- Toyota Corolla insurance cost averages $1,700 per year, or around $142 per month for full coverage.
- The cheapest Corolla insurance is on the LE trim level costing an average of $1,616 per year. The most expensive to insure is the XSE at $1,758 per year.
- When compared to other small cars, the Toyota Corolla is one of the cheaper small cars to insure, costing $104 less per year on average.
How much does Toyota Corolla insurance cost?
Toyota Corolla car insurance costs an average of $1,700 a year for a full coverage policy on a 2023 model, which is about $142 a month.
When compared to the average insurance rate for all 2023 model year vehicles, which is $1,948 per year, a 2023 Toyota Corolla is 13.6% cheaper to insure.
Depending on the Corolla trim level being insured, monthly payments for a 2023 Toyota Corolla range from $135 to $147, with the LE being cheapest and the XSE costing the most to insure.
For individual policy coverages, collision insurance will cost about $692 a year, liability and medical coverage will cost about $584, and the remaining comprehensive (or other-than-collision) coverage is around $424.
The following chart illustrates how average Corolla car insurance rates change depending on the age of the driver and the policy deductibles.
|Driver Age||Deductible||Annual Cost||Monthly Cost|
The chart above shows a very limited set of insurance rates for a 2023 Corolla. If we included all rates for every conceivable data combination, including all eight Corolla trim levels and all 41,692 zip codes in the U.S., the chart would have approximately 774,144,000,000 possible rates. Not kidding.
When comparing individual policy coverages, we can gain a little insight into exactly where the Corolla has the biggest savings, and also where you’ll pay a little more.
The next table compares each policy coverage for a 2023 Corolla to the average across all models in the 2023 model year.
|Policy Coverage||2023 Toyota Corolla||2023 All Vehicle Average||Difference|
|Total Policy Cost||$1,700||$1,948||-13.6%|
Lower than average cost Higher than average cost
As shown by the green-highlighted cells in the ‘Difference’ column, the Corolla tends to have cheaper rates for both comprehensive and collision coverage than the overall average.
But when it comes to the liability and medical coverage portion of a policy, the Corolla doesn’t fare quite as well as rates are slightly higher than average.
The farther ahead of your policy expiration date that you buy new coverage the better. Called an early signing discount, it could save you anywhere from $51 to $170 on your 2023 Toyota Corolla insurance.
That’s some serious variability to wrap your head around. Here are some additional data insights as they relate to Toyota Corolla insurance cost.
- Careless drivers spend more on insurance. At-fault accidents raise insurance rates, as much as $2,352 per year for a 20-year-old driver and even as much as $510 per year for a 60-year-old driver.
- Raising physical damage deductibles lowers costs. Jacking up your deductibles from $500 to $1,000 could save around $254 per year for a 40-year-old driver and $490 per year for a 20-year-old driver.
- Low physical damage deductibles may be wasting money. Decreasing your policy deductibles from $500 to $250 could cost an additional $264 per year for a 40-year-old driver and $516 per year for a 20-year-old driver.
- Obey driving laws to save money. To get the cheapest Corolla insurance rates, it pays to not be aggressive behind the wheel. Not surprisingly, just a couple of minor blemishes on your driving record have the potential to increase the cost of a policy by as much as $444 per year.
- High-risk insurance is expensive. For a 20-year-old driver, having too many accidents or violations can potentially increase rates by $2,594 or more per year. That’s some serious coin. In latte-speak, that’s the equivalent of just under 400 lattes that you’ll have to spend just because you’re careless behind the wheel.
- Good credit can save money. Having a high credit rating of over 800 could see savings of $267 per year over a credit rating of 670-739. Conversely, a lesser credit rating could cost around $309 more per year.
What is the cheapest Toyota Corolla insurance?
The cheapest trim level of Toyota Corolla to insure is the LE costing an average of $1,616 per year, or about $135 per month. The second cheapest Corolla to insure LE Hybrid at $1,656 per year.
