How to Compare Lubbock Toyota Prius Insurance

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Discount Toyota Prius insuranceThe best way to quote cheaper Toyota Prius insurance is to do an annual price comparison from providers that insure vehicles in Lubbock.

  • First, gain an understanding of how companies set rates and the factors you can control to keep rates down. Many risk factors that are responsible for high rates like at-fault accidents, careless driving, and a poor credit score can be amended by making minor changes to your lifestyle.
  • Second, request price quotes from direct carriers, independent agents, and exclusive agents. Direct and exclusive agents can give quotes from a single company like GEICO and Allstate, while agents who are independent can give you price quotes for many different companies. Start a quote
  • Third, compare the new rate quotes to your current policy premium and see if you can save money. If you find better rates and decide to switch, make sure the effective date of the new policy is the same as the expiration date of the old one.
  • Fourth, tell your current agent or company of your decision to cancel your current policy. Submit payment along with a signed and completed policy application for the new coverage. When you receive it, keep the new proof of insurance certificate along with the vehicle's registration papers.

One thing to point out is to try to use identical coverages on each quote request and and to analyze as many different companies as possible. Doing this helps ensure an apples-to-apples comparison and plenty of rates choose from.

A recent car insurance study discovered that almost 70% of drivers in Texas renewed their policy with the same company for more than four years, and practically 40% of car insurance customers have never even shopped around for affordable coverage. Most drivers in the United States can save almost 46.5% each year, but they don't want to spend time to find affordable car insurance rates.

Compare free Lubbock Toyota Prius insurance quotes

Reducing your Toyota Prius insurance rates is a great way to save money. Consumers just need to take time comparing free Lubbock car insurance quotes online from several insurance companies.

The auto insurance companies shown below can provide quotes in Lubbock, TX. To get the best cheap car insurance in TX, we suggest you get prices from several of them to find the cheapest auto insurance rates.

Insurance coverage details

The price information displayed below showcases estimates of policy rates for Toyota Prius models. Having a good understanding how premiums are determined can assist in making smart choices when buying a policy.

Toyota Prius Insurance Rates in Lubbock, TX
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Prius $160 $266 $310 $18 $94 $848 $71
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Table data represents married male driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Texas minimum liability limits. Discounts applied include claim-free, multi-policy, homeowner, safe-driver, and multi-vehicle. Premium amounts do not factor in specific Lubbock garaging location which can increase or decrease prices substantially.

Should you raise deductibles?

When comparing insurance rates, the most common question is how high should your deductibles be. The rates shown below can help you understand the cost difference when you select higher and lower deductibles. The first rate quote example uses a $250 deductible for comp and collision and the second set of rates uses a $1,000 deductible.

Toyota Prius insurance prices with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Prius $332 $496 $324 $20 $96 $1,293 $108
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Toyota Prius insurance prices with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Prius $206 $312 $324 $20 $96 $958 $80
Get Your Own Custom Quote Go

Premium data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Texas minimum liability limits. Discounts applied include claim-free, safe-driver, multi-vehicle, multi-policy, and homeowner. Prices do not factor in garaging location in Lubbock which can revise premiums substantially.

Using the data above, we can ascertain that using a $250 deductible could cost the average driver approximately $28 more each month or $336 a year than opting for the higher $1,000 deductible. Since the policyholder would be required to pay $750 more out-of-pocket with a $1,000 deductible as compared to a $250 deductible, if you have more than 27 months between claims, you would save more money if you elect the higher deductible.

How to determine if raising deductibles makes sense

Average monthly premium for $250 deductibles: $108
Average monthly premium for $1,000 deductibles (subtract): - $80
Monthly savings from raising deductible: $28
Difference between deductibles ($1,000 - $250): $750
Divide difference by monthly savings: $750 / $28
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 27 months

One thing to note is that raising deductibles to get cheaper rates results in a higher out-of-pocket expense when you file a claim. You will want to have access to more funds in the event you need to pay the higher deductible.

Insurance rates by gender and age in Lubbock

The information below illustrates the comparison of Toyota Prius insurance costs for male and female drivers. The prices are based on no claims or driving citations, full physical damage coverage, $500 deductibles, single status, and no discounts are taken into consideration.

Cost comparison with and without full coverage

The information below compares Toyota Prius yearly insurance costs with full physical damage coverage and with liability coverage only. The data assumes no claims, a clean driving record, $500 deductibles, marital status is single, and no discounts are applied to the premium.

Guidelines for eliminating full coverage

There is no set rule to stop paying for comprehensive and collision coverage on your policy, but there is a broad guideline. If the yearly cost of full coverage is more than 10% of the replacement cost of your vehicle minus the policy deductible, then it might be time to buy liability only.

