Cheap 2004 Toyota Prius Insurance Cost

Getting lower priced car insurance online might appear somewhat difficult for beginners to buying their car insurance over the internet. When there are so many companies, how are vehicle owners able to have a chance to compare all the different companies and get better car insurance prices?

You need to do rate comparisons before your policy renews since insurance prices change quite often. If you had the best rates for Prius insurance a few years ago there may be better deals available now. Ignore everything you know about car insurance because you’re about to find out one of the quickest ways to properly buy coverages while reducing your premium.

Affordable car insurance

There are multiple methods you can shop for car insurance but one way is easier and takes less work. You could spend your day talking to local insurance agents in your area, or you could save time and use online quoting to get pricing more quickly.

Most of the larger companies participate in an industry program that allows shoppers to send in one quote, and every company returns a rated price for coverage. This eliminates the need for form submissions to every company. To find out what other companies charge click to open in new window.

The only downside to using this type of form is you don’t know exactly which insurance companies to receive prices from. If you would rather choose individual companies for rate comparison, we put together a list of companies who write car insurance in your area. View list of insurance companies.

It’s up to you how you get prices quotes, just ensure you’re using apples-to-apples coverages on every quote. If you enter different limits and deductibles on each one it’s not possible to make an equal comparison. Just slight variations in coverage limits could throw off the whole comparison. Keep in mind that quoting more increases your odds of finding the best rates. Some smaller insurers to not give quotes online, so you need to compare prices on coverage from those companies, too.

Switch companies and save? Really?

Companies like Geico, State Farm and Progressive continually stream television, radio, and online ads. They all seem to make the same claim about how much you will save if you just switch your policy. How does every insurance company make the same claim? It’s all in how they say it.

Insurance companies have a preferred profile for the type of insured that makes them money. For instance, a profitable insured might have to be over the age of 35, has never had a claim, and drives less than 5,000 miles a year. A customer who matches that profile will get low rates and most likely will save money with a new company.

Potential customers who don’t measure up to these criteria will probably have to pay higher premiums which translates to business going elsewhere. If you pay attention, the ads say “people that switch” not “all people who quote” save that kind of money. That is how insurance companies can confidently make the claims of big savings.

Because each company has a different risk profile, you should compare rate quotes every year. It is impossible to predict which insurance company will be your best fit.

How you can control Toyota Prius insurance costs

Many different elements are used in the calculation when quoting car insurance. Some are obvious like a motor vehicle report, although others are more obscure like your vehicle usage or your vehicle rating.Part of the car insurance buying process is learning a few of the rating criteria that help determine your premiums. If you understand what controls the rates you pay, this allows you to make educated decisions that could result in lower rates.

The itemized list below are some of the major factors used by your company to calculate premiums.

  • Safer vehicles mean better premiums – Safe vehicles tend to be cheaper to insure. Safer cars protect occupants better and any reduction in injury severity translates into savings for insurance companies and cheaper rates on your policy.
  • Reduce premiums by staying claim free – Car insurance companies award the best rates to policyholders that do not abuse their auto insurance. If you are the type of insured that files lots of claims you can definitely plan on higher premiums or even policy non-renewal. Auto insurance is meant to be used in the event of larger claims.
  • Your address can impact price – Choosing to live in areas with lower population is a positive aspect when trying to find low car insurance rates. Residents of big cities regularly have much more traffic and a longer drive to work. Fewer drivers means a lower chance of having an accident in addition to lower liability claims
  • Having a spouse can save on car insurance – Having a significant other may earn you lower rates on your policy. Having a significant other may mean you are more mature than a single person and insurance companies reward insureds because being married results in fewer claims.
  • Incidental coverages are wasting money – Policies have add-on coverages that can waste your money if you don’t pay attention. Add-on coverages like roadside assistance, accidental death, and motor club memberships are examples of these. The coverages may be enticing at first, but if you’ve never needed them in the past think about removing them and cutting costs.
  • Rate your vehicle for proper use – The higher the miles on your Toyota every year the more you’ll pay to insure it. Almost all companies charge rates based on how the vehicle is used. Cars not used for work or commuting cost less to insure than those that get driven frequently. Ask your agent if your car insurance coverage is rated on the correct driver usage. A policy that improperly rates your Prius can cost quite a bit.
  • Never allow your policy to lapse – Letting your insurance expire is a fast way to pay more for car insurance. And not only will your rates increase, the inability to provide proof of insurance may result in a fine, jail time, or a revoked license.
  • Your credit history is important – A driver’s credit history is a large factor in determining premium rates. Therefore, if your credit score is lower than you’d like, you could be paying less to insure your 2004 Toyota Prius by improving your rating. Insureds that have very good credit scores tend to file fewer claims as compared to drivers with lower credit scores.

Cheaper rates by taking advantage of discounts

Auto insurance companies do not list every policy discount very clearly, so we break down both the well known and the more hidden discounts you could be receiving when you buy insurance coverage online.