For the pricier trim levels, the three most expensive Corolla trim levels to insure are the Toyota Corolla XSE Hatchback, the XSE Hybrid, and the XSE trim levels averaging from $1,748 to $1,758 per year.
The table below details average Corolla car insurance rates, in addition to a monthly budget figure, for each 2023 model year trim level.
|Toyota Corolla Trim Level||Annual Policy||Six-Month Policy||Per Month|
If you noticed a trend in the table above, the Corolla models that cost the most also cost the most to insure. As you add packages and options to any vehicle, it drives up the MSRP or purchase price. And it’s almost guaranteed that a more expensive model will cost more to insure than a lower-cost model.
How do Corolla car insurance prices rank?
The Toyota Corolla ranks fourth out of 15 comparison vehicles in the 2023 compact car segment. The Corolla costs an average of $1,700 per year for full coverage insurance, while the category median rate is $1,804 per year, a difference of $104 per year.
Insuring a Corolla costs $72 less per year than the Honda Civic, $18 more than the Nissan Sentra, $278 less than the Hyundai Elantra, and $46 more than the Volkswagen Jetta per year.
The table below shows how average Corolla car insurance rates compare to the rest of the 2023 compact car segment. The Corolla is highlighted in light orange while the segment average of $1,804 is highlighted in blue.
|Rank||Make and Model||Insurance Cost||Difference|
|10||Mitsubishi Mirage G4||$1,784||$84|
|2023 Small Car Average||$1,804||$104|
|14||Toyota GR Corolla||$2,058||$358|
One factor that is not included in the comparison above is the purchase price of each compact car. When shopping within a budget, it’s good to know how much insurance will cost between similarly-priced models.
A 2023 Corolla has an average MSRP of $24,524, ranging from the LE trim at $21,550 to the XSE trim at $26,700.
The vehicles in the small car segment closest in price to the Toyota Corolla are the Volkswagen Jetta, Subaru Impreza, Hyundai Elantra, and Kia Forte.
Here’s how those four models compare to the Corolla for overall purchase price and average insurance cost.
- Toyota Corolla vs. Volkswagen Jetta – Having an average MSRP of $25,315 ($20,665 to $31,585), the 2023 Volkswagen Jetta costs $791 more than the average cost of the Corolla. Expect to pay an average of $46 less per year for full-coverage insurance on the Volkswagen Jetta compared to a Corolla.
- Toyota Corolla vs. Subaru Impreza – The Subaru Impreza retails for an average of $23,281 ($20,665 to $27,395), which is $1,243 cheaper than the average cost of the Corolla. Expect to pay an average of $202 less per year for insurance on the Subaru Impreza compared to a Corolla.
- Toyota Corolla vs. Hyundai Elantra – Having an average sticker price of $25,957 and ranging from $20,500 to $32,650, the Hyundai Elantra costs $1,433 more than the average cost for the Corolla. Drivers can expect to pay approximately $278 more each year for full-coverage insurance on the Hyundai Elantra compared to a Corolla.
- Toyota Corolla vs. Kia Forte – With an average sticker price of $22,050 and ranging from $19,490 to $24,890, the Kia Forte costs $2,474 less than the MSRP for the Corolla. Full-coverage insurance on the Kia Forte costs an average of $78 more every 12 months than the Toyota Corolla.
Links to many more insurance cost comparisons can be found on our comparisons index page.
How much does the 2023 Toyota GR Corolla cost to insure?
The 2023 Toyota GR Corolla costs an average of $2,058 per year to insure, which is $358 more than the average rate for the regular Corolla. See our complete Toyota GR Corolla insurance article for full data and comparisons.
