Cheapest 2007 Toyota Matrix Insurance Rates in 2023
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UPDATED: Jun 4, 2023
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Feel like you’re a prisoner to an overpriced car insurance policy? Trust us, you’re not the only one.
There are many insurers to purchase coverage from, and even though it’s nice to have a selection, it makes it harder to find the best rates.
Finding affordable coverage is not rocket science. Essentially every vehicle owner who is required by state law to have insurance will be able to lower their premiums. Nevertheless, drivers need to learn the way insurance companies determine prices because it can help you find the best coverage.
Compare Car Insurance Today
Most major insurance companies like State Farm and Allstate quote insurance quotes on the web. Getting online quotes is quite easy as you simply enter the amount of coverage you want as detailed in the form. Behind the scenes, their rating system sends out for reports for credit and driving violations and quotes a price based on many factors. Online price quotes helps simplify price comparisons, but the time it takes to visit each company’s website and repetitively enter the same data into a form can be a bit tiresome and repetitive. But it’s absolutely necessary to have as many quotes as possible in order to find the lowest price.
There is a better way!
A quicker way to get multiple rate quotes requires only one form that analyzes rates from several companies at one time. It’s a real time-saver, helps eliminate reptitive entry, and makes quoting online much easier to do. Once the form is submitted, your coverage is rated and you can select any one of the quotes that you receive. If the quotes result in lower rates, it’s easy to complete the application and buy the policy. This process takes less than 15 minutes and could lower your rates considerably.
If you want to find out how much you can save on car insurance, simply click here to open in new window and fill out the form. To compare your current rates, we recommend you enter deductibles and limits identical to your current policy. This guarantees you will be getting a rate comparison based on the exact same insurance coverage.
Factors that can influence insurance rates for a Toyota Matrix
Smart consumers have a good feel for the factors that come into play when calculating car insurance rates. Understanding what impacts premium levels empowers consumers to make smart changes that can help you get lower car insurance prices.
- Males pay more for insurance – Statistics demonstrate women tend to be less risk to insure than men. That doesn’t necessarily mean that women are better drivers. Both sexes are in accidents in similar numbers, but the males cause more damage. They also have more aggressive citations like DUI and reckless driving. Male drivers age 16 to 19 tend to get in the most accidents and therefore are the most expensive to insure.
- Better credit scores mean better rates – Having a bad credit score is a large factor in determining your rates. Drivers with excellent credit tend to file fewer claims and have better driving records than those with poor credit. If your credit score is low, you could save money insuring your 2007 Toyota Matrix by spending a little time repairing your credit.
- Do you qualify for a multi-policy discount? – Many companies will give a discount to policyholders who buy several policies from them. It’s known as a multi-policy discount. Discounts can be anywhere from five to ten percent in most cases. Even though this discount sounds good, it’s still a good idea to shop around to ensure the best deal.
- Do you know your deductibles? – Physical damage deductibles define the amount you are required to spend out-of-pocket if you file a covered claim. Physical damage insurance, termed comprehensive and collision coverage on your policy, protects your car from damage. Examples of covered claims are running into the backend of another car, vandalism, and windstorm damage. The more you’re willing to pay, the less your company will charge you for insurance on Matrix coverage.
- Too many car insurance claims drive up costs – If you tend to file frequent claims, you can pretty much guarantee higher rates. Companies generally give lower rates to insureds who do not rely on their insurance for small claims. Insurance coverage is intended for the large, substantial claims.
- No coverage gaps is important – Having an insurance coverage lapse is a sure-fire way to trigger a rate increase. Not only will rates go up, failure to provide proof of insurance might get you a license revocation or jail time.
- Your occupation can affect rates – Did you know that where you work can have an impact on rates? Occupations like doctors, social workers and accountants have higher rates than average in part from high stress levels and long work hours. On the flip side, occupations such as farmers, athletes and performers get better rates on Matrix coverage.
