Would you like to stop wasting money and find more competitive Toyota Matrix insurance in Louisville? Pricey Toyota Matrix insurance in Louisville can overdraw your personal savings and require stricter spending habits. Shopping your coverage around can lower your rates and help to cut your insurance bill.
It’s an obvious statement that car insurance companies don’t want you to compare rates. Consumers who shop for lower rates are inclined to buy a new policy because of the high probability of finding good coverage at a lower price. A study showed that consumers who compared prices once a year saved approximately $72 a month compared to policyholders who never compared prices.
If finding the lowest price on auto insurance in Louisville is your intention, then having some insight into how to quote and compare insurance premiums can make it easier for you to save money.
Steps to buying lower priced Toyota Matrix insurance in Louisville
If saving money is your primary concern, then the best way to save on Toyota Matrix insurance is to annually compare prices from companies in Louisville.
- Get a basic knowledge of how car insurance works and the steps you can take to drop your rates. Many policy risk factors that drive up the price such as multiple speeding tickets and a low credit score can be controlled by making minor changes to your lifestyle.
- Request rate estimates from exclusive agents, independent agents, and direct providers. Direct and exclusive agents can only quote rates from a single company like GEICO or Farmers Insurance, while agents who are independent can provide price quotes for a wide range of insurance providers.
- Compare the new rates to the price on your current policy to see if you can save by switching companies. If you find a better price, make sure coverage does not lapse between policies.
- Provide proper notification to your current company of your decision to cancel your current auto insurance policy and submit a signed application and payment to your new insurance company. Once the paperwork is finalized, put the certificate verifying coverage along with your vehicle registration.
A tip to remember is to make sure you enter identical coverage information on each quote request and and to get prices from as many carriers as you can. This enables an accurate price comparison and the most accurate and complete price analysis.
Big companies like State Farm, GEICO and Farmers Insurance all claim big savings with fancy advertisements and it is challenging if not impossible to see past the corporate glitz and do the work needed to find the best deal.
You should make it a habit to compare rates quite often because prices are usually higher with each renewal. If you had the best rates on Toyota Matrix insurance in Louisville two years ago you can probably find a lower rate today. Block out anything you think you know about insurance because you’re about to learn how to use the internet to find lower rates on insurance.
If you are insured now or just want a better rate, use these tips to get lower rates and still get good coverage. Finding the cheapest insurance coverage in Louisville is much easier if you know where to start. Smart buyers only need an understanding of the most time-saving way to get comparison rates from many companies at once.
Learn How to Lower Your Insurance Prices
Many different elements are considered when pricing auto insurance. Some factors are common sense like an MVR report, but some are less apparent like where you live or your vehicle rating.
The factors shown below are a few of the things that factor into your rate level.
The more you drive the more you pay – The higher the mileage driven in a year’s time the higher the price you pay to insure it. Most insurance companies rate vehicles based upon how you use the vehicle. Cars and trucks left parked in the garage receive better premium rates than vehicles that are driven to work every day. Verify your policy is showing the proper vehicle usage. Having the wrong rating on your Matrix may be costing you.
Age of drivers impacts prices – Teen drivers in Kentucky are proven to be inattentive with other occupants in the car so auto insurance rates are higher. Older insureds are shown to be more cautious, cost insurance companies less in claims, and usually have better credit.
The data below is based on a single driver, full coverage with $250 deductibles, and no discounts or violations.
When should you not file auto insurance claims? – Companies in Kentucky award the best rates to people that do not abuse their auto insurance. If you file claims often, you can pretty much guarantee either a policy non-renewal or much higher rates. Auto insurance is intended for larger claims.
Credit rating impacts prices – An insured’s credit history factor in your rate calculation. If your credit history could use some work, you could save money insuring your Toyota Matrix by repairing your credit. Drivers who have good credit tend to be more responsible as compared to drivers with lower credit ratings.
Safety first – Vehicles with good safety scores tend to have lower insurance rates. Highly rated vehicles reduce the chance of injuries and lower injury rates means less claims paid which can result in lower premiums.
