Car Insurance Rates for a Toyota Matrix in Aurora

Insurance rates Toyota Matrix in AuroraHaving to pay for overpriced Toyota Matrix insurance in Aurora can dwindle your family’s budget and possibly require you to analyze your spending habits.

It’s well known that auto insurance companies don’t want customers comparing rates. Consumers who shop around for the cheapest rate are inclined to switch companies because there is a high probability of finding lower rate quotes. A recent car insurance study revealed that people who compared price quotes annually saved approximately $3,500 over four years compared to people who never shopped for cheaper rates.

If finding the cheapest price for insurance is the reason you’re reading this, then having a grasp of how to choose a company and compare insurance can make it easier for you to save money.

Having so many companies and agents to choose from, it’s nearly impossible to choose the lowest cost car insurance company.

Locating the most cost-effective auto insurance policy in Aurora is not that difficult. Nearly every person who compares rate quotes for auto insurance should buy a cheaper policy. Although Colorado vehicle owners must understand how companies price online insurance and take advantage of how the system works.

Rate information and statistics

The information displayed next highlights different insurance costs for Toyota Matrix models. Having a good grasp of how insurance policy rates are formulated can assist in making informed purchases.

Toyota Matrix Insurance Rates in Aurora, CO
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Matrix 2WD $186 $362 $358 $22 $108 $1,036 $86
Matrix S 2WD $214 $426 $358 $22 $108 $1,128 $94
Matrix S AWD $214 $426 $358 $22 $108 $1,128 $94
Matrix XRS 2WD $214 $426 $358 $22 $108 $1,128 $94
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Prices above based on married female driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and Colorado minimum liability limits. Discounts applied include claim-free, multi-policy, safe-driver, multi-vehicle, and homeowner. Estimates do not factor in Aurora location which can increase or decrease premiums substantially.

Deductible analysis

One frequently asked question is how high should the physical damage coverage deductibles be. The comparisons below approximate the price difference between high and low physical damage deductibles. The first rate comparisons uses a $250 deductible for physical damage and the second pricing table uses a $500 deductible.

Toyota Matrix insurance prices with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Matrix 2WD $236 $458 $352 $20 $106 $1,197 $100
Matrix S 2WD $272 $538 $352 $20 $106 $1,313 $109
Matrix S AWD $272 $538 $352 $20 $106 $1,313 $109
Matrix XRS 2WD $272 $538 $352 $20 $106 $1,313 $109
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Toyota Matrix insurance prices with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Matrix 2WD $192 $368 $352 $20 $106 $1,038 $87
Matrix S 2WD $220 $434 $352 $20 $106 $1,132 $94
Matrix S AWD $220 $434 $352 $20 $106 $1,132 $94
Matrix XRS 2WD $220 $434 $352 $20 $106 $1,132 $94
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Prices based on married male driver age 30, no speeding tickets, no at-fault accidents, and Colorado minimum liability limits. Discounts applied include claim-free, multi-vehicle, homeowner, safe-driver, and multi-policy. Premium costs do not factor in Aurora location which can impact price quotes considerably.

We can estimate from the data above that using a $250 deductible will cost you approximately $15 more each month or $180 annually than selecting the higher $500 deductible. Since the policyholder would be required to pay $250 more to settle a claim with a $500 deductible as compared to a $250 deductible, if you tend to have at a minimum 17 months between claim filings, you would probably save some money if you choose the higher deductible. The numbers below show the way you can do this calculation yourself.

Average monthly premium for $250 deductibles: $107
Average monthly premium for $500 deductibles (subtract): – $92
Monthly savings from raising deductible: $15
Difference between deductibles ($500 – $250): $250
Divide difference by monthly savings: $250 / $15
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 17 months

An important sidenote is that raising deductibles means you will have to pay more when you file a claim. That will require some savings in the bank in the event you need to pay more to get your vehicle repaired.

Rate comparison of men versus women

The information below illustrates the comparison of Toyota Matrix auto insurance costs for male and female drivers. The data is based on no claims or driving violations, full coverage, $500 deductibles, drivers are single, and no additional discounts are factored in.

Should you buy full coverage?

The illustration below shows the comparison of Toyota Matrix car insurance costs with full physical damage coverage compared to only buying the minimum liability limits required in Colorado. Data assumes no accidents or driving violations, $100 deductibles, drivers are single, and no other discounts are factored in.

