Best Ways to Save on Austin Toyota Tacoma Insurance

Toyota Tacoma insurance cost image courtesy of QuoteInspector.com

Feel like you have an underperforming, overpriced insurance policy? It's a common feeling and many Austin consumers feel financially strained by their insurance policy.

A recent insurance study discovered that most insurance policyholders kept their policy with the same company for at least four years, and just short of a majority have never shopped around. Many consumers in Texas could save approximately $1,766 every year, but they don't want to spend time to find cheaper rates by getting comparison quotes.

Insurance companies such as Allstate, Progressive and GEICO increase brand awareness with fancy advertisements and it is difficult to ignore the promise of big savings and effectively compare rates to find the best deal.

It is always a good idea to check insurance prices quite often since insurance prices tend to go up over time. Even if you think you had the best price on Toyota Tacoma insurance in Austin a couple years back other companies may now be cheaper. Forget all the misinformation about insurance because we're going to show you the best methods to save money, get proper coverage and the best rates.

If you have insurance now, you will surely be able to cut your premiums using the ideas covered in this article. Locating the best rates in Austin can be made easier if you know where to look. But Texas consumers must learn the methods companies use to calculate your policy premium because rates are impacted by many factors.

Affordable companies for Toyota Tacoma insurance

The companies shown below can provide price comparisons in Austin, TX. If more than one company is shown, it's highly recommended you visit two to three different companies to get the best price comparison.

Data rating is based on married male driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Texas minimum liability limits. Discounts applied include claim-free, safe-driver, multi-vehicle, multi-policy, and homeowner. Premium costs do not factor in specific location which can raise or lower price quotes substantially.

Does it make sense to buy full coverage?

The illustration below illustrates the comparison of Toyota Tacoma insurance prices with full coverage compared to only the Texas minimum liability coverage. The prices are based on no claims or driving citations, $500 deductibles, married female driver, and no discounts are factored in.

When to drop comp and collision

There is no exact rule for phasing out comp and collision coverage, but there is a general school of thought. If the yearly cost for physical damage coverage is 10% or more of any settlement you would receive from your insurance company, the it may be a good time to stop paying for full coverage.

For example, let's assume your Toyota Tacoma book value is $6,000 and you have $1,000 deductibles. If your vehicle is damaged in an accident, the most you would receive is $5,000 after the deductible is paid. If premiums are more than $500 annually for comprehensive and collision coverage, then it could be time to drop full coverage.

There are some circumstances where only buying liability is not advised. If you haven't satisfied your loan, you are required to maintain full coverage to satisfy the loan requirements. Also, if your finances do not allow you to purchase a different vehicle if your current one is totaled, you should not consider dropping full coverage.

Where to set your deductibles

When buying auto insurance, a common question is what deductibles to buy. The premium rates below illustrate the differences in price of buying low and high deductibles. The first table uses a $100 deductible for physical damage and the second rate chart uses a $500 deductible.

Prices above based on married male driver age 30, no speeding tickets, no at-fault accidents, and Texas minimum liability limits. Discounts applied include multi-vehicle, multi-policy, safe-driver, homeowner, and claim-free. Table data does not factor in specific garaging location which can lower or raise coverage prices considerably.

Based on the above data, using a $100 deductible will cost you about $26 more each month or $312 every year than requesting the higher $500 deductible. Since you would pay $400 more out-of-pocket with a $500 deductible as compared to a $100 deductible, if you usually have more than 15 months between claims, you would save more money if you choose a higher deductible.

Discounts can help lower premiums on Toyota Tacoma insurance in Austin

Insurance can cost an arm and a leg, but there could be available discounts to help offset the cost. Most are applied when you purchase, but some discounts are required to be specifically requested before you will receive the discount.

• Discount for Home Ownership - Owning your own home or condo may earn you a small savings since home ownership demonstrates responsibility.
• Multiple Policy Discount - If you can combine your homeowners and auto policy with the same company you will save 10% to 20% off each policy.
• Discount for New Cars - Buying coverage on a new vehicle can save you some money since new vehicles are generally safer.
• Early Payment Discounts - If you can afford to pay the entire bill instead of making monthly payments you could save 5% or more.
• Life Insurance - Auto insurance companies who offer life insurance give better premium rates if you take out some life insurance in addition to your auto policy.

Please keep in mind that some of the credits will not apply to the entire policy premium. Some only apply to the price of certain insurance coverages like comp or med pay. Even though it may seem like adding up those discounts means a free policy, company stockholders wouldn't be very happy. Any amount of discount should definitely cut your policy cost.

Companies and their possible discounts can be found below.

