Toyota Corolla Insurance Cost for 2023

Does a Toyota Corolla have cheap insurance rates?

We compared average policy premiums for the LE model to the more appointed XSE trim level to see how Corolla insurance compares to all other small cars.

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How much does Toyota Corolla insurance cost?

Toyota Corolla car insurance costs an average of $1,656 a year for a full coverage policy, which is about $138 a month. Corolla insurance costs 1.7% less than the national average car insurance rate of $1,685 per year.

Depending on the Corolla trim level being insured, monthly payments for a 2023 Toyota Corolla range from $131 to $143, with the LE being cheapest and the XSE costing the most to insure.

For individual policy coverages, collision insurance will cost about $674 a year, liability and medical coverage will cost about $568, and the remaining comprehensive (or other-than-collision) coverage is around $414.

The following chart illustrates how average Corolla car insurance rates change depending on the age of the driver and the policy deductibles.

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Chart Data Details: Chart shows average insurance cost for a 2023 Toyota Corolla with safe driver and claim-free discounts applied. Rates are for full-coverage insurance and averaged for all U.S. states and all Toyota Corolla trim levels.Data last updated on January 23, 2023
Toyota Corolla Car Insurance Rates
2023 Toyota Corolla Insurance Cost by Driver Age and Deductibles
Driver Age Deductible Annual Cost Monthly Cost
20$1,000$2,794$233
$500$3,272$273
$250$3,774$315
30$1,000$1,470$123
$500$1,738$145
$250$2,018$168
40$1,000$1,408$117
$500$1,656$138
$250$1,912$159
50$1,000$1,286$107
$500$1,506$126
$250$1,738$145
60$1,000$1,260$105
$500$1,476$123
$250$1,704$142

The chart above shows a very limited set of insurance rates for a 2023 Corolla, because 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.

In addition to that flabbergasting number, consider that a liability-only policy for a Toyota Corolla in the cheapest areas of Wisconsin or Ohio may cost as little as $210 a year, while a 16-year-old driver with a few tickets in New York, NY, could get a bill for $14,252 a year for a policy with full coverage.

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 $2,294 per year for a 20-year-old driver and even as much as $498 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 $248 per year for a 40-year-old driver and $478 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 $256 per year for a 40-year-old driver and $502 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 $432 per year.
  • High-risk insurance is expensive. For a 20-year-old driver, having too many accidents or violations can potentially increase rates by $2,530 or more per year. That’s some serious coin. In latte-speak, that’s the equivalent to 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 $260 per year over a credit rating of 670-739. Conversely, a lesser credit rating could cost around $301 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 $1,574 per year, or about $131 per month. The second cheapest Corolla to insure LE Hybrid at $1,612 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 $1,704 to $1,714 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.

2023 Toyota Corolla Insurance Cost by Trim Level
Toyota Corolla Trim Level Annual Policy Six-Month Policy Per Month
LE$1,574$787$131
LE Hybrid$1,612$806$134
SE Hatchback$1,616$808$135
SE$1,644$822$137
SE Hybrid$1,676$838$140
XSE Hatchback$1,704$852$142
XSE Hybrid$1,710$855$143
XSE$1,714$857$143

Get Rates in Your AreaWhy is this important?

Table Data Details: Average rates are for a 2023 Toyota Corolla, 40-year-old married male driver with a clean driving record and no at-fault accidents. Safe driver and claim-free discounts are applied to policy premium. Physical damage deductibles are $500 and rates are averaged for all U.S. states.Data last updated on February 5, 2023
Toyota Corolla Insurance Cost by Trim Level

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 does Corolla car insurance cost rank?

The Toyota Corolla ranks fourth out of 15 comparison vehicles in the 2023 compact car segment. The Corolla costs an average of $1,656 per year for full coverage insurance, while the category median rate is $1,757 per year, a difference of $101 per year.

Insuring a Corolla costs $72 less per year than the Honda Civic, $20 more than the Nissan Sentra,  $272 less than the Hyundai Elantra, and $46 more than the Volkswagen Jetta per year.

The chart below shows how average Corolla car insurance cost compares to the rest of the top 10 best-selling compact cars. The more comprehensive table below that shows the full insurance affordability rankings for the small car segment, with the Corolla ranked at fourth.

Get Rates in Your AreaWhy is this important?

Chart Data Details: Average rates are for a 2023 model year Toyota Corolla, 40-year-old married male driver with a clean driving record and no at-fault accidents. Safe driver and claim-free discounts are applied to policy premium, which is averaged for all Toyota Corolla trim levels. Physical damage deductibles are $500 and rates are averaged for all U.S. states.Data last updated on January 23, 2023
Toyota Corolla vs Top 10 Small Cars Insurance Rate Comparison
Toyota Corolla Insurance Cost Compared to All Small Cars
Rank Make/Model Insurance Cost Difference
1Subaru Impreza$1,462-$194
2Volkswagen Jetta$1,610-$46
3Nissan Sentra$1,636-$20
4Toyota Corolla$1,656--
5Volkswagen Golf$1,660$4
6Toyota Prius$1,662$6
7Mazda 3$1,690$34
8Honda Civic$1,728$72
9Kia Forte$1,730$74
10Mitsubishi Mirage G4$1,738$82
11Nissan Leaf$1,778$122
12Nissan Versa$1,882$226
13Hyundai Elantra$1,928$272
14Toyota GR Corolla$2,004$348
15Toyota Mirai$2,190$534

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 $194 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 $272 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 $74 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 $2,004 per year to insure, which is $348 more than the average rate for the regular Corolla. See our complete Toyota GR Corolla insurance article for full data and comparisons.

Insurance cost 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.

Toyota Corolla Insurance Cost by Model Year
Model Year and Vehicle Driver Age 20 Driver Age 40 Driver Age 60
2023 Toyota Corolla$3,272$1,656$1,476
2022 Toyota Corolla$3,214$1,634$1,462
2021 Toyota Corolla$2,648$1,346$1,202
2020 Toyota Corolla$2,626$1,332$1,188
2019 Toyota Corolla$2,412$1,232$1,100
2018 Toyota Corolla$3,010$1,522$1,362
2017 Toyota Corolla$2,928$1,482$1,328
2016 Toyota Corolla$2,668$1,354$1,212
2015 Toyota Corolla$2,356$1,200$1,070
2014 Toyota Corolla$2,272$1,156$1,032
2013 Toyota Corolla$2,232$1,136$1,016

Get Rates in Your AreaWhy is this important?

Table Data Details: Average rates for each driver age group are for a 12-month period and assume a clean driving record and no at-fault accidents. Full coverage physical damage deductibles are $500 and rates are averaged for all U.S. states.Data last updated on January 23, 2023
Toyota Corolla Insurance Cost by Model Year