How to Save on Durham Toyota Prius Insurance

Do you want to learn how to find cheaper Toyota Prius insurance in Durham? Paying for pricey Toyota Prius insurance in Durham can drain your savings and put the squeeze on your family’s finances. Doing a price comparison is a great way to slash your bill and have more diposable income.

It’s safe to conclude that auto insurance companies don’t want policyholders to shop around. Drivers who compare rates once a year are inclined to buy a different policy because there is a high probability of finding a lower rate. A study discovered that people who routinely compared rates saved as much as $860 a year as compared to drivers who never compared other company’s rates.

If finding the best rates on auto insurance in Durham is the reason you’re reading this, then having some knowledge of how to find companies and compare coverages can make shopping around easier. You have so many auto insurance companies to purchase coverage from, and although it’s a good thing to be able to choose, having more auto insurance companies makes it harder to compare rates and cut insurance costs.

It is always a good idea to shop coverage around before your policy renews because car insurance prices go up and down regularly. If you had the best deal on Toyota Prius insurance in Durham last year other companies may now be cheaper. Forget anything you know (or think you know) about car insurance because you’re about to learn how to use online quotes to get good coverage on Toyota Prius insurance in Durham at a lower rate.

The purpose of this article is to introduce you to the best way to buy inexpensive car insurance. If you currently have car insurance, you stand a good chance to be able to get lower rates using the techniques covered below. Vehicle owners just need to understand the most efficient way to quote multiple rates instantly.

Lower the Price of Auto Insurance with These Tips

Many factors are used in the calculation when premium rates are determined. Some of the criteria are obvious like a motor vehicle report, but some are less apparent such as your marital status or your commute time.

The items below are most of the major factors that factor into your rates.

• Auto insurance rates and your employer – Occupational choices like doctors, business owners, and miners usually pay the highest average rates in part from intense work-related stress and extremely grueling work hours. On the flip side, careers such as farmers, students and the unemployed receive lower rates.
• Safer vehicles save money – Vehicles with good safety scores can get you lower premiums. Safer cars reduce injuries and lower rates of occupant injuries means lower claim amounts which can result in lower premiums.
• Don’t skimp on liability insurance – Liability coverage is the coverage that protects you if you are found liable for physical damage or personal injury to other. It will provide legal defense which can be incredibly expensive. Liability is cheap compared to comp and collision, so do not cut corners here.

• Age of drivers – Teen drivers in North Carolina have been known to be easily distracted behind the wheel and because of this, their auto insurance rates are much higher. If you’ve ever had to add a inexperienced driver onto a policy can cause a big jump in price. More experienced drivers have been proven to be more responsible, tend to file fewer claims, and usually have better credit.

  The next chart is based on a single driver, full coverage with $100 deductibles, and no discounts or violations.

• Raise physical damage deductibles and save – Comp and collision deductibles define how much you are willing to pay in the event of a claim. Physical damage protection, commonly called comprehensive (or other-than-collision) and collision coverage, protects your car from damage. Some examples of covered claims could be rear-ending another vehicle, fire damage, or theft of your vehicle. The more of the claim you pay before a claim is paid (deductible), the less money you will pay for auto insurance.
• Eliminate add-on coverages – There are a lot of extra coverages that you can buy on your Prius policy. Coverages for rental car coverage, death and dismemberment, and additional equipment coverage could be just wasting money. They may seem like a good idea when talking to your agent, but now you might not need them so get rid of them and save.
• Filing claims can cost you – If you file claims often, don’t be surprised to see higher premiums or even policy non-renewal. Companies in North Carolina give most affordable rates to insureds who are claim-free. Your car insurance is intended to be relied upon for the bigger claims that can’t be paid out-of-pocket.

• Driving citations cost more than a fine – Being a careful driver impacts premiums far more than you think. Careful drivers pay less for auto insurance compared to bad drivers. Even a single driving citation could increase your next policy renewal to the point where it’s not affordable. Drivers who have gotten license-revoking violations like reckless driving, hit and run or driving under the influence might be required by their state to complete a SR-22 with their state’s department of motor vehicles in order to legally drive a vehicle.

  The chart below shows how speeding tickets and at-fault claims can increase Toyota Prius premium costs for different age groups. The data is based on a married female driver, comprehensive and collision coverage, $500 deductibles, and no discounts are applied.

• Insurance loss data for a Toyota Prius – Insurers analyze the history of losses to help calculate a profitable premium price. Models that the data determines to have a trend towards higher claims will have increased rates.

