Best Insurance for a Toyota Tacoma in Raleigh

Discount Toyota Tacoma insuranceWant to know how to find lower-priced Toyota Tacoma insurance in Raleigh? Have you fallen victim to an overpriced insurance policy? Say no more because there are lots of people in the same boat.

A recent study revealed that almost 70% of insureds in North Carolina have purchased from the same company for a minimum of four years, and about 40% of consumers have never even shopped around for cheaper coverage. With the average premium in America being $1,847, drivers could save as much as $860 a year just by shopping around, but they feel it’s too difficult to compare rates and save money.

How to buy lower priced Toyota Tacoma insurance in Raleigh

The preferred way to find more affordable auto insurance rates is to compare prices annually from insurers in Raleigh. You can compare prices by following these steps.

  1. Spend a few minutes and learn about coverages and the measures you can take to prevent expensive coverage. Many risk factors that result in higher prices like at-fault accidents, speeding tickets, and an imperfect credit history can be remedied by being financially responsible and driving safely.
  2. Obtain price quotes from exclusive agents, independent agents, and direct providers. Direct companies and exclusive agencies can only quote rates from one company like GEICO and Allstate, while agents who are independent can quote rates for many different companies.
  3. Compare the quotes to your existing policy and determine if cheaper Tacoma coverage is available in Raleigh. If you find a lower rate and make a switch, make sure there is no coverage gap between policies.
  4. Notify your company or agent to cancel your current car insurance policy. Submit payment and a signed application for the new policy. As soon as you receive it, put the certificate verifying coverage with your vehicle’s registration.

The key thing to remember is that you’ll want to compare identical coverage information on each quote request and and to get price estimates from as many companies as you can. Doing this ensures a fair price comparison and many rates to choose from.

Many insurers compete for your hard-earned dollar, so it’s not easy to compare every insurance company and get the best coverage at the lowest rate on Toyota Tacoma insurance in Raleigh.

Consumers need to take a look at other company’s rates at least once a year since prices are usually higher with each renewal. If you had the best deal on Toyota Tacoma insurance in Raleigh a couple years back a different company probably has better premium rates today. You’ll find quite a bit of inaccurate information about Tacoma insurance online, but by reading this article, you’re going to learn some of the best techniques to stop overpaying for insurance in Raleigh.

If you are paying for car insurance now, you stand a good chance to be able to shop for the lowest rates using the concepts you’re about to learn. Locating the most cost-effective auto insurance policy in Raleigh is easy if you know what you’re doing. But North Carolina consumers need to learn how insurance companies calculate your auto insurance rates and use this information to your advantage.

The majority of larger companies such as State Farm, GEICO and Progressive provide price estimates direct online. Getting Toyota Tacoma insurance prices online doesn’t take much effort as all you need to do is type in the coverage amounts you desire into a form. When the form is submitted, the company’s rating system will obtain your driving and credit reports and generates a price based on the data you entered. This streamlines rate comparisons, and it’s very important to compare as many rates as possible in order to get a better rate.

To compare rates now, take a look at the companies shown below. If you have coverage now, it’s recommended you input coverages and limits exactly as they are listed on your policy. This helps ensure you are getting rate comparison quotes based on similar coverages.

The companies in the list below have been selected to offer comparison quotes in Raleigh, NC. In order to find cheap auto insurance in Raleigh, it’s highly recommended you get rate quotes from several of them to get the most competitive price.

Auto insurance statistics for a Toyota Tacoma

The premium information shown below highlights detailed analysis of insurance prices for Toyota Tacoma models. Having a better idea how car insurance premiums are formulated can benefit drivers when making decisions when shopping around.

Toyota Tacoma Insurance Rates in Raleigh, NC
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Tacoma 2WD $152 $298 $256 $16 $76 $798 $67
Tacoma 4WD $176 $246 $256 $16 $76 $770 $64
Tacoma Double Cab 4WD $176 $298 $256 $16 $76 $822 $69
Tacoma X-Runner 2WD $176 $352 $256 $16 $76 $876 $73
Tacoma Double Cab 4WD $198 $298 $256 $16 $76 $844 $70
Tacoma Double Cab TRD Off-Road Package 4WD $198 $298 $256 $16 $76 $844 $70
Tacoma Double Cab TRD Sport Package 4WD $198 $298 $256 $16 $76 $844 $70
Get Your Own Custom Quote Go

Data assumes married male driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and North Carolina minimum liability limits. Discounts applied include safe-driver, multi-policy, multi-vehicle, claim-free, and homeowner. Table data does not factor in your specific Raleigh location which can increase or decrease coverage rates significantly.

