2001 Toyota MR2 Spyder Insurance Cost – 7 Ways to Save

Trying to find the cheapest insurance rates for your Toyota MR2 Spyder? Have you had enough of not being able to scrape enough together to pay your insurance bill each month? You are in the same boat as most other consumers.

Due to the abundance of different company options, it can be challenging to locate the most affordable insurance company.

Finding affordable coverage is easy if you know what you’re doing. If you currently have a car insurance policy, you will be able to save some money using this strategy. But car owners must understand the way insurance companies market insurance on the web and take advantage of how the system works.

Lower rate quotes with these seven discounts

Car insurance companies don’t always advertise all available discounts in a way that’s easy to find, so the list below details a few of the more common and the harder-to-find discounts that you may qualify for.

  • Government Employees – Simply working for the federal government can save as much as 8% on MR2 Spyder coverage depending on your insurance coverage provider.
  • Drive Safe and Save – Insureds without accidents can save up to 40% or more on their auto insurance quote on MR2 Spyder coverage than drivers with accidents.
  • Driver’s Education for Students – Cut your cost by having your teen driver complete a driver education course in school.
  • Accident Forgiveness Coverage – This isn’t a discount exactly, but companies like Allstate, State Farm and Geico will allow you to have one accident without the usual rate increase if you are claim-free before the accident.
  • Passenger Safety Discount – Vehicles with factory air bags or motorized seat belts can qualify for discounts as much as 30%.
  • Distant Student – who are enrolled in higher education away from home and don’t have a car can receive lower rates.
  • Auto/Home Discount – If you insure your home and vehicles and insure them both with the same insurance company you will save at least 10% off all policies.

Don’t be shocked that most discount credits are not given to the overall cost of the policy. Most cut the cost of specific coverages such as liability and collision coverage. Despite the appearance that having all the discounts means you get insurance for free, nobody gets a free ride.

The best insurance coverage companies and their offered discounts are shown below.

  • State Farm has discounts for Drive Safe & Save, safe vehicle, defensive driving training, accident-free, and Steer Clear safe driver discount.
  • Liberty Mutual has savings for newly married, safety features, teen driver discount, multi-car, preferred payment discount, exclusive group savings, and new move discount.
  • American Family offers discounts including TimeAway discount, early bird, air bags, Steer into Savings, and good driver.
  • Progressive policyholders can earn discounts including multi-policy, homeowner, continuous coverage, multi-vehicle, online quote discount, online signing, and good student.
  • Farmers Insurance may have discounts that include switch companies, early shopping, alternative fuel, teen driver, distant student, and electronic funds transfer.
  • Auto-Owners Insurance may offer discounts for safe driver, company car, paperless, anti-lock brakes, multiple vehicles, good student, and group or association.
  • SAFECO offers premium reductions for teen safety rewards, homeowner, bundle discounts, multi-car, anti-theft, drive less, and safe driver.

If you are trying to find affordable auto insurance quotes, ask every company the best way to save money. Depending on the company, some discounts may not be available in your area. If you would like to choose from a list of insurance coverage companies who offer discounts, follow this link.

Shop auto insurance online

There are multiple methods to shop for auto insurance, but one way is less labor-intensive and much quicker. You could spend your day talking to insurance companies in your area, or you can stay home and use online quoting to maximize your effort.

Most major companies belong to a marketplace that enables customers to send in one quote, and at least one company returns a rated price determined by their information. This eliminates the need for repetitive form submissions for each company you want a rate for.

To get comparison pricing now click here to open in new window.

The one disadvantage to pricing coverage this way is you don’t know exactly which insurance companies you want pricing from. So if you want to choose individual companies to compare rates, we have assembled a list of low cost auto insurance companies in your area. Click here for list of insurance companies.

Which method you use is up to you, but ensure you are comparing exactly the same coverage information for each quote you get. If each company quotes differing limits you will not be able to determine which company has the best rates. Even a minor difference in insurance coverages or limits can make a big difference in price. Just keep in mind that making a lot of price comparisons helps improve the odds of finding a better price.