  The table below outlines the loss history for Toyota Prius vehicles. For each policy coverage, the statistical loss for all vehicles, regardless of make or model, is represented as 100. Numbers under 100 are indicative of better than average losses, while values that are 100 or greater indicate higher probability of having a loss or a tendency for claims to be larger.

  
  

  Insurance Loss Ratings for Toyota Prius Vehicles

  Vehicle Make and Model	Collision	Property Damage	Comp	Personal Injury	Medical Payment	Bodily Injury
  Toyota Prius C Hybrid	113	100	87	120	121	113
  Toyota Prius Hybrid	101	97	98	103	118	103
  Toyota Prius Plug-in Hybrid	98	89	87	106	114	93
  Toyota Prius V Hybrid	94	86	88	88	94	97

  BETTER

  AVERAGE

  WORSE

  Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years

Facts and figures for Toyota Prius insurance

The price information shown next highlights estimates of insurance prices for Toyota Prius models. Being able to understand how insurance quotes are calculated is important for drivers to make smart choices when selecting a coverage provider.

Cost estimates assume married male driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and North Carolina minimum liability limits. Discounts applied include safe-driver, multi-policy, multi-vehicle, homeowner, and claim-free. Rate information does not factor in specific Durham garaging location which can decrease or increase rates substantially.

Higher deductibles save money

When shopping for insurance, a common question is which deductibles should you choose. The comparisons below help summarize how much more you’ll pay between low and high policy deductibles. The first set of rates uses a $250 comprehensive and collision deductible and the second rate chart uses a $500 deductible.

Data variables include married male driver age 30, no speeding tickets, no at-fault accidents, and North Carolina minimum liability limits. Discounts applied include multi-vehicle, homeowner, claim-free, safe-driver, and multi-policy. Information does not factor in zip code location which can impact rates noticeably.

Based on this data, using a $250 deductible costs about $10 more each month or $120 each year than choosing the higher $500 deductible. Because you would be required to pay $250 more out-of-pocket with a $500 deductible as compared to a $250 deductible, if you tend to have at a minimum 25 months between claims, you would save more money if you opt for a higher deductible.

Full coverage rates compared to liability-only

The diagram below shows the comparison of Toyota Prius car insurance rates when comparing full coverage to state minimum liability only. The costs are based on a clean driving record, no at-fault accidents, $500 deductibles, drivers are single, and no discounts are applied.

When to drop comp and collision

There is no definitive formula of when to exclude comprehensive and collision coverage on your policy, but there is a guideline you can use. If the annual cost of comprehensive and collision coverage is more than 10% of the replacement cost of your vehicle minus the policy deductible, then it may be the right time to buy liability only.

For example, let’s assume your Toyota Prius replacement cost is $9,000 and you have $1,000 policy deductibles. If your vehicle is damaged in an accident, the most your company would pay you is $8,000 after paying your policy deductible. If premiums are more than $800 a year for your policy with full coverage, then you might want to consider buying only liability coverage.

There are some conditions where eliminating full coverage is not in your best interest. If you haven’t satisfied your loan, you must maintain physical damage coverage as part of the loan conditions. Also, if your emergency fund is not enough to purchase a different vehicle in the even your car is totaled, you should not drop full coverage.

Do you qualify for discounts?

Car insurance companies don’t always publicize every possible discount very clearly, so the following is a list of a few of the more common and also the more inconspicuous credits that you can use to lower your rates. If you don’t get every credit possible, you could be paying more than you need to.

• Membership in Organizations – Having an affiliation with specific professional or occupational memberships or organizations could earn you a nice discount on your next renewal.
• Discounts for Government Workers – Active or former government employment may qualify for a discount when you quote Durham car insurance depending on your company.
• Early Payment Discounts – If paying your policy premium upfront rather than paying in monthly installments you can avoid the installment charge.
• Renewal Discounts – Some companies give discounts for switching to them prior to the expiration date on your current Prius insurance policy. It can save you around 10%.
• ABS and Traction Control Discounts – Cars, trucks, and SUVs that have anti-lock braking systems prevent accidents so companies give up to a 10% discount.
• Theft Prevention System – Cars equipped with tracking devices and advanced anti-theft systems are stolen with less frequency and will save you 10% or more on Prius insurance in Durham.
• Save with More Vehicles Insured – Drivers who insure several vehicles on the same auto insurance policy can reduce rates for all insured vehicles.
• Life Insurance Discount – Not every insurance company offers life insurance, but if they do you may earn a discounted auto insurance rate on car insurance if you buy auto and life insurance together.
• E-sign Discounts – A handful of insurance companies will discount your bill up to fifty bucks just for signing your application on the web.

