I was checking insurance rates for my 17-year-old son’s car, and I noticed that the 2023 Corolla is way more expensive to insure than the 2024 model. Does anyone know why that would be?
If he doesn’t drive much, Allstate Milewise could be a good option. I pay about $50 a month for my kid’s 2023 Corolla with full coverage and a $500 deductible. It’s only available in certain states, though.
Insurance pricing doesn’t always make sense. My 1992 Corolla costs $10 more per month than my 2011 F-150, and I have no idea why.
I’m 21 and just got my driver’s license last week in Texas. The quotes I got for a new 2024 Corolla from Progressive and Geico were around $500 a month. It’s crazy expensive.
Tru said:
I’m 21 and just got my driver’s license last week in Texas. The quotes I got for a new 2024 Corolla from Progressive and Geico were around $500 a month. It’s crazy expensive.
That’s a wild number. Did you check with smaller insurance companies?
Rates depend a lot on your state and current insurance policies. I moved to California from another country, and because of new rules, I couldn’t get insurance from most companies unless I had a U.S. driver’s license for at least three years. Farmers ended up giving me a $250/month rate for my 2022 Corolla LE since they considered me a new driver, even though I’m over 30.
One big reason is the theft rate. Corollas are among the most stolen cars, and the 2023 model has already been on theft lists. The 2024 hasn’t been out long enough for data to show up.
Meech said:
One big reason is the theft rate. Corollas are among the most stolen cars, and the 2023 model has already been on theft lists. The 2024 hasn’t been out long enough for data to show up.
That’s just a list of the most popular cars on the road. More of them exist, so more of them get stolen.
@JeffPatterson
Best way to avoid high insurance costs? Don’t buy a car that people want to steal.
Insurance prices are going up for everyone. I pay $720 every six months for my 2020 Corolla, and I have a clean record. I think Corollas cost more because a lot of young drivers have them, and they get in accidents more often. Plus, repair costs are rising, and parts take longer to get. My agent said it’s the worst he’s ever seen.
@Zenith
What company are you with? I have the same car and pay $1,100 for six months.
No clue why, but my 2013 Corolla costs the same to insure as my 2022 Tacoma. Makes no sense.
Keagan said:
No clue why, but my 2013 Corolla costs the same to insure as my 2022 Tacoma. Makes no sense.
Older cars don’t have modern safety features, so insurance can sometimes be high. Also, your location plays a big role. I live in central Florida, and rates here are high.
@Cory
That makes sense. I was only thinking about how much the car is worth, not the extra hospital bills from missing safety features.
Keagan said:
No clue why, but my 2013 Corolla costs the same to insure as my 2022 Tacoma. Makes no sense.
Yeah, the old car may be cheaper to replace, but it also lacks the crash prevention tech that lowers risk.
Insurance is way higher for teenage drivers, especially boys. Companies see them as more likely to get in accidents.
If you don’t want to pay a crazy amount, consider getting him an older car. Insurance is much lower on cheaper cars. Plus, it’s a good lesson in car maintenance.
Did you put the car under your insurance and add him as a driver? That can make a big difference in cost.
I have a 2023 Corolla Hybrid, and my insurance is about $90 a month. Something else must be making your rate that high, not just the model year.
HybridHannah2 said:
I have a 2023 Corolla Hybrid, and my insurance is about $90 a month. Something else must be making your rate that high, not just the model year.
It’s probably because his son is 17. Young drivers in new cars always get hit with high rates. When I was 17, I paid nearly $180 a month for an old car. Now I’m 23 and pay under $100 for my Honda.
You should get him a 1992 Corolla. Insurance would be a lot cheaper.