Affordable Toyota Tacoma Insurance in Memphis

Discount Toyota Tacoma insuranceIf you want to save money, the best way to get low-cost Toyota Tacoma insurance is to start comparing rates regularly from insurance carriers who sell auto insurance in Memphis.

  1. Spend some time learning about how insurance companies determine prices and the things you can change to lower rates. Many factors that cause rate increases such as traffic violations, accidents, and a negative credit history can be rectified by making minor changes to your lifestyle.
  2. Compare prices from independent agents, exclusive agents, and direct companies. Direct and exclusive agents can only quote rates from one company like Progressive or State Farm, while independent agents can give you price quotes from multiple companies.
  3. Compare the new rates to your existing coverage to see if a cheaper rate is available. If you find a lower rate and switch companies, make sure there is no coverage gap between policies.

The key thing to know about shopping around is that you’ll want to make sure you compare the same coverage limits and deductibles on each quote and and to get rate quotes from as many companies as you can. This provides a fair price comparison and the best price selection.

We don’t have to tell you that car insurance companies don’t want policyholders to compare prices from other companies. Consumers who get price comparisons are inclined to switch auto insurance companies because of the high probability of finding good coverage at a lower price. A study showed that consumers who compared rates once a year saved about $3,450 over four years compared to those who don’t regularly compare prices.

If finding the most affordable Toyota Tacoma insurance in Memphis is the reason you’re reading this, knowing how to choose a company and compare auto insurance can make the process less intimidating.

If you are insured now or need a new policy, take advantage of these tips to get lower rates without sacrificing coverage. Obtaining price quotes for the best-priced coverage in Memphis is not that difficult. Shoppers only have to learn the most time-saving way to shop their coverage around online.

Companies offering Toyota Tacoma insurance in Tennessee

The auto insurance companies shown below can provide comparison quotes in Memphis, TN. To get the best auto insurance in Memphis, it’s highly recommended you click on several of them in order to find the most affordable rates.

Toyota Tacoma insurance coverage information

The coverage table below showcases estimates of rate quotes for Toyota Tacoma models. Having knowledge of how auto insurance prices are determined is important to be able to make informed coverage decisions.

Toyota Tacoma Insurance Rates in Memphis, TN
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Tacoma 2WD $168 $382 $278 $16 $82 $926 $77
Tacoma 4WD $194 $314 $278 $16 $82 $884 $74
Tacoma Double Cab 4WD $194 $382 $278 $16 $82 $952 $79
Tacoma X-Runner 2WD $194 $450 $278 $16 $82 $1,020 $85
Tacoma Double Cab 4WD $218 $382 $278 $16 $82 $976 $81
Tacoma Double Cab TRD Off-Road Package 4WD $218 $382 $278 $16 $82 $976 $81
Tacoma Double Cab TRD Sport Package 4WD $218 $382 $278 $16 $82 $976 $81
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Data based on married male driver age 50, no speeding tickets, no at-fault accidents, $100 deductibles, and Tennessee minimum liability limits. Discounts applied include claim-free, safe-driver, homeowner, multi-policy, and multi-vehicle. Rate quotes do not factor in the specific area where the vehicle is garaged which can raise or lower price quotes significantly.

Choosing deductibles

One common question asked by Memphis drivers is at what level do you set your deductibles. The rates below determine the differences in price between low and high policy deductibles. The first rate table uses a $100 deductible for comp and collision and the second set of prices uses a $1,000 deductible.

Toyota Tacoma insurance prices with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Tacoma 2WD $216 $448 $288 $18 $86 $1,081 $90
Tacoma 4WD $248 $368 $288 $18 $86 $1,033 $86
Tacoma Double Cab 4WD $248 $448 $288 $18 $86 $1,113 $93
Tacoma X-Runner 2WD $248 $528 $288 $18 $86 $1,193 $99
Tacoma Double Cab 4WD $280 $448 $288 $18 $86 $1,145 $95
Tacoma Double Cab TRD Off-Road Package 4WD $280 $448 $288 $18 $86 $1,145 $95
Tacoma Double Cab TRD Sport Package 4WD $280 $448 $288 $18 $86 $1,145 $95
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Toyota Tacoma insurance prices with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Tacoma 2WD $120 $236 $288 $18 $86 $748 $62
Tacoma 4WD $138 $194 $288 $18 $86 $724 $60
Tacoma Double Cab 4WD $138 $236 $288 $18 $86 $766 $64
Tacoma X-Runner 2WD $138 $278 $288 $18 $86 $808 $67
Tacoma Double Cab 4WD $156 $236 $288 $18 $86 $784 $65
Tacoma Double Cab TRD Off-Road Package 4WD $156 $236 $288 $18 $86 $784 $65
Tacoma Double Cab TRD Sport Package 4WD $156 $236 $288 $18 $86 $784 $65
Get Your Own Custom Quote Go

Table data represents married male driver age 30, no speeding tickets, no at-fault accidents, and Tennessee minimum liability limits. Discounts applied include safe-driver, claim-free, multi-vehicle, homeowner, and multi-policy. Estimates do not factor in garaging location in Memphis which can affect rates significantly.