Rate comparison for different deductibles

One frequently asked question is what deductibles to buy. The following insurance rates help summarize how much more rates are between low and high deductibles. The first rate estimation uses a $100 deductible for comprehensive and collision coverage and the second set of rates uses a $500 deductible.

Toyota Tacoma insurance premium estimates with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Tacoma 2WD $186 $386 $250 $14 $74 $935 $78
Tacoma 4WD $214 $318 $250 $14 $74 $895 $75
Tacoma Double Cab 4WD $214 $386 $250 $14 $74 $963 $80
Tacoma X-Runner 2WD $214 $456 $250 $14 $74 $1,033 $86
Tacoma Double Cab 4WD $242 $386 $250 $14 $74 $991 $83
Tacoma Double Cab TRD Off-Road Package 4WD $242 $386 $250 $14 $74 $991 $83
Tacoma Double Cab TRD Sport Package 4WD $242 $386 $250 $14 $74 $991 $83
Get Your Own Custom Quote Go

Toyota Tacoma insurance premium estimates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Tacoma 2WD $136 $262 $250 $14 $74 $736 $61
Tacoma 4WD $156 $214 $250 $14 $74 $708 $59
Tacoma Double Cab 4WD $156 $262 $250 $14 $74 $756 $63
Tacoma X-Runner 2WD $156 $308 $250 $14 $74 $802 $67
Tacoma Double Cab 4WD $176 $262 $250 $14 $74 $776 $65
Tacoma Double Cab TRD Off-Road Package 4WD $176 $262 $250 $14 $74 $776 $65
Tacoma Double Cab TRD Sport Package 4WD $176 $262 $250 $14 $74 $776 $65
Get Your Own Custom Quote Go

Cost estimates assume married male driver age 30, no speeding tickets, no at-fault accidents, and North Carolina minimum liability limits. Discounts applied include safe-driver, multi-vehicle, homeowner, multi-policy, and claim-free. Information does not factor in the specific area where the vehicle is garaged which can affect coverage rates considerably.

Based on the figures above, using a $100 deductible will cost in the ballpark of $17 more each month or $204 annually than selecting the higher $500 deductible. Due to the fact that you would have to pay $400 more out of your own pocket with a $500 deductible as compared to a $100 deductible, if you usually have at a minimum 24 months between claim filings, you would more than likely save some money if you choose the higher deductible.

How to determine if higher deductibles are a good idea

Average monthly premium for $100 deductibles: $81
Average monthly premium for $500 deductibles (subtract): – $64
Monthly savings from raising deductible: $17
Difference between deductibles ($500 – $100): $400
Divide difference by monthly savings: $400 / $17
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 24 months

One big caveat is that raising deductibles results in a higher out-of-pocket expense when you have to file a claim. You need to have some funds available in the event you have to pay more to get your vehicle repaired.

Rate difference between full and liability-only coverage

The information below illustrates the comparison of Toyota Tacoma insurance costs with and without physical damage coverage. The rate quotes are based on no accidents, no driving violations, $500 deductibles, single marital status, and no other discounts are factored in.

Should you pay for full coverage?

There is no set guideline of when to exclude full coverage on your policy, but there is a general convention. If the yearly cost of full coverage is about 10% or more of the settlement you would receive from your company, then it could be time to drop full coverage.

For example, let’s pretend your Toyota Tacoma claim settlement value is $4,000 and you have $1,000 full coverage deductibles. If your vehicle is destroyed, the most you would get paid by your company is $3,000 after paying your deductible. If you are currently paying more than $300 a year for physical damage coverage, then you might want to consider buying only liability coverage.

There are some circumstances where dropping physical damage coverage is not a good plan. If you still have a loan on your vehicle, you have to maintain full coverage as part of the loan conditions. Also, if your savings is not enough to buy a different vehicle in the even your car is totaled, you should not buy liability only.

Why you need vehicle insurance in North Carolina

Despite the high cost of buying insurance for a Toyota Tacoma in Raleigh, insurance serves an important purpose.

First, just about all states have minimum liability requirements which means you are required to buy specific limits of liability protection if you drive a vehicle. In North Carolina 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 Toyota Tacoma has a loan, most banks will force you to have full coverage to protect their interest in the vehicle. If you default on your policy, the bank may buy a policy for your Toyota at a more expensive rate and force you to reimburse them for the much more expensive policy.

Third, insurance preserves both your Toyota Tacoma and your assets. Insurance will also pay for medical bills for not only you but also any passengers injured in an accident. Liability coverage, the one required by state law, will also pay to defend you if you are sued as the result of an accident. If your vehicle suffers damage from an accident or hail, collision and comprehensive coverages will cover the repair costs.

