota Corolla, it's essential to consider both full and minimum coverage options. Here's a breakdown based on the data provided:
Full Coverage Insurance
- Cheapest Insurer: State Farm
- Average Annual Premium: $1,093
- Note: State Farm not only offers the most affordable rates, but also ranks high for customer service, making it an excellent choice for balancing cost with quality.
- Comparison:
- Farmers is the most expensive for full coverage, with an annual premium of $1,739.
Minimum Coverage Insurance
- Cheapest Insurer: State Farm
- Average Annual Premium: $497
- Note: State Farm also provides the lowest rates for minimum coverage, ensuring affordability without compromising on the service.
- Comparison:
- Farmers again ranks as the most expensive for minimum coverage at $812 per year.
Noteworthy Findings
- Driver's Age Impact: Insurance rates are significantly higher for younger drivers. For example, a 16-year-old driving a 2022 Toyota Corolla would pay $3,929 per year with State Farm compared to $9,991 with Farmers for full coverage. In contrast, a 40-year-old pays considerably less, with averages of $1,575 for a 2022 model and $1,253 for a 2009 model.
- Model Year Impact: The cost to insure a newer 2022 Toyota Corolla is pricier than a 2009 model. For instance, GEICO offers the most affordable rate for a 2022 model at $1,222 per year, while State Farm offers $936 per year for a 2009 model.
Conclusion
Overall, State Farm stands out as the most affordable insurance provider for both full and minimum coverage, making it the best option for those prioritizing cost-efficiency. To further secure lower rates, it's beneficial to compare quotes from various providers, especially considering factors such as age, location, and model year. Shopping around for quotes ensures finding the most economically sensible option for your situation.
Based on the information provided, the best car insurance provider for a Toyota Corolla is State Farm. State Farm offers a compelling combination of affordability and customer service for insuring a Toyota Corolla. Here's a summary of the details:
- MoneyGeek Score: 90 out of 100
- Annual Premium for Full Coverage: $1,093
State Farm is noted for having the lowest rates among the insurers analyzed and offers the second-best customer service rating, making it an excellent choice for both cost and quality of service.
For context on specific models:
- For a 2009 Toyota Corolla, the annual full coverage cost averages $936, making State Farm the most cost-effective choice for this model year.
- For a 2022 Toyota Corolla, while State Farm is not the absolute cheapest, it remains competitive with a full coverage cost of $3,929 for a 16-year-old driver, which is substantially lower than rates offered by other insurers like Farmers, which charges $9,991 for the same coverage scenario.
Overall, State Farm provides a balanced and affordable insurance option for Toyota Corolla owners.
Age is a major factor affecting car insurance premiums due to the perceived risk associated with different age groups. Younger drivers, particularly teenagers, are considered high-risk by insurers because of their limited driving experience and tendency to engage in riskier driving behaviors. As drivers age and gain more experience, their insurance premiums generally decrease.
Annual Costs by Age for a Toyota Corolla
- For a 16-year-old driving a 2009 Toyota Corolla:
- The average cost is $5,784 per year for full coverage.
- For a 40-year-old driving the same model:
- The average cost significantly decreases to $1,253 per year.
- For a 16-year-old driving a 2022 Toyota Corolla:
- The average cost is notably higher at $7,112 per year.
- For a 40-year-old driving the 2022 model:
- The cost decreases to $1,575 per year.
How Rates Change Over Time
Insurance rates for young drivers, like 16-year-olds, tend to be substantially higher due to their lack of experience and higher likelihood of accidents. For example, the average annual rate for comprehensive coverage for a 16-year-old driving any Toyota Corolla is approximately $6,421. As drivers age, particularly into their 20s, rates begin to stabilize as they acquire more experience and demonstrate safer driving habits.
By the time drivers reach their 30s and 40s, the costs stabilize significantly due to their proven track record and lower risk factors, culminating in much lower premiums—averaging $1,403 annually for a 40-year-old in general and varying slightly depending on the model year of the car.
Insurance Providers and Rates
Choosing the right insurance provider can also impact the cost significantly. For example:
- State Farm offers the most affordable full coverage plans:
- For a 2009 Toyota Corolla: Average cost is $936 per year.
- For a 2022 model: Average cost is $1,093 per year for a 40-year-old driver.
- GEICO offers competitive rates:
- For a 2022 Toyota Corolla: Average cost is $1,222 per year for a 40-year-old driver.
In contrast, Farmers is cited as the most expensive option, with rates reaching as high as $9,991 per year for a 16-year-old driving a 2022 Toyota Corolla.
Conclusion
To make informed decisions, drivers should compare quotes from various insurers, considering both the model year and the driver's age. Additionally, factors like driving history and location play a significant role in determining premiums. Teen drivers can benefit from joining family plans to reduce their insurance costs. Overall, age serves as a critical determinant in the calculation of car insurance premiums, underscoring the importance of driving experience in the eyes of insurers.
Why Trust MoneyGeek? We collected thousands of car insurance quotes from Quadrant Information Services to analyze the average rates for a Toyota Corolla.
These rates were updated to reflect the average cost of car insurance for a Toyota Corolla as of 2023.