Toyota Matrix insurance statistics and information
The information shown next highlights estimates of rate quotes for Toyota Matrix models. Having a good understanding how car insurance prices are formulated can help guide drivers when making smart choices when selecting a policy.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Matrix 2WD | $104 | $222 | $306 | $18 | $92 | $742 | $62 |
| Matrix S 2WD | $120 | $262 | $306 | $18 | $92 | $798 | $67 |
| Matrix S AWD | $120 | $262 | $306 | $18 | $92 | $798 | $67 |
| Matrix XRS 2WD | $120 | $262 | $306 | $18 | $92 | $798 | $67 |
| Get Your Own Custom Quote Go | |||||||
Data based on married female driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Kentucky minimum liability limits. Discounts applied include safe-driver, multi-vehicle, multi-policy, claim-free, and homeowner. Rate quotes do not factor in vehicle garaging location which can revise coverage prices substantially.
How high should deductibles be?
One common question asked by Louisville drivers is which deductibles should you choose. The following insurance rates summarize the cost difference when you choose different coverage deductibles. The first set of prices uses a $100 deductible and the second rate chart uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Matrix 2WD | $244 | $508 | $326 | $20 | $98 | $1,221 | $102 |
| Matrix S 2WD | $280 | $598 | $326 | $20 | $98 | $1,347 | $112 |
| Matrix S AWD | $280 | $598 | $326 | $20 | $98 | $1,347 | $112 |
| Matrix XRS 2WD | $280 | $598 | $326 | $20 | $98 | $1,347 | $112 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Matrix 2WD | $178 | $342 | $326 | $20 | $98 | $964 | $80 |
| Matrix S 2WD | $206 | $404 | $326 | $20 | $98 | $1,054 | $88 |
| Matrix S AWD | $206 | $404 | $326 | $20 | $98 | $1,054 | $88 |
| Matrix XRS 2WD | $206 | $404 | $326 | $20 | $98 | $1,054 | $88 |
| Get Your Own Custom Quote Go | |||||||
Cost estimates assume married male driver age 30, no speeding tickets, no at-fault accidents, and Kentucky minimum liability limits. Discounts applied include multi-policy, homeowner, safe-driver, claim-free, and multi-vehicle. Rate quotes do not factor in zip code location which can influence premium rates considerably.
Using the premium rates above, we can conclude that using a $100 deductible would cost the average driver about $24 more each month or $288 each year than opting for the higher $500 deductible. Because you would pay $400 more out of your own pocket with a $500 deductible as compared to a $100 deductible, if you normally average at least 17 months between claim filings, you would come out ahead by selecting a higher deductible. Below is a better example of how we made this calculation.
| Average monthly premium for $100 deductibles: | $110 |
| Average monthly premium for $500 deductibles (subtract): | – $86 |
| Monthly savings from raising deductible: | $24 |
| Difference between deductibles ($500 – $100): | $400 |
| Divide difference by monthly savings: | $400 / $24 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 17 months |
The example below shows how different deductible levels and can impact Toyota Matrix insurance rates for different categories of driver ages. Data assumes a single male driver, full coverage, and no discounts are applied.
Safe drivers pay less for insurance
The illustration below shows how violations and at-fault fender-benders can drive up Toyota Matrix insurance premiums for different categories of driver ages. The premiums assume a single female driver, full physical damage coverage, $250 deductibles, and no policy discounts are applied.
Rate comparison of men versus women
The chart below visualizes the comparison of Toyota Matrix insurance rates for male and female drivers. The rates are based on no driving violations, no at-fault accidents, full coverage, $250 deductibles, drivers are not married, and no policy discounts are applied.
Full coverage versus liability-only
The example below compares Toyota Matrix insurance costs with and without full coverage. The premium estimates are based on no accidents or driving violations, $1,000 deductibles, drivers are not married, and no other discounts are factored in.
When to drop comprehensive and collision coverage
There is no set guideline for excluding full coverage, but there is a general guideline you can use. If the annual cost of having full coverage is more than about 10% of the replacement cost minus the deductible, then you might want to consider buying only liability coverage.
For example, let’s say your Toyota Matrix book value is $9,000 and you have $1,000 full coverage deductibles. If your vehicle is destroyed, the most you would receive is $8,000 after you pay the deductible. If you are paying more than $800 annually for comprehensive and collision coverage, then it could be time to drop full coverage.
There are some conditions where eliminating full coverage is not in your best interest. If you still have a lienholder on your title, you have to carry full coverage in order to prevent your loan from defaulting. Also, if you can’t afford to buy a different vehicle if your current one is totaled, you should maintain full coverage.
Lower rate quotes by taking advantage of discounts
Some providers don’t always publicize every possible discount in an easy-to-find place, so the following is a list of a few of the more common and the harder-to-find credits available to lower your premiums when you buy Louisville auto insurance online.
