Cheap 2008 Toyota Matrix Car 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: May 12, 2022

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Paying for high-priced Toyota Matrix insurance can overdraw your checking account and put a big crunch on your finances. Doing a price comparison is a great way to make sure you’re not throwing money away. Many insurers compete to insure your vehicles, so it can be very hard to choose a company to find the absolute lowest rate possible.

If you have a current auto insurance policy or are just looking to switch companies, you can use these tips to cut your premiums while maintaining coverages. Choosing the best insurance company for you is not rocket science. Drivers just need to learn the tricks to find the lowest price over the internet.

The most recommended method to get policy rate comparisons is to understand most of the bigger providers pay for the opportunity to provide you with free rate quotes. The only thing you need to do is spend a couple of minutes providing details including whether your vehicle is owned or leased, if a SR-22 is needed, your education level, and driver details. Your rating data is instantly provided to many highly-rated insurers and they provide comparison quotes very quickly.

Don’t miss out on these money-saving discounts

Insurance can be prohibitively expensive, but you may find discounts that can drop the cost substantially. Certain discounts will be triggered automatically when you purchase, but some may not be applied and must be manually applied before they will apply. If you don’t get every credit you qualify for, you’re paying more than you need to.

  • New Car Discount – Buying coverage on a new vehicle can be considerably cheaper because new vehicles have to meet stringent safety requirements.
  • No Accidents – Good drivers with no accidents can save substantially when compared with accident-prone drivers.
  • Life Insurance Discount – Select insurance companies reward you with a discount if you purchase auto and life insurance together.
  • Use Seat Belts – Using a seat belt and requiring all passengers to wear their seat belts could cut 10% or more off the personal injury premium cost.
  • Passive Restraint Discount – Factory air bags can qualify for discounts of more than 20%.
  • Discount for Good Grades – Getting good grades can get you a discount of up to 25%. The good student discount can last up until you turn 25.
  • Pay Now and Pay Less – By paying your policy upfront instead of making monthly payments you may reduce your total bill.
  • Fewer Miles Equal More Savings – Keeping the miles down on your Toyota can earn lower rates on the low mileage vehicles.
  • Driver Safety – Completing a driver safety course could cut 5% off your bill if you qualify.
  • Multiple Cars – Insuring all your vehicles on the same auto insurance policy qualifies for this discount.

It’s important to note that some of the credits will not apply to the entire cost. Most cut the price of certain insurance coverages like medical payments or collision. So even though it sounds like having all the discounts means you get insurance for free, you’re out of luck. But all discounts will help reduce your premiums.

A partial list of companies that may offer these discounts include:

Double check with all companies you are considering which discounts you may be entitled to. Savings may not apply in your area.

Do I need special coverages?

When it comes to buying proper insurance coverage for your vehicles, there really is not a “best” method to buy coverage. Everyone’s situation is unique so this has to be addressed. These are some specific questions could help you determine whether your personal situation may require specific advice.

  • Does my medical payments coverage pay my health insurance deductible?
  • Should I buy full coverage?
  • Why am I be forced to buy a membership to get insurance from some companies?
  • Can I rent a car in Mexico?
  • Can I rate high risk drivers on liability-only vehicles?
  • Is a blown tire covered by insurance?

If you can’t answer these questions, then you may want to think about talking to an agent. To find lower rates from a local agent, simply complete this short form or click here for a list of car insurance companies in your area. It only takes a few minutes and can provide invaluable advice.

The coverage is in the details

Understanding the coverages of your insurance policy aids in choosing the best coverages and proper limits and deductibles. The coverage terms in a policy can be difficult to understand and coverage can change by endorsement. Listed below are the normal coverages offered by insurance companies.

Collision coverages – Collision coverage pays for damage to your Matrix caused by collision with another car or object. You have to pay a deductible and then insurance will cover the remainder.

Collision coverage pays for things like colliding with a tree, rolling your car and crashing into a building. Collision is rather expensive coverage, 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 – This protects you from injuries or damage you cause to other’s property or people that is your fault. This coverage protects you against other people’s claims. Liability doesn’t cover damage to your own property or vehicle.

Coverage consists of three different limits, bodily injury per person, bodily injury per accident and property damage. Your policy might show liability limits of 100/300/100 which means a limit of $100,000 per injured person, $300,000 for the entire accident, and a total limit of $100,000 for damage to vehicles and property. Occasionally you may see one limit called combined single limit (CSL) 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 medical expenses, bail bonds and emergency aid. How much liability should you purchase? That is a decision to put some thought into, but you should buy as large an amount as possible.

Uninsured/Underinsured Motorist (UM/UIM) – This provides protection from other drivers when they either are underinsured or have no liability coverage at all. Covered losses include injuries to you and your family as well as your vehicle’s damage.

Due to the fact that many drivers carry very low liability coverage limits, their liability coverage can quickly be exhausted. That’s why carrying high Uninsured/Underinsured Motorist coverage is important protection for you and your family. Frequently these limits are identical to your policy’s liability coverage.

Med pay and Personal Injury Protection (PIP) – Med pay and PIP coverage pay for immediate expenses for X-ray expenses, EMT expenses and prosthetic devices. They are often used to cover expenses not covered by your health insurance policy or if there is no health insurance coverage. Coverage applies to all vehicle occupants and will also cover if you are hit as a while walking down the street. Personal Injury Protection is not universally available and gives slightly broader coverage than med pay

Comprehensive insurance – Comprehensive insurance coverage covers damage from a wide range of events other than collision. A deductible will apply then the remaining damage will be covered by your comprehensive coverage.

Comprehensive insurance covers things such as vandalism, fire damage, falling objects, hitting a bird and hitting a deer. The maximum payout 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.

Knowledge is power

Lower-priced 2008 Toyota Matrix insurance can be purchased from both online companies in addition to many insurance agents, and you should be comparing both in order to have the best price selection to choose from. Some insurance companies do not provide online price quotes and usually these small insurance companies provide coverage only through local independent agents.

As you restructure your insurance plan, it’s a bad idea to skimp on critical coverages to save a buck or two. In many instances, an accident victim reduced physical damage coverage and learned later that a couple dollars of savings turned into a financial nightmare. Your focus should be to buy the best coverage you can find at a price you can afford.

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