2002 Toyota MR2 Spyder Insurance Cost – 9 Tips for Cheaper Prices

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Jeffrey Johnson graduated summa cum laude from the University of Baltimore School of Law and has worked in legal offices and nonprofits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman University and worked in film, education, and publishing. His professional writing has appeared on sites like The Manifest and Vice, and he is the author of a novel ...

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Written by Jeffrey Johnson
Insurance Lawyer Jeffrey Johnson

UPDATED: Mar 31, 2020

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Want better car insurance rates for your Toyota MR2 Spyder? Scraping up a payment for overpriced Toyota MR2 Spyder insurance can take a big chunk out of your bank account and make it hard to pay other bills. Doing a price comparison is a great way to tighten up your finances.

Because there are so many insurance providers from which to choose, it is hard for the average consumer to locate the lowest price car insurance company.

Compare the Market for Insurance Coverage

Comparing insurance coverage rates can be challenging if you aren’t aware of the easiest way. You could waste time discussing policy coverages with local insurance agents in your area, or you can utilize online quoting to accomplish the same thing much quicker.

Most of the larger companies participate in a marketplace where prospective buyers complete one form, and every company then returns a price quote based on the submitted data. This prevents consumers from doing quote forms for every insurance coverage company.

To compare pricing click here (opens in new window).

The only downside to doing it this way is you don’t know exactly the providers to receive prices from. So if you want to choose specific providers to request quotes from, we have a listing of insurance coverage companies in your area. View list of insurance companies.

Whichever way you use, ensure you are comparing exactly the same information for each price quote. If each company quotes different values for each quote it’s not possible to truly determine the lowest rate. Just a small difference in limits can result in a big premium difference. And when quoting insurance coverage, remember that comparing a large number of companies helps you find lower pricing.

Discounts on 2002 Toyota MR2 Spyder insurance

Insuring your fleet can be pricey, but there could be available discounts to help bring down the price. A few discounts will automatically apply at the time of quoting, but some must be specially asked for before they will apply.

  • Early Switch Discount – Select companies give a discount for buying a policy before your current policy expires. It’s a savings of about 10%.
  • Safe Driver Discount – Insureds without accidents can get discounts for up to 45% lower rates on MR2 Spyder coverage than their less cautious counterparts.
  • Homeowners Savings – Simply owning a home can save you money because of the fact that having a home requires personal responsibility.
  • Federal Government Employee – Active or retired federal employment may qualify you for a discount on MR2 Spyder coverage depending on your company.
  • Student in College – Any of your kids who are attending college and do not have a car may be able to be covered for less.
  • Life Insurance – Select insurance companies reward you with better rates if you take out life insurance.
  • Pay Upfront and Save – By paying your policy upfront instead of paying each month you could save up to 5%.
  • Sign Online – A few companies may give you up to $50 for buying a policy and signing up over the internet.
  • Memberships – Participating in a professional or civic organization may earn a discount on car insurance on MR2 Spyder coverage.

It’s important to understand that most discount credits are not given the whole policy. Most only apply to individual premiums such as physical damage coverage or medical payments. So when it seems like you would end up receiving a 100% discount, car insurance companies aren’t that generous. But any discount will bring down the amount you have to pay.

For a list of providers with the best car insurance discounts, click here to view.

Tailor your coverage to you

When choosing the right insurance coverage, there is no one size fits all plan. Each situation is unique and a cookie cutter policy won’t apply. For instance, these questions might help in determining if your situation might need an agent’s assistance.

  • If my 2002 Toyota MR2 Spyder is totaled, can I afford another vehicle?
  • Is motorclub coverage worth it?
  • Will my rates increase for filing one claim?
  • Does liability extend to a camper or trailer?
  • Do I need replacement cost coverage?
  • Is my Toyota MR2 Spyder covered if I use it for business?
  • Am I covered by my employer’s commercial auto policy when driving my personal car for business?
  • How do I insure my teen driver?
  • Is my dog or cat covered if injured in an accident?
  • Does my car insurance cover rental cars?

If it’s difficult to answer those questions but a few of them apply, you might consider talking to a licensed agent. To find lower rates from a local agent, simply complete this short form or you can also visit this page to select a carrier

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Specific coverage details

Understanding the coverages of your insurance policy can be of help when determining the right coverages at the best deductibles and correct limits. The terms used in a policy can be ambiguous and coverage can change by endorsement. Shown next are the normal coverages available from insurance companies.

Medical expense coverage

Coverage for medical payments and/or PIP kick in for short-term medical expenses such as ambulance fees, X-ray expenses, chiropractic care, EMT expenses and rehabilitation expenses. They are used in conjunction with a health insurance policy 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 coverage is not available in all states but it provides additional coverages not offered by medical payments coverage

Collision coverage protection

This coverage will pay to fix damage to your MR2 Spyder resulting from a collision with another vehicle or an object, but not an animal. You first must pay a deductible then the remaining damage will be paid by your insurance company.

Collision coverage protects against claims such as driving through your garage door, rolling your car and hitting a mailbox. Collision coverage makes up a good portion of your premium, so analyze the benefit of dropping coverage from older vehicles. Drivers also have the option to choose a higher deductible in order to get cheaper collision rates.

Comprehensive protection

This coverage will pay to fix damage caused by mother nature, theft, vandalism and other events. You first have to pay a deductible then your comprehensive coverage will pay.

Comprehensive insurance covers things like fire damage, a broken windshield, damage from flooding, rock chips in glass and vandalism. The most your insurance company will pay is the cash value of the vehicle, so if it’s not worth much more than your deductible consider removing comprehensive coverage.

Uninsured or underinsured coverage

This coverage protects you and your vehicle’s occupants from other drivers when they either are underinsured or have no liability coverage at all. This coverage pays for hospital bills for your injuries as well as your vehicle’s damage.

Due to the fact that many drivers only carry the minimum required liability limits, their liability coverage can quickly be exhausted. This is the reason having UM/UIM coverage is a good idea. Normally the UM/UIM limits are identical to your policy’s liability coverage.

Liability car insurance

This protects you from injuries or damage you cause to people or other property. Liability coverage has three limits: per person bodily injury, per accident bodily injury, and a property damage limit. As an example, you may have liability limits of 100/300/100 which stand for $100,000 bodily injury coverage, $300,000 for the entire accident, and a total limit of $100,000 for damage to vehicles and property. Alternatively, you may have one limit called combined single limit (CSL) which combines the three limits into one amount without having the split limit caps.

Liability coverage pays for claims such as emergency aid, medical expenses, attorney fees and loss of income. The amount of liability coverage you purchase is up to you, but it’s cheap coverage so purchase as much as you can afford.

A penny earned…

Throughout this article, we presented many tips how you can compare 2002 Toyota MR2 Spyder insurance prices online. It’s most important to understand that the more you quote, the better chance you’ll have of finding lower rates. Drivers may discover the lowest rates come from some of the smallest insurance companies. Regional companies can often insure niche markets at a lower cost as compared to the big name companies such as Progressive and GEICO.

Cheap insurance can be found online in addition to many insurance agents, so you should compare both to get a complete price analysis. Some car insurance companies do not provide online price quotes and many times these smaller companies only sell through independent insurance agents.

More information

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