  • Multi-policy Discount – If you can combine your homeowners and auto policy with one company you could get a discount of over 10 percent off each policy depending on the company.
  • Low Mileage – Fewer annual miles on your Toyota could earn substantially lower premium rates.
  • Anti-theft System – Cars and trucks equipped with tracking devices and advanced anti-theft systems are less likely to be stolen and that can save you a little bit as well.
  • Discount for Life Insurance – Larger insurance companies have better prices if you take out life insurance.
  • Student Discounts – Maintaining excellent grades can be rewarded with saving of up to 25%. This discount can apply up until you turn 25.
  • Accident Free – Claim-free drivers pay much less when compared to policyholders that have many claims.
  • Onboard Data Collection – Insureds that choose to allow driving data submission to track where and when they drive by using a telematics device in their vehicle such as Allstate’s Drivewise and State Farm’s In-Drive system may get a rate reduction if they show good driving skills.
  • Distant Student – Kids who are attending college without a vehicle on campus may be able to be covered for less.

One last thing about discounts, most discounts do not apply to all coverage premiums. Most only reduce the cost of specific coverages such as medical payments or collision. So even though they make it sound like you could get a free insurance coverage policy, it doesn’t quite work that way. But all discounts will help reduce your policy premiums.

A few of the larger companies and some of the discounts are outlined below.

  • Progressive may offer discounts for homeowner, online signing, multi-vehicle, multi-policy, and continuous coverage.
  • MetLife offers discounts for defensive driver, accident-free, claim-free, good student, good driver, and multi-policy.
  • Mercury Insurance offers premium reductions for location of vehicle, good driver, age of vehicle, anti-theft, and good student.
  • Nationwide may have discounts that include business or organization, good student, easy pay, multi-policy, defensive driving, and Farm Bureau membership.
  • Geico may include discounts for federal employee, anti-theft, good student, driver training, five-year accident-free, emergency military deployment, and anti-lock brakes.
  • AAA has discounts for pay-in-full, education and occupation, multi-car, anti-theft, multi-policy, and AAA membership discount.

When getting a coverage quote, ask all companies you are considering which credits you are entitled to. Depending on the company, some discounts may not be offered in every state. If you would like to choose from a list of insurers that offer some of these discounts, click here.

How much insurance coverage do I need?

When it comes to choosing the best insurance coverage coverage, there really is not a perfect coverage plan. Everyone’s situation is a little different.

For instance, these questions can aid in determining if your situation might need an agent’s assistance.

  • Do I need motorclub coverage?
  • When do I need to add a new car to my policy?
  • Do I need rental car coverage?
  • When should I drop full coverage on my 2004 Toyota Prius?
  • Does medical payments coverage apply to all occupants?
  • Is my teen driver covered when they drive my company car?

If it’s difficult to answer those questions, you may need to chat with an insurance agent. If you don’t have a local agent, fill out this quick form.

The coverage is in the details

Having a good grasp of your insurance policy can be of help when determining which coverages you need at the best deductibles and correct limits. The terms used in a policy can be impossible to understand and even agents have difficulty translating policy wording.

Collision coverage

Collision coverage pays to fix your vehicle from damage caused by collision with another car or object. A deductible applies and then insurance will cover the remainder.

Collision coverage pays for things like hitting a parking meter, rolling your car, sustaining damage from a pot hole and driving through your garage door. Collision is rather expensive coverage, so consider removing coverage from older vehicles. Drivers also have the option to increase the deductible in order to get cheaper collision rates.

Uninsured/Underinsured Motorist (UM/UIM)

This coverage protects you and your vehicle’s occupants when other motorists either have no liability insurance or not enough. It can pay for injuries to you and your family and also any damage incurred to your Toyota Prius.

Since a lot of 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. Frequently the UM/UIM limits do not exceed the liability coverage limits.

Comprehensive insurance

This covers damage from a wide range of events other than collision. You first must pay your deductible then the remaining damage will be covered by your comprehensive coverage.

Comprehensive can pay for things such as damage from a tornado or hurricane, hail damage, damage from getting keyed, rock chips in glass and hitting a bird. The most your insurance company will pay is the ACV or actual cash value, so if the vehicle is not worth much consider dropping full coverage.

Coverage for liability

This will cover damage or injury you incur to people or other property by causing an accident. This insurance protects YOU against claims from other people. 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 commonly see policy limits of 25/50/25 which means $25,000 in coverage for each person’s injuries, a limit of $50,000 in injury protection per accident, and property damage coverage for $25,000. Some companies may use one number which is a combined single limit which limits claims to one amount without having the split limit caps.

Liability insurance covers things such as structural damage, pain and suffering, attorney fees and legal defense fees. How much liability coverage do you need? That is up to you, but consider buying as much as you can afford.

Med pay and Personal Injury Protection (PIP)

Coverage for medical payments and/or PIP kick in for expenses like X-ray expenses, pain medications and nursing services. They are utilized in addition to your health insurance plan or if there is no health insurance coverage. It covers not only the driver but also the vehicle occupants and also covers getting struck while a pedestrian. PIP is not available in all states and may carry a deductible

Stretch your dollar

Consumers leave their current company for any number of reasons including high prices, policy non-renewal, extreme rates for teen drivers or even high rates after DUI convictions. Regardless of your reason for switching companies, switching companies is easier than you think.

When trying to cut insurance costs, you should never sacrifice coverage to reduce premiums. There have been many situations where an accident victim reduced comprehensive coverage or liability limits only to find out that saving that couple of dollars actually costed them tens of thousands. Your goal is to buy enough coverage at the best cost but still have enough coverage for asset protection.

In this article, we presented a lot of ways to save on 2004 Toyota Prius insurance. The key concept to understand is the more companies you get prices for, the more likely it is that you will get a better rate. Drivers may discover the lowest premium rates are with an unexpected company.

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