Cheaper 2001 Toyota MR2 Spyder Car Insurance Rates

Searching for the cheapest insurance coverage rates for your Toyota MR2 Spyder? Are you at wits end from robbing Peter to pay Paul to pay high insurance coverage rates every month? You are in the same boat as many other drivers.

With drivers having so many companies and agents to choose from, it’s difficult to choose the lowest cost insurer.

It’s a great practice to price shop coverage before your next renewal since insurance prices are usually higher with each renewal. Even if you think you had the lowest price for MR2 Spyder coverage on your last policy the chances are good that you can find a lower rate quote today. Block out anything you think you know about insurance coverage because you’re about to find out the fastest way to reduce your cost while improving coverage.

How your MR2 Spyder insurance premiums are determined

Many factors are used when premium rates are determined. Some are pretty understandable like your driving record, but other criteria are less obvious like where you live or your vehicle rating.

The items below are a partial list of the pieces used by your company to calculate premiums.

• Liability protection is cheap – The liability section of your policy will protect you in the event that you are found liable for damages from an accident. Your liability coverage provides legal defense starting from day one. It is affordable coverage as compared to coverage for physical damage, so drivers should make sure they buy enough to cover all assets.
• Your stress level may be raising your rates – Did you know your occupation can influence how much you pay for insurance? Careers such as lawyers, architects and stock brokers are shown to have higher average rates due to intense work situations and long work days. Conversely, jobs like scientists, engineers and homemakers pay lower than average rates for MR2 Spyder coverage.
• Credit score impact insurance costs – A driver’s credit score can be a huge factor in calculating your insurance rates. If your credit leaves room for improvement, you could be paying less to insure your 2001 Toyota MR2 Spyder by spending a little time repairing your credit. Drivers who have high credit scores tend to be less risk to insure than those with lower ratings.
• Safer occupants lowers prices – Vehicles with good safety scores get lower rates. These vehicles reduce occupant injuries and fewer injuries means less claims paid passed on to you as lower rates.

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Which insurance coverage is cheapest?

The majority of larger companies give coverage prices directly from their websites. Doing online price comparisons is pretty easy as you simply type in the amount of coverage you want as detailed in the form. Upon sending the form, the system will obtain information on your driving record and credit history and gives you a price quote based on the data you entered. This simplifies rate comparisons, but having to visit different websites and type in the same information gets old quite quickly. Unfortunately, it is important to compare as many rates as possible in order to get a lower rate.

There is a better way!

A less time-consuming method to find cheaper rates makes use of a single form to return rates from multiple companies. It saves time, helps eliminate reptitive entry, and makes online quotes much easier to do. After sending your information, it is rated with multiple companies and you can pick any or none of the returned quotes.

If a lower price is quoted, you simply finish the application and purchase the new policy. The whole process only takes a few minutes and you will find out if you’re overpaying now.

To find out what other companies charge, click here and complete the simple form. If you have coverage now, it’s recommended you enter deductibles and limits just like they are on your policy. Doing this assures you will have rate comparison quotes based on similar coverages.

Take advantage of these money-saving discounts

Companies don’t always advertise every policy discount in a way that’s easy to find, so the next list breaks down some of the best known as well as some of the hidden discounts that you may qualify for.

• Anti-lock Brake Discount – Vehicles equipped with ABS or steering control can reduce accidents and earn discounts up to 10%.
• Senior Citizen Discount – If you qualify as a senior citizen, you may be able to get a small discount on rates for MR2 Spyder coverage.
• Safe Driver Discount – Drivers without accidents can get discounts for up to 45% lower rates for MR2 Spyder coverage than less cautious drivers.
• Safety Course Discount – Taking a class that teaches defensive driving techniques can save you 5% or more and make you a better driver.
• Claim-Free Discount – Drivers who don’t have accidents are rewarded with significantly better rates on auto insurance quote compared to accident-prone drivers.
• Discounts for Seat Belt Usage – Requiring all passengers to buckle their seat belts could save 15% on the premium charged for medical payments and/or PIP.
• Bundled Policy Discount – If you insure your home and vehicles and place coverage with the same company you may earn approximately 10% to 15%.
• Driving Data Discount – Drivers who elect to allow companies to look at driving habits by installing a telematics device such as Progressive’s Snapshot and State Farm’s In-Drive may see discounts as long as they are good drivers.
• New Car Discount – Buying a new car model can cost up to 25% less compared to insuring an older model.