• State Farm may offer discounts for student away at school, anti-theft, defensive driving training, multiple autos, good driver, and passive restraint.
• Progressive offers discounts for online quote discount, homeowner, multi-vehicle, continuous coverage, online signing, and multi-policy.
• Travelers offers premium reductions for IntelliDrive, driver training, new car, home ownership, and multi-policy.
• American Family may include discounts for accident-free, good driver, air bags, mySafetyValet, defensive driver, and TimeAway discount.
• Liberty Mutual offers discounts including safety features, newly retired, good student, teen driver discount, new move discount, and multi-policy.

Before you buy a policy, ask each company which discounts you may be entitled to. Some discounts listed above may not apply in every state. For a list of providers who offer discounts in Texas, click here.

It's not one size fits all

When it comes to buying coverage for your vehicles, there really isn't a single plan that fits everyone. Your situation is unique.

Here are some questions about coverages that can help discover if you would benefit from professional advice.

• Do I need to file an SR-22 for a DUI in Texas?
• Is my Toyota Tacoma covered for smoke damage?
• What if a claim settlement is too low?
• Do I have coverage if I rent a car in Mexico?
• Can I afford to buy a different vehicle if my Toyota Tacoma is totaled?
• Are combined or split liability limits better?
• Will damage be repaired with OEM parts?
• What is PIP insurance?
• Why do I have to buy liability insurance?
• When should I have rental car coverage?

If it's difficult to answer those questions but you think they might apply to your situation, you may need to chat with an agent. If you don't have a local agent, complete this form.

Getting quotes from local Austin insurance agents

Some consumers would prefer to get advice from a local agent and often times that is recommended One of the benefits of comparing insurance online is the fact that you can find the best rates and still have an agent to talk to. Buying insurance from local insurance agencies is still important in Austin.

By using this form (opens in new window), your insurance coverage information is immediately sent to local insurance agents that give free quotes for your insurance coverage. There is no need to drive around since rate quotes are delivered to your email. You can get cheaper insurance rates and work with a local agent. If you wish to get a comparison quote from a specific insurance company, you just need to visit that company's website and complete a quote there.

What type of Austin car insurance agent is right for you?

If you want a reliable insurance agent, it's important to understand the different types of agencies and how they can service your needs differently. Agents can either be independent agents or exclusive agents.

Independent Agents

Independent insurance agents can sell policies from many different companies and that is an advantage because they can write policies with a variety of different insurance companies and potentially find a lower price. If they find a cheaper price, the agent simply finds a different carrier and you stay with the same agent.

When comparison shopping, you definitely need to compare quotes from a couple of independent agencies so that you can do a thorough price comparison.

Featured below is a short list of independent insurance agents in Austin that can give you free rate quotes.

More insurance agents

Exclusive Insurance Agencies

Exclusive insurance agents can only provide one company's prices like Farmers Insurance or State Farm. Exclusive agents are unable to compare other company's rates so you might not find the best rates. Exclusive agents receive a lot of sales training on sales techniques which can be an advantage.

The following is a short list of exclusive insurance agents in Austin that are able to give price quote information.

More insurance agents

Deciding on a insurance agency should depend on more than just a cheap quote. Any agent in Austin should have no problem answering these questions:

• Do they regularly work with personal auto policies in Austin?
• Does the agent recommend any additional coverage?
• Do you work with a CSR or direct with the agent?
• If they are an independent agency in Austin, which companies do they recommend?
• What is the financial rating for the quoted company?
• Will they make sure you get an adequate claim settlement?

Quote more and you will save more

As you quote Austin car insurance, don't be tempted to skimp on coverage in order to save money. In too many instances, consumers will sacrifice full coverage and learned later that their decision to reduce coverage ended up costing them more. Your objective should be to buy the best coverage you can find at the best price, but don't skip important coverages to save money.

We just covered many ideas to reduce Toyota Tacoma insurance auto insurance rates online in Austin. It's most important to understand that the more providers you compare, the better your comparison will be. You may even discover the most savings is with the least-expected company.

Cost effective Toyota Tacoma insurance can be purchased both online and with local Austin insurance agents, so get free Austin car insurance quotes from both of them so you have a total pricing picture. There are still a few companies who don't offer rates over the internet and many times these small insurance companies only sell through local independent agencies.

Even more information can be found at these sites:

• Senior Drivers (Insurance Information Institute)
• Who Has Cheap Austin Auto Insurance Quotes for Inexperienced Drivers? (FAQ)
• What if I Can't Find Coverage? (Insurance Information Institute)
• Credit and Insurance Scores (Insurance Information Institute)