Insurance rates for older Corolla models
The following table shows the average cost for full coverage car insurance starting with the 2013 model year up to the current 2023 model.
|Model Year and Vehicle||Driver Age 20||Driver Age 40||Driver Age 60|
|2023 Toyota Corolla||$3,358||$1,700||$1,518|
|2022 Toyota Corolla||$3,300||$1,678||$1,498|
|2021 Toyota Corolla||$2,718||$1,378||$1,234|
|2020 Toyota Corolla||$2,694||$1,362||$1,220|
|2019 Toyota Corolla||$2,478||$1,264||$1,128|
|2018 Toyota Corolla||$3,088||$1,564||$1,400|
|2017 Toyota Corolla||$3,004||$1,522||$1,362|
|2016 Toyota Corolla||$2,734||$1,390||$1,240|
|2015 Toyota Corolla||$2,420||$1,232||$1,098|
|2014 Toyota Corolla||$2,330||$1,186||$1,060|
|2013 Toyota Corolla||$2,292||$1,168||$1,042|
Best car insurance policy discounts
One of the best ways to save money on Corolla insurance is to qualify for a few discounts. Every major insurance company offers a wide variety of discounts, but each puts its own spin on the types available.
The table below shows the top ten discounts that can save you the most money. Each major insurer that offers each discount is listed, along with the average savings when insuring a 2023 Toyota Corolla.
|Policy Discount||Larger Companies that Offer this Discount||Average Savings|
|Good Driver Savings of 10% to 30%||Allstate, American Family, Farmers, GEICO, Liberty Mutual, Nationwide, Progressive, State Farm, Travelers||$238|
|Multi-Policy Bundling Savings of 1% to 17%||Allstate, American Family, Farmers, GEICO, Liberty Mutual, Nationwide, Progressive, State Farm, Travelers, USAA||$187|
|Usage-based Save up to 30%||Allstate, American Family, Esurance, Farmers, GEICO, Liberty Mutual, Nationwide, Progressive, Safeco, State Farm, Travelers, USAA||$158|
|Safety Features Savings of 3% to 20%||American Family, Farmers, GEICO, Liberty Mutual, State Farm||$134|
|Defensive Driving Savings of 5% to 10%||AAA, Allstate, American Family, Farmers, GEICO, Liberty Mutual, Nationwide, State Farm, Travelers, USAA||$128|
|Military Savings of 5% to 15%||Alfa, American Family, Direct General, Farmers, GEICO, Liberty Mutual, Shelter, USAA||$119|
|Pay in Full Savings of 5% to 10%||Allstate, Nationwide, Progressive, State Farm, Travelers||$107|
|Multiple Vehicles Savings of 4% to 15%||Allstate, Farmers, GEICO, Liberty Mutual, Nationwide, State Farm, Progressive, Travelers, USAA||$102|
|Student Away at School Savings of 4% to 25%||Allstate, American Family, Farmers, GEICO, Liberty Mutual, Nationwide, Progressive, State Farm, Travelers, USAA||$99|
|Good Student Savings of 3% to 20%||Allstate, American Family, Farmers, GEICO, Liberty Mutual, Nationwide, Progressive, State Farm, Travelers, USAA||$88|
It just makes sense that being a good driver will save you the most money. Not getting into accidents and keeping your driving record clean is going to save you a lot of money on car insurance.
But even if you have an accident or a couple of speeding tickets, don’t sweat it. There are plenty of other ways to cut your premiums.
If you own a home, or even have a renter or condo insurance policy, you should be able to qualify for a bundling discount.
Just about every car insurance company has an e-pay or autopay feature that saves time when paying your bill. Plus, it saves the cost of a postage stamp!
Usage-based discounts are earned by allowing the insurance company to track your driving habits through an electronic monitoring device that plugs into your car. It tracks things like how hard you stop, miles driven, sudden lane changes, and things of that nature.
Safe drivers should be able to save money on most usage-based programs. However, there is a chance that your rates could actually increase, so keep that in mind when considering one of these programs.
To see if your current company has discounts that you may not be taking advantage of, simply talk to your agent or a customer service representative and have them run through all possible discounts. It only takes a few minutes and it could end up reducing your premium by a pretty good amount.