What is the best auto insurance coverage?

When it comes to buying adequate coverage, there is no one size fits all plan. Everyone’s needs are different so your insurance needs to address that. For instance, these questions may help highlight if you would benefit from professional advice.

  • Will I lose any money if I cancel my policy before it expires?
  • What is no-fault insurance?
  • Do I benefit by insuring my home with the same company?
  • What happens if I owe more than my 2001 Toyota MR2 Spyder is worth?
  • Should I buy full coverage?
  • Am I better off with higher deductibles on my 2001 Toyota MR2 Spyder?

If it’s difficult to answer those questions, you may need to chat with an insurance agent. To find an agent in your area, fill out this quick form or go to this page to view a list of companies.

Auto insurance coverages

Having a good grasp of auto insurance helps when choosing the best coverages and proper limits and deductibles. The coverage terms in a policy can be ambiguous and nobody wants to actually read their policy. Shown next are the normal coverages found on most auto insurance policies.

Medical expense coverage – Coverage for medical payments and/or PIP reimburse you for bills for things like prosthetic devices, rehabilitation expenses, nursing services and ambulance fees. They can be utilized in addition to your health insurance policy or if you lack health insurance entirely. It covers all vehicle occupants as well as being hit by a car walking across the street. PIP coverage is not available in all states and gives slightly broader coverage than med pay

Coverage for liability – This provides protection from damage that occurs to other’s property or people in an accident. It protects YOU from claims by other people. Liability doesn’t cover damage sustained by your vehicle in an accident.

Liability coverage has three limits: per person bodily injury, per accident bodily injury, and a property damage limit. Your policy might show limits of 25/50/25 which means $25,000 bodily injury coverage, a total of $50,000 of bodily injury coverage per accident, and $25,000 of coverage for damaged propery.

Liability can pay for claims such as structural damage, emergency aid and court costs. How much liability coverage do you need? That is your choice, but you should buy higher limits if possible.

Uninsured or underinsured coverage – This provides protection from other drivers when they do not carry enough liability coverage. This coverage pays for medical payments for you and your occupants and also any damage incurred to your 2001 Toyota MR2 Spyder.

Since many drivers only purchase the least amount of liability that is required, it doesn’t take a major accident to exceed their coverage limits. So UM/UIM coverage is important protection for you and your family.

Collision coverage – Collision coverage pays to fix your vehicle from damage resulting from colliding with a stationary object or other vehicle. You have to pay a deductible then the remaining damage will be paid by your insurance company.

Collision coverage protects against things such as sustaining damage from a pot hole, backing into a parked car, colliding with another moving vehicle, driving through your garage door and colliding with a tree. Paying for collision coverage can be pricey, so you might think about dropping it from vehicles that are older. You can also increase the deductible in order to get cheaper collision rates.

Comprehensive protection – Comprehensive insurance coverage pays to fix your vehicle from damage caused by mother nature, theft, vandalism and other events. You first must pay your deductible and then insurance will cover the rest of the damage.

Comprehensive coverage protects against claims such as hitting a deer, a tree branch falling on your vehicle, hitting a bird, damage from getting keyed and fire damage. The maximum amount you can receive from a comprehensive claim is the ACV or actual cash value, so if the vehicle’s value is low it’s not worth carrying full coverage.

In conclusion

In this article, we covered a lot of information how to lower your 2001 Toyota MR2 Spyder insurance prices. The key concept to understand is the more times you quote, the better chance you’ll have of finding inexpensive auto insurance. Consumers may even find the lowest priced car insurance comes from a lesser-known regional company. Smaller companies may cover specific market segments cheaper than the large multi-state companies such as Allstate and Progressive.

When buying insurance coverage, do not skimp on critical coverages to save a buck or two. There have been many cases where an insured dropped collision coverage only to regret at claim time that the savings was not a smart move. The goal is to buy a smart amount of coverage at a price you can afford, but don’t skip important coverages to save money.

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