How to Save on Riverside Toyota Matrix Insurance

It takes a few minutes, but the best way to find cheaper car insurance rates in Riverside is to start comparing rates regularly from insurers who provide auto insurance in California.

1. Try to learn about the coverage provided by your policy and the factors you can control to lower rates. Many rating factors that increase rates like speeding tickets, accidents and bad credit can be remedied by being financially responsible and driving safely.
2. Compare prices from independent agents, exclusive agents, and direct companies. Direct companies and exclusive agencies can only give rate quotes from a single company like GEICO and State Farm, while independent agents can quote rates from multiple sources.
3. Compare the price quotes to your current policy to see if you can save by switching companies. If you find a lower rate and buy the policy, make sure there is no lapse between the expiration of your current policy and the new one.

An important bit of advice to remember is that you use identical coverage information on each price quote and and to get rate quotes from as many companies as you can. This enables an apples-to-apples comparison and a complete rate analysis.

Surprisingly, a recent survey revealed that the vast majority of auto insurance customers in California have stayed with the same insurance company for well over three years, and practically 40% of auto insurance customers have never compared quotes from other companies. Many consumers in America can cut their rates by up to $860 a year, but most just don’t grasp the benefits if they switched.

Locating the most cost-effective auto insurance policy in Riverside can really be easy if you know what you’re doing. Essentially everyone who needs lower cost auto insurance will most likely be able to find lower rates. Nevertheless, California consumers must learn the methods companies use to set your policy premium and use it to find better rates.

Most larger insurance companies like GEICO, State Farm and Progressive allow consumers to get coverage price quotes direct online. This process is pretty painless because it’s just a matter of typing in the amount of coverage you want into a form. Behind the scenes, their quoting system requests your credit score and driving record and returns pricing information based on many factors. This streamlines rate comparisons, and it’s necessary to compare as many rates as possible in order to find the lowest payment.

To save time and find out what other companies charge, take a look at the companies shown below. If you have your current policy handy, we recommend you copy coverages and limits as shown on your current policy. This makes sure you will have an apples-to-apples comparison using the same coverage and limits.

The following companies are our best choices to provide free rate quotes in California. If more than one company is shown, it’s highly recommended you visit as many as you can to get the lowest price.

Three reasons car insurance is important

Even though it’s not necessarily cheap to insure a Toyota in Riverside, maintaining insurance may be required and benefits you in several ways.

• Just about all states have minimum liability requirements which means you are required to buy specific minimum amounts of liability insurance in order to license the vehicle. In California these limits are 15/30/5 which means you must have $15,000 of bodily injury coverage per person, $30,000 of bodily injury coverage per accident, and $5,000 of property damage coverage.
• If you took out a loan on your Toyota, it’s guaranteed your bank will make it mandatory that you have insurance to guarantee their interest in the vehicle. If coverage lapses or is canceled, the bank or lender will purchase a policy for your Toyota for a much higher rate and require you to reimburse them for it.
• Car insurance preserves both your assets and your Toyota. It will also pay for hospital and medical expenses incurred in an accident. Liability insurance, one of your policy coverages, will also pay to defend you if someone files suit against you as the result of an accident. If damage is caused by hail or an accident, comprehensive and/or collision insurance will pay to repair the damage minus the deductible amount.

The benefits of buying car insurance definitely exceed the price paid, particularly for liability claims. Despite what companies tell you, the average driver is overpaying over $700 annually so it’s important to compare rates at every policy renewal to save money.

Insurance rate breakdown

The coverage information shown below highlights estimates of prices for Toyota Matrix models. Having a better idea how policy premiums are formulated can help you make informed decisions when shopping around for a new policy.

Data variables include single male driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and California minimum liability limits. Discounts applied include multi-vehicle, safe-driver, homeowner, claim-free, and multi-policy. Price information does not factor in garaging location in Riverside which can impact rates noticeably.

Physical damage deductibles

One of the most common insurance questions is how low should you set your deductibles. The comparison tables below show the costs and benefits when you choose different physical damage coverage deductibles. The first table uses a $100 deductible for comp and collision and the second price grid uses a $500 deductible.

Cost estimates assume married male driver age 30, no speeding tickets, no at-fault accidents, and California minimum liability limits. Discounts applied include multi-policy, multi-vehicle, safe-driver, homeowner, and claim-free. Premium amounts do not factor in specific location information which can revise coverage prices noticeably.

Based on the figures above, using a $100 deductible would cost the average driver about $31 more each month or $372 every year across all Toyota Matrix models than quoting the higher $500 deductible. Since the policyholder would be required to pay $400 more out of your own pocket with a $500 deductible as compared to a $100 deductible, if you tend to have more than 13 months between claim filings, you would most likely save money if you decide on a higher deductible. The illustration below shows how this decision is made.

