Are you regretting the purchase of high-priced Toyota 4Runner insurance in Austin? Don’t sweat it because you’re not the only one.
Unfortunately, nearly 70% of customers kept buying from the same company for a minimum of four years, and just short of a majority have never quoted auto insurance rates at all. The average driver in Austin could save $1,800 a year by just comparing rate quotes, but they don’t believe the rate savings if they switched to a more affordable policy. You have so many auto insurance companies to insure vehicles with, and though it is a good thing to have a selection, more choices can make it harder to find the best rates for Toyota 4Runner insurance in Austin.
Why You Might Pay Lower Rates in Austin
Many different elements are considered when you quote your car insurance policy. Most are fairly basic like your driving record, but other factors are less obvious like your vehicle usage or how safe your car is.
Shown below are a partial list of the pieces companies use to determine your premiums.
- Bad credit hurts insurance costs – Having a bad credit history is a big factor in calculating your auto insurance rates. So if your credit rating is lower than you’d like, you may save money insuring your Toyota 4Runner by spending a little time repairing your credit. Insureds with good credit tend to be better risks to insure than drivers who have lower ratings.
- File a claims and pay more – If you’re an insured who likes to file claims you shouldn’t be surprised to get either policy cancellation or increased premiums. Companies in Texas give lower rates to insureds who do not rely on their insurance for small claims. Your car insurance is intended for the large, substantial claims.
- Better auto insurance rates for continuous coverage – Letting your insurance expire will be a guaranteed way to drive up your policy premiums. And not only will insurance be more expensive, failure to provide proof of insurance could earn you fines and jail time. Then you may be required to file a SR-22 with the Texas motor vehicle department to get your license reinstated.
- Long commutes cost more – The higher the mileage driven in a year’s time the higher your rate. A lot of companies calculate rates based upon how the vehicle is primarily used. Cars that do not get driven very much cost less to insure than vehicles that are driven to work every day. Verify your declarations sheet reflects the correct driver usage, because it can save money. An improperly rated 4Runner may be costing you higher rates.
- Insurance loss statistics a Toyota 4Runner – Insurers use data from past claims as a tool for profitable underwriting. Models that the statistics show to have higher prevalence or dollar amount of losses will be charged more to insure.
The table shown below demonstrates the historical loss data for Toyota 4Runner vehicles. For each coverage category, the statistical loss for all vehicles averaged together is equal to 100. Numbers shown that are under 100 imply a favorable loss record, while percentage values above 100 point to more frequent losses or an increased chance of larger losses than average.
Toyota 4Runner Insurance Claim Statistics
Vehicle Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Toyota 4Runner 4dr 2WD 75 92 83 76 66 75 Toyota 4Runner 4dr 4WD 78 88 110 67 59 74
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Lowering your car insurance rates is not rocket science. The only requirement is to take time getting comparison quotes to find the company with cheaper Austin car insurance quotes.
Comparison shopping rate quotes online is easy and it makes it obsolete to spend your day driving to and from local Austin insurance agencies. The fact that you can get quotes online makes this process obsolete unless you want the trained advice of a local Austin agent. It is possible to get prices online and get advice from an agent in your area.
The following companies offer free quotes in Texas. If several companies are displayed, we suggest you get price quotes from several of them to find the lowest auto insurance rates.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|4Runner Sport 2WD||$262||$322||$330||$20||$98||$1,032||$86|
|4Runner SR/5 2WD||$370||$592||$324||$20||$96||$1,402||$117|
|4Runner Sport 4WD||$232||$392||$340||$20||$102||$1,086||$91|
|4Runner SR/5 4WD||$286||$512||$366||$22||$110||$1,296||$108|
|4Runner Trail Edition 4WD||$322||$594||$310||$18||$94||$1,338||$112|
|4Runner Limited 2WD||$222||$360||$330||$20||$98||$1,030||$86|
|4Runner Limited 4WD||$288||$496||$310||$18||$94||$1,206||$101|
|Get Your Own Custom Quote Go|
Table data assumes married male driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and Texas minimum liability limits. Discounts applied include safe-driver, multi-policy, homeowner, claim-free, and multi-vehicle. Premium amounts do not factor in the specific area where the vehicle is garaged which can modify prices substantially.