10Companies Compared
41,832 Quotes Analyzed
Average Cost and Cheapest Companies for Insuring a Toyota Corolla
The average cost to insure a Toyota Corolla is around $1,453 per year for full coverage. However, the company you choose to insure with can make a big difference in your rates.
The most affordable company for full coverage is State Farm, with an average annual cost of $1,093, while the most expensive is Farmers, at $1,739 per year. State Farm is also the cheapest for a minimum coverage policy, at an average of $497 yearly, while Farmers is the most expensive at $812 per year.
Data filtered by:Results filtered by:
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Age:40
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Coverage:Full Coverage
| State Farm | $1,093 |
| GEICO | $1,133 |
| Allstate | $1,445 |
| Travelers | $1,445 |
| Nationwide | $1,447 |
| Progressive | $1,586 |
| Farmers | $1,739 |
Is a Toyota Corolla Expensive to Insure?
The cost of car insurance for a Toyota Corolla will vary depending on various factors, such as the driver’s age, driving history and the location where the car is registered. Generally, the Toyota Corolla is moderately expensive to insure relative to other vehicle models. According to the most recent data from the National Highway Traffic Safety Administration (NHTSA), the theft rate for Toyota Corollas is above-average. Cars with higher theft rates are riskier to insure, leading insurers to charge pricier premiums.
Best Companies for Insuring a Toyota Corolla
Our analysis found that the best auto insurance companies prioritize affordability, claims management and customer experience. Our top picks for companies insuring the Toyota Corolla are:
- State Farm: MoneyGeek score 90 out of 100 ($1,093 per year)
- GEICO: MoneyGeek score 89 out of 100 ($1,133 per year)
State Farm's rates are the lowest among the insurers in our study, and it offers the second-best customer service rating, meaning you'll get excellent service at a more affordable price.
MoneyGeek Top Pick: State Farm
pros
Cheapest insurer for your Toyota Corolla
Excellent customer service rating
Offers Roadside Assistance coverage
cons
Below average score in claims management
Doesn’t offer Original Equipment Manufacturer (OEM) coverage
COMPANY HIGHLIGHTS
State Farm is the best insurance company to choose when looking for coverage for your Toyota Corolla. Not only does it offer exceptional customer service at an affordable rate, but it also provides Car Rental and Travel Expenses coverage. If your vehicle needs repairs after a covered accident, State Farm will reimburse you for the cost of the rental car to help you get around. You can get reimbursed up to $16 per day or $400 per incident if you opt for an out-of-network rental company.
State Farm will also cover up to $500 of your deductible if you get into an accident in a rental car and up to $500 of meals, lodging and transportation expenses if the accident occurs more than 50 miles away from home.
MoneyGeek Runner-Up: GEICO
pros
Provides quality customer service at affordable premiums for your Toyota Corolla
Offers Mechanical Breakdown Insurance
Offers Roadside Assistance
cons
Doesn't offer Original Equipment Manufacturer (OEM) coverage
Low claims management score
COMPANY HIGHLIGHTS
GEICO is our pick as the second-best insurer for your Toyota Corolla. GEICO offers Mechanical Breakdown Insurance (MBI), Accident Forgiveness and Roadside Assistance coverage for those looking for additional protection for their Toyota Corolla. MBI covers all parts and systems on your vehicle, rather than the standard list of services covered under most dealer-extended warranties, and is available for cars that are less than 15 months old and have fewer than 15,000 miles driven.
Accident Forgiveness ensures drivers' premiums won't increase after their first at-fault accident, although this add-on coverage is unavailable in California, Connecticut or Massachusetts. Roadside Assistance coverage helps cover the cost of flat tire changes, towing and lockout services. These add-ons help provide peace of mind to frequent travelers.
Cost of Insuring a Toyota Corolla by Model Year
The average cost of car insurance for a Toyota Corolla will vary depending on the vehicle's model year. A full coverage policy for a 2009 model is estimated to cost $1,253 per year, while the same plan for a 2022 model is more expensive, at around $1,575 per year. Newer models are more costly to insure than older models since cars depreciate over time.
Data filtered by:Results filtered by:
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Age:40
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Coverage:Full Coverage
| 2022 | $1,575 |
| 2021 | $1,544 |
| 2020 | $1,495 |
| 2019 | $1,501 |
| 2018 | $1,480 |
| 2017 | $1,425 |
| 2016 | $1,427 |
| 2015 | $1,401 |
| 2014 | $1,343 |
| 2013 | $1,342 |
| 2012 | $1,314 |
| 2011 | $1,265 |
| 2010 | $1,272 |
| 2009 | $1,253 |
Insurance rates vary widely by provider. State Farm is the most inexpensive insurer for a 2009 Toyota Corolla, with an average yearly cost of $936, while GEICO is the cheapest option for the 2022 model, at $1,222 per year.
