Do you want to learn to get more affordable Toyota Corolla insurance in Lubbock? Having to pay for high-priced insurance in Lubbock can stress out your savings account and possibly require you to analyze your spending habits.
Unimaginable but true, a large majority of insurance policyholders in Texas have remained with the same insurance company for at least the last four years, and nearly the majority have never shopped around. With the average premium in the U.S. being $1,847, drivers could save $860 a year just by getting comparison quotes, but they underestimate the amount of money they would save if they just switched companies.
Steps to buying low-cost Toyota Corolla insurance in Lubbock
Really, the only way to quote cheaper Toyota Corolla insurance is to start doing a yearly price comparison from different companies in Lubbock. Prices can be compared by following these guidelines.
Step 1: Take a little time to learn about how your policy works and the steps you can take to keep rates in check. Many rating criteria that cause rate increases like high-risk driving behaviors and a poor credit rating can be remedied by improving your driving habits or financial responsibility. Later in this article we will cover the details to get cheaper rates and find overlooked discounts.
Step 2: Get rate quotes from direct carriers, independent agents, and exclusive agents. Direct and exclusive agents can give quotes from one company like Progressive and State Farm, while independent agents can provide rate quotes from multiple sources.
Step 3: Compare the new rate quotes to the price on your current policy to determine if switching companies saves money. If you find better rates and decide to switch, ensure there is no coverage lapse between policies.
Step 4: Provide proper notification to your current company of your intention to cancel your current policy and submit a signed application and payment for the new policy. Make sure you place your new proof of insurance certificate with the vehicle registration.
An important bit of advice to remember is that you use the same amount of coverage on each quote and and to get prices from as many car insurance companies as possible. This guarantees a fair rate comparison and the best price quote selection.
Since consumers have many companies and agents to choose from, it can be difficult for drivers to choose the most cost effective insurance company.
You should take the time to quote other rates quite often since insurance rates change regularly. If you had the best deal on Toyota Corolla insurance in Lubbock on your last policy there may be better deals available now. Forget anything you know (or think you know) about insurance because I’m going to let you in on the secrets to the proper way to save money, get proper deductibles and limits, all at the lowest rate.
All major auto insurance companies such as State Farm, Allstate and GEICO provide coverage price quotes on their websites. Getting online quotes for Toyota Corolla insurance in Lubbock is fairly straightforward as you simply enter your required coverages into the quote form. After the form is submitted, the quote system will obtain your driving and credit reports and generates pricing information based on many factors. Using the web to get price quotes for Toyota Corolla insurance in Lubbock makes it a lot easier to compare rates and it’s absolutely necessary to do this if you are searching for lower-cost rates.
If you want to get comparison pricing now, visit the companies below or click here to submit a quote request to multiple companies at once. To compare your current rates, we recommend you complete the form with the coverages exactly as shown on your declarations page. This guarantees you will have an apples-to-apples comparison for the exact same coverage.
The car insurance companies shown below provide free rate quotes in Lubbock, TX. If your goal is to find cheap car insurance in Texas, we recommend you visit as many as you can to get the lowest price.
Data for Toyota Corolla insurance
The premium information displayed next highlights estimates of insurance costs for Toyota Corolla models. Having a better idea how rates are formulated can help you make informed decisions when shopping around for a new policy.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Corolla LE | $314 | $788 | $496 | $30 | $148 | $1,776 | $148 |
| Corolla S | $314 | $788 | $496 | $30 | $148 | $1,776 | $148 |
| Corolla XLE | $314 | $788 | $496 | $30 | $148 | $1,776 | $148 |
| Corolla XRS | $356 | $788 | $496 | $30 | $148 | $1,818 | $152 |
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Table data assumes single female driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and Texas minimum liability limits. Discounts applied include safe-driver, homeowner, multi-policy, multi-vehicle, and claim-free. Estimates do not factor in specific garaging location which can lower or raise price quotes greatly.
Deductible analysis
The hardest decision when buying coverage is how high should the physical damage deductibles be. The rates below sum up the price difference when you choose different insurance deductibles. The first price estimate table uses a $100 deductible for physical damage and the second data table uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Corolla LE | $328 | $698 | $382 | $22 | $114 | $1,569 | $131 |
| Corolla S | $328 | $698 | $382 | $22 | $114 | $1,569 | $131 |
| Corolla XLE | $328 | $698 | $382 | $22 | $114 | $1,569 | $131 |
| Corolla XRS | $370 | $698 | $382 | $22 | $114 | $1,611 | $134 |
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| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Corolla LE | $240 | $472 | $382 | $22 | $114 | $1,230 | $103 |
| Corolla S | $240 | $472 | $382 | $22 | $114 | $1,230 | $103 |
| Corolla XLE | $240 | $472 | $382 | $22 | $114 | $1,230 | $103 |
| Corolla XRS | $270 | $472 | $382 | $22 | $114 | $1,260 | $105 |
| Get Your Own Custom Quote Go | |||||||
Data rating is based on married male driver age 30, no speeding tickets, no at-fault accidents, and Texas minimum liability limits. Discounts applied include multi-policy, claim-free, safe-driver, multi-vehicle, and homeowner. Rate information does not factor in Lubbock location which can raise or lower rates considerably.