- Membership in Organizations – Joining a qualifying organization could qualify you for a break on your bill.
- Student in College – College-age children who are enrolled in a college that is more than 100 miles from Louisville without a vehicle on campus can be insured at a reduced rate.
- Federal Government Employee – Active or retired federal employment can save as much as 8% with a few insurance companies.
- Passive Restraint Discount – Options like air bags can qualify for discounts of more than 20%.
- Pay Upfront and Save – By paying your policy upfront rather than spreading payments over time you can avoid the installment charge.
- Defensive Driver – Taking time to complete a class that teaches driver safety techniques could possibly earn you a 5% discount if your company offers it.
- More Vehicles More Savings – Buying insurance for more than one vehicle with one company may reduce the rate for each vehicle.
- Drive Safe and Save – Accident-free drivers may save up to 50% more compared to accident prone drivers.
- Onboard Data Collection – Insureds that choose to allow their insurance company to spy on vehicle usage by installing a telematics device such as Snapshot from Progressive or Drivewise from Allstate might get better premium rates as long as they are good drivers.
It’s important to understand that most of the big mark downs will not be given to the entire cost. Some only reduce specific coverage prices like liability and collision coverage. So despite the fact that it appears you could get a free insurance policy, insurance companies wouldn’t stay in business. Any amount of discount will bring down your policy cost.
The information below illustrates the comparison of Toyota Matrix insurance rates with and without policy discounts. The data is based on a male driver, a clean driving record, no at-fault accidents, Kentucky 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 homeowner, multi-policy, safe-driver, multi-car, claim-free, and marriage discounts applied.
Companies and their offered discounts are included below.
- Farmers Insurance offers premium reductions for good student, business and professional, homeowner, youthful driver, early shopping, and alternative fuel.
- State Farm may include discounts for driver’s education, student away at school, Drive Safe & Save, defensive driving training, safe vehicle, and good student.
- Liberty Mutual offers discounts for new graduate, hybrid vehicle, safety features, newly married, preferred payment discount, and multi-policy.
- MetLife has discounts for good driver, defensive driver, good student, multi-policy, and accident-free.
- Progressive discounts include online signing, multi-policy, good student, multi-vehicle, and continuous coverage.
Check with every insurance company which credits you are entitled to. Some of the earlier mentioned discounts may not be offered in your area. For a list of companies who offer cheap Toyota Matrix insurance quotes in Louisville, click this link.
Persistence is the key to cheaper rates
As you go through the steps to switch your coverage, never reduce needed coverages to save money. Too many times, an insured cut full coverage and found out when filing a claim that a couple dollars of savings turned into a financial nightmare. The goal is to get the best coverage possible at the best possible price and still be able to protect your assets.
Low-cost Toyota Matrix insurance in Louisville can be sourced online in addition to local insurance agencies, so you need to shop Louisville auto insurance with both in order to have the best price selection to choose from. A few companies may not offer online price quotes and many times these regional insurance providers work with independent insurance agents.
How to save money on Toyota Matrix insurance in Louisville
Really, the only way to find cheaper prices for auto insurance rates is to start comparing prices regularly from different companies who provide auto insurance in Louisville. You can shop around by completing these steps.
- Take a little time to learn about how companies price auto insurance and the modifications you can make to keep rates down. Many rating factors that result in higher rates such as speeding tickets, accidents and a poor credit score can be amended by being financially responsible and driving safely.
- Get rate quotes from direct, independent, and exclusive agents. Direct and exclusive agents can only give rate quotes from a single company like Progressive and State Farm, while independent agents can quote prices for a wide range of insurance providers.
- Compare the new rates to your existing coverage and see if you can save money. If you can save some money and buy the policy, ensure there is no coverage lapse between policies.
An important bit of advice to remember is to make sure you’re comparing the same amount of coverage on each price quote and and to analyze as many different insurance providers as possible. This enables a fair rate comparison and a complete selection of prices.
More tips and info about auto insurance is available in these articles:
- How do I File a Claim? (Insurance Information Institute)
- What Car Insurance is Cheapest for a Nissan Versa in Louisville? (FAQ)
- Who Has Affordable Auto Insurance Rates for a Honda CR-V in Louisville? (FAQ)
- Smart Auto Insurance Tips (Insurance Information Institute)
- Collision Insurance Coverage (Nationwide)