Based on the above data, using a $100 deductible costs approximately $29 more each month or $348 annually than choosing the higher $1,000 deductible. Since you would have to pay $900 more if you file a claim with a $1,000 deductible as compared to a $100 deductible, if you normally average more than 31 months between claim filings, you would probably be better off if you choose the higher deductible.

Full coverage rates vs. liability-only in Memphis

The information below visualizes the comparison of Toyota Tacoma insurance costs with liability coverage only compared to full coverage. The data assumes no tickets, no at-fault accidents, $1,000 deductibles, drivers are single, and no discounts are factored in.

When to switch to liability coverage only

There is no exact formula to stop paying for comprehensive and collision coverage on your policy, but there is a guideline you can use. If the yearly cost of full coverage is about 10% or more of the vehicle’s replacement cost less your deductible, then it may be the right time to buy liability only.

For example, let’s say your Toyota Tacoma claim settlement value is $7,000 and you have $1,000 deductibles. If your vehicle is damaged in an accident, the most your company would pay you is $6,000 after paying your policy deductible. If it’s costing in excess of $600 a year for physical damage coverage, then it may be the right time to buy liability only.

There are some situations where buying only liability insurance is not in your best interest. If you still owe a portion of the original loan, you have to keep full coverage to satisfy the loan requirements. Also, if you don’t have enough money to buy a different vehicle if your current one is damaged, you should not remove full coverage.

Memphis insurance discounts for a Toyota Tacoma

The price of auto insurance can be rather high, but there could be available discounts that can help lower your rates. A few discounts will be applied at the time you complete a quote, but less common discounts must be specially asked for in order for you to get them.Auto insurance discounts

We need to note that most credits do not apply to the overall cost of the policy. Most cut the cost of specific coverages such as liability and collision coverage. Despite the fact that it seems like adding up those discounts means a free policy, companies wouldn’t make money that way.

The diagram below visualizes the comparison of Toyota Tacoma premium costs with and without discounts applied to the premium. The price estimates are based on a male driver, no claims or driving citations, Tennessee state minimum liability limits, comp and collision included, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with claim-free, marriage, safe-driver, multi-car, multi-policy, and homeowner discounts applied.

Larger auto insurance companies and a summarized list of policyholder discounts are outlined below.

If you need lower rates, check with every prospective company which discounts you qualify for. A few discounts might not be offered in Memphis.

Insurance Price Influencing Factors

Many factors are considered when premium rates are determined. Some are obvious such as your driving record, although others are less obvious such as your marital status or your commute time.

The factors shown below are just a few of the factors utilized by car insurance companies to help set your premiums.

Cheaper rates by bundling – Some companies allow discounts to insureds that purchase more than one policy, otherwise known as a multi-policy discount. Discounts can add up to ten percent or more. Even if you’re getting this discount it’s in your best interest to check prices from other companies to help guarantee you have the best rates. Consumers may find lower rates by splitting coverages up.

Limits of liability protection – Your car insurance policy’s liability coverage kicks in when you are found to be at fault for causing personal injury or damage in an accident. Your liability coverage provides for a legal defense starting from day one. Carrying liability coverage is mandatory and cheap when compared to the cost of physical damage coverage, so do not skimp.

How your age affects costs – More experienced drivers have been proven to be more responsible, are lower risk to insure, and are safer drivers. Young drivers tend to get distracted easily when driving so they pay higher car insurance rates.

The data below uses these variables: single driver, full coverage with $500 deductibles, and no discounts or violations.

Women tend to take less risk – Statistics have proven that men are more aggressive behind the wheel. However, this does not mean men are worse drivers. Females and males cause accidents in similar percentages, but the males tend to have higher claims. Not only that, but men also get higher numbers of serious violations like DUI and reckless driving.

The example below shows the difference between Toyota Tacoma yearly insurance costs for male and female drivers. The price estimates are based on no driving violations, no at-fault accidents, comprehensive and collision coverage, $500 deductibles, single status, and no other discounts are factored in.

