Cheapest 2007 Toyota Tacoma Insurance Rates in 2023
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UPDATED: Jun 4, 2023
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Are you a victim of an underperforming, overpriced car insurance policy? Trust us when we tell you you’re not alone.
Big companies like Allstate, Progressive and GEICO all claim big savings, bombarding you with advertising and it is difficult to see past the geckos and flying pigs and take the time to shop coverage around.
You probably qualify for some discounts
Companies offering auto insurance don’t always list every available discount very well, so here is a list both well-publicized and the harder-to-find savings tricks you should be using.
- Homeowners Savings – Owning a home can save you money due to the fact that maintaining a home demonstrates responsibility.
- Life Insurance – Select insurance companies reward you with a discount if you purchase life insurance.
- Passive Restraint Discount – Cars that have air bags or automatic seat belts can qualify for discounts of up to 25% or more.
- Anti-lock Brake Discount – Anti-lock brake equipped vehicles can reduce accidents and qualify for as much as a 10% discount.
- Theft Prevention Discount – Vehicles equipped with anti-theft or alarm systems prevent vehicle theft and will save you 10% or more.
- Club Memberships – Affiliation with certain professional organizations may earn a discount on your policy on Tacoma coverage.
- Early Signing – A few companies offer discounts for switching policies before your current policy expires. This can save 10% or more.
A little note about advertised discounts, most credits do not apply to your bottom line cost. Most only reduce the cost of specific coverages such as physical damage coverage or medical payments. So when it seems like it’s possible to get free car insurance, you’re out of luck.
Factors influencing Toyota Tacoma insurance rates
Smart consumers have a good feel for some of the elements that come into play when calculating auto insurance rates. Knowing what controls the rates you pay allows you to make educated decisions that will entitle you to big savings.
- Males pay more for insurance – Statistics demonstrate that men are more aggressive behind the wheel. Now that doesn’t mean women are BETTER drivers than men. Both sexes cause accidents in similar numbers, but the male of the species tend to have more serious accidents. Men also tend to have more aggressive citations such as DWI and reckless driving.
- Discounts for married couples – Having a wife or husband helps lower the price when buying auto insurance. Marriage is viewed as being more responsible and statistics show being married results in fewer claims.
- Lower rates with optional equipment – Driving a car with a theft deterrent system can help bring down rates. Anti-theft devices like GM’s OnStar, tamper alarm systems and vehicle immobilizers all hinder your vehicle from being stolen.
- Your stress level may be raising your rates – Did you know your job can affect your rates? Occupations such as real estate brokers, executives and dentists tend to have the highest average rates due to job stress and long work hours. Other occupations such as scientists, historians and performers receive lower rates on Tacoma coverage.
- Don’t skimp on liability – The liability section of your policy is the coverage that protects you if ever a jury decides you are liable for personal injury or accident damage. Liability provides legal defense coverage which can be incredibly expensive. This coverage is very inexpensive compared to insuring for physical damage coverage, so do not cut corners here.
There’s no such thing as the perfect policy
When buying the right insurance coverage, there really is no one size fits all plan. Coverage needs to be tailored to your specific needs so this has to be addressed. Here are some questions about coverages that may help highlight if you might need professional guidance.
- Is there coverage for injuries to my pets?
- Why do I only qualify for high-risk insurance?
- Do I need roadside assistance coverage?
- Does liability extend to a camper or trailer?
- Do I need medical payments coverage since I have good health insurance?
- How much underlying liability do I need for an umbrella policy?
- Which companies will insure high-risk drivers?
- Am I covered if I hit my neighbor’s mailbox?
- Why am I be forced to buy a membership to get insurance from some companies?
If it’s difficult to answer those questions but you think they might apply to your situation then you might want to talk to a licensed agent.
Save 15 percent in 15 minutes? Is it for real?
Companies like GEICO, State Farm and Progressive regularly use ads on television and other media. All the ads make the same claim about savings if you move to their company. How does each company make the same claim? This is how they do it.
All the different companies are able to cherry pick for the type of customer that earns them a profit. A good example of a profitable customer could possibly be over the age of 40, owns a home, and chooses high deductibles. Any new insured that hits that “sweet spot” will get very good rates and therefore will save when they switch companies.
Potential customers who don’t measure up to these standards will be quoted higher rates which usually ends up with business not being written. The ad wording is “customers that switch” not “people who quote” save money. This is how companies can advertise the savings. This emphasizes why it’s extremely important to quote coverage with many companies. It is impossible to predict which company will give you the biggest savings on Toyota Tacoma insurance.
