How to Save on Lexington Toyota Matrix Insurance

It’s a known fact that car insurance companies don’t want policyholders to compare prices from other companies. Insureds who get price quotes annually will, in all likelihood, buy a different policy because there is a good chance of finding more affordable rates. A recent survey revealed that drivers who make a habit of shopping around saved on average $3,400 over four years compared to other drivers who don’t make a habit of comparing rates.

If finding the lowest price for insurance is the reason you’re here, then having some knowledge of the best way to compare car insurance can help you succeed in saving money.

If saving money is your primary concern, then the best way to find discount auto insurance rates is to compare prices at least once a year from insurance carriers that insure vehicles in Lexington.

• Step 1: Read and learn about how your policy works and the measures you can take to prevent rate increases. Many policy risk factors that cause rate increases like traffic citations and a substandard credit score can be remedied by making small lifestyle or driving habit changes. Keep reading for information to get lower rates and find missing discounts.
• Step 2: Compare price quotes from direct carriers, independent agents, and exclusive agents. Exclusive and direct companies can provide rates from one company like GEICO or Farmers Insurance, while independent agencies can provide rate quotes for a wide range of insurance providers. Get quotes now
• Step 3: Compare the new quotes to your current policy premium to see if a cheaper price is available. If you find better rates and make a switch, make sure the effective date of the new policy is the same as the expiration date of the old one.

The most important part of this process is to try to compare identical coverage information on every quote request and and to get rate quotes from all possible companies. Doing this ensures an apples-to-apples comparison and a better comparison of the market.

You Can Change Your Insurance Costs

The best way to find cheaper car insurance is to take a look at some of the things that are used to determine your car insurance rates. When consumers understand what influences your rates, this enables you to make decisions that could help you find big savings.

• Reduce premiums by staying claim free – If you frequently file small claims, you shouldn’t be surprised to get increased rates or even have your policy non-renewed. Auto insurance companies in Kentucky award most affordable rates to drivers who only file infrequent claims. Auto insurance is intended for major claims that would cause financial hardship.
• Rates and job – Do you work in a high-stress field? Occupations like military personnel, business owners, and medical professionals tend to have higher premium rates attributed to high stress and incredibly demanding work hours. On the flip side, occupations like professors, athletes and performers pay the least.
• What’s your car’s IIHS safety rating? – Safe vehicles get lower rates. Vehicles engineered for safety have better occupant injury protection and better occupant protection means your insurance company pays less which can mean better rates for you. If the Toyota Matrix scored better than an “acceptable” rating on the Insurance Institute for Highway Safety website or four stars on the National Highway Traffic Safety Administration website you are probably receiving a discount.
• Car insurance liability insurance limits – Liability coverage provides coverage in the event that a court rules you are at fault for physical damage or personal injury to other. It provides legal defense coverage which can cost thousands of dollars. This coverage is relatively inexpensive compared to comp and collision, so drivers should buy more than the minimum limits required by law.
• Pay more of a claim out-of-pocket – Comprehensive and collision coverage deductibles state the amount of money you are willing to pay if a covered claim is submitted. Physical damage coverage, aka comp and collision, is used to repair damage to your car. Some examples of claims that would be covered are colliding with a stationary object, damage caused by hail, and damage caused by road hazards. The more money the insured is willing to pay, the lower your rates will be.
• Better credit means lower prices – Credit history can be a huge factor in determining what you pay. Therefore, if your credit rating could use some work, you could save money insuring your Toyota Matrix by improving your credit score. Insureds with high credit scores tend to be better risks to insure than those with poor credit.
• Prevent theft and reduce car insurance rates – Buying a car with anti-theft technology or alarm system can save you some money. Anti-theft devices like tamper alarm systems, vehicle immobilizer technology and General Motors OnStar all aid in stopping auto theft.
• Where you live plays a part – Being located in small towns and rural areas has definite advantages when shopping for auto insurance. Residents of big cities tend to have congested traffic and more time behind the wheel. Fewer drivers on the road corresponds to lower accident rates in addition to fewer liability claims.

Analysis of coverages

The rate information shown below outlines a range of policy rates for Toyota Matrix models. Knowing how car insurance premiums are formulated can be of help when making smart choices when selecting a coverage provider.

Premium data assumes single female driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and Kentucky minimum liability limits. Discounts applied include homeowner, multi-vehicle, safe-driver, multi-policy, and claim-free. Information does not factor in your specific Lexington location which can decrease or increase premium rates greatly.

Rate comparison for different deductibles

The hardest decision when buying coverage is where to set your physical damage deductibles. The following insurance rates can help you understand the difference in cost between high and low insurance deductibles. The first table uses a $100 deductible for comp and collision and the second set of rates uses a $1,000 deductible.

Table data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Kentucky minimum liability limits. Discounts applied include safe-driver, homeowner, claim-free, multi-policy, and multi-vehicle. Information does not factor in specific Lexington garaging location which can revise rates considerably.

Based on this data, using a $100 deductible will cost in the ballpark of $35 more each month or $420 each year averaged for all Matrix models than buying the higher $1,000 deductible. Since the policyholder would be required to pay $900 more out of your own pocket with a $1,000 deductible as compared to a $100 deductible, if you tend to average more than 26 months between claim filings, you would probably save some money if you opt for a higher deductible.