Cars with good safety ratings mean better rates – Safer cars tend to have lower insurance rates. Vehicles built for safety reduce injuries and fewer injuries translates directly to fewer claims and thus lower rates.

Avoid unnecessary add-on coverages – There are many extra coverages that can waste your money if you don’t pay attention. Insurance for personal injury protection, better glass coverage, and term life insurance are some examples. The coverages may be enticing when deciding what coverages you need, but if you don’t need them think about removing them and cutting costs.

Infrequent drivers can save – The more you drive your Toyota each year the more you will pay for car insurance. Most companies rate vehicles based on their usage. Cars and trucks that sit idle most of the time receive better premium rates than vehicles that have high annual mileage. Having an incorrect usage rating on your Tacoma can cost quite a bit. It’s a good idea to make sure your car insurance policy is showing the correct driver usage.

Toyota Tacoma insurance loss data – Insurers factor in insurance loss information to help calculate a profitable premium price. Models that the data shows to have a higher amount or frequency of claims will have a higher premium rate.

The table below outlines the collected loss data for Toyota Tacoma vehicles. For each type of coverage, the statistical loss for all vehicles, without regard to make or model, equals 100. Percentage numbers below 100 represent a good loss history, while values over 100 point to more frequent losses or tendency to have larger claims.

Toyota Tacoma Insurance Claim Statistics
Specific Toyota Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
Toyota Tacoma Double Cab 2WD 79 109 70 77 76 92
Toyota Tacoma Double Cab 4WD 82 104 84 64 56 77
Toyota Tacoma Double Cab LWB 2WD 87 108 74 96
Toyota Tacoma Double Cab LWB 4WD 84 104 88 68 57 79
Toyota Tacoma Xtra Cab 2WD 80 105 60 86 75 96
Toyota Tacoma Xtra Cab 4WD 71 90 77 48 51 65

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

Compare rate quotes but work with a local Memphis insurance agency

A lot of people prefer to talk to an insurance agent and there is nothing wrong with that. Most agents can point out coverage gaps and help you file claims. One of the best bonuses of getting free rate quotes online is you can get the lowest rates but still work with a licensed agent.

Memphis insurance agentsTo make it easy to find an agent, after completing this short form, the quote information gets sent to local insurance agents in Memphis that give free quotes for your business. You won’t need to contact an agency because prices are sent to you directly. If you want to get a comparison quote from a specific insurance company, you would need to find their quoting web page and complete a quote there.

Finding the right provider shouldn’t rely on just a low price. Some important questions to ask are:

Memphis auto insurance agents are either independent or exclusive

If you want a local insurance agency, you should know the types of insurance agents that you can choose from. Auto insurance agents in Memphis are classified as either independent (non-exclusive) or exclusive. Both types of agents can insure your vehicles, but it’s a good idea to understand why they differ because it can influence the type of agent you choose.

Exclusive Auto Insurance Agents

Agents that elect to be exclusive work for only one company like State Farm, Allstate, or Farmers Insurance. They are unable to compare rates from other companies so if the price isn’t competitive there isn’t much they can do. These agents receive extensive training on sales techniques which aids in selling service over price. Consumers often purchase coverage from exclusives primarily because of the prominent brand name rather than low price.

Below are exclusive insurance agencies in Memphis who can help you get price quote information.

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Independent Auto Insurance Agencies

These type of agents are not locked into one company and that allows them to write policies with many different companies enabling the ability to shop coverage around. If they quote lower rates, your agent can switch companies and you can keep the same agent.

If you are comparing auto insurance prices, it’s recommended you contact several independent agencies for the best price selection. Many independent agencies also insure through lesser-known insurance companies which may have better rates.

Below is a list of independent agencies in Memphis that can give you price quote information.

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One last note

Consumers leave their current company for a number of reasons such as an unsatisfactory settlement offer, lack of trust in their agent, questionable increases in premium and even policy non-renewal. Regardless of your reason for switching companies, switching companies is not as hard as you think.

In this article, we presented many tips how you can find lower-cost Toyota Tacoma insurance in Memphis. The key thing to remember is the more price quotes you have, the better your chances of lowering your car insurance rates. You may even be surprised to find that the best rates are with a small mutual company.

Cheap Toyota Tacoma insurance in Memphis can be bought online as well as from independent agents in Memphis, so you need to quote Memphis auto insurance with both so you have a total pricing picture. Some insurance providers may not have online price quotes and many times these small insurance companies prefer to sell through independent insurance agencies.

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