Who Has Cheap Auto Insurance for a Toyota Corolla in Anchorage?

Finding competitive coverage for a Toyota Corolla in Alaska depends on a whole bunch of factors such as how long your commute is, your credit status, and citations on your driving record. Alaska drivers will pay around $776 annually for Corolla insurance, but that is an approximation based upon a 30-year-old single female driver with both comprehensive and collision coverage and $1,000 deductibles.

There is a good probability you aren’t exactly 30 years old or even a female, you might be married instead of single, or maybe you prefer to not insure for full coverage. Having what appears to be a very minor change in rating factors or requested coverage amount may result in significant differences in the coverage rate.

Everyone has unique insurance needs, and this illustrates why the best method for finding cheap auto insurance rates for your Toyota is to do the rate comparisons yourself. Quotes are always free and you can get prices from top-rated companies in Alaska.

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Vehicle trim level tends to have a direct impact on price, so the price you pay to insure a Corolla LE will be $18 cheaper than the insurance cost for the higher-end Corolla XRS trim level, as shown below.

Toyota Corolla Insurance Rates in Anchorage, AK
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Corolla LE $144 $322 $368 $22 $110 $966 $81
Corolla S $144 $322 $368 $22 $110 $966 $81
Corolla XLE $144 $322 $368 $22 $110 $966 $81
Corolla XRS $162 $322 $368 $22 $110 $984 $82
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Data based on single female driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and Alaska minimum liability limits. Discounts applied include multi-policy, claim-free, safe-driver, homeowner, and multi-vehicle. Table data does not factor in specific location which can influence premiums considerably.

Deciphering which insurers offer the cheapest car insurance rates for a Toyota Corolla takes a little more effort than just getting one or two price quotes. Each auto insurance company has their own process for determining rates in each state, so let’s take a look at the car insurance companies that tend to have lower prices in Anchorage.

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Who has the cheapest car insurance in Alaska?
Rank Company Cost Per Year
1 Umialik $874
2 USAA $929
3 State Farm $1,005
4 Progressive $1,223
5 GEICO $1,962
6 Allstate $2,303
7 Safeco $2,526
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Umialik may offer some of the lowest car insurance rates in Anchorage at around $874 a year. This is $669 less than the average premium paid by Alaska drivers of $1,543. USAA, State Farm, Progressive, and GEICO would also be considered some of the lowest-priced Anchorage, AK auto insurance companies.

In the rate table above, if you are insured with Progressive and switched to USAA, you could realize yearly savings of in the vicinity of $294. Policyholders with GEICO may save as much as $1,033 a year, and Allstate customers might lower prices by up to $1,374 a year.

Understand that those prices are averages for all ages of drivers and types of vehicles and are not factoring in an exact zip code location for a Toyota Corolla. So the auto insurance company that fits your needs best may not even be in the list above. That affirms the importance of why you need to compare prices as often as possible using your own specific driver and vehicle information.

How to get discounts on Anchorage insurance rates

Discounts on car insurance for a Toyota CorollaAuto insurance companies that offer quotes for a Toyota Corolla may additionally offer rate discounts that can reduce rates by 40% or more if you qualify for them. A few of the larger companies and their possible discounts are detailed below.

The diagram below visualizes the comparison of car insurance costs with and without discounts applied to the policy rates. The premium estimates are based on a male driver, no driving violations, no at-fault accidents, Alaska state minimum liability limits, full coverage, and $100 deductibles. The first bar for each age group shows the average annual price with no discounts. The lower bar shows the rates with homeowner, claim-free, anti-theft, marriage, accident-free, and multiple vehicle discounts applied. When these discounts are applied to the policy premium, theaverage amount saved on car insurance for a Toyota Corolla is 28% or $553.

The example below demonstrates how deductibles can influence insurance costs when getting quotes for cheap insurance for a Toyota Corolla. The price estimates are based on a married male driver, comp and collision included, and no discounts are factored in.

In the chart above, a 50-year-old driver could lower their policy premium by $254 a year by switching from a $100 deductible up to a $500 deductible, or save $386 by switching to a $1,000 deductible. Young drivers, like the 20-year-old category, could shave as much as $860 or more by choosing larger deductibles on their policy.

If you do raise deductibles, it is important to have additional funds squirreled away to pay the extra out-of-pocket expense, which is the main drawback of higher deductibles.

Comparison of full coverage and liability-only policies

Saving money on car insurance is probably important to the majority of vehicle owners, and one of the easiest ways to lower the cost of insurance for a Toyota Corolla is to not insure for full coverage. The chart below visualizes the comparison of insurance costs with full physical damage coverage compared to only buying the minimum liability limits required in Alaska. The prices are based on no claims, a clean driving record, $500 deductibles, drivers are single, and no discounts are taken into consideration.

If we average the cost for all age groups, full coverage costs $1,618 per year more than buying just liability insurance. Many drivers may wonder if buying full coverage is worth the money. There is no written rule to stop buying physical damage coverage on your policy, but there is a general guideline you can use. If the yearly cost of comp and collision coverage is more than around 10% of any settlement you would receive from your insurance company, then you may need to consider dropping full coverage.

For example, let’s say your vehicle’s settlement value is $9,000 and you have $1,000 deductibles. If your vehicle is totaled, the most you would receive is $8,000 after paying your deductible. If premiums are more than $800 annually for physical damage coverage, then it may be the right time to buy liability only.

There are some scenarios where dropping physical damage coverage is not in your best interest. If you haven’t satisfied your loan, you have to keep full coverage to satisfy the loan requirements. Also, if your savings is not enough to buy a different vehicle in the event your current vehicle is totaled, you should keep full coverage.