Full coverage or liability only
The information below illustrates the comparison of Toyota 4Runner car insurance costs with full physical damage coverage compared to only buying the minimum liability limits required in Texas. The premiums are based on no violations or claims, $100 deductibles, married male driver, and no discounts are applied.
Should you buy full coverage or liability only?
There is no exact formula for excluding comprehensive and collision coverage on your policy, but there is a general convention. If the yearly cost of comp and collision coverage is more than about 10% of the replacement cost minus the deductible, then it’s probably a good time to buy liability coverage only.
For example, let’s say your Toyota 4Runner settlement value is $7,000 and you have $1,000 policy deductibles. If your vehicle is damaged in an accident, the most your company would pay you is $6,000 after paying the physical damage deductible. If you are paying over $600 a year for full coverage, then you may need to consider dropping full coverage.
There are a few cases where eliminating full coverage is not a good idea. If you still have a lienholder on your title, you are required to maintain 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 in an accident, you should keep full coverage.
Truth in car insurance advertising
Consumers can’t avoid all the ads that claim the cheapest rates from companies such as State Farm, GEICO and Progressive. They all seem to seem to make the promise that you’ll save big if you change your car insurance policy to them.
It sounds good, but how can they all have lower policy pricing?
Car insurance companies offer their best rates for a prospective insured that will not have excessive claims. For instance, a desirable insured might be a female over age 40, has other policies, and drives less than 5,000 miles a year. Anyone that fits those parameters will get a cheap rate quote in Austin and have a good chance to pay quite a bit less when switching companies.
Drivers who may not quite match this stringent profile will probably have to pay a higher premium which results in the driver buying from a lower-cost company. The trick is to say “drivers who switch” but not “everyone who gets a quote” save that much. That’s why companies can truthfully lure you into getting a quote.
Different companies use different criteria so drivers should get as many free Austin car insurance quotes as possible. It is impossible to predict which company will fit your personal profile best.
Car insurance does more than just repair your car
Despite the potentially high cost of Toyota 4Runner insurance, paying for car insurance is required for several reasons.
First, the majority of states have compulsory liability insurance requirements which means it is punishable by state law to not carry specific limits of liability coverage if you drive a vehicle. In Texas these limits are 30/60/25 which means you must have $30,000 of bodily injury coverage per person, $60,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.
Second, if your vehicle has a lien holder, it’s most likely the lender will have a requirement that you buy full coverage to guarantee their interest in the vehicle. If you let the policy lapse, the bank may insure your Toyota for a lot more money and require you to fork over much more than you were paying before.
Third, insurance protects not only your car but also your assets. Insurance will also pay for medical transport and hospital expenses incurred in an accident. As part of your policy, liability insurance also pays expenses related to your legal defense if you are sued as the result of your driving. If you have damage to your Toyota as the result of the weather or an accident, comprehensive (other-than-collision) and collision coverage will cover the damage repairs after a deductible is paid.
The benefits of insuring your 4Runner outweigh the cost, especially for larger claims. Today the average American driver is wasting up to $830 a year so smart consumers compare quotes at every policy renewal to help ensure money is not being wasted.
Cheaper rates with these discounts
Insurance can be pricey, but you may find discounts to help offset the cost. Certain credits will be shown at the time you complete a quote, but occasionally some discounts must be inquired about before you will receive the discount. If they aren’t giving you every credit you qualify for, you’re just leaving money on the table.
- Early Payment Discounts – If you pay your entire premium ahead of time rather than paying monthly you could save up to 5%.
- Senior Discount – Drivers over the age of 55 could receive a small decrease in premiums.
- Government Employees – Simply working for the federal government may reduce rates when you quote Austin car insurance but check with your company.
- Theft Prevention System – Cars that have factory anti-theft systems are stolen less frequently and can earn a small discount on your policy.
- Accident Free – Insureds who avoid accidents and claims pay less in comparison with drivers with a long claim history.
