Save Money on Toyota Land Cruiser Insurance in Memphis

How long have you put off shopping around for cheaper insurance rates in Memphis, TN? Memphis drivers have options when trying to find the best price on Toyota Land Cruiser insurance. You can either spend your time contacting agents to compare prices or leverage the internet to compare rates.

There are both good and bad ways to compare insurance rates and you need to know the quickest way to quote coverages on a Toyota and get the lowest possible price either online or from Memphis insurance agents.

Most of the larger companies allow you to get insurance quotes from their websites. The process can be done by anyone as you simply type in the coverage amounts you desire as detailed in the form. Behind the scenes, their system orders your driving record and credit report and gives you a price quote determined by many factors.

The ability to get online rate quotes for Toyota Land Cruiser insurance in Memphis helps simplify price comparisons, and it’s necessary to compare as many rates as possible if you want to get a lower rate.

To quickly get comparison pricing now, compare rates from the companies below. If you have a policy now, it’s recommended you duplicate your coverages exactly as shown on your declarations page. This ensures you’re receiving rate comparison quotes using the exact same coverages.

The companies shown below offer price quotes in Memphis, TN. If you want to find cheap auto insurance in Memphis, we recommend you visit several of them to find the lowest car insurance rates.

Rates and data analysis

The premium table displayed next highlights detailed analysis of insurance costs for Toyota Land Cruiser models. Learning as much as possible about how insurance policy rates are determined can assist in making informed decisions when shopping around for a new policy.

Data assumes married male driver age 50, no speeding tickets, no at-fault accidents, $100 deductibles, and Tennessee minimum liability limits. Discounts applied include multi-policy, claim-free, multi-vehicle, safe-driver, and homeowner. Prices do not factor in vehicle location which can revise auto insurance rates substantially.

Rate comparison for different deductibles

One of the most common insurance questions is how high should the deductibles for physical damage be. The tables below may help you to understand the rate difference when you select higher and lower coverage deductibles. The first data table uses a $100 comprehensive and collision deductible and the second set of rates uses a $500 deductible.

Price data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Tennessee minimum liability limits. Discounts applied include safe-driver, multi-policy, claim-free, homeowner, and multi-vehicle. Table data does not factor in specific garaging location which can change price quotes significantly.

Based on the above data, using a $100 deductible would cost the average driver about $29 more each month or $348 every year than requesting the higher $500 deductible. Since you would have to pay $400 more if you file a claim with a $500 deductible as compared to a $100 deductible, if you average more than 14 months between claim filings, you would more than likely save some money if you opt for a higher deductible.

The diagram below shows how different deductible levels and can increase or decrease Toyota Land Cruiser insurance premiums for each different age category. The rates are based on a single female driver, full physical damage coverage, and no additional discounts are factored in.

How much more does full coverage cost?

The chart below illustrates the difference between Toyota Land Cruiser car insurance rates with full physical damage coverage and with liability coverage only. The premium estimates are based on a clean driving record, no claims, $250 deductibles, drivers are single, and no additional discounts are factored in.

Should you buy full coverage or liability only?

There is no definitive rule for eliminating comprehensive and collision coverage on your policy, but there is a general school of thought. If the annual cost of comprehensive and collision coverage is more than 10% of the replacement cost minus the deductible, then it might be time to consider dropping full coverage.

For example, let’s assume your Toyota Land Cruiser replacement value is $3,000 and you have $1,000 deductibles. If your vehicle is totaled, you would only receive $2,000 after paying the physical damage deductible. If premiums are more than $200 a year for full coverage, then you might consider buying liability only.

There are some cases where buying only liability insurance is not recommended. If you haven’t paid off your loan, you must maintain physical damage coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if your finances do not allow you to purchase a different vehicle if your current one is damaged, you should not remove full coverage.

Learn How to Buy Insurance More Affordably

Consumers need to have an understanding of a few of the rating criteria that help determine your premiums. If you understand what determines base rates, this allows you to make educated decisions that may result in lower premium levels. Lots of factors are used in the calculation when you quote your car insurance policy. Most are fairly basic like an MVR report, although others are more transparent like your vehicle usage or how safe your car is.

The itemized list below are some of the major factors used by insurance companies to determine your rate level.

