Finding cheap insurance for a Toyota Tacoma in Tennessee relies on many rating criteria such as annual miles driven, if you have a tendency to file claims, and any prior driving citations you have received. Tennessee drivers will pay on average $803 per year for Tacoma insurance, but that amount is based on a 50-year-old single male driver with both comprehensive and collision coverage and $500 deductibles.
It’s highly likely you may not be 50 years old (or even male), you might be married instead of single, or maybe you have a teenager that needs to be on your policy. There is no one cookie-cutter policy that works for everyone, so the best way to find the most affordable coverage for your Toyota is to do a thorough rate comparison. Quotes are free and easy and you will receive prices from some of the best insurers that offer coverage in Tennessee.
The specific trim level tends to have a direct impact on the coverage cost, so the rate you pay to insure a Tacoma 2WD trim level will be $40 less than the insurance cost for the higher-priced Tacoma Double Cab TRD Sport Package 4WD trim level, as demonstrated by the prices below.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Tacoma Double Cab 4WD||$156||$312||$326||$20||$98||$912||$76|
|Tacoma X-Runner 2WD||$156||$368||$326||$20||$98||$968||$81|
|Tacoma Double Cab 4WD||$176||$312||$326||$20||$98||$932||$78|
|Tacoma Double Cab TRD Off-Road Package 4WD||$176||$312||$326||$20||$98||$932||$78|
|Tacoma Double Cab TRD Sport Package 4WD||$176||$312||$326||$20||$98||$932||$78|
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Data assumes single male driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and Tennessee minimum liability limits. Discounts applied include claim-free, multi-vehicle, homeowner, multi-policy, and safe-driver. Premium amounts do not factor in garaging location in Memphis which can increase or decrease premiums considerably.
Finding out which company quotes the best insurance rates for a Toyota Tacoma calls for a little more effort in order to find the lowest price quote. Each company has a proprietary method for filing rates in each state, so we need to take a look at the overall cheapest insurance companies in Memphis, TN.
It’s important to understand that Memphis insurance rates are determined by lots of factors which can significantly increase or decrease the policy price. Turning one year older, increasing deductibles, or getting a speeding ticket can trigger rate changes that can now make some companies cheaper than competitors.
Find the Best Cheap Insurance for Your Tacoma
|Rank||Company||Cost Per Year|
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Utica National has some of the best car insurance rates in Memphis at around $760 annually. Cincinnati Insurance, Auto-Owners, Penn National, and USAA also rank well as some of the more affordable Memphis, TN auto insurance companies.
As illustrated above, if you are insured with USAA and switched to Cincinnati Insurance, you could see a yearly price reduction of upwards of $79. Policyholders with Tennessee Farmers might save as much as $83 a year, and Erie insureds might reduce rates by $137 a year.
Be aware that those premiums are averaged across all drivers and vehicles in Tennessee and and are not calculated with an exact location for a Toyota Tacoma. So the company that fits you best may not even be in the list above. That point stresses why you need to quote rates from as many companies as possible using your own specific driver information and vehicle.
Reckless driving habits raise Memphis insurance rates
The easiest method to enjoy low insurance rates in Memphis for a Tacoma is to be a cautious driver and avoid accidents and keep your driving record clean. The example below demonstrates how citations and at-fault claims raise insurance costs for each different age category. The rates are based on a married female driver, comprehensive and collision coverage, $1,000 deductibles, and no discounts are applied.
In the example above, the average cost of an auto insurance policy in Tennessee per year with a clean driving record and no accidents is $1,122. Get written up for one speeding ticket and the average cost hikes up to $1,309, an increase of $187 each year. Then throw in one accident along with the one speeding ticket and the yearly cost of insurance for a Toyota Tacoma jumps again to an average of $1,823. That’s an increase of $702, or $58 per month, just for not driving attentively!
Full coverage versus liability only rates
Buying cheaper insurance is probably important to most drivers, and one of the easiest ways to pay lower rates for insurance for a Toyota Tacoma is to only pay for liability coverage. The illustration below compares insurance rates with full physical damage coverage and with liability coverage only. The rate quotes are based on no tickets, no at-fault accidents, $1,000 deductibles, marital status is single, and no discounts are taken into consideration.
On average, comp and collision coverage costs $1,438 per year over having just liability coverage. That raises the question if it’s a good idea to buy full coverage. There is no specific rule of when to stop paying for physical damage insurance, but there is a broad guideline. If the yearly cost of full coverage is 10% or more of replacement cost minus your deductible, then you may want to consider only buying liability coverage.
For example, let’s assume your vehicle’s replacement value is $9,500 and you have $1,000 deductibles. If your vehicle is severely damaged, the most your company would pay you is $8,500 after paying your policy deductible. If premiums are more than $850 a year to have full coverage, then you might want to think about dropping full coverage.
There are a few situations where removing full coverage is not in your best interest. If you haven’t satisfied your loan, you have to carry full coverage in order to keep the loan. Also, if you don’t have enough money to buy a different vehicle in the event your current vehicle is totaled, you should keep full coverage in place.
How to find budget-friendly insurance for a Toyota Tacoma
It’s not impossible to find cheaper rates, and here are some of the better money-saving suggestions that can help drivers find cheap coverage.
- Try to remain claim-free
- Don’t waste money on full coverage for older vehicles
- Buy vehicles with good safety ratings
- Increase your physical damage deductibles
- Buy your auto and home insurance from the same company and save
- Pay cheaper rates with good credit scores
- Compare rates regularly and switch companies to save money
The last tip is extraordinarily critical, as was noted in the prior article. Car insurance rates in Memphis fluctuate constantly, so drivers shouldn’t be reluctant to buy from a different company if a more affordable price is available.
Brand loyalty is not necessarily bad, but it’s not a great idea if that devotion results in you overpaying thousands of dollars over the life of your policy. It only take a few minutes to compare prices and find cheaper car insurance for a Toyota Tacoma.
If you aren’t sure which coverage to buy and prefer to have a little guidance when comparing insurance rates for a Toyota Tacoma, the agents listed below can help you decide which coverage fits your budget. To locate a Memphis auto insurance agent using an interactive map, click the button below the list.
- Kathy Thurmond-Edwards- State Farm Insurance Agent
680 W Brookhaven Cir – Memphis, TN 38117 – (901) 767-7744
- Parker Rhett – State Farm Insurance Agent
4515 Poplar Ave #416 – Memphis, TN 38117 – (901) 680-7400
- State Farm: Warren Hodges
5170 Sanderlin Ave #204 – Memphis, TN 38117 – (901) 767-2000
- Allstate Insurance: Brandon Goodrich
3725 Riverdale Rd Ste 4 – Memphis, TN 38115 – (901) 794-0080