Toyota Toyota Prius Insurance Rates
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UPDATED: Nov 29, 2021
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Looking for the cheapest car insurance rates for your Toyota Prius? Have you had enough of scraping the payment together to buy car insurance? You’re in the same situation as most other car owners.
You have so many auto insurance companies to choose from, and though it is a good thing to have multiple companies, it can be more challenging to find the lowest cost provider.
The purpose of this article is to help educate you on how car insurance quotes work. If you currently have car insurance, you will most likely be able to reduce your rates substantially using these tips. But vehicle owners need to learn how companies compete online because it can help you find the best coverage.
Toyota Prius insurance rates have many determining factors
An important part of buying insurance is that you know the factors that play a part in calculating the price you pay for car insurance. Understanding what determines base rates allows you to make educated decisions that could result in much lower annual insurance costs.
Shown below are a few of the “ingredients” companies use to determine premiums.
- Discounts for married couples – Having a spouse can get you a discount on your policy. Marriage translates into being more responsible it has been statistically shown that married drivers get in fewer accidents.
- Protect yourself with liability coverage – Your policy’s liability coverage is the protection if you are found liable for personal injury or accident damage. It provides legal defense coverage which can be incredibly expensive. Carrying liability coverage is mandatory and cheap as compared to coverage for physical damage, so drivers should carry high limits.
- Better credit means lower rates – Having a bad credit history is a important factor in determining what you pay for car insurance. If your credit score is not that good, you could be paying less to insure your 2005 Toyota Prius by improving your credit score. Drivers with high credit scores tend to file fewer claims and have better driving records than drivers with lower credit scores.
- Traffic violations increase rates – Whether or not you get tickets has a huge affect on how much you pay. Only having one speeding ticket can bump up the cost forty percent or more. Drivers who don’t get tickets receive lower rates than their less careful counterparts. Drivers with dangerous tickets such as DUI or reckless driving are required to file a proof of financial responsibility form (SR-22) with the DMV in their state in order to prevent a license revocation.
- What are your deductibles? – Insurance for physical damage to your car, commonly called comprehensive (or other-than-collision) and collision coverage, is used to repair damage to your Toyota. Examples of covered claims would be colliding with a building, damage from fire, or theft. Physical damage deductibles are how much you are required to spend before your car insurance pays a claim. The more money you’re willing to pay, the bigger discount you will receive on Prius coverage.
- Don’t let your coverage lapse – Allowing your car insurance policy to lapse is a guaranteed way to trigger a rate increase. Not only will you pay more, failure to provide proof of insurance may earn you a hefty fine and possibly a revoked license.
- Younger drivers pay higher rates – Older insureds are more cautious drivers, tend to file fewer claims and are safer drivers. Youthful drivers are known to be less responsible when behind the wheel and because of this, their car insurance rates are much higher.
- Multi-policy discounts can save money – Some companies provide better rates to insureds who have multiple policies with them in the form of a multi-policy discount. Even though this discount sounds good, it’s still a good idea to compare other company rates to ensure the best deal.
Pay less by taking advantage of discounts
Insurance can be prohibitively expensive, buy you may qualify for discounts that you may not know about. Some trigger automatically at the time of quoting, but some must be specifically requested prior to receiving the credit.
- Paperless Signup – Certain companies will give a small break for buying a policy and signing up digitally online.
- One Accident Forgiven – A handful of insurance companies will forgive one accident before your rates go up as long as you don’t have any claims for a particular time prior to the accident.
- Drivers Education – Make teen driver coverage more affordable by requiring them to take driver’s ed class in school.
- Low Mileage Discounts – Keeping the miles down on your Toyota could qualify for lower rates on the low mileage vehicles.
- Memberships – Affiliation with a professional or civic organization could trigger savings when shopping for insurance coverage on Prius coverage.
- New Car Discount – Buying coverage on a new vehicle can cost up to 25% less since new cars are generally safer.
- Safety Course Discount – Successfully completing a defensive driving course can save you 5% or more and easily recoup the cost of the course.
Keep in mind that some of the credits will not apply to the overall cost of the policy. Most only cut specific coverage prices like physical damage coverage or medical payments. Just because it seems like all the discounts add up to a free policy, you’re out of luck. But any discount will bring down your overall premium however.
Car insurance companies who might offer these money-saving discounts include:
- State Farm
- Farmers Insurance
- Auto-Owners Insurance
- The Hartford
Double check with each company which discounts they offer. Discounts may not apply in every state.
Do insurance companies bend the truth?
Insurance providers like GEICO, State Farm and Progressive consistently run ads in print and on television. They all make an identical promise that you can save if you change your coverage to them. But how can every company say the same thing?
