1994 Toyota MR2 Insurance Quotes – 10 Ways to Save

Finding cheap rates for Driversauto insurance can be kind of frustrating for drivers not familiar with online rate comparisons. With so many options of companies competing online, it can easily turn into a chore to find the lowest price.

It’s a good idea to shop coverage around occasionally because insurance prices change quite often. Just because you found the lowest quotes on MR2 coverage a couple years back a different company probably has better rates today. There is too much inaccurate information about auto insurance online but in just a couple of minutes you can learn the best ways to put money back in your pocket.

Insurance coverage policy discounts

Car insurance companies do not advertise every discount they offer in an easy-to-find place, so the following is a list of a few of the more common as well as the least known insurance coverage savings.

  • Discounts for Safe Drivers – Safe drivers may save up to 50% more on MR2 coverage as compared to drivers with claims.
  • Distant Student Discount – Kids who are enrolled in a college that is more than 100 miles from home and do not take a car to college may be insured at a cheaper rate.
  • Fewer Miles Equal More Savings – Low annual miles could qualify for substantially lower premium rates.
  • Accident Forgiveness Coverage – but companies like Allstate, Progressive, and Geico permit an accident before your rates go up if your claims history is clear for a particular time prior to the accident.
  • Passive Restraints – Factory options such as air bags and/or automatic seat belt systems can get savings of 20% or more.
  • Discount for Life Insurance – Some companies give a small discount if you purchase a life policy as well.
  • Memberships – Participating in a professional or civic organization can get you a small discount on your next renewal.
  • Theft Deterent System – Vehicles equipped with tracking devices and advanced anti-theft systems are stolen less frequently and that can save you a little bit as well.
  • Discount for Home Ownership – Being a homeowner can help you save on insurance coverage since owning and maintaining a home requires a higher level of personal finance.
  • Auto/Home Discount – If you have multiple policies with one insurance company you may earn approximately 10% to 15%.

As a disclaimer on discounts, many deductions do not apply to the entire cost. Most only apply to the cost of specific coverages such as comp or med pay. Even though it may seem like having all the discounts means you get insurance for free, insurance companies wouldn’t stay in business.

A list of insurance coverage companies and some of the discounts can be read below.

  • Farm Bureau discounts include youthful driver, good student, multi-policy, renewal discount, driver training, and 55 and retired.
  • State Farm has discounts for safe vehicle, good student, accident-free, anti-theft, multiple autos, and Drive Safe & Save.
  • Progressive offers discounts including homeowner, continuous coverage, good student, multi-vehicle, multi-policy, online signing, and online quote discount.
  • Allstate offers premium reductions for safe driver, multi-policy, good student, resident student, senior citizen, new car, and EZ pay plan discount.
  • Nationwide may have discounts that include anti-theft, easy pay, family plan, multi-policy, defensive driving, Farm Bureau membership, and business or organization.
  • MetLife offers discounts for claim-free, defensive driver, good driver, accident-free, good student, multi-policy

When quoting, ask each company or agent which discounts you may be entitled to. Depending on the company, some discounts may not apply to policies in your area. If you would like to view insurance companies that offer many of these discounts, follow this link.

Compare quotes for insurance

To find the best insurance rates, there are several ways to get quotes from many available insurance companies in your state. The easiest way to do a complete rate comparison is to perform an online rate comparison. It is quite easy and can be accomplished in just a few minutes using one of these methods.

  1. Hands down the most simple method to get quotes is an all-inclusive rate comparison like this one (opens in new window). This style of form keeps you from doing boring form submissions to each individual insurance company. Completing one form will return quotes from multiple low-cost companies.It’s the quickest way to get rates.
  2. A slightly less efficient method to shop for insurance online consists of going to each individual company website and fill out a new quote form. For examples sake, we’ll pretend you want to see prices from Progressive, Liberty Mutual and Travelers. In order to compare rates, you need to spend time on each company’s site to enter the same coverage data repeatedly, which can take a lot of time.

    For a list of companies in your area, click here.

  3. The old school method to get price estimates is to spend your day driving to each insurance agency near you. Comparing online rate quotes eliminates this option unless you have a need for the personal advice that only an agent can give. Although, it is possible price shop your coverage online and get advice from an agent in your area.

You can choose any of those ways to find more affodable coverage, but make darn sure you compare the same coverages and limits for each quote you get. If each company quotes different deductibles it will be very difficult to find the best deal for your Toyota MR2. Having just a slight variation in coverage limits could mean much higher rates. And when comparing insurance rates, know that comparing more company’s prices helps locate more affordable rates.

How do I know if I need professional advice?

When it comes to buying coverage, there isn’t really a one size fits all plan. Each situation is unique.

