Having to pay for overpriced auto insurance can drain your personal savings and put a big crunch on your finances. Shopping your coverage around is a great way to lower your monthly bill.
Companies like GEICO, 21st Century and Progressive promote their brand names with ads and consumers find it hard to see past the corporate glitz and effectively compare rates to find the best deal.
Consumers should take time to do rate comparisons every six months due to the fact that insurance rates go up and down regularly. Even if you think you had the lowest rates on Matrix coverage on your last policy you can probably find a better price now. So ignore everything you know about auto insurance because you’re about to learn the best way to reduce your cost while increasing coverage.
Effectively comparing auto insurance prices can take hours if you don’t utilize the most efficient way to do it. You can waste a lot of time discussing policy coverages with insurance agencies in your area, or you could use online quoting to get rate comparisons in just a few minutes.
Many of the larger companies are enrolled in a marketplace that allows shoppers to only type in their quote data once, and every company returns a rated price based on the submitted data. This prevents consumers from doing quote forms for each company.
To compare pricing click to open in new window.
The one disadvantage to comparing rates this way is buyers cannot specifically choose which companies you will receive quotes from. So if you want to select from a list of companies to request quotes from, we have a listing of low cost auto insurance companies in your area. Click here for list of insurance companies.
It’s your choice how you get your quotes, but be sure to compare identical coverages on every quote you get. If you are comparing different liability limits you will not be able to determine the lowest rate for your Toyota Matrix. Slightly different coverage limits may result in a large different in cost. And when comparing auto insurance rates, know that quoting more will improve the odds of getting the best price.
Insuring your vehicles can cost a lot, but there could be available discounts that you may not know about. Certain discounts will be triggered automatically at the time of quoting, but some must be requested specifically before they will apply.
A little note about advertised discounts, most credits do not apply to the entire policy premium. A few only apply to the cost of specific coverages such as physical damage coverage or medical payments. So when the math indicates you can get free auto insurance, it doesn’t quite work that way. But any discount will help reduce your overall premium however.
Companies that may offer these money-saving discounts include:
It’s a good idea to ask each company which discounts you may be entitled to. Discounts may not be available in every state.
When it comes to buying the right insurance coverage for your personal vehicles, there isn’t really a cookie cutter policy. Everyone’s situation is unique so this has to be addressed. For example, these questions might help in determining whether you will benefit from professional help.
If you can’t answer these questions but a few of them apply then you might want to talk to an agent. If you don’t have a local agent, fill out this quick form or click here for a list of auto insurance companies in your area.
Smart consumers have a good feel for the rating factors that help determine the price you pay for car insurance. Knowing what determines base rates empowers consumers to make smart changes that may reward you with better car insurance rates.
Companies like Progressive, Allstate and GEICO consistently run ads on television and other media. All the ads say the same thing about savings if you change to their company. How do they all make almost identical claims? It’s all in the numbers.
Different companies are able to cherry pick for the driver they prefer to insure. A good example of a driver they prefer might be a mature driver, has no tickets, and has a high credit rating. Any new insured who meets those qualifications gets the lowest rates and is almost guaranteed to save a lot of money.
Potential customers who are not a match for these standards will have to pay higher prices which leads to the driver buying from a lower-cost company. Company advertisements say “customers who switch” not “people who quote” save that much money. This is how insurance companies can confidently advertise the savings.
Because of the profiling, it is so important to compare many company’s rates. It’s impossible to know which car insurance company will have the lowest Toyota Matrix insurance rates.
Having a good grasp of your auto insurance policy aids in choosing the best coverages at the best deductibles and correct limits. Auto insurance terms can be difficult to understand and even agents have difficulty translating policy wording. These are typical coverage types available from auto insurance companies.
Liability auto insurance – This protects you from damage or injury you incur to other people or property by causing an accident. This insurance protects YOU against other people’s claims, and does not provide coverage for your injuries or vehicle damage.
Split limit liability has three limits of coverage: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. As an example, you may have liability limits of 100/300/100 which stand for a $100,000 limit per person for injuries, $300,000 for the entire accident, and a total limit of $100,000 for damage to vehicles and property. Another option is one limit called combined single limit (CSL) that pays claims from the same limit and claims can be made without the split limit restrictions.
Liability insurance covers claims like legal defense fees, emergency aid and funeral expenses. How much coverage you buy is your choice, but it’s cheap coverage so purchase higher limits if possible.
Collision coverage – Collision coverage will pay to fix damage to your Matrix from colliding with another vehicle or an object, but not an animal. You will need to pay your deductible and the rest of the damage will be paid by collision coverage.
Collision can pay for things such as hitting a mailbox, scraping a guard rail and crashing into a ditch. This coverage can be expensive, so consider removing coverage from lower value vehicles. It’s also possible to bump up the deductible to save money on collision insurance.
Comprehensive coverages – Comprehensive insurance coverage covers damage that is not covered by collision coverage. You first must pay your deductible and the remainder of the damage will be paid by comprehensive coverage.
Comprehensive can pay for things such as damage from a tornado or hurricane, vandalism, hitting a bird, hail damage and theft. The most a auto insurance company will pay at claim time is the market value of your vehicle, so if your deductible is as high as the vehicle’s value it’s not worth carrying full coverage.
Uninsured and underinsured coverage – This coverage provides protection from other drivers when they either have no liability insurance or not enough. Covered losses include injuries to you and your family and also any damage incurred to your Toyota Matrix.
Because many people carry very low liability coverage limits, it only takes a small accident to exceed their coverage. That’s why carrying high Uninsured/Underinsured Motorist coverage should not be overlooked. Normally these limits do not exceed the liability coverage limits.
Coverage for medical payments – Coverage for medical payments and/or PIP provide coverage for short-term medical expenses for things like chiropractic care, ambulance fees, doctor visits, dental work and pain medications. They can be used in conjunction with a health insurance program or if you are not covered by health insurance. Medical payments and PIP cover both the driver and occupants and will also cover getting struck while a pedestrian. PIP is not available in all states and may carry a deductible
Budget-conscious 2011 Toyota Matrix insurance is possible on the web in addition to many insurance agents, and you need to comparison shop both to have the best selection. Some insurance companies do not provide you the ability to get quotes online and these regional insurance providers work with independent agents.
We covered some good ideas how you can get a better price on insurance. The key concept to understand is the more rate comparisons you have, the more likely it is that you will get a better rate. You may even find the best price on auto insurance is with a small local company. They can often provide lower rates in certain areas than the large multi-state companies such as Progressive and GEICO.
Additional auto insurance information is available on the following sites: