2005 Toyota MR2 Spyder Insurance Cost

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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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Paying for high-priced Toyota MR2 Spyder insurance can drain your checking account and make it hard to pay other bills. Comparing price quotes is free and is an excellent way to lower your monthly bill.

Many insurance companies compete for your insurance dollar, and it can be difficult to compare rates to get the best rate

How to Get Insurance Coverage Comparison Quotes

Shopping for lower insurance coverage rates is a ton of work if you don’t utilize the fastest way to get free quotes. You can waste hours discussing policy coverages with agents in your area, or you can stay home and use online quotes to achieve your goal.

Most major companies take part in a program that enables customers to send in one quote, and each participating company then gives them pricing based on that data. This system prevents you from having to do repetitive form submissions for each company you want a rate for.

To find out how much you can save on insurance coverage click here to open in new window.

The one downside to doing it this way is that you can’t choose which carriers to get pricing from. So if you prefer to choose individual companies to compare, we have a page of the cheapest insurance coverage companies in your area. Click to view list.

Whichever way you use, make sure you use identical coverage information with every price quote. If you compare differing limits it’s impossible to determine the best price for your Toyota MR2 Spyder. Slightly different coverage limits may cause a big price difference. And when quoting insurance coverage, remember that having more price comparisons will improve the odds of getting the best offered rates.

You probably qualify for some discounts

Auto insurance companies do not advertise all their discounts in a way that’s easy to find, so we break down some of the best known and also the lesser-known savings tricks you should be using.

  • Good Student – This discount can be rewarded with saving of up to 25%. The good student discount can last up to age 25.
  • New Vehicle Savings – Putting insurance coverage on a new car is cheaper since new cars are generally safer.
  • Distant Student – Youth drivers who live away from home and do not have access to a covered vehicle can be insured at a reduced rate.
  • Claim Free – Good drivers with no accidents pay less compared to drivers who are more careless.
  • Payment Discounts – By paying your policy upfront instead of monthly or quarterly installments you could save 5% or more.
  • Sign Early and Save – Select companies give a discount for switching policies prior to your current policy expiration. It can save you around 10%.
  • Government Employees – Active or retired federal employment can save as much as 8% on MR2 Spyder insurance with certain companies.
  • Student Driver Training – Make teen driver coverage more affordable by requiring them to successfully complete driver’s ed class in high school.
  • Seat Belts Save – Using a seat belt and requiring all passengers to use a seat belt could save 15% off your PIP or medical payments premium.
  • Service Members Pay Less – Having a deployed family member can result in better rates.

It’s important to understand that most of the big mark downs will not be given to the entire cost. Most only cut the price of certain insurance coverages like liability and collision coverage. Even though it may seem like you would end up receiving a 100% discount, companies don’t profit that way.

To see a list of insurers with discount car insurance rates, click here to view.

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There’s no such thing as the perfect policy

When buying adequate coverage, there isn’t really a one size fits all plan. Every insured’s situation is different so your insurance should reflect that Here are some questions about coverages that might help in determining whether you might need an agent’s assistance.

  • Can I still get insurance after a DUI?
  • Are rock chip repairs covered?
  • What is covered by UM/UIM coverage?
  • Is my teenager covered with friends in the car?
  • Do I need higher collision deductibles?
  • What should my uninsured motorist coverage limits be in my state?
  • Is my 2005 Toyota MR2 Spyder covered for flood damage?

If you don’t know the answers to these questions, you may need to chat with an agent. If you don’t have a local agent, complete this form or click here for a list of insurance coverage companies in your area.

Educate yourself about insurance coverages

Learning about specific coverages of a insurance policy helps when choosing the right coverages at the best deductibles and correct limits. Policy terminology can be confusing and reading a policy is terribly boring. Shown next are the usual coverages found on the average insurance policy.

Med pay and Personal Injury Protection (PIP)

Coverage for medical payments and/or PIP pay for immediate expenses for things like dental work, rehabilitation expenses and doctor visits. They are often used to fill the gap from your health insurance policy or if you lack health insurance entirely. Medical payments and PIP cover you and your occupants and also covers getting struck while a pedestrian. Personal Injury Protection is not universally available and gives slightly broader coverage than med pay

Comprehensive insurance

Comprehensive insurance coverage pays for damage from a wide range of events other than collision. You need to pay your deductible first then the remaining damage will be covered by your comprehensive coverage.

Comprehensive insurance covers things such as vandalism, hail damage, hitting a bird, hitting a deer and theft. The most 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 probably time to drop comprehensive insurance.

Coverage for liability

This protects you from damages or injuries you inflict on people or other property in an accident. This coverage protects you from legal claims by others, and does not provide coverage for your own vehicle damage or injuries.

It consists of three limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You might see liability limits of 50/100/50 which means a $50,000 limit per person for injuries, $100,000 for the entire accident, and a total limit of $50,000 for damage to vehicles and property.

Liability coverage protects against things such as bail bonds, funeral expenses and medical expenses. How much liability should you purchase? That is a personal decision, but buy higher limits if possible.

Uninsured/Underinsured Motorist (UM/UIM)

Your UM/UIM coverage gives you protection when the “other guys” either have no liability insurance or not enough. Covered claims include hospital bills for your injuries and also any damage incurred to your Toyota MR2 Spyder.

Since many drivers only purchase the least amount of liability that is required, it only takes a small accident to exceed their coverage. This is the reason having UM/UIM coverage is very important.

Collision coverage

This coverage pays to fix your vehicle from damage resulting from colliding with a stationary object or other vehicle. You first must pay a deductible then the remaining damage will be paid by your insurance company.

Collision insurance covers claims like sideswiping another vehicle, colliding with another moving vehicle, crashing into a building and crashing into a ditch. Paying for collision coverage can be pricey, so consider removing coverage from lower value vehicles. You can also choose a higher deductible to save money on collision insurance.

Find Good Coverage for Less

When buying insurance coverage, you should never buy lower coverage limits just to save a few bucks. There have been many cases where an accident victim reduced liability limits or collision coverage only to regret that it was a big error on their part. Your aim should be to purchase plenty of coverage at a price you can afford while still protecting your assets.

The cheapest 2005 Toyota MR2 Spyder insurance can be found from both online companies and also from your neighborhood agents, so you should compare both to have the best chance of lowering rates. Some auto insurance companies may not provide you the ability to get quotes online and many times these smaller companies only sell through independent insurance agents.

More tips and info about auto insurance is available by following these links:

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