2002 Toyota MR2 Spyder Insurance Quotes – 5 Ways to Save

Buying budget insurance coverage on the internet can seem to be rather difficult for buying their insurance coverage on the web. With such a large choice of companies, how can you even start to compare each option to find cheaper insurance coverage rates?

If you have car insurance now, you should be able to lower your premiums substantially using this strategy. This information will teach you the best way to quote coverages. But drivers should learn the way insurance companies market on the web and apply this information to your search.

Insurance coverage quotes comparison

There are a variety of methods to shop for insurance coverage, but one way is easier and takes less work. You can waste a few hours (or days) talking about coverages with agents in your area, or you could save time and use online quoting for quick rates.

Most major companies participate in a marketplace where prospective buyers submit one quote, and every company then returns a price quote. This saves time by eliminating quote forms to every company.

To compare rates now click here (opens in new window).

One minor caviat to doing it this way is you are unable to specify the providers you want to price. So if you prefer to pick specific providers to request quotes from, we have a page of low cost insurance coverage companies in your area. Click to view list.

The method you choose is up to you, but make sure you are using identical coverage limits with each company. If your comparisons have different data it will be next to impossible to make a fair comparison for your Toyota MR2 Spyder. Having just a slight variation in insurance coverages or limits can make a big difference in price. Keep in mind that making a lot of price comparisons will enable you to find the best offered rates. Not every company provides prices over the internet, so it’s important to compare price quotes from the smaller companies as well.

Auto insurance discounts are available to reduce your rates

Auto insurance companies don’t necessarily list all possible discounts in a way that’s easy to find, so the list below details some of the more common as well as the least known ways to save on auto insurance.

  • Professional Organizations – Joining specific professional or occupational memberships or organizations is a good way to get lower rates on your policy.
  • No Charge for an Accident – Not really a discount, but companies like Progressive and Allstate will turn a blind eye to one accident before raising your premiums so long as you haven’t had any claims before the accident.
  • Own a Home and Save – Just being a homeowner can save you money because owning a home demonstrates responsibility.
  • Theft Prevention System – Anti-theft and alarm system equipped vehicles are stolen less frequently and therefore earn up to a 10% discount.
  • Passive Restraints – Vehicles equipped with air bags or motorized seat belts can receive discounts of 25 to 30%.

Don’t be surprised that most discounts do not apply to the entire cost. Some only reduce specific coverage prices like physical damage coverage or medical payments. Just because it seems like all the discounts add up to a free policy, that’s just not realistic.

If you would like to see a list of companies with discount auto insurance rates, click here to view.

Everyone needs different insurance coverages

When it comes to buying coverage, there really is not a cookie cutter policy. Each situation is unique.

Here are some questions about coverages that might help in determining whether your personal situation might need an agent’s assistance.

  • Will my vehicle be repaired with OEM or aftermarket parts?
  • Am I covered by my employer’s commercial auto policy when driving my personal car for business?
  • When should I buy a commercial auto policy?
  • What is the ISO rating for a 2002 Toyota MR2 Spyder?
  • Do I need higher collision deductibles?
  • Does car insurance cover theft of personal property?
  • Should I file a claim if it’s only slightly more than my deductible?
  • Can my teen drive my company car?
  • Am I covered if I drive in a foreign country?
  • Is borrowed equipment or tools covered if stolen or damaged?

If you don’t know the answers to these questions but one or more may apply to you, then you may want to think about talking to a licensed agent. If you want to speak to an agent in your area, fill out this quick form.

Insurance coverage breakdown

Learning about specific coverages of your insurance policy helps when choosing appropriate coverage at the best deductibles and correct limits. The coverage terms in a policy can be confusing and even agents have difficulty translating policy wording.

Collision coverage – This coverage covers damage to your MR2 Spyder resulting from colliding with another car or object. A deductible applies and then insurance will cover the remainder.

Collision coverage pays for claims like rolling your car, driving through your garage door and colliding with a tree. Paying for collision coverage can be pricey, so consider removing coverage from lower value vehicles. You can also raise the deductible to save money on collision insurance.

Comprehensive coverage (or Other than Collision) – Comprehensive insurance coverage will pay to fix damage caused by mother nature, theft, vandalism and other events. A deductible will apply and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive coverage protects against claims such as a broken windshield, hail damage, a tree branch falling on your vehicle, vandalism and fire damage. The maximum amount you’ll receive from a claim is the actual cash value, so if the vehicle is not worth much consider dropping full coverage.

Coverage for liability – This coverage will cover damages or injuries you inflict on other’s property or people in an accident. It protects you from legal claims by others. Liability doesn’t cover damage to your own property or vehicle.

Liability coverage has three limits: bodily injury per person, bodily injury per accident and property damage. You might see values of 100/300/100 which stand for a limit of $100,000 per injured person, $300,000 for the entire accident, and a limit of $100,000 paid for damaged property. Alternatively, you may have one number which is a combined single limit which provides one coverage limit and claims can be made without the split limit restrictions.

Liability insurance covers claims such as legal defense fees, medical expenses, bail bonds and funeral expenses. How much liability coverage do you need? That is up to you, but consider buying as high a limit as you can afford.

Uninsured Motorist or Underinsured Motorist insurance – Uninsured or Underinsured Motorist coverage protects you and your vehicle when the “other guys” do not carry enough liability coverage. This coverage pays for injuries to you and your family and damage to your Toyota MR2 Spyder.

Since many drivers only carry the minimum required liability limits, it doesn’t take a major accident to exceed their coverage limits. This is the reason having UM/UIM coverage is a good idea. Usually these coverages are similar to your liability insurance amounts.

Insurance for medical payments – Coverage for medical payments and/or PIP kick in for immediate expenses for things like surgery, funeral costs and chiropractic care. The coverages can be used in conjunction with a health insurance program or if there is no health insurance coverage. Medical payments and PIP cover not only the driver but also the vehicle occupants and also covers getting struck while a pedestrian. PIP is not an option in every state but it provides additional coverages not offered by medical payments coverage

Get your money’s worth

In this article, we covered a lot of techniques to save on 2002 Toyota MR2 Spyder insurance. The most important thing to understand is the more you quote insurance, the higher your chance of finding the cheapest insurance. You may be surprised to find that the biggest savings come from a small mutual company.

As you go through the steps to switch your coverage, it’s not a good idea to buy less coverage just to save a little money. In many instances, an insured dropped liability coverage limits to discover at claim time that the savings was not a smart move. The aim is to purchase a proper amount of coverage at an affordable rate.

Lower-priced car insurance can be purchased online as well as from insurance agents, and you need to comparison shop both in order to have the best chance of saving money. There are still a few companies who do not offer online rate quotes and usually these smaller companies prefer to sell through independent insurance agents.

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