- Your car’s features help determine rates – Purchasing a vehicle with anti-theft technology or alarm system can help bring down rates. Theft prevention devices such as vehicle immobilizer systems, General Motors OnStar and LoJack tracking systems all aid in stopping auto theft.
Take discounts and save
Companies offering auto insurance do not list all available discounts very well, so we break down some of the best known and the harder-to-find discounts you could be receiving.
- Homeowners Savings – Being a homeowner may trigger a insurance policy discount due to the fact that maintaining a home requires personal responsibility.
- Club Memberships – Being a member of a qualifying organization is a good way to get lower rates when shopping for insurance on Matrix coverage.
- Passive Restraint Discount – Factory air bags or automatic seat belts can get savings up to 30%.
- Federal Government Employee – Simply working for the federal government may qualify you for a discount on Matrix coverage with select insurance companies.
- Life Insurance Discount – Select insurance companies reward you with a discount if you purchase life insurance from them.
- Lower Rates for Military – Having a family member in the military could be rewarded with lower premiums.
- Early Signing – Some insurance companies reward drivers for buying a policy before your current policy expires. This can save 10% or more.
- Multiple Vehicles – Buying coverage for multiple vehicles with the same company could earn a price break for each car.
- Seat Belts Save – Requiring all passengers to use a seat belt could save 15% on the medical payments or PIP coverage costs.
Keep in mind that some credits don’t apply to the entire policy premium. A few only apply to specific coverage prices like medical payments or collision. So even though they make it sound like all the discounts add up to a free policy, it doesn’t quite work that way.
To see a list of providers offering insurance discounts, click here to view.
Which policy gives me the best coverage?
When it comes to buying adequate coverage for your vehicles, there isn’t really a perfect coverage plan. Everyone’s situation is unique and a cookie cutter policy won’t apply. These are some specific questions could help you determine whether or not you might need professional guidance.
- Can I make deliveries for my home business?
- When should I drop full coverage on my 2007 Toyota Matrix?
- Is a fancy paint job covered?
- Who is covered by my policy?
- How can I get my company to pay me more for my totalled car?
- Am I covered if hit by an uninsured driver?
- What is PIP insurance?
- Do I pay less if my vehicle is kept in my garage?
If you’re not sure about those questions but you think they might apply to your situation, you might consider talking to an insurance agent. To find lower rates from a local agent, take a second and complete this form or go to this page to view a list of companies.
Car insurance coverage information
Having a good grasp of auto insurance can help you determine which coverages you need and the correct deductibles and limits. The coverage terms in a policy can be ambiguous and coverage can change by endorsement. Listed below are typical coverage types available from auto insurance companies.
Collision coverage – This coverage pays for damage to your Matrix from colliding with another car or object. You have to pay a deductible then your collision coverage will kick in.
Collision can pay for things such as crashing into a ditch, sustaining damage from a pot hole, hitting a parking meter and crashing into a building. This coverage can be expensive, so you might think about dropping it from older vehicles. It’s also possible to raise the deductible to get cheaper collision coverage.
Medical payments and PIP coverage – Personal Injury Protection (PIP) and medical payments coverage provide coverage for immediate expenses such as X-ray expenses, rehabilitation expenses, nursing services, surgery and prosthetic devices. They can be used to cover expenses not covered by your health insurance plan or if you lack health insurance entirely. It covers you and your occupants in addition to being hit by a car walking across the street. PIP is not universally available and may carry a deductible
Auto liability insurance – This coverage can cover damages or injuries you inflict on people or other property that is your fault. This insurance protects YOU from legal claims by others, 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. You might see values of 50/100/50 which means $50,000 in coverage for each person’s injuries, a per accident bodily injury limit of $100,000, and $50,000 of coverage for damaged property.
Liability coverage pays for things such as repair costs for stationary objects, legal defense fees, attorney fees and medical expenses. How much coverage you buy is up to you, but buy as high a limit as you can afford.
Comprehensive auto coverage – This coverage pays to fix your vehicle from damage that is not covered by collision coverage. You need to pay your deductible first then your comprehensive coverage will pay.