When to eliminate full coverage

There is no specific rule for phasing out full coverage on your policy, but there is a general school of thought. If the annual cost of your full coverage insurance is more than about 10% of replacement cost minus your deductible, then you might want to consider buying only liability coverage.

For example, let’s pretend your Toyota Matrix book value is $4,000 and you have $1,000 deductibles. If your vehicle is destroyed, you would only receive $3,000 after the deductible is paid. If you are currently paying more than $300 a year for physical damage coverage, the it may be a good time to stop paying for full coverage.

There are some circumstances where buying only liability insurance is not a good plan. If you have an outstanding loan on your vehicle, you have to carry full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if you cannot afford to purchase a different vehicle in the even your car is totaled, you should not drop full coverage.

Coverage specifics

Understanding the coverages of car insurance helps when choosing the best coverages for your vehicles. Policy terminology can be impossible to understand and nobody wants to actually read their policy. These are typical coverages found on the average car insurance policy.

Collision – Collision insurance pays for damage to your Matrix resulting from a collision with a stationary object or other vehicle. You first must pay a deductible and then insurance will cover the remainder.

Collision coverage pays for claims such as sustaining damage from a pot hole, crashing into a ditch, hitting a parking meter and colliding with a tree. Collision coverage makes up a good portion of your premium, so you might think about dropping it from vehicles that are older. Another option is to bump up the deductible on your Matrix to get cheaper collision coverage.

Comprehensive protection – Comprehensive insurance pays to fix your vehicle from damage OTHER than collision with another vehicle or object. A deductible will apply and then insurance will cover the rest of the damage.

Comprehensive coverage pays for claims like damage from getting keyed, hitting a bird, falling objects, damage from flooding and damage from a tornado or hurricane. The maximum amount you can receive from a comprehensive claim is the actual cash value, so if the vehicle’s value is low it’s not worth carrying full coverage.

Uninsured or underinsured coverage – This coverage protects you and your vehicle’s occupants when other motorists either are underinsured or have no liability coverage at all. This coverage pays for injuries to you and your family as well as your vehicle’s damage.

Due to the fact that many Colorado drivers only purchase the least amount of liability that is required (25/50/15 in Colorado), their limits can quickly be used up. That’s why carrying high Uninsured/Underinsured Motorist coverage is important protection for you and your family.

Medical expense coverage – Med pay and PIP coverage kick in for expenses such as rehabilitation expenses, funeral costs and X-ray expenses. They can be used in conjunction with a health insurance program or if you lack health insurance entirely. It covers both the driver and occupants in addition to if you are hit as a while walking down the street. PIP is not an option in every state and may carry a deductible

Liability auto insurance – This coverage protects you from damages or injuries you inflict on people or other property. Coverage consists of three different limits, per person bodily injury, per accident bodily injury, and a property damage limit. You commonly see policy limits of 25/50/15 which stand for $25,000 in coverage for each person’s injuries, a per accident bodily injury limit of $50,000, and $15,000 of coverage for damaged property.

Liability can pay for claims such as repair costs for stationary objects, court costs and attorney fees. How much coverage you buy is a decision to put some thought into, but you should buy as high a limit as you can afford. Colorado state minimum liability requirements are 25/50/15 but drivers should carry more liability than the minimum.

The illustration below demonstrates why minimum state limits may not be enough.

You can find affordable coverage

A few companies don’t offer online quoting and these small insurance companies work with local independent agents. Cheaper insurance in Aurora can be purchased from both online companies in addition to many Aurora insurance agents, so compare prices from both in order to have the best price selection to choose from.

As you quote Aurora auto insurance, don’t be tempted to skimp on coverage in order to save money. Too many times, consumers will sacrifice liability limits or collision coverage and learned later that it was a big error on their part. Your objective should be to find the BEST coverage at a price you can afford, but don’t skip important coverages to save money.

Throughout this article, we presented a lot of techniques to lower your Toyota Matrix insurance premium rates in Aurora. It’s most important to understand that the more companies you get prices for, the higher the chance of saving money. Consumers could even find that the lowest premium rates are with a lesser-known regional company. Some small companies often have lower prices on specific markets as compared to the big name companies such as State Farm or Progressive.

Steps to saving money on Toyota Matrix insurance in Aurora

If you want to save money, the best way to get low-cost Toyota Matrix insurance is to regularly compare price quotes from insurance carriers that insure vehicles in Aurora. Rates can be compared by completing these steps.

One piece of advice is to try to use similar coverage information on every quote request and and to compare as many auto insurance providers as possible. This ensures a level playing field and and a good selection of different prices.

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