• Don’t skimp on liability coverage – Liability insurance kicks in in the event that a court rules you are at fault for an accident. Your policy’s liability insurance provides for a legal defense up to the limits shown on your policy. It is affordable coverage compared to physical damage coverage, so drivers should carry high limits.
• Get better prices if you’re married – Getting married can actually save you money on your policy. Having a spouse generally demonstrates drivers are more mature and statistics show married drivers tend to have fewer serious accidents.
• Drive less and pay lower prices – The more you drive in a year the more it will cost to insure it. A lot of companies charge to insure your cars based upon how the vehicle is primarily used. Cars and trucks not used for work or commuting receive better premium rates than vehicles that are driven to work every day. It’s a smart idea to ensure your insurance policy correctly shows annual mileage, because it can save money. Having an incorrect usage rating on your Land Cruiser may be costing you.

• Women tend to cost less – Statistics have proven that females take fewer risks when driving. That doesn’t necessarily mean that men are WORSE drivers than women. Women and men have fender benders in similar percentages, but males get into accidents with more damage. Men also tend to get higher numbers of serious violations like DWI (DUI) or reckless driving. Young males generally have the highest accident percentage and thus pay the highest rates.

  The diagram below illustrates the comparison of Toyota Land Cruiser car insurance costs for male and female drivers. The premium estimates are based on no claims or driving violations, comprehensive and collision coverage, $500 deductibles, drivers are single, and no policy discounts are applied.

• Improve your credit score and save – Having a bad credit score is likely to be a major factor in determining what you pay. Insureds that have excellent credit scores tend to be more responsible than drivers who have poor credit. If your credit history could use some work, you may save money insuring your Toyota Land Cruiser by improving your rating.
• Use but don’t abuse your insurance – If you file claims often, you can pretty much guarantee either policy cancellation or increased premiums. Companies in Tennessee provide cheaper rates to drivers who file claims infrequently. Your insurance policy is intended for claims that you cannot pay yourself.

• The type of car makes a difference – The performance level of the car you are trying to find cheaper insurance for makes a huge difference in your premium level. The cheapest insurance rates will normally be found when insuring lower performance four cylinder passenger models, but the cost you end up paying is determined by many additional factors.

  The following data is based on a married male driver age 40, full coverage with $250 deductibles, and no discounts or violations. The chart compares Toyota Land Cruiser insurance rates compared to other vehicles that have a range of performance risks.

• Insurance loss probability for a Toyota Land Cruiser – Companies use past insurance losses to calculate a price that will offset losses. Models that the statistics show to have a trend towards higher claim severity or frequency will have higher rates for specific coverages.

  The data below shows the loss history for Toyota Land Cruiser vehicles. For each coverage type, the claim probability for all vehicles as a whole is considered to be 100. Values under 100 indicate better than average losses, while values over 100 indicate higher probability of having a loss or statistically larger losses.

  
  

  Insurance Loss Ratings for Toyota Land Cruiser Vehicles

  Make and Model	Collision	Property Damage	Comp	Personal Injury	Medical Payment	Bodily Injury
  Toyota Land Cruiser 4dr 4WD	94	88	171

  BETTER

  AVERAGE

  WORSE

  Empty fields indicate not enough data collected
  Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years

Choosing the best Land Cruiser insurance in Tennessee is an important decision

Even though it’s not necessarily cheap to insure a Toyota in Memphis, insurance may be required for several reasons.

• Just about all states have compulsory liability insurance requirements which means state laws require a minimum amount of liability protection if you don’t want to risk a ticket. In Tennessee these limits are 25/50/15 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $15,000 of property damage coverage.
• If you bought your Land Cruiser with a loan, most lenders will make it a condition of the loan that you have full coverage to ensure loan repayment if the vehicle is totaled. If you do not pay your insurance premiums, the bank will be required to insure your Toyota at a much higher premium rate and force you to pay the higher premium.
• Insurance protects your Toyota Land Cruiser and your assets. It will also pay for many types of medical costs that are the result of an accident. Liability coverage, the one required by state law, will also pay attorney fees in the event you are sued. If your Toyota gets damaged, your car insurance policy will cover the repair costs.

The benefits of carrying enough insurance definitely exceed the cost, especially when you need to use it. According to a survey of 1,000 drivers, the average driver is wasting up to $800 each year so compare rate quotes once a year at a minimum to ensure rates are competitive.