I’m considering buying a 2023 Toyota Corolla for my 17-year-old son, but I’m puzzled about the insurance rates. The quote I got for the 2023 model is $501 per month, while for the 2024 model, it’s only $193 per month. Both cars seem identical in terms of features and safety equipment. I know insurance rates can vary, especially for young drivers, but I don’t understand why the 2023 model would be so much more expensive than the 2024.
Does anyone know why there’s such a big difference in price? Has anyone else experienced this with different model years?
Allstate Milewise is the way to go if he’s not putting a ton of miles on the car. I pay about $50.00 a month for my kid’s 2023 Corolla. There are only like 10 states where you can get it. Full coverage, $500 deductible.
I’m 21 and just got my driver’s license last week in Texas. The insurance quote for my new 2024 Corolla from Progressive and Geico is around $500/month. That’s crazy.
Christie said:
I’m 21 and just got my driver’s license last week in Texas. The insurance quote for my new 2024 Corolla from Progressive and Geico is around $500/month. That’s crazy.
It also depends on the state. I moved to California and couldn’t get insurance from most companies due to the new three-year driver’s license requirement, even though I had driving experience abroad. I got $250/month for a 2022 Corolla LE with Farmers because I’m considered a new driver even though I’m over 30.
Rates are going up like crazy all across the country. I pay $720 every 6 months for my 2020 Corolla. It’s ridiculous. Clean record, 28 years old, $500 deductible, full coverage. It’s frustrating. I think Corollas are popular, and a lot of teenagers drive them, which might affect rates. My agent said insurance rates are increasing due to repair costs and parts availability, and it’s unprecedented.
Haven said:
For some reason, my 2013 Corolla costs the same to insure as my 2022 Tacoma. I have no idea why.
Yeah, my 2012 Corolla S is about $1,000 every 6 months. Vehicle age and safety systems, plus where you live, can affect the price. I’m in central Florida, which is a fast-growing area.
Insurance for young drivers (especially males) is much higher than for someone 20-30+ years older. Young drivers have less experience and are more likely to get into accidents. To save on costs, consider getting an older car. It’s a good opportunity to teach car maintenance and care too.
Indigo said:
I have a 2023 Corolla Hybrid for about $90 a month. Something’s off, and it’s not just the car’s year.
It’s the age of his son—17-year-old male driver in a brand-new car. Insurance is expensive for new drivers. I paid nearly $180 for an '04 Corolla in 2017. I’m 23 now and pay under $100 for my Honda.