We need to note that some credits don’t apply to the entire policy premium. Most only cut individual premiums such as physical damage coverage or medical payments. So even though it sounds like it’s possible to get free car insurance, it just doesn’t work that way.

The example below visualizes the comparison of Toyota Prius insurance costs with and without discounts. The rate quotes are based on a male driver, a clean driving record, no claims, North Carolina state minimum liability limits, full physical damage coverage, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with claim-free, safe-driver, homeowner, marriage, multi-car, and multi-policy discounts applied.

Large auto insurance companies and a selection of discounts are shown below.

• Progressive may have discounts that include continuous coverage, multi-policy, good student, multi-vehicle, and homeowner.
• Farmers Insurance offers discounts including alternative fuel, switch companies, pay in full, business and professional, good student, electronic funds transfer, and mature driver.
• Farm Bureau may include discounts for good student, multi-vehicle, safe driver, driver training, and 55 and retired.
• State Farm has savings for good driver, student away at school, Steer Clear safe driver discount, safe vehicle, Drive Safe & Save, and defensive driving training.
• GEICO offers discounts for air bags, anti-lock brakes, federal employee, anti-theft, good student, and driver training.
• SAFECO offers premium reductions for teen safety rewards, homeowner, drive less, anti-theft, multi-car, accident prevention training, and safe driver.
• Liberty Mutual may offer discounts for safety features, good student, exclusive group savings, new move discount, new vehicle discount, and hybrid vehicle.

If you are trying to find affordable Toyota Prius insurance quotes, ask all companies you are considering to apply every possible discount. Some of the discounts discussed earlier may not be offered everywhere. To choose auto insurance companies who offer auto insurance discounts in Durham, click this link.

Ratings for North Carolina auto insurance companies

Selecting a highly-rated car insurance provider can be difficult considering how many different companies insure vehicles in Durham. The rank data in the next section may help you analyze which coverage providers you want to consider purchasing a policy from.

Top 10 Durham Car Insurance Companies Overall

1. Travelers
2. USAA
3. AAA Insurance
4. Nationwide
5. Allstate
6. State Farm
7. The Hartford
8. Safeco Insurance
9. Progressive
10. American Family

Cheaper car insurance premiums are out there

When searching for cheaper Durham car insurance quotes, you should never buy poor coverage just to save money. Too many times, an accident victim reduced uninsured motorist or liability limits and learned later that their decision to reduce coverage ended up costing them more. Your strategy should be to purchase plenty of coverage at the lowest possible cost, but do not skimp to save money.

Budget-conscious Toyota Prius insurance is available both online and from local agencies, so you need to quote Durham car insurance with both to have the best chance of lowering rates. Some car insurance companies do not provide rate quotes online and most of the time these smaller companies provide coverage only through local independent agencies.

Steps to buying cheaper Toyota Prius insurance in Durham

The most effective way to find low-cost Toyota Prius insurance in Durham is to make a habit of regularly comparing prices from companies in North Carolina. Rate comparisons can be done by following these guidelines.

1. Try to learn a little about how insurance companies determine prices and the measures you can control to prevent expensive coverage. Many rating factors that increase rates such as speeding tickets, accidents and a poor credit rating can be rectified by making minor changes in your lifestyle.
2. Request price quotes from direct, independent, and exclusive agents. Direct and exclusive agents can only give rate quotes from a single company like Progressive or Allstate, while independent agents can provide prices for many different companies. Compare rates now
3. Compare the new rates to your current policy to determine if you can save on Prius insurance. If you find a lower rate quote, ensure there is no coverage lapse between policies.
4. Notify your current company to cancel your existing policy. Submit any necessary down payment along with the completed application to the new insurer. Immediately safely store the certificate of insurance in your vehicle’s glove compartment or console.

An essential thing to point out is to try to compare the same level of coverage on every price quote and and to get price quotes from every company you can. Doing this enables a level playing field and many rates to choose from.

Other resources

• Side Impact Crash Tests (iihs.org)
• Who Has Affordable Car Insurance Rates for Drivers Under 21 in Durham? (FAQ)
• Who Has Cheap Auto Insurance Quotes for Police Officers in Durham? (FAQ)
• Who Has the Cheapest Car Insurance Rates for Teenage Males in Durham? (FAQ)
• Who Has the Cheapest Car Insurance Quotes for a Ford Escape in Durham? (FAQ)
• Who Has Cheap Auto Insurance Quotes for Drivers with a Bad Driving Record in Durham? (FAQ)
• What are my Rights when Filing a Claim? (Insurance Information Institute)
• New head restraint design cuts injuries (Insurance Institute for Highway Safety)
• Cellphones, Texting and Driving (iihs.org)