Comprehensive coverage pays for things such as vandalism, hail damage, hitting a bird and a broken windshield. The highest amount your auto insurance company will pay is the ACV or actual cash value, so if your deductible is as high as the vehicle’s value consider removing comprehensive coverage.
UM/UIM (Uninsured/Underinsured Motorist) coverage – This coverage gives you protection from other drivers when they either have no liability insurance or not enough. Covered losses include injuries sustained by your vehicle’s occupants and also any damage incurred to your Toyota Matrix.
Due to the fact that many drivers only purchase the least amount of liability that is required, their limits can quickly be used up. For this reason, having high UM/UIM coverages should not be overlooked.
At the end of the day…
Lower-priced 2007 Toyota Matrix insurance can be found from both online companies in addition to many insurance agents, so you should be comparing quotes from both to have the best rate selection. A few companies do not provide online price quotes and many times these small insurance companies only sell through independent insurance agents.
When buying insurance coverage, never skimp on critical coverages to save a buck or two. There are a lot of situations where someone sacrificed full coverage only to regret at claim time that their decision to reduce coverage ended up costing them more. The ultimate goal is to purchase a proper amount of coverage for the lowest price, not the least amount of coverage.
Additional detailed information is available by following these links:
- Can I Drive Legally without Insurance? (Insurance Information Insitute)
- Auto Insurance FAQ (Farmers Insurance)
- If I File a Claim will My Insurance Go Up? (Insurance Information Insitute)
- Uninsured Motorists: Threats on the Road (Insurance Information Insitute)
- Eight Auto Insurance Myths (Insurance Information Insitute)
Frequently Asked Questions
What factors affect the cost of insurance for a 2007 Toyota Matrix?
Several factors can influence the cost of insurance for a 2007 Toyota Matrix. These may include the driver’s age, driving record, location, annual mileage, credit history, and the level of coverage desired. Additionally, the car’s make and model, including its safety features and theft deterrent systems, can also impact the insurance premium.
Are there any specific discounts available for insuring a 2007 Toyota Matrix?
Insurance companies may offer various discounts that can help reduce the cost of insuring a 2007 Toyota Matrix. Some common discounts include multi-policy discounts (for bundling multiple policies with the same insurer), safe driver discounts, anti-theft device discounts, and discounts for vehicles equipped with safety features such as airbags, anti-lock brakes, or electronic stability control.
How can I find the cheapest insurance rates for a 2007 Toyota Matrix?
To find the most affordable insurance rates for a 2007 Toyota Matrix, consider the following steps:
- Shop around and compare quotes from different insurance companies to ensure you’re getting the best price.
- Maintain a clean driving record, as a history of accidents or traffic violations can increase insurance costs.
- Opt for a higher deductible, which can lower your premium, but be sure you can afford the out-of-pocket expense if you need to file a claim.
- Take advantage of available discounts by installing safety features and anti-theft devices or by bundling your policies with the same insurer.
- Consider adjusting your coverage limits and options to meet your specific needs while keeping costs in check.
Are there any specific insurance companies known for offering affordable rates for a 2007 Toyota Matrix?
Insurance rates can vary significantly between insurance companies, and what may be affordable for one person may not be the same for another. It’s generally recommended to request quotes from multiple insurance companies and compare them to find the best rates for your specific circumstances. Some well-known insurance companies to consider include Allstate, Geico, Progressive, State Farm, and USAA (for military personnel and their families).
Are there any other tips to reduce the cost of insuring a 2007 Toyota Matrix?
Yes, here are a few additional tips to help lower the cost of insuring a 2007 Toyota Matrix:
- Consider enrolling in a defensive driving course. Completing an approved course may make you eligible for a discount.
- Pay your premium annually or semi-annually rather than monthly. Many insurers offer a discount for upfront payments.
- Maintain a good credit score, as some insurance companies use credit information to determine premiums.
- Avoid making unnecessary modifications to the vehicle, as certain modifications may increase insurance costs.
- Ask your insurance agent about any other available discounts that you might qualify for based on your circumstances.
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