One big caveat is that raising deductibles to get cheaper rates results in more money out-of-pocket when you have a claim. You need some extra funds in order to pay the higher deductible in order to repair your vehicle.

Safe drivers pay less for insurance

The chart below shows how violations and at-fault fender-benders raise Toyota Matrix insurance prices for each age group. The prices are based on a single female driver, full coverage, $100 deductibles, and no policy discounts are applied.

Price comparison of only insuring for liability

The example below illustrates the comparison of Toyota Matrix insurance rates with full physical damage coverage compared to only buying the minimum liability limits required in California. The data assumes no claims or violations, $250 deductibles, single marital status, and no discounts are applied.

Should you pay for full coverage?

There isn’t a written rule for phasing out full coverage on your policy, but there is a general convention. If the annual cost of comprehensive and collision coverage is more than around 10% of any settlement you would receive from your insurance company, then it could be time to drop full coverage.

For example, let’s assume your Toyota Matrix settlement value is $8,000 and you have $1,000 policy deductibles. If your vehicle is damaged in an accident, the most you would receive is $7,000 after the deductible is paid. If it’s costing you more than $700 a year for physical damage coverage, then you may need to consider dropping full coverage.

There are some conditions where dropping physical damage coverage is not recommended. If you still owe a portion of the original loan, you are required to maintain full coverage as part of the loan conditions. Also, if you cannot afford to purchase a different vehicle if your current one is in an accident, you should keep full coverage.

Insurance discounts are available to get cheap rates

Auto insurance companies do not advertise every possible discount in an easy-to-find place, so we researched a few of the more well known and the harder-to-find credits that you can use to lower your rates.

• Discount for Life Insurance – Not every insurance company offers life insurance, but if they do you may earn a break if you buy a life policy as well.
• ABS Braking Discount – Anti-lock brake equipped vehicles can avoid accidents so companies give up to a 10% discount.
• Good Grades Discount – This discount can get you a discount of up to 25%. Most companies allow this discount until age 25.
• Active Service Discounts – Being on active deployment in the military could be rewarded with lower prices.
• Senior Discount – Older drivers may receive a small discount on rates.
• Low Mileage Discounts – Maintaining low annual mileage could be rewarded with substantially lower prices.
• Home Ownership Discount – Owning your own home or condo can save you money because of the fact that having a home demonstrates responsibility.
• Pay Now and Pay Less – If paying your policy premium upfront rather than paying in monthly installments you could save 5% or more.
• Claim-Free Discount – Drivers with accident-free driving histories can earn big discounts in comparison to drivers with a long claim history.
• Bundle and Save – If you can combine your auto and homeowners policy with one company you could get a discount of approximately 10% to 15%.

Policy discounts save money, but many deductions do not apply to the whole policy. Most only cut the cost of specific coverages such as medical payments or collision. Just because you may think you could get a free insurance policy, that’s just not realistic.

The information below compares Toyota Matrix annual premium costs with and without discounts. The costs are based on a male driver, a clean driving record, no at-fault accidents, California state minimum liability limits, full coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with safe-driver, multi-policy, homeowner, marriage, claim-free, and multi-car discounts applied.

Popular insurance companies and some of the discounts are included below.

• Progressive has discounts for good student, online quote discount, multi-vehicle, homeowner, online signing, and continuous coverage.
• AAA has savings for good driver, AAA membership discount, pay-in-full, good student, multi-car, multi-policy, and anti-theft.
• Farmers Insurance offers premium reductions for multi-car, bundle discounts, good student, homeowner, alternative fuel, switch companies, and distant student.
• GEICO offers discounts including anti-theft, seat belt use, emergency military deployment, five-year accident-free, and military active duty.
• Esurance discounts include Switch & Save, renters, DriveSense, anti-lock brakes, claim free, defensive driver, and homeowner.
• SAFECO may include discounts for bundle discounts, teen safe driver, homeowner, safe driver, teen safety rewards, and anti-theft.
• State Farm includes discounts for multiple policy, accident-free, safe vehicle, anti-theft, and good driver.

Before buying, ask every prospective company how many discounts you can get. Some discounts may not apply to policyholders in Riverside. If you would like to see a list of providers who offer free Toyota Matrix insurance quotes in Riverside, click here to view.

How much auto insurance do I need?

When it comes to choosing your policy for your personal vehicles, there is no “perfect” insurance plan. Your financial needs are unique.

For instance, these questions can help discover if your insurance needs will benefit from professional help.

• Can I still get insurance after a DUI?
• Do I need medical payments coverage since I have good health insurance?
• Does my liability insurance cover pulling a trailer or camper?
• How much cheaper are high deductibles?
• Is upholstery damage covered by car insurance?
• Can I make deliveries for my home business?
• Is there a penalty for late payment?

If it’s difficult to answer those questions, you might consider talking to an insurance agent. To find lower rates from a local agent, fill out this quick form.