Here are some questions about coverages that can aid in determining if you would benefit from professional advice.

  • Is pleasure use cheaper than using my 1994 Toyota MR2 to commute?
  • Am I covered if my car is in a flood?
  • Are all vehicle passengers covered by medical payments coverage?
  • Am I covered if hit by an uninsured driver?
  • Am I covered if I wreck a rental car?
  • Does my personal policy cover me when driving out-of-state?
  • Does coverage extend to a rental car in a foreign country?
  • What vehicles should carry emergency assistance coverage?
  • Do I get a pro-rated refund if I cancel my policy early?
  • What if I total my 1994 Toyota MR2 and owe more than it’s worth?

If you can’t answer these questions but you know they apply to you, you might consider talking to an insurance agent. To find an agent in your area, take a second and complete this form.

Insurance buyers beware

Insurance providers like Progressive, Allstate and Geico regularly use ads on television and other media. They all advertise the message that you’ll save big if you switch to their company. How does every company sell you cheaper insurance coverage? This is the way they can do it.

Different companies have underwriting criteria for the driver that will most likely be profitable. One example of a profitable customer may be over the age of 50, has a low-risk occupation, and drives a safe vehicle. Any customer who fits that profile will probably get the lowest premium rates and therefore will save money with a new company.

Potential insureds who don’t qualify for the “perfect” profile must pay higher premiums which translates to business not being written. The ad wording is “customers that switch” but not “all drivers who get quotes” save that much when switching. That’s the way insurance companies can state the savings. That is why you should compare many company’s rates. Because you cannot predict which insurance company will have better prices than you’re paying now.

Auto insurance coverages explained

Knowing the specifics of your auto insurance policy can be of help when determining appropriate coverage for your vehicles. Auto insurance terms can be confusing and reading a policy is terribly boring.

Comprehensive auto coverage – This coverage will pay to fix damage OTHER than collision with another vehicle or object. You need to pay your deductible first then the remaining damage will be covered by your comprehensive coverage.

Comprehensive coverage protects against claims like theft, a tree branch falling on your vehicle, fire damage, damage from getting keyed and damage from a tornado or hurricane. The most you’ll receive from a claim is the market value of your vehicle, so if your deductible is as high as the vehicle’s value consider removing comprehensive coverage.

Medical payments and PIP coverage – Medical payments and Personal Injury Protection insurance pay for expenses for funeral costs, pain medications, dental work and X-ray expenses. They are often used in conjunction with a health insurance plan or if you are not covered by health insurance. Coverage applies to you and your occupants as well as any family member struck as a pedestrian. Personal Injury Protection is not an option in every state and gives slightly broader coverage than med pay

Liability auto insurance – This protects you from damages or injuries you inflict on people or other property. It protects you from legal claims by others, and does not provide coverage for damage to your own property or vehicle.

Coverage consists of three different limits, per person bodily injury, per accident bodily injury, and a property damage limit. Your policy might show limits of 25/50/25 which stand for $25,000 in coverage for each person’s injuries, $50,000 for the entire accident, and a total limit of $25,000 for damage to vehicles and property.

Liability can pay for claims such as legal defense fees, repair bills for other people’s vehicles and emergency aid. How much coverage you buy is a personal decision, but you should buy higher limits if possible.

Collision coverage – This covers damage to your MR2 caused by collision with an object or car. You will need to pay your deductible then the remaining damage will be paid by your insurance company.

Collision can pay for claims like driving through your garage door, colliding with another moving vehicle, crashing into a building, sustaining damage from a pot hole and damaging your car on a curb. Collision coverage makes up a good portion of your premium, so consider dropping it from vehicles that are older. It’s also possible to bump up the deductible in order to get cheaper collision rates.

UM/UIM (Uninsured/Underinsured Motorist) coverage – Your UM/UIM coverage gives you protection when other motorists either have no liability insurance or not enough. This coverage pays for hospital bills for your injuries as well as your vehicle’s damage.

Due to the fact that many drivers only carry the minimum required liability limits, their limits can quickly be used up. For this reason, having high UM/UIM coverages is a good idea.

Be a smart shopper

We just presented a lot of techniques to shop for 1994 Toyota MR2 insurance online. It’s most important to understand that the more rate quotes you have, the better likelihood of getting inexpensive insurance. Drivers may discover the most savings is with the smaller companies.

Consumers leave their current company for any number of reasons including high prices, not issuing a premium refund, delays in responding to claim requests and even poor customer service. Regardless of your reason, switching insurance companies can be less work than you think.

More affordable insurance is possible both online and from local agencies, and you need to comparison shop both in order to have the best price selection to choose from. A few companies may not have rate quotes online and usually these regional insurance providers only sell coverage through local independent agents.

Additional information