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.

Insurance for Toyota PriusIt’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.

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.

Toyota Prius Insurance Rates in Durham, NC
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Prius $122 $188 $218 $12 $66 $606 $51
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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.

Toyota Prius insurance premium rates with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Prius $218 $324 $212 $12 $64 $855 $71
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Toyota Prius insurance premium rates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Prius $176 $262 $212 $12 $64 $726 $61
Get Your Own Custom Quote Go

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.Discount auto insurance

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.

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.

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