Are you sick and tired of robbing Peter to pay Paul each month for insurance? You’re in the same situation as most other drivers in Florida.
Smart shoppers know that car insurance companies don’t want you shop around. Insureds who shop for lower rates will, in all likelihood, switch companies because of the high probability of finding lower prices. Surprisingly, a recent survey revealed that consumers who routinely shopped around saved an average of $860 a year compared to policyholders who never shopped around.
If finding the best rates on car insurance is your goal, understanding how to shop and compare auto insurance can make it easier for you to save money.
Steps to finding better rates for Toyota Tacoma insurance in Tampa
The preferred way to find cheaper quotes for auto insurance rates is to make a habit of regularly comparing prices from insurance carriers in Tampa. You can compare prices by completing these steps.
- Step 1: Take a few minutes and learn about coverages and the things you can control to drop your rates. Many rating criteria that are responsible for high rates like getting speeding tickets and an unfavorable credit rating can be rectified by making minor changes to your lifestyle.
- Step 2: Compare prices from direct, independent, and exclusive agents. Exclusive and direct companies can only provide price estimates from a single company like GEICO or State Farm, while agents who are independent can quote prices for a wide range of companies. Start a quote
- Step 3: Compare the quotes to your current policy and see if there is a cheaper rate. If you find better rates, make sure the effective date of the new policy is the same as the expiration date of the old one.
The key thing to know about shopping around is to use the same amount of coverage on each quote request and and to get rate quotes from all possible companies. This helps ensure an accurate price comparison and a complete price analysis.
Big-name insurance companies like Allstate, Liberty Mutual and State Farm promote their brand names with advertising and it can be hard to separate fact from fiction and find the best price available.
The car insurance companies shown below can provide quotes in Tampa, FL. If you want to find the best cheap auto insurance in Tampa, it’s highly recommended you visit as many as you can to find the most competitive car insurance rates.
Coverage statistics and figures
The coverage table shown below showcases different insurance prices for Toyota Tacoma models. Understanding more about how auto insurance premiums are established is important for making smart choices when selecting a coverage provider.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Tacoma Double Cab 4WD||$252||$494||$542||$32||$162||$1,482||$124|
|Tacoma X-Runner 2WD||$252||$584||$542||$32||$162||$1,572||$131|
|Tacoma Double Cab 4WD||$284||$494||$542||$32||$162||$1,514||$126|
|Tacoma Double Cab TRD Off-Road Package 4WD||$284||$494||$542||$32||$162||$1,514||$126|
|Tacoma Double Cab TRD Sport Package 4WD||$284||$494||$542||$32||$162||$1,514||$126|
|Get Your Own Custom Quote Go|
Data variables include single female driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Florida minimum liability limits. Discounts applied include claim-free, homeowner, multi-policy, safe-driver, and multi-vehicle. Premium amounts do not factor in specific location information which can modify rates significantly.
Should you buy full coverage?
The chart below visualizes the comparison of Toyota Tacoma car insurance costs with full coverage and liability only. The data assumes no driving violations, no at-fault accidents, $250 deductibles, single status, and no discounts are taken into consideration.
Should you be buying full coverage?
There isn’t a written rule to stop paying for physical damage coverage on your policy, but there is a general school of thought. If the annual cost of your full coverage insurance is more than 10% of the vehicle’s replacement cost less your deductible, then you might want to think about dropping full coverage.
For example, let’s say your Toyota Tacoma replacement value is $4,000 and you have $1,000 physical damage deductibles. If your vehicle is destroyed, the most your company would pay you is $3,000 after paying your deductible. If you are paying over $300 a year for comprehensive and collision coverage, then you may want to consider only buying liability coverage.
There are some scenarios where buying only liability insurance is not a good plan. If you still owe money on your vehicle, you have to carry full coverage as part of the loan conditions. Also, if your emergency fund is not enough to purchase a different vehicle in the event your current vehicle is totaled, you should not drop full coverage.
Insuring your vehicle just makes sense
Even though it can be expensive, insuring your vehicle is not optional due to several reasons.
First, just about all states have mandatory liability insurance requirements which means it is punishable by state law to not carry a specific level of liability insurance coverage if you don’t want to risk a ticket. In Florida these limits are 10/20/10 which means you must have $10,000 of bodily injury coverage per person, $20,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
Second, if you have a lien on your Toyota Tacoma, most banks will require you to have insurance to protect their interest in the vehicle. If you default on your policy, the lender may insure your Toyota at a much higher rate and force you to pay a much higher amount than you were paying before.
Third, car insurance protects both your Toyota Tacoma and your personal assets. It also can pay for medical expenses for you, any passengers, and anyone injured in an accident. One of the most valuable coverages, liability insurance, also covers all legal expenses up to the policy limit in the event you are sued. If your car is damaged in a storm or accident, your policy will cover the repair costs.
The benefits of carrying adequate insurance are without a doubt worth the cost, particularly for liability claims. In a recent study of 1,000 drivers, the average customer is wasting up to $830 a year so compare rate quotes at every policy renewal to be sure current rates are still competitive.