You can save money using discounts, but most of the big mark downs will not be given to the entire policy premium. Most cut the price of certain insurance coverages like liability and collision coverage. So when it seems like it’s possible to get free car insurance, companies don’t profit that way.

For a list of insurers that have a full spectrum of discounts, click this link.

Do I need special coverages?

When it comes to choosing proper insurance coverage, there is no one size fits all plan. Every situation is different and your policy should reflect that. Here are some questions about coverages that might help in determining if your situation might need professional guidance.

• Why do I only qualify for high-risk insurance?
• Am I missing any policy discounts?
• What if I don’t agree with a claim settlement offer?
• Do I need medical payments coverage since I have good health insurance?
• Do I need special endorsements for business use of my vehicle?
• Are rock chip repairs covered?
• Does insurance cover tools stolen from my truck?

If you’re not sure about those questions, then you may want to think about 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.

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Auto insurance coverages 101

Learning about specific coverages of a auto insurance policy can help you determine the best coverages and proper limits and deductibles. The coverage terms in a policy can be ambiguous and even agents have difficulty translating policy wording. Shown next are the normal coverages offered by auto insurance companies.

Medical payments coverage and PIP

Personal Injury Protection (PIP) and medical payments coverage kick in for immediate expenses such as funeral costs, X-ray expenses, chiropractic care, EMT expenses and surgery. The coverages can be used to cover expenses not covered by your health insurance plan or if there is no health insurance coverage. Medical payments and PIP cover you and your occupants and will also cover being hit by a car walking across the street. PIP is only offered in select states and gives slightly broader coverage than med pay

Comprehensive coverage

This will pay to fix damage from a wide range of events other than collision. A deductible will apply and then insurance will cover the rest of the damage.

Comprehensive coverage protects against claims such as a tree branch falling on your vehicle, fire damage, a broken windshield and falling objects. The maximum amount a auto insurance company will pay at claim time is the cash value of the vehicle, so if the vehicle’s value is low consider dropping full coverage.

Liability

Liability coverage can cover damage that occurs to a person or their property. This coverage protects you against other people’s claims, and doesn’t cover your injuries or vehicle damage.

It consists of three limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You might see limits of 50/100/50 that translate to a $50,000 limit per person for injuries, a per accident bodily injury limit of $100,000, and a total limit of $50,000 for damage to vehicles and property. Alternatively, you may have a combined single limit or CSL which provides one coverage limit without having the split limit caps.

Liability coverage pays for things like medical expenses, attorney fees, court costs, legal defense fees and repair costs for stationary objects. The amount of liability coverage you purchase is a decision to put some thought into, but it’s cheap coverage so purchase as large an amount as possible.

Auto collision coverage

Collision coverage will pay to fix damage to your MR2 Spyder from colliding with an object or car. You first must pay a deductible and then insurance will cover the remainder.

Collision coverage pays for things like damaging your car on a curb, crashing into a ditch and sideswiping another vehicle. Collision coverage makes up a good portion of your premium, so consider removing coverage from lower value vehicles. Drivers also have the option to choose a higher deductible to bring the cost down.

Uninsured/Underinsured Motorist coverage

Uninsured or Underinsured Motorist coverage gives you protection from other motorists when they are uninsured or don’t have enough coverage. This coverage pays for injuries sustained by your vehicle’s occupants as well as your vehicle’s damage.

Since a lot of drivers only purchase the least amount of liability that is required, it doesn’t take a major accident to exceed their coverage limits. For this reason, having high UM/UIM coverages is important protection for you and your family. Normally the UM/UIM limits are set the same as your liablity limits.

One last thing

In this article, we presented a lot of ways to reduce 2001 Toyota MR2 Spyder insurance premium rates online. The key concept to understand is the more you quote auto insurance, the higher your chance of finding affordable auto insurance. Consumers may even find the lowest priced car insurance comes from a smaller regional carrier. These companies may cover specific market segments cheaper as compared to the big name companies such as Allstate, Geico and Progressive.

When buying insurance coverage, you should never reduce needed coverages to save money. There are a lot of situations where drivers have reduced uninsured motorist or liability limits and learned later that a couple dollars of savings turned into a financial nightmare. Your strategy should be to purchase plenty of coverage at the best price but still have enough coverage for asset protection.

More tips and info about car insurance is available in these articles:

• Collision Coverage (Liberty Mutual)
• Auto Insurance Basics (Insurance Information Insitute)
• Uninsured Motorist Statistics (Insurance Information Insitute)
• State Car Insurance Guides (Geico)
• Child Safety Seats (Insurance Information Insitute)

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