Using the premium rates above, we can conclude that using a $100 deductible will cost you about $28 more each month or $336 a year than requesting the higher $500 deductible. Because you would be required to pay $400 more to file a claim with a $500 deductible as compared to a $100 deductible, if you go at a minimum 14 months between claim filings, you would save more money if you choose a higher deductible.
How to determine when to raise deductibles
| Average monthly premium for $100 deductibles: | $132 |
| Average monthly premium for $500 deductibles (subtract): | – $104 |
| Monthly savings from raising deductible: | $28 |
| Difference between deductibles ($500 – $100): | $400 |
| Divide difference by monthly savings: | $400 / $28 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 14 months |
Why auto insurance is not optional
Even though it can be expensive, auto insurance may be mandatory for several reasons.
- Almost all states have compulsory liability insurance requirements which means you are required to carry specific limits of liability insurance coverage in order to be legal. In Texas these limits are 30/60/25 which means you must have $30,000 of bodily injury coverage per person, $60,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.
- If you bought your Toyota Corolla with a loan, it’s most likely the lender will make it a condition of the loan that you have full coverage to protect their interest in the vehicle. If you let the policy lapse, the bank may insure your Toyota for a lot more money and force you to reimburse them a much higher amount than you were paying before.
- Auto insurance preserves your Toyota and your assets. It will also provide coverage for medical expenses that are the result of an accident. Liability coverage will also pay to defend you if you cause an accident and are sued. If you have damage to your Toyota as the result of the weather or an accident, comprehensive and/or collision insurance will pay all costs to repair after the deductible has been paid.
The benefits of having auto insurance more than offset the price you pay, especially if you ever need it. On average, a vehicle owner in Lubbock overpays more than $800 each year so it’s recommended you shop around once a year at a minimum to save money.
Parts of your insurance policy
Understanding the coverages of insurance helps when choosing appropriate coverage and proper limits and deductibles. The terms used in a policy can be ambiguous and nobody wants to actually read their policy. Shown next are typical coverage types available from insurance companies.
Comprehensive insurance
This coverage pays to fix your vehicle from damage caused by mother nature, theft, vandalism and other events. You need to pay your deductible first and the remainder of the damage will be paid by comprehensive coverage.
Comprehensive coverage pays for things such as damage from getting keyed, hitting a deer, hail damage and hitting a bird. The most your insurance company will pay is the market value of your vehicle, so if the vehicle’s value is low consider dropping full coverage.
Collision insurance
Collision coverage pays for damage to your Corolla caused by collision with an object or car. A deductible applies and the rest of the damage will be paid by collision coverage.
Collision insurance covers things like damaging your car on a curb, crashing into a building and driving through your garage door. Collision coverage makes up a good portion of your premium, so you might think about dropping it from older vehicles. You can also bump up the deductible on your Corolla to save money on collision insurance.
Liability insurance
This protects you from damages or injuries you inflict on other’s property or people that is your fault. Liability coverage has three limits: per person bodily injury, per accident bodily injury, and a property damage limit. As an example, you may have limits of 30/60/25 that translate to $30,000 bodily injury coverage, $60,000 for the entire accident, and a total limit of $25,000 for damage to vehicles and property.
Liability insurance covers things like pain and suffering, repair bills for other people’s vehicles, bail bonds, legal defense fees and funeral expenses. The amount of liability coverage you purchase is a personal decision, but buy higher limits if possible. Texas requires drivers to carry at least 30/60/25 but you should consider buying better liability coverage.
The chart below demonstrates why low liability limits may not be adequate coverage.
Uninsured/Underinsured Motorist (UM/UIM)
This coverage gives you protection when the “other guys” do not carry enough liability coverage. It can pay for injuries sustained by your vehicle’s occupants and damage to your Toyota Corolla.
Since a lot of drivers have only the minimum liability required by law (which is 30/60/25), their liability coverage can quickly be exhausted. That’s why carrying high Uninsured/Underinsured Motorist coverage is important protection for you and your family.
