Want lower insurance rates for your Toyota Prius? Wish you could get out of overpriced insurance? You’re in good company because there are lots of residents who feel the same. There is such a variety of insurance companies to insure vehicles with, and though it is a good thing to have multiple companies, it makes it harder to compare rates and find the lowest cost insurance.
Many factors are part of the equation when pricing auto insurance. Some are pretty understandable like your driving record, but other criteria are more transparent like where you live or your financial responsibility.
The factors shown below are a few of the things companies use to determine your rate level.
The most recommended method to compare insurance rates in your area takes advantage of the fact most of the larger companies pay for the opportunity to give rate comparisons. To start a quote, the only thing you need to do is provide a small amount of information including an estimate of your credit level, if a SR-22 is required, how many miles driven, and your occupation. The rating information gets transmitted to multiple insurance coverage providers and they return quotes instantly.
Consumers get pounded daily by advertisements for auto insurance savings from the likes of Progressive, Geico, Allstate and State Farm. They all seem to make the promise that drivers will save a bundle if you get a free car insurance quote and switch your coverage.
How is it plausible that every one can give you a lower rate? This is how they do it.
All companies are able to cherry pick for the type of insured that earns them the most money. A good example of a driver they prefer might have to be between the ages of 30 and 50, has a clear driving record, and drives newer vehicles. Anyone who matches that profile receive the lowest rate quotes and will also save when switching.
Drivers who do not meet those standards will be charged a more expensive rate which results in the customer buying from a different company. The ad wording is “people who switch” not “everybody who quotes” can save as much as they claim. This is how insurance companies can confidently make it sound like they have such great premium rates.
Because each company has a different risk profile, you really should do a rate comparison at every renewal. Because you never know which auto insurance company will have the best car insurance rates at this point in time.
Some insurers don’t list all disounts very well, so here is a list some of the best known as well as some of the hidden credits that you can use to lower your rates.
Just know that most credits do not apply to the entire cost. Most only apply to specific coverage prices like liability, collision or medical payments. Even though it appears adding up those discounts means a free policy, nobody gets a free ride. But all discounts will cut the cost of your policy.
To choose providers that offer many of these discounts, click here to view.
When choosing the right insurance coverage, there really is not a perfect coverage plan. Each situation is unique and your policy should reflect that. For instance, these questions could help you determine if you could use an agent’s help.
If you don’t know the answers to these questions but a few of them apply, you may need to chat with an insurance agent. To find lower rates from a local agent, fill out this quick form or go to this page to view a list of companies. It’s fast, free and can help protect your family.
Learning about specific coverages of a insurance policy can be of help when determining appropriate coverage and proper limits and deductibles. Insurance terms can be impossible to understand and reading a policy is terribly boring. These are the usual coverages available from insurance companies.
Liability car insurance
This coverage will cover damage that occurs to a person or their property that is your fault. It protects you against claims from other people, and does not provide coverage for damage to your own property or vehicle.
It consists of three limits, per person bodily injury, per accident bodily injury, and a property damage limit. As an example, you may have values of 100/300/100 that means you have $100,000 in coverage for each person’s injuries, $300,000 for the entire accident, and a total limit of $100,000 for damage to vehicles and property. Another option is one number which is a combined single limit which limits claims to one amount with no separate limits for injury or property damage.
Liability coverage pays for things such as emergency aid, funeral expenses, structural damage and legal defense fees. How much liability should you purchase? That is up to you, but buy as large an amount as possible.
Medical payments and PIP coverage
Personal Injury Protection (PIP) and medical payments coverage pay for expenses like surgery, chiropractic care, X-ray expenses and hospital visits. They can be used in conjunction with a health insurance program or if you are not covered by health insurance. It covers both the driver and occupants and also covers getting struck while a pedestrian. PIP is only offered in select states but it provides additional coverages not offered by medical payments coverage
UM/UIM (Uninsured/Underinsured Motorist) coverage
Uninsured or Underinsured Motorist coverage protects you and your vehicle’s occupants when the “other guys” either have no liability insurance or not enough. This coverage pays for injuries to you and your family as well as your vehicle’s damage.
Since many drivers have only the minimum liability required by law, their liability coverage can quickly be exhausted. This is the reason having UM/UIM coverage should not be overlooked. Usually the UM/UIM limits are identical to your policy’s liability coverage.
Collision insurance
Collision insurance pays for damage to your Prius caused by collision with another vehicle or an object, but not an animal. A deductible applies then your collision coverage will kick in.
Collision coverage pays for things like hitting a mailbox, driving through your garage door, rolling your car and colliding with a tree. Collision coverage makes up a good portion of your premium, so analyze the benefit of dropping coverage from older vehicles. Another option is to increase the deductible in order to get cheaper collision rates.
Comprehensive auto coverage
Comprehensive insurance covers damage from a wide range of events other than collision. A deductible will apply then the remaining damage will be covered by your comprehensive coverage.
Comprehensive coverage pays for claims such as falling objects, hitting a deer, a tree branch falling on your vehicle and damage from a tornado or hurricane. The highest amount a insurance company will pay at claim time is the ACV or actual cash value, so if your deductible is as high as the vehicle’s value it’s not worth carrying full coverage.
In this article, we covered a lot of techniques to save on 2003 Toyota Prius insurance. It’s most important to understand that the more price quotes you have, the higher the chance of saving money. Drivers may discover the lowest rates come from the least-expected company. Some small companies may often insure only within specific states and give getter rates than their larger competitors like Allstate and Progressive.
When getting car insurance quotes online, it’s very important that you do not reduce needed coverages to save money. There have been many cases where drivers have reduced liability limits or collision coverage and found out when filing a claim that they should have had better coverage. Your strategy should be to purchase a proper amount of coverage at the best cost, but do not sacrifice coverage to save money.
Much more information about insurance is available at the links below