Toyota Matrix Insurance Rates in Memphis

Everyone knows that car insurance companies don’t want you quoting rates from other companies. Consumers who shop around for better prices are inclined to move their business because they have a good chance of getting low-cost coverage. A recent auto insurance study revealed that drivers who routinely compared quotes saved on average $3,400 over four years as compared to drivers who never compared rates.

If finding budget-friendly Toyota Matrix insurance is your goal, then having some insight into how to quote and compare cheaper coverage can make the process less intimidating.

Insurance for Toyota MatrixIf you want to save the most money, the best way to find affordable auto insurance rates is to regularly compare quotes from insurers in Memphis.

Step 1: Read about coverages and the steps you can take to keep rates in check. Many policy risk factors that increase rates such as getting speeding tickets and a bad credit score can be amended by making minor changes in your lifestyle.

Step 2: Quote rates from direct carriers, independent agents, and exclusive agents. Direct and exclusive agents can only provide price estimates from one company like GEICO or State Farm, while independent agents can provide price quotes from multiple insurance companies.

Step 3: Compare the quotes to your existing rates and see if you can save money. If you can save some money and make a switch, make sure there is no lapse between the expiration of your current policy and the new one.

Step 4: Tell your current company to cancel your current car insurance policy. Submit any necessary down payment along with the completed application to your new carrier. Once coverage is bound, safely store the proof of insurance paperwork with your registration paperwork.

A good tip to remember is to make sure you enter the same coverage limits and deductibles on each quote request and and to analyze as many different insurance providers as possible. This helps ensure a level playing field and plenty of rates choose from.

Keep in mind that comparing a wide range of rates helps improve the odds of finding lower pricing. Not every company allows you to get online rate quotes, so it’s necessary to compare prices from them as well.

The companies shown below can provide free quotes in Memphis, TN. If you wish to find the best cheap auto insurance in Tennessee, we recommend you click on several of them to get the best price comparison.

Slash your auto insurance rates with discounts

Companies that sell car insurance do not list all available discounts very clearly, so the following list contains a few of the more common as well as some of the hidden auto insurance savings. If you are not receiving all the discounts you qualify for, you are just wasting money.Discount auto insurance

One last thing about discounts, most discounts do not apply to the whole policy. Most only reduce specific coverage prices like comprehensive or collision. Despite the fact that it seems like you can get free auto insurance, companies wouldn’t make money that way.

The chart below compares Toyota Matrix yearly insurance costs with and without discounts applied to the rates. The rates are based on a male driver, no accidents, no driving violations, Tennessee state minimum liability limits, comprehensive and collision coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-policy, safe-driver, marriage, multi-car, claim-free, and homeowner discounts applied.

For a list of insurance companies that offer many of these discounts in Tennessee, click here to view.

Toyota Matrix coverage statistics

The coverage table below covers estimates of prices for Toyota Matrix models. Being more informed about how policy rates are figured can help you make decisions when shopping around.

Toyota Matrix Insurance Rates in Memphis, TN
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Matrix 2WD $194 $376 $288 $18 $86 $962 $80
Matrix S 2WD $224 $444 $288 $18 $86 $1,060 $88
Matrix S AWD $224 $444 $288 $18 $86 $1,060 $88
Matrix XRS 2WD $224 $444 $288 $18 $86 $1,060 $88
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Premium data assumes married male driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and Tennessee minimum liability limits. Discounts applied include claim-free, multi-policy, safe-driver, homeowner, and multi-vehicle. Rates do not factor in specific Memphis garaging location which can modify coverage prices significantly.

Where to set your deductibles

When shopping for insurance, a common question is how high should the physical damage coverage deductibles be. The data tables below illustrate the cost difference between high and low comp and collision deductibles. The first set of prices uses a $100 deductible for comprehensive and collision coverage and the second rate table uses a $1,000 deductible.