All the different companies are able to cherry pick for the right customer that makes them money. A good example of a preferred risk might be over the age of 40, a clean driving record, and drives newer vehicles. A propective insured who matches those parameters will qualify for the lowest rates and as a result will probably pay quite a bit less when switching companies.
Drivers who don’t measure up to the “perfect” profile must pay a more expensive rate and this can result in the driver buying from a lower-cost company. The ads state “people who switch” not “people who quote” save money. That’s the way insurance companies can confidently advertise the savings.
This illustrates why drivers should get as many comparisons as possible. Because you never know which company will fit your personal profile best.
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Your coverage should be tailored to you
When choosing adequate coverage, there is no “best” method to buy coverage. Your needs are not the same as everyone else’s so this has to be addressed. Here are some questions about coverages that can aid in determining whether or not you could use an agent’s help.
- Are rock chip repairs covered?
- Does medical payments coverage apply to all occupants?
- Should I rate my 2005 Toyota Prius as pleasure use or commute?
- Who is covered by my policy?
- Do I need an umbrella policy?
- Do I get a pro-rated refund if I cancel my policy early?
If it’s difficult to answer those questions, you might consider talking to an agent. If you want to speak to an agent in your area, fill out this quick form or click here for a list of car insurance companies in your area.
Specific coverage details
Understanding the coverages of a insurance policy can help you determine which coverages you need for your vehicles. The terms used in a policy can be confusing and nobody wants to actually read their policy. These are the normal coverages found on most insurance policies.
Collision coverages – Collision coverage pays for damage to your Prius resulting from colliding with another car or object. You will need to pay your deductible and then insurance will cover the remainder.
Collision coverage protects against things such as scraping a guard rail, colliding with a tree and damaging your car on a curb. This coverage can be expensive, so consider removing coverage from older vehicles. Drivers also have the option to bump up the deductible to save money on collision insurance.
Coverage for liability – Liability insurance will cover injuries or damage you cause to other people or property that is your fault. It protects YOU against other people’s claims, and doesn’t cover damage sustained by your vehicle in an accident.
Coverage consists of three different limits, per person bodily injury, per accident bodily injury, and a property damage limit. Your policy might show limits of 50/100/50 that translate to $50,000 in coverage for each person’s injuries, a total of $100,000 of bodily injury coverage per accident, and property damage coverage for $50,000. Some companies may use one number which is a combined single limit which combines the three limits into one amount and claims can be made without the split limit restrictions.
Liability coverage protects against claims such as loss of income, emergency aid, pain and suffering, funeral expenses and repair costs for stationary objects. How much liability coverage do you need? That is up to you, but you should buy as high a limit as you can afford.
Uninsured/Underinsured Motorist coverage – Uninsured or Underinsured Motorist coverage provides protection when the “other guys” do not carry enough liability coverage. Covered losses include injuries sustained by your vehicle’s occupants as well as damage to your 2005 Toyota Prius.
Since many drivers carry very low liability coverage limits, their liability coverage can quickly be exhausted. For this reason, having high UM/UIM coverages is a good idea. Usually these limits are set the same as your liablity limits.
Comprehensive coverage – Comprehensive insurance pays for damage OTHER than collision with another vehicle or object. A deductible will apply and the remainder of the damage will be paid by comprehensive coverage.
Comprehensive coverage pays for claims such as vandalism, a tree branch falling on your vehicle and hail damage. The highest amount a insurance company will pay at claim time is the actual cash value, so if the vehicle is not worth much it’s not worth carrying full coverage.
Medical payments coverage and PIP – Medical payments and Personal Injury Protection insurance reimburse you for bills for surgery, hospital visits and doctor visits. They are used to fill the gap from your health insurance program or if you do not have health coverage. Coverage applies to not only the driver but also the vehicle occupants and also covers any family member struck as a pedestrian. Personal injury protection coverage is only offered in select states but it provides additional coverages not offered by medical payments coverage
Knowledge is power
We’ve covered many tips how you can compare 2005 Toyota Prius insurance prices online. The most important thing to understand is the more price quotes you have, the better your chances of lowering your rates. Consumers may even find the lowest premiums are with some of the smallest insurance companies. These smaller insurers may often insure only within specific states and give getter rates than the large multi-state companies such as Allstate or State Farm.
Lower-priced insurance is possible online and also from your neighborhood agents, and you need to comparison shop both to have the best selection. A few companies may not provide online quoting and most of the time these regional insurance providers sell through independent agents.
More detailed insurance coverage information can be read in the articles below:
- Five Mistakes to Avoid (Insurance Information Insitute)
- Teen Driving Statistics (iihs.org)
- Avoiding Deer Collisions (Insurance Information Insitute)
- What is a Telematics Device? (Allstate)
- Auto Insurance Learning Center (State Farm)
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