The chart below shows how choosing a deductible and can influence Toyota Matrix insurance costs for different categories of driver ages. The information is based on a married male driver, full physical damage coverage, and no policy discounts are applied.

Poor driving habits will raise your car insurance rates

The information below illustrates how speeding tickets and at-fault accidents can impact Toyota Matrix insurance costs for different age categories. The premium estimates are based on a single male driver, comprehensive and collision coverage, $1,000 deductibles, and no discounts are applied.

Toyota Matrix insurance premiums by gender and age

The illustration below shows the difference between Toyota Matrix insurance rates for male and female drivers. The premiums are based on no claims or driving citations, full physical damage coverage, $1,000 deductibles, marital status is single, and no additional discounts are factored in.

Should you buy full coverage?

The illustration below visualizes the comparison of Toyota Matrix insurance prices with full coverage and liability only. The information is based on no violations or accidents, $500 deductibles, drivers are not married, and no policy discounts are applied.

When to switch to liability coverage only

There is no clear-cut formula to drop physical damage insurance, but there is a broad guideline. If the yearly cost of comp and collision coverage is more than about 10% of any settlement you would receive from your insurance company, then it’s probably a good time to buy liability coverage only.

For example, let’s assume your Toyota Matrix book value is $8,000 and you have $1,000 physical damage deductibles. If your vehicle is severely damaged, you would only receive $7,000 after the deductible is paid. If premiums are more than $700 a year for full coverage, then it could be time to drop full coverage.

There are some cases where buying only liability insurance is not a good idea. If you still have a lienholder on your title, you are required to maintain full coverage as part of the loan conditions. Also, if you cannot afford to purchase a different vehicle if your current one is in an accident, you should keep full coverage.

Save a ton on Toyota Matrix insurance in Lexington with these auto insurance discounts

Car insurance companies don’t always list every available discount very well, so the next list breaks down a few of the more well known and also the more inconspicuous discounts that you can inquire about if you buy Lexington car insurance online.

• Federal Government Employee – Employees or retirees of the government can save as much as 8% with certain companies.
• Bundled Policy Discount – When you combine your auto and homeowners insurance with the same insurance company you will save over 10 percent off each policy depending on the company.
• E-sign – A handful of auto insurance companies may give you up to $50 for buying a policy and signing up on their website.
• Payment Discounts – If you pay your entire premium ahead of time as opposed to paying monthly you can actually save on your bill.
• Discount for Passive Restraints – Vehicles equipped with air bags and/or automatic seat belt systems may qualify for discounts of up to 25% or more.
• Membership in Organizations – Being a member of specific professional or occupational memberships or organizations is a simple method to lower premiums on your next renewal.
• Senior Citizen Discount – Seniors are able to get reduced rates.
• Discounts for New Vehicles – Adding a new car to your policy can get you a discount due to better safety requirements for newer models.

You can save money using discounts, but some credits don’t apply to the whole policy. Some only reduce the cost of specific coverages such as medical payments or collision. Even though it appears you could get a free auto insurance policy, auto insurance companies aren’t that generous.

The information below visualizes the comparison of Toyota Matrix insurance premiums with and without discounts applied to the premium. The information is based on a male driver, no claims or driving violations, Kentucky state minimum liability limits, comp and collision included, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with homeowner, marriage, safe-driver, multi-car, multi-policy, and claim-free discounts applied.

Insurance companies that may include many of the previously listed discounts include:

• Esurance
• The Hartford
• AAA
• GEICO
• State Farm

When comparing rates, check with every insurance company which discounts can lower your rates. Some of the discounts discussed earlier may not be available in Lexington.

Cheaper insurance is a realistic goal

Cheaper insurance in Lexington can be bought on the web and with local Lexington insurance agents, and you need to price shop both in order to have the best price selection to choose from. A few companies may not have price quotes online and many times these smaller providers sell through independent agents.

As you prepare to switch companies, it’s very important that you do not buy lower coverage limits just to save a few bucks. In many instances, an insured dropped collision coverage and learned later they didn’t have enough coverage. The aim is to buy the best coverage you can find at the best possible price while not skimping on critical coverages.

Consumers switch companies for many reasons like lack of trust in their agent, not issuing a premium refund, high rates after DUI convictions or even delays in responding to claim requests. Regardless of your reason, finding a new insurance company is easier than you think.

More tips and info about insurance is available in the articles below:

• State Car Insurance Guides (GEICO)
• Who Has the Cheapest Lexington Car Insurance Rates for 18 Year Olds? (FAQ)
• What Insurance is Cheapest for Teenage Females in Lexington? (FAQ)
• What Car Insurance is Cheapest for Drivers with Good Credit in Lexington? (FAQ)
• What Car Insurance is Cheapest After a Speeding Ticket in Lexington? (FAQ)
• Who Has the Cheapest Car Insurance for Inexperienced Drivers in Lexington? (FAQ)
• How Much is Auto Insurance for 16 Year Olds in Lexington? (FAQ)
• How to Avoid Common Accidents (State Farm)
• Auto Theft Statistics (Insurance Information Institute)
• Anti-Lock Brake FAQ (iihs.org)
• How do I File a Claim? (Insurance Information Institute)