For example, let's pretend your Toyota Prius replacement value is $6,000 and you have $1,000 full coverage deductibles. If your vehicle is severely damaged, the most your company will settle for is $5,000 after paying your deductible. If you are paying over $500 annually for your policy with full coverage, then you might consider buying liability only.

There are some situations where buying only liability insurance is not a good idea. If you haven't paid off your loan, you are required to maintain full coverage in order to prevent your loan from defaulting. Also, if you don't have enough money to buy a different vehicle in case of an accident, you should maintain full coverage.

How Your Prius Insurance Costs are Determined

Consumers need to have an understanding of some of the factors that help calculate your premiums. When consumers understand what impacts premium levels, this helps enable you to make changes that may reward you with lower premium levels. Many factors are part of the equation when pricing auto insurance. Some factors are common sense such as your driving history, but some are more transparent like your vehicle usage and annual miles driven.

Liability protection preserves assets - The liability coverage on your policy is the coverage that protects you in the event that you are found to be at fault for damages caused by your negligence. Your policy's liability insurance provides you with a defense in court to defend your case. Liability is cheap when compared to the cost of physical damage coverage, so do not skimp.

Always have auto insurance - Driving without insurance is against the law and any future policy may cost more because you let your coverage have a gap. Not only will you pay more, failure to provide proof of insurance can result in a license revocation or jail time.

Marriage discount - Having a spouse actually saves money on your policy. Having a significant other is viewed as being more financially stable and statistics prove drivers who are married file infrequent claims.

Performance affects insurance costs - The performance level of the car, truck or SUV you are buying insurance for makes a huge difference in determining your rates. The lowest performance passenger cars usually have the lowest rates, but the cost you end up paying is determined by many additional factors.

The next chart assumes a married male driver age 40, full coverage with $500 deductibles, and no discounts or violations. It illustrates Toyota Prius rates compared to other vehicles that have different risk factors.

More than one policy can earn a discount - Most larger auto insurance companies provide lower prices to insureds who carry more than one policy in the form of a multi-policy discount. Even if you already get this discount, you still need to shop around to guarantee you are still saving the most.

Tough job may mean higher rates - Occupations such as fire fighters, business owners, and stock brokers are shown to have higher premiums than the average policyholder in part from intense work situations and lots of time spent away from family. On the flip side, professions such as actors, students and performers have lower than average premiums.

Reduce prices by driving safer cars - Safe vehicles are cheaper to insure. Vehicles engineered for safety reduce occupant injuries and fewer serious injuries translates into savings for insurance companies and thus lower rates. If your Toyota Prius scored at minimum four stars on Safercar.gov or an "acceptable" rating on iihs.org you are probably receiving a discount.

Toyota Prius claim statistics - Insurance companies use data from past claims to help determine rates. Vehicles that the data shows to have higher claim amounts or frequency will have a higher cost to insure. The table below shows the collected loss data for Toyota Prius vehicles.

For each coverage category, the loss probability for all vehicles as a whole is represented as 100. Percentage values below 100 suggest a better than average loss history, while percentage numbers above 100 show a trend for more claims or tendency to have larger claims.

Toyota Prius Insurance Claim Statistics
Vehicle Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
Toyota Prius C Hybrid 113 100 87 120 121 113
Toyota Prius Hybrid 101 97 98 103 118 103
Toyota Prius Plug-in Hybrid 98 89 87 106 114 93
Toyota Prius V Hybrid 94 86 88 88 94 97
BETTER
AVERAGE
WORSE

Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years

Insurance does more than just repair your car

Despite the high cost, maintaining insurance is required by state law in Texas and it also provides benefits you may not be aware of.

  • The majority of states have minimum liability requirements which means the state requires a specific level of liability protection in order to drive the car. 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.
  • If you have a lien on your Prius, it's guaranteed your bank will make it mandatory that you buy insurance to ensure loan repayment if the vehicle is totaled. If you cancel or allow the policy to lapse, the bank may insure your Toyota at a more expensive rate and force you to pay the higher premium.
  • Insurance protects both your car and your assets. Insurance will pay for medical bills for you, any passengers, and anyone injured in an accident. Liability insurance also pays expenses related to your legal defense if you are sued as the result of an accident. If your car is damaged in a storm or accident, comprehensive (other-than-collision) and collision coverage will pay to repair the damage.

The benefits of insuring your car outweigh the cost, especially when you need to use it. The average driver in Texas overpays more than $750 every year so shop around each time the policy renews to make sure the price is not too high.