The benefits of having insurance definitely exceed the cost, specifically if you ever have a liability claim. In a recent study of 1,000 drivers, the average customer is overpaying over $800 each year so compare rates every year to help ensure money is not being wasted.

Insurance coverage considerations

Knowing the specifics of insurance can be of help when determining the right coverages for your vehicles. Insurance terms can be impossible to understand and nobody wants to actually read their policy. Below you’ll find typical coverages found on most insurance policies.

Collision – This will pay to fix damage to your Tacoma from colliding with an object or car. You first must pay a deductible and the rest of the damage will be paid by collision coverage.

Collision can pay for things like scraping a guard rail, crashing into a building, driving through your garage door, colliding with another moving vehicle and crashing into a ditch. This coverage can be expensive, so consider removing coverage from older vehicles. Another option is to increase the deductible on your Tacoma to get cheaper collision coverage.

Med pay and Personal Injury Protection (PIP) – Personal Injury Protection (PIP) and medical payments coverage kick in for bills like prosthetic devices, X-ray expenses, pain medications, doctor visits and hospital visits. They can be used in conjunction with a health insurance program or if you lack health insurance entirely. Medical payments and PIP cover you and your occupants and also covers getting struck while a pedestrian. Personal Injury Protection is not universally available and gives slightly broader coverage than med pay

Liability insurance – This can cover damages or injuries you inflict on people or other property. This insurance protects YOU against other people’s claims, and doesn’t cover damage to your own property or vehicle.

It consists of three limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You commonly see liability limits of 30/60/25 which means $30,000 bodily injury coverage, $60,000 for the entire accident, and $25,000 of coverage for damaged property.

Liability coverage pays for things like repair bills for other people’s vehicles, pain and suffering, medical expenses and repair costs for stationary objects. How much liability should you purchase? That is a personal decision, but consider buying as high a limit as you can afford. North Carolina state law requires minimum liability limits of 30/60/25 but you should think about purchasing more liability than the minimum.

The chart below shows why minimum state limits may not be adequate.

Uninsured/Underinsured Motorist (UM/UIM) – Your UM/UIM coverage provides protection when the “other guys” either are underinsured or have no liability coverage at all. It can pay for injuries sustained by your vehicle’s occupants as well as damage to your Toyota Tacoma.

Because many people carry very low liability coverage limits (which is 30/60/25), it doesn’t take a major accident to exceed their coverage limits. So UM/UIM coverage should not be overlooked.

Comprehensive insurance – This will pay to fix damage OTHER than collision with another vehicle or object. You first have to pay a deductible then the remaining damage will be covered by your comprehensive coverage.

Comprehensive can pay for claims such as hitting a bird, hail damage, damage from flooding, damage from getting keyed and damage from a tornado or hurricane. The maximum payout your insurance company will pay is the actual cash value, so if it’s not worth much more than your deductible it’s probably time to drop comprehensive insurance.

Cheaper auto insurance is out there

Cheaper auto insurance in Raleigh can be bought online in addition to local insurance agencies, and you need to price shop both to have the best chance of lowering rates. Some insurance companies do not provide online price quotes and these regional carriers provide coverage only through independent insurance agents.

As you shop your coverage around, it’s a bad idea to reduce needed coverages to save money. In too many instances, an insured dropped physical damage coverage only to find out that the small savings ended up costing them much more. Your goal is to purchase plenty of coverage at the best price, but do not skimp to save money.

How to find more affordable Toyota Tacoma insurance in Raleigh

It takes a few minutes, but the best way to get affordable Toyota Tacoma insurance is to start comparing prices yearly from different companies who provide car insurance in Raleigh. Rate comparisons can be done by following these steps.

  1. Try to learn a little about how car insurance works and the steps you can take to lower rates. Many factors that drive up the price like at-fault accidents, careless driving, and a negative credit history can be controlled by improving your driving habits or financial responsibility.
  2. Compare price quotes from independent agents, exclusive agents, and direct companies. Direct and exclusive agents can only give rate quotes from one company like Progressive and State Farm, while independent agencies can provide prices for a wide range of companies.
  3. Compare the new rate quotes to the premium of your current policy to see if you can save by switching companies. If you can save some money, make sure there is no coverage gap between policies.

One key aspect of rate comparisons is that you’ll want to compare the same level of coverage on every price quote and and to get price quotes from all possible companies. This helps ensure an accurate price comparison and the best price selection.

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