Smart Consumers Can Slash Their Insurance Costs
A large part of saving on car insurance is knowing a few of the rating criteria that help calculate the price you pay for car insurance. If you know what influences your rates, this enables you to make decisions that could help you find big savings. Lots of factors are part of the calculation when you quote your car insurance policy. Some of the criteria are obvious such as traffic violations, but other factors are not quite as obvious like your continuous coverage and annual miles driven.
Listed below are a partial list of the pieces car insurance companies consider when setting prices.
- Cut rates and deter theft – Selecting a car model with advanced anti-theft systems can save you some money. Advanced theft deterrents such as vehicle immobilizer systems, General Motors OnStar and LoJack tracking systems all aid in stopping vehicle theft.
- Lower rates for married couples – Walking down the aisle may cut your premiums on your policy. Marriage is viewed as being more mature and responsible it has been statistically shown that married drivers get in fewer accidents.
- Proper usage rating affects prices – Driving more miles in a year the more it will cost to insure it. Many insurance companies calculate rates based upon how the vehicle is primarily used. Cars not used for work or commuting cost less to insure than those used for commuting. It’s a good idea to make sure your vehicle rating states annual mileage. Having an incorrect usage rating on your Tacoma may be costing you.
Is your vehicle built for speed? – The make and model of the vehicle you are buying insurance for makes a substantial difference in the rate you pay. Lower performance four cylinder passenger cars usually have the lowest premiums, but other factors influence the final cost greatly.
The following chart uses these assumptions: married male driver age 20, full coverage with $100 deductibles, and no discounts or violations. The data compares Toyota Tacoma policy rates compared to other models of vehicles that have different performance rating factors.
Teenagers are high risk – Older, more experienced drivers are more responsible, statistically cause fewer accidents, and get fewer tickets. Teenage drivers are known to be careless and easily distracted behind the wheel and because of this, their car insurance rates are much higher.
The following chart uses these variables: single driver, full coverage with $250 deductibles, and no discounts or violations.
Toyota Tacoma historical loss data – Insurers include the past claim history for a vehicle to calculate a price that offsets possible losses. Vehicles that are shown to have higher loss trends will have a higher cost to insure. The table below illustrates the compiled insurance loss statistics for Toyota Tacoma vehicles.
For each insurance policy coverage type, the claim amount for all vehicles averaged together is considered to be 100. Values that are under 100 represent a good loss history, while numbers shown that are more than 100 indicate a higher chance of having a claim or statistically larger losses.
Insurance Loss Ratings for Toyota Tacoma Vehicles Make and 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 65BETTERAVERAGEWORSE
Empty fields indicate not enough data collected
Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Auto insurance savings summarized
Discount Toyota Tacoma insurance in Tampa can be found online as well as from independent agents in Tampa, and you should compare price quotes from both to have the best chance of lowering rates. A few companies do not offer online quoting and most of the time these small, regional companies provide coverage only through independent agents.
As you prepare to switch companies, never reduce coverage to reduce premium. In too many instances, drivers have reduced full coverage only to discover later that their decision to reduce coverage ended up costing them more. The aim is to buy enough coverage for the lowest cost, but do not skimp to save money.
In this article, we presented quite a bit of information on how to find cheap Toyota Tacoma insurance in Tampa. It’s most important to understand that the more quotes you get, the higher the chance of saving money. You may even find the best rates are with a small local company. These companies can often provide lower car insurance rates in certain areas than their larger competitors like Progressive or GEICO.
How to find low-cost rates for Toyota Tacoma insurance in Tampa
The best way we recommend to find low-cost auto insurance rates is to compare quotes annually from companies in Tampa. Prices can be compared by following these steps.
- Step 1: Learn about how companies price auto insurance and the measures you can take to prevent expensive coverage. Many rating factors that increase rates such as traffic tickets, fender benders, and a less-than-favorable credit rating can be rectified by improving your driving habits or financial responsibility.
- Step 2: Request price quotes from direct carriers, independent agents, and exclusive agents. Direct and exclusive agents can only give prices from a single company like Progressive or State Farm, while independent agents can give you price quotes from multiple sources.
- Step 3: Compare the price quotes to your existing coverage to see if you can save by switching companies. If you can save money and change companies, make sure there is no coverage gap between policies.
- Step 4: Provide proper notification to your current company of your intent to cancel the current policy. Submit payment along with a signed and completed policy application to the new insurer. When you receive it, place your new proof of insurance paperwork with your vehicle’s registration.
The key aspect of shopping around is to try to compare the same liability limits and deductibles on every quote request and and to get rates from all possible companies. Doing this enables a fair price comparison and the best price quote selection.
Even more information is located in these articles:
- Auto Insurance for Teen Drivers (Insurance Information Institute)
- How Much is Car Insurance for Postal Workers in Tampa? (FAQ)
- Who Has Affordable Auto Insurance for 16 Year Olds in Tampa? (FAQ)
- Who Has Affordable Auto Insurance Rates for Nurses in Tampa? (FAQ)
- Who Has the Cheapest Car Insurance Quotes for a Toyota Highlander in Tampa? (FAQ)
- How Much is Auto Insurance for a Honda Civic in Tampa? (FAQ)
- Safety Features for Your New Car (State Farm)
- Alcohol Impaired Driving FAQ (iihs.org)
- Car Insurance: When not to Skimp (BankRate.com)