Med pay and Personal Injury Protection (PIP)
Personal Injury Protection (PIP) and medical payments coverage provide coverage for immediate expenses for things like prosthetic devices, rehabilitation expenses and surgery. They are used to cover expenses not covered by your health insurance policy or if there is no health insurance coverage. It covers not only the driver but also the vehicle occupants in addition to if you are hit as a while walking down the street. PIP is only offered in select states and may carry a deductible
Ratings for Texas auto insurance companies
Choosing the right company is difficult considering how many different insurance companies sell coverage in Lubbock. The company information listed below may help you analyze which auto insurers to look at when looking for cheaper rates.
| Company | Value | Customer Service | Claims | Customer Satisfaction | A.M Best Rating | Overall Score |
|---|---|---|---|---|---|---|
| Travelers | 93 | 98 | 99 | 88% | A++ | 95.1 |
| USAA | 83 | 99 | 100 | 91% | A++ | 94.1 |
| Mercury Insurance | 97 | 96 | 88 | 89% | A+ | 93.4 |
| AAA Insurance | 91 | 95 | 92 | 90% | A | 93.3 |
| Nationwide | 85 | 95 | 97 | 89% | A+ | 92.4 |
| Allstate | 77 | 100 | 97 | 88% | A+ | 90.7 |
| State Farm | 80 | 94 | 96 | 88% | A++ | 90.6 |
| The Hartford | 88 | 93 | 91 | 87% | A+ | 90.4 |
| Safeco Insurance | 91 | 95 | 85 | 88% | A | 90.2 |
| Progressive | 88 | 94 | 83 | 88% | A+ | 90.1 |
| American Family | 91 | 86 | 95 | 83% | A | 89.7 |
| Esurance | 86 | 90 | 94 | 90% | A+ | 89.5 |
| The General | 86 | 93 | 89 | 84% | A- | 88.2 |
| GEICO | 79 | 89 | 95 | 87% | A++ | 87.8 |
| Titan Insurance | 86 | 82 | 92 | 86% | A+ | 86.5 |
| 21st Century | 86 | 82 | 90 | 84% | A | 86.4 |
| Liberty Mutual | 79 | 87 | 95 | 78% | A | 85.3 |
| Farmers Insurance | 77 | 80 | 80 | 84% | A | 80.3 |
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Data Source: Insure.com Best Car Insurance Companies
More quotes mean more insurance savings
When trying to cut insurance costs, don’t be tempted to buy less coverage just to save a little money. In too many instances, an insured dropped liability limits or collision coverage only to regret at claim time that the small savings ended up costing them much more. Your focus should be to buy enough coverage at a price you can afford, but do not skimp to save money.
In this article, we covered many ideas to get a better price on Toyota Corolla insurance in Lubbock. The key thing to remember is the more companies you get car insurance rates for, the more likely it is that you will get a better rate. You may even be surprised to find that the most savings is with an unexpected company. Smaller companies may cover specific market segments cheaper as compared to the big name companies such as Allstate, GEICO and Progressive.
Lower-priced insurance in Lubbock can be sourced from both online companies as well as from independent agents in Lubbock, and you need to price shop both to have the best rate selection. Some insurance providers may not provide price quotes online and usually these small insurance companies work with local independent agents.
Steps to finding low-cost rates for Toyota Corolla insurance in Lubbock
The recommended way to get low-cost Toyota Corolla insurance is to compare quotes annually from providers in Lubbock.
- First, take a few minutes and learn about how insurance companies determine prices and the steps you can take to keep rates low. Many policy risk factors that drive up the price such as high-risk driving behaviors and a not-so-good credit history can be remedied by making lifestyle changes or driving safer.
- Second, compare prices from independent agents, exclusive agents, and direct companies. Direct and exclusive agents can provide rates from a single company like GEICO and Allstate, while independent agencies can quote rates from many different companies.
- Third, compare the new rate quotes to the price on your current policy and determine if there is any savings. If you find a lower rate quote and change companies, make sure there is no lapse between the expiration of your current policy and the new one.
- Fourth, notify your current company of your intention to cancel your existing policy and submit payment along with a signed and completed policy application to your new company or agent. As soon as you can, put the new proof of insurance certificate in an easily accessible location in your vehicle.
The most important part of shopping around is that you’ll want to make sure you compare similar limits and deductibles on each quote request and and to look at as many companies as possible. Doing this guarantees the most accurate price comparison and a thorough price selection.
Helpful information
- Red Light Cameras (State Farm)
- Who Has Affordable Car Insurance Rates for Teenage Males in Lubbock? (FAQ)
- Who Has Affordable Lubbock Car Insurance Quotes for a Company Car? (FAQ)
- Who Has Affordable Lubbock Auto Insurance Quotes After a Speeding Ticket? (FAQ)
- Smart Auto Insurance Tips (Insurance Information Institute)
- Auto Theft Statistics (Insurance Information Institute)