Toyota Matrix insurance policy rates with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Matrix 2WD $216 $448 $288 $18 $86 $1,081 $90
Matrix S 2WD $248 $528 $288 $18 $86 $1,193 $99
Matrix S AWD $248 $528 $288 $18 $86 $1,193 $99
Matrix XRS 2WD $248 $528 $288 $18 $86 $1,193 $99
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Toyota Matrix insurance policy rates with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Matrix 2WD $120 $236 $288 $18 $86 $748 $62
Matrix S 2WD $138 $278 $288 $18 $86 $808 $67
Matrix S AWD $138 $278 $288 $18 $86 $808 $67
Matrix XRS 2WD $138 $278 $288 $18 $86 $808 $67
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Cost estimates assume married male driver age 30, no speeding tickets, no at-fault accidents, and Tennessee minimum liability limits. Discounts applied include multi-policy, claim-free, multi-vehicle, safe-driver, and homeowner. Premium amounts do not factor in specific garaging location which can lower or raise premiums considerably.

Based on this data, we can arrive at the conclusion that using a $100 deductible will cost you approximately $31 more each month or $372 each year across all Toyota Matrix models than quoting the higher $1,000 deductible. Due to the fact that you would have to pay $900 more out-of-pocket with a $1,000 deductible as compared to a $100 deductible, if you have at least 29 months between claims, you would probably be better off going with the higher deductible.

How to calculate deductible break even period

Average monthly premium for $100 deductibles: $97
Average monthly premium for $1,000 deductibles (subtract): – $66
Monthly savings from raising deductible: $31
Difference between deductibles ($1,000 – $100): $900
Divide difference by monthly savings: $900 / $31
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 29 months

One thing to be aware of is that a higher deductible level means you will have to cover more of the damage yourself when you have to file a claim. You will want to have enough disposable savings in the event you have to pay the deductible.

Full coverage versus liability only rates

The example below illustrates the difference between Toyota Matrix insurance rates with full coverage compared to only the Tennessee minimum liability coverage. The premiums assume no tickets, no at-fault accidents, $250 deductibles, single marital status, and no discounts are applied.

When to stop buying comprehensive and collision coverage

There is no definitive rule to eliminate comprehensive and collision coverage on your policy, but there is a general school of thought. If the annual cost of having full coverage is more than around 10% of the vehicle’s replacement cost less your deductible, then you might consider buying liability only.

For example, let’s say your Toyota Matrix book value is $5,000 and you have $1,000 policy deductibles. If your vehicle is destroyed, the most your company would pay you is $4,000 after paying your policy deductible. If premiums are more than $400 a year for comprehensive and collision coverage, then it may be the right time to buy liability only.

There are some circumstances where only buying liability is not advised. If you still owe a portion of the original loan, you have to keep full coverage in order to satisfy the requirements of the loan. Also, if your finances do not allow you to purchase a different vehicle if your current one is totaled, you should maintain full coverage.

Insurance Premium Influencing Factors

Multiple criteria are part of the calculation when you get a price on insurance. A few of the factors are predictable such as your driving record, but some are less obvious like where you live or your financial responsibility.

Does car insurance cost less for females? – Statistics show women tend to be less risk to insure than men. The data does not necessarily mean that men are worse drivers. Both sexes are in at-fault accidents at a similar rate, but the men cause more damage and cost insurance companies more money. Men also get higher numbers of serious violations such as reckless driving. Teenage male drivers generally have the highest accident percentage and are penalized with high insurance rates.

The information below shows the comparison of Toyota Matrix insurance rates for male and female drivers. The data is based on no accidents, no driving violations, comprehensive and collision coverage, $100 deductibles, drivers are not married, and no discounts are applied to the premium.

Too many policy claims drive up prices – Car insurance companies in Tennessee generally give lower rates to people who are not frequent claim filers. If you are the type of insured that files lots of claims you can definitely plan on either policy cancellation or increased premiums. Auto insurance is intended to be relied upon for larger claims.

Your job and insurance rates – Occupations such as lawyers, architects, and miners tend to pay the highest rates because of intense work-related stress and lengthy work days. Other careers like actors, engineers and homemakers get better rates.

Premiums and your address – Living in areas with lower population has definite advantages when it comes to insurance. People in densely populated areas have congested traffic and more severe claims. Less people living in that area means fewer accidents and also fewer theft and vandalism claims.

High comp and collision deductibles lower premiums – Insurance for physical damage, otherwise known as comp (or other than collision) and collision, is used to repair damage to your vehicle. Some instances where coverage would apply could be a windshield shattered by a rock, hitting a deer, and rolling your vehicle. The deductibles you choose define the amount you are willing to pay in the event of a claim. The larger the amount you pay before a claim is paid (deductible), the bigger discount you will receive.