Coverages available on your policy
Knowing the specifics of a insurance policy can help you determine the best coverages for your vehicles. Policy terminology can be ambiguous and reading a policy is terribly boring. Shown next are typical coverages offered by insurance companies.
Uninsured/Underinsured Motorist (UM/UIM)
This gives you protection when the “other guys” do not carry enough liability coverage. It can pay for injuries sustained by your vehicle’s occupants as well as damage to your Toyota Tacoma.
Since a lot of 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 is very important.
Med pay and Personal Injury Protection (PIP)
Med pay and PIP coverage provide coverage for short-term medical expenses such as doctor visits, funeral costs, pain medications, surgery and ambulance fees. They are used to cover expenses not covered by your health insurance program or if there is no health insurance coverage. It covers not only the driver but also the vehicle occupants as well as if you are hit as a while walking down the street. PIP is not available in all states but it provides additional coverages not offered by medical payments coverage
Comprehensive insurance coverage will pay to fix damage caused by mother nature, theft, vandalism and other events. You first have to pay a deductible and then insurance will cover the rest of the damage.
Comprehensive can pay for claims like vandalism, falling objects and damage from flooding. The maximum amount a insurance company will pay at claim time is the actual cash value, so if the vehicle’s value is low consider dropping full coverage.
Collision insurance covers damage to your Tacoma resulting from a collision with an object or car. You have to pay a deductible then your collision coverage will kick in.
Collision coverage pays for claims like driving through your garage door, damaging your car on a curb and colliding with a tree. Paying for collision coverage can be pricey, so analyze the benefit of dropping coverage from lower value vehicles. Another option is to raise the deductible in order to get cheaper collision rates.
Liability auto insurance
This coverage will cover injuries or damage you cause to other people or property by causing an accident. This coverage protects you from claims by other people. It does not cover damage sustained by your vehicle in an accident.
Split limit liability has three limits of coverage: per person bodily injury, per accident bodily injury, and a property damage limit. As an example, you may have values of 50/100/50 which stand for $50,000 bodily injury coverage, a total of $100,000 of bodily injury coverage per accident, and $50,000 of coverage for damaged property.
Liability can pay for claims such as repair costs for stationary objects, structural damage, medical expenses, repair bills for other people’s vehicles and emergency aid. How much liability should you purchase? That is up to you, but it’s cheap coverage so purchase as much as you can afford.
Power to the consumer
When trying to cut insurance costs, make sure you don’t skimp on critical coverages to save a buck or two. There have been many cases where consumers will sacrifice collision coverage only to discover later that the small savings ended up costing them much more. Your aim should be to purchase plenty of coverage at a price you can afford while not skimping on critical coverages.
Throughout this article, we presented some good ideas how you can shop for 2007 Toyota Tacoma insurance online. The most important thing to understand is the more rate quotes you have, the better chance you’ll have of finding lower rates. Consumers may even find the biggest savings come from some of the lesser-known companies. Some small companies often have lower prices on specific markets than the large multi-state companies such as State Farm, GEICO and Nationwide.
For more information, link through to these articles:
- Top Signs Your Brakes are Giving Out (State Farm)
- Information for Teen Drivers (GEICO)
- Driving in Bad Weather (Insurance Information Insitute)
- Comprehensive Coverage (Liberty Mutual)
Frequently Asked Questions
Does the location where I live affect my Toyota Tacoma insurance rates?
Yes, the location where you live can impact insurance rates. Factors such as population density, crime rates, and accident statistics in your area can influence the premiums you pay.
How can I lower my insurance rates for a 2007 Toyota Tacoma?
Besides taking advantage of available discounts, you can also try raising your deductibles, maintaining a good credit score, driving safely, and comparing quotes from different insurance companies to find the most competitive rates.
Can I change my insurance coverage or provider at any time?
In most cases, you can change your insurance coverage or provider at any time. However, it’s important to consider any contractual obligations or potential fees associated with canceling your current policy before making a switch.
What should I do if I have an accident or need to file a claim?
If you have an accident or need to file a claim, it’s important to contact your insurance provider as soon as possible. They will guide you through the claims process and provide instructions on how to proceed.
Can I bundle my Toyota Tacoma insurance with other policies for additional discounts?
Yes, many insurance companies offer multi-policy discounts when you bundle your auto insurance with other policies like homeowners or renters insurance. It’s advisable to check with your insurance provider for available discounts.
Does the type of coverage affect the rates for a 2007 Toyota Tacoma?
Yes, the type of coverage you choose will impact the rates. Comprehensive and collision coverage usually have higher premiums compared to liability-only coverage. It’s important to consider your coverage needs and budget when selecting insurance options.
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