Data filtered by:Results filtered by:
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Model Year:2022
Select
Age:40
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Coverage:Full Coverage
| GEICO | $1,222 |
| State Farm | $1,230 |
| Travelers | $1,515 |
| Nationwide | $1,524 |
| Progressive | $1,776 |
| Allstate | $1,787 |
| Farmers | $1,964 |
Cost of Insuring a Toyota Corolla for 16- to 25-Year-Olds
When determining the cost of insurance for a Toyota Corolla, providers consider the car's age and the driver's. Generally, auto insurance rates for teenagers and young adults are much more costly than for drivers in their 30s and 40s. The average annual rate for comprehensive coverage for a 16-year-old driving a Toyota Corolla is $6,421, as opposed to just $1,403 for a 40-year-old driver. Rates for teen drivers tend to decrease significantly with age until they reach their 20s, when costs tend to stabilize.
Comparing providers can help you find the most affordable premiums. State Farm offers a full coverage plan for a 16-year-old driving a 2022 Toyota Corolla at $3,929 per year, compared to Farmers’ rate of $9,991 for the same policy. Note that these are individual plans — by joining a family policy, teens could save a considerable sum. Teen drivers and their families can shop around and compare quotes to determine the best cheap insurer for teens.
Data filtered by:Results filtered by:
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Age:16
Select
Model Year:2022
Select
Coverage:Full Coverage
| State Farm | $3,929 |
| GEICO | $5,653 |
| Travelers | $5,973 |
| Nationwide | $6,092 |
| Allstate | $8,318 |
| Progressive | $9,356 |
| Farmers | $9,911 |
How Does Location Affect the Cost of Toyota Corolla Insurance?
Location is as significant as your age and car model details in determining your auto insurance rate. Florida has the highest average premiums, while Idaho offers the lowest. To get the best deal for your Toyota Corolla, gather quotes from the most affordable insurers in your state.
Data filtered by:Results filtered by:
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Age Group:30-59
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Coverage:Full Coverage
| Alabama | Nationwide | $709 | $59 |
| Alaska | State Farm | $699 | $58 |
| Arizona | Root Insurance Company | $682 | $57 |
| Arkansas | State Farm | $629 | $52 |
| California | AAA California | $1,001 | $83 |
| Colorado | American National P&C | $541 | $45 |
| Connecticut | GEICO | $693 | $58 |
| Delaware | State Farm | $881 | $73 |
| District of Columbia | GEICO | $662 | $55 |
| Florida | State Farm | $1,058 | $88 |
| Georgia | Country Financial | $665 | $55 |
| Hawaii | GEICO | $565 | $47 |
| Idaho | American National P&C | $299 | $25 |
| Illinois | Country Financial | $663 | $55 |
| Indiana | American Family | $555 | $46 |
| Iowa | State Farm | $509 | $42 |
| Kansas | Nationwide | $670 | $56 |
| Kentucky | Nationwide | $790 | $66 |
| Louisiana | Louisiana Farm Bureau | $1,048 | $87 |
| Maine | Concord Group | $521 | $43 |
| Maryland | Progressive | $938 | $78 |
| Massachusetts | State Farm | $483 | $40 |
| Michigan | GEICO | $898 | $75 |
| Minnesota | State Farm | $797 | $66 |
| Mississippi | Direct General Insurance | $723 | $60 |
| Missouri | Nationwide | $909 | $76 |
| Montana | Progressive | $437 | $36 |
| Nebraska | American National P&C | $405 | $34 |
| Nevada | CSAA | $940 | $78 |
| New Hampshire | State Farm | $540 | $45 |
| New Jersey | Plymouth Rock Assurance | $895 | $75 |
| New Mexico | State Farm | $644 | $54 |
| New York | Kemper | $781 | $65 |
| North Carolina | Erie | $630 | $52 |
| North Dakota | American Family | $616 | $51 |
| Ohio | Nationwide | $485 | $40 |
| Oklahoma | State Farm | $662 | $55 |
| Oregon | State Farm | $706 | $59 |
| Pennsylvania | Nationwide | $580 | $48 |
| Rhode Island | State Farm | $700 | $58 |
| South Carolina | American National P&C | $463 | $39 |
| South Dakota | Allstate | $746 | $62 |
| Tennessee | State Farm | $579 | $48 |
| Texas | State Farm | $699 | $58 |
| Utah | Nationwide | $725 | $60 |
| Vermont | State Farm | $493 | $41 |
| Virginia | American Family | $601 | $50 |
| Washington | PEMCO | $534 | $44 |
| West Virginia | Erie | $784 | $65 |
| Wisconsin | GEICO | $556 | $46 |
| Wyoming | State Farm | $745 | $62 |
Frequently Asked Questions About Toyota Corolla Insurance
MoneyGeek answered the most frequently asked questions about the quality and cost of insurance for your Toyota Corolla.
What company has the cheapest car insurance for a Toyota Corolla?
The average cost of insuring a Toyota Corolla is $1,453 per year. Our data shows that State Farm is the most affordable Toyota Corolla insurer at an average annual rate of $1,093.
What company offers the best car insurance for a Toyota Corolla?
State Farm is the best car insurance for a Toyota Corolla, with a MoneyGeek score of 90 out of 100. This company balances affordability and quality service with scores that surpass all other top insurers. State Farm will provide excellent value at affordable rates for your Toyota Corolla.
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.