- Policy Bundle Discount – When you have multiple policies and insure them with the same company they may give you a discount of approximately 10% to 15%.
Just know that some credits don’t apply to the entire cost. Most only cut individual premiums such as comp or med pay. So when the math indicates having all the discounts means you get insurance for free, it doesn’t quite work that way.
A few popular companies and a summarized list of policyholder discounts include:
- State Farm offers premium reductions for anti-theft, multiple policy, driver’s education, good driver, defensive driving training, passive restraint, and multiple autos.
- Esurance has savings for online quote, online shopper, homeowner, good driver, multi-policy, multi-car, and DriveSense.
- Progressive may include discounts for multi-vehicle, homeowner, continuous coverage, multi-policy, and online signing.
- Liberty Mutual discounts include new move discount, newly retired, hybrid vehicle, multi-policy, preferred payment discount, and new graduate.
- Auto-Owners Insurance offers discounts for mature driver, good student, paid in full, safe vehicle, anti-lock brakes, and paperless.
- GEICO offers discounts including multi-policy, anti-theft, daytime running lights, good student, and multi-vehicle.
Double check with each company which discounts they offer. Discounts might not apply in your area. To see a list of insurance companies who offer discounts in Texas, click this link.
Get rate quotes but work with a local Austin insurance agency
Some consumers just want to go talk to an agent and that is not a bad decision Good agents can make sure you are properly covered and help in the event of a claim. One of the best bonuses of getting online price quotes is the fact that you can find cheap rate quotes and still have a local agent. Buying from and supporting neighborhood insurance agencies is still important in Austin.
Once you complete this short form, your insurance data is instantly submitted to companies in Austin who will give you bids for your business. You don’t have to leave your house as quotes are delivered straight to your inbox. If you want to get a price quote for a specific company, don’t hesitate to go to their quote page to submit a rate quote request.
Exclusive or Independent: There is a difference
If you are searching for a reputable agency, it can be helpful to understand the types of agencies that you can select. Insurance policy providers are considered either independent agents or exclusive agents. Either one can provide insurance policies, but it’s good to learn how they are different because it can influence your selection of an agent.
Independent Agencies or Brokers
Independent insurance agents are not limited to a single company so as a result can place your coverage through many companies and find the cheapest rate. If they find a cheaper price, they simply move your policy to a different company which requires no work on your part.
When comparing rate quotes, we recommend you get several quotes from at a minimum one independent agency in order to compare the most rates.
Below is a partial list of independent agencies in Austin who may be able to give you free rate quotes.
Exclusive Insurance Agencies
These agents normally can only provide a single company’s rates like American Family, State Farm, and Allstate. Exclusive agents are unable to give you multiple price quotes so they have to upsell other benefits. Exclusive agents are very knowledgeable on their products and sales techniques which helps them sell on service rather than price.
Shown below are exclusive agents in Austin willing to provide comparison quotes.
Picking an insurance agency should include more criteria than just a cheap price. Any agent in Austin should be willing to answer these questions.
- Is working in the agency their full-time job?
- How long has their agency been in business in Austin?
- Is their price quote a firm figure or are their hidden costs?
- Is vehicle mileage a factor when determining depreciation for repairs?
- In the event of vehicle damage, can you pick the collision repair facility?
- Do they have advanced training designations such as CPCU, AAI, AIC, or CIC?
Once you have received reasonable responses to all your questions and a low price estimate, you’ve probably found a car insurance agent that meets the requirements to adequately provide insurance.
Persistent drivers can save
We just showed you many tips how you can get a better price on Toyota 4Runner insurance in Austin. It’s most important to understand that the more providers you compare, the higher your chance of finding affordable Austin car insurance quotes. You may even discover the best auto insurance rates are with some of the lesser-known companies. Regional companies can often provide lower premium rates in certain areas compared to the large companies like State Farm and Allstate.
When buying insurance coverage, it’s a bad idea to buy poor coverage just to save money. There are too many instances where an insured dropped collision coverage to discover at claim time they didn’t purchase enough coverage. Your goal should be to purchase a proper amount of coverage at a price you can afford and still be able to protect your assets.
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