Pay less after the wedding – Having a wife or husband actually saves money on insurance. It means you’re more mature than a single person and statistics show married drivers tend to file fewer claims.

Credit rating impacts prices – A driver’s credit score is a large factor in determining what you pay for insurance. Drivers with excellent credit tend to be better risks to insure than those with poor credit scores. Therefore, if your credit is low, you could pay less to insure your Toyota Matrix if you improve your credit rating.

Don’t cut corners with liability insurance – Your insurance policy’s liability coverage will afford coverage if ever you are responsible for personal injury or accident damage. Liability provides legal defense which can be incredibly expensive. Liability is cheap compared to other policy coverages, so do not skimp.

Insurance agents can give valuable advice

Some people would rather get advice from a local agent and that is just fine! The biggest benefit of comparing rates online is the fact that drivers can get cheaper auto insurance rates but still work with a licensed agent.

Find insurance agent in MemphisFor easy comparison, once you complete this form (opens in new window), your information is submitted to insurance agents in Memphis who will give you quotes for your business. You won’t need to leave your house due to the fact that quote results will go immediately to your email address. You can most likely find cheaper rates and a licensed agent to work with. If you need to get a price quote from a specific car insurance provider, you just need to go to their quote page and fill out their quote form.

Picking the best provider requires you to look at more than just the price. Any good agent in Memphis should know the answers to these questions.

Memphis auto insurance agents are either independent or exclusive

If you want to use a reliable insurance agent, it’s important to understand the types of insurance agents that you can select. Car insurance agencies may be either exclusive or independent agents depending on their company appointments.

Exclusive Agents

Agents of this type can only place business with one company and some examples include Farmers Insurance, State Farm, Allstate, and AAA. These agents are not able to shop your coverage around so you might not find the best rates. These agents are well trained on their company’s products and that enables them to sell even at higher rates.

Shown below are Memphis exclusive insurance agencies who may provide you with price quotes.

420 S Germantown Pkwy #109Cordova, TN 38018(901) 761-5240View Map

848 Cooper StMemphis, TN 38104(901) 725-1919View Map

6060 Primacy Pkwy #221Memphis, TN 38119(901) 794-3691View Map

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Independent Car Insurance Agencies

Independent agents are not restricted to one company and that allows them to write policies with lots of companies and get the cheapest rates. If premiums increase, they simply switch companies in-house which makes it simple for you. When shopping rates, you definitely need to get some free quotes from a couple of independent agencies to have the best price comparison.

The following are Memphis independent insurance agencies that can give you rate quotes.

3232 S Perkins RdMemphis, TN 38118(901) 797-8665View Map

2670 Union AveMemphis, TN 38112(901) 321-1000View Map

4132 Elvis Presley BlvdMemphis, TN 38116(901) 346-2550View Map

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After talking to the agent and getting good answers to any questions you have as well as offering an affordable quote, you have narrowed it down to an insurance agency that is reliable enough to properly insure your vehicles. Just be aware that you can cancel coverage whenever you want so don’t assume that you’re stuck with any specific company with no way to switch.

Which is the best insurance?

When it comes to the right insurance coverage, there really is not a one-size-fits-all type of policy. Everyone’s situation is a little different and your insurance should be unique as well.Safe vehicles cost less to insure
For instance, these questions may help highlight if you might need professional guidance.

If you don’t know the answers to these questions, you might consider talking to a licensed insurance agent. If you don’t have a local agent, complete this form or you can go here for a list of companies in your area.

Do the work, save more money

The cheapest Toyota Matrix insurance in Memphis can be sourced online as well as from independent agents in Memphis, so you should be comparing quotes from both so you have a total pricing picture. Some insurance companies may not have the ability to get a quote online and most of the time these regional carriers only sell through independent insurance agencies.

In this article, we covered many tips how you can save on Toyota Matrix insurance in Memphis. The most important thing to understand is the more price quotes you have, the better your comparison will be. You may even find the lowest rates are with the least-expected company. These smaller insurers may only write in your state and offer lower car insurance rates compared to the large companies like Progressive and GEICO.

When searching for affordable Memphis car insurance quotes, it’s not a good idea to reduce coverage to reduce premium. There have been many cases where drivers have reduced comprehensive coverage or liability limits only to discover later that the few dollars in savings costed them thousands. Your focus should be to purchase plenty of coverage at a price you can afford, but do not sacrifice coverage to save money.

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