Who Has the Cheapest Portland Auto Insurance for a Toyota Corolla?

Finding the best cheap coverage for a Toyota Corolla hinges on a complicated formula that considers factors such as how old the vehicle is, your credit rating, and driving violations and tickets. Oregon drivers will pay around $890 per year for Corolla insurance, but that is an estimate based upon a 50-year-old married female driver with both comprehensive and collision coverage and $100 deductibles.

But there is a high likelihood that you’re not a 50-year-old female, you might be single instead of married, or you just prefer to insure for liability only. Auto insurance is not the same for everyone, so the only way to find the most affordable coverage for your Toyota is to compare as many rates as you can. To cut your rates now, get a free quote and you can get prices from some of the best insurers in Oregon.

Compare Toyota Corolla Insurance Rates

The specific model of Corolla will be a contributing factor to the annual cost of coverage, so the price you pay to insure a Corolla LE will be $26 cheaper than the insurance cost for the more well-appointed Corolla XRS version, as demonstrated by the prices below.

Table data assumes married female driver age 50, no speeding tickets, no at-fault accidents, $100 deductibles, and Oregon minimum liability limits. Discounts applied include multi-vehicle, claim-free, multi-policy, safe-driver, and homeowner. Prices do not factor in specific garaging location which can affect premium rates significantly.

Buying coverage from the highest-rated car insurance company can be rather challenging considering how many companies sell insurance in Oregon. The company rank data in the next section may help you pick which car insurance companies to look at when shopping car insurance rates for a Toyota Corolla. These rankings are only made up of large, nationwide insurance companies, so companies that may only write in Oregon are not taken into consideration for these rankings.

Top 10 Major Auto Insurance Companies in Portland Ranked by Claims Service

1. State Farm
2. Esurance
3. AAA Insurance
4. Progressive
5. GEICO
6. Liberty Mutual
7. Allstate
8. The Hartford
9. The General
10. 21st Century

Top 10 Major Auto Insurance Companies Overall in Portland

1. USAA
2. American Family
3. State Farm
4. The Hartford
5. AAA Insurance
6. GEICO
7. The General
8. Progressive
9. Allstate
10. Nationwide

Difference between liability only and full coverage rates

Saving money on car insurance is the goal of the majority of drivers, and one of the quickest ways to find cheap insurance for a Toyota Corolla is to not insure for full coverage. The example below compares car insurance rates with and without physical damage coverage. The prices are based on no violations or accidents, $1,000 deductibles, single status, and no additional discounts are factored in.

If averaged out across all ages, full coverage on your policy costs $1,699 per year over liability only. A very common question is if buying full coverage is a good investment. There isn’t a steadfast formula to delete full coverage on your policy, but there is a guideline you can consider. If the annual cost of having full coverage is 10% or more of the replacement cost minus the deductible, then it might be time to consider dropping full coverage.

For example, let’s say your vehicle’s claim settlement value is $8,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled in an accident, the most you would get paid by your company is $7,000 after paying your deductible. If you are paying over $700 annually for physical damage coverage, then it may be the right time to buy liability only.

There are a few cases where dropping physical damage coverage is not advised. If you still have a lienholder on your title, you have to maintain full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if your finances do not allow you to purchase a different vehicle in the even your car is totaled, you should not eliminate full coverage.

Comparing rates on Corolla insurance can save you money

Oregon car insurance rates are based on many factors that will increase or decrease the cost of coverage. Simply having a birthday, marrying your spouse, or getting a speeding ticket may prompt premium changes resulting in some companies being more affordable than the competition. Not only may your risk profile change, but car insurance companies modify rates as often as every three months in order to remain profitable. Heavy losses may cause higher rates, while a better loss history can cause cheaper Corolla insurance rates.

To help illustrate this point, the graph below compares the cheapest car insurance in Portland, OR for a 35-year-old male driver with no accidents, a clean driving record, and solid credit. If we estimate rates based on his current situation, Grange quotes the cheapest car insurance rates in Portland at $935 each year. This is $543 less than the average premium paid by Oregon drivers of $1,478. Oregon Mutual, Country, Travelers, and USAA also make the list of the best Portland, OR auto insurance companies.

Now we will give the driver in the first chart a chargeable claim, poor credit, and a few traffic violations. Since each insurance company uses their own formula to establish rates, analyzing rates will most likely result in a different list of affordable companies as shown below.

Amica now has the best price on car insurance in Portland, OR with GEICO, Mutual Enumclaw, Oregon Mutual, and Country also having competitive pricing. This example illustrates why drivers need to compare rates when trying to get the lowest car insurance quotes for a Toyota Corolla.

Insurance rates are determined by many factors and can decrease or increase without notice, so the cheapest rate when you bought your policy may now be quite expensive.