Looking for the cheapest Toyota Tacoma insurance in Colorado Springs? Are you tired of scraping the payment together to pay insurance each month? You are in the same boat as many other Colorado consumers.
Unbelievable but true, the majority of drivers have been with the same company for four years or more, and almost half have never compared quotes from other companies. U.S. drivers could save an average of almost 47% each year just by shopping around, but they don't believe the amount of savings they would get if they moved their coverage to a different company.
With consumers having so many different company options, it can be hard to choose the right insurance company.
It's important to do price comparisons occasionally because rates change quite often. Even if you got the best deal on Toyota Tacoma insurance in Colorado Springs six months ago you will most likely find a better price today. Block out anything you think you know about insurance because we're going to demonstrate one of the quickest ways to lower your rates without sacrificing coverage.
Toyota Tacoma Insurance Rate Factors
Part of the insurance buying process is learning the factors that help determine your insurance rates. If you have some idea of what positively or negatively impacts your premiums, this allows you to make educated decisions that can earn you better insurance rates.
Listed below are most of the major factors insurance companies consider when setting rates.
- Better prices for continuous insurance coverage - Having an insurance coverage lapse will be a guaranteed way to trigger a rate increase. Not only will rates go up, getting caught without coverage will get you a revoked license or a big fine. You may then have to provide proof of insurance in the form of an SR-22 filing with the Colorado motor vehicle department to get your license reinstated.
- Do you really need roadside assistance? - Insurance policies have a lot of additional coverages that can waste your money when buying insurance. Insurance for replacement cost coverage, high-cost glass coverage, and extra life insurance coverage may be costing you every month. The coverages may be enticing initially, but your money might be better spent on other coverage so remove them from your policy.
- Buy as much liability insurance as you can afford - Liability insurance is the protection when a jury decides you are liable for causing damage or personal injury in an accident. Your policy's liability insurance provides you with a defense in court starting from day one. Carrying liability coverage is mandatory and cheap compared to comp and collision, so drivers should make sure they buy enough to cover all assets.
- Compare rates if you bundle your policies - Many insurance companies apply better rates to buyers that purchase more than one policy in the form of a multi-policy discount. Even if you already get this discount, you still need to compare other Colorado Springs Tacoma insurance rates to help guarantee you have the best rates.There is a chance you can save even more by insuring with multiple companies.
- Men drivers tend to cost more - Over time, data shows that females take fewer risks when driving. Now that doesn't mean men are WORSE drivers than women. Men and women have auto accidents at a similar rate, but the male of the species have accidents that have higher claims. Not only that, but men also receive more costly citations like reckless driving and DUI.
- Younger drivers pay higher costs - Mature drivers tend to be more responsible, tend to cause fewer accidents, and get fewer tickets.Teenage drivers are statistically shown to be careless and easily distracted with other occupants in the car so they pay higher insurance rates.
- Cheaper rates with high comp and collision deductibles - Physical damage protection, also called 'full coverage', is used to repair damage to your Toyota. Some instances where coverage would apply would be a broken windshield, collision with an animal, and damage from a fallen tree branch. Comprehensive and collision coverage deductibles define how much you are willing to pay before your insurance pays a claim. The more money you choose to pay out-of-pocket, the better rate you will receive.
- Insurance prices are higher for high performance vehicles - The performance of the vehicle you are insuring makes a huge difference in your auto insurance rates. The cheapest insurance rates tend to be for the lowest performance passenger vehicles, but that's not the only thing that factors into the final price. Because the Toyota Tacoma is considered a pickup truck, rates will be similar in price when compared to the average rates in Colorado Springs.
- Toyota Tacoma insurance loss probability - Insurance companies include the past claim trends for vehicles when they set coverage costs for each model. Models that historically have higher frequency or amount of claims will have higher rates. The next table shows the insurance loss data for Toyota Tacoma vehicles.
For each coverage type, the claim probability for all vehicles averaged together is equal to 100. Numbers that are below 100 suggest a better than average loss history, while numbers above 100 point to more frequent losses or an increased likelihood of 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 65
Empty fields indicate not enough data collected
Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
When price shopping your coverage, comparing a wide range of rates helps you find the best offered rates. Some smaller insurers do not give online Colorado Springs Tacoma insurance quotes, so it's necessary to compare prices from them, too.
The following companies offer free quotes in Colorado Springs, CO. If several companies are displayed, it's highly recommended you click on several of them to get a more complete price comparison.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Tacoma Double Cab 4WD||$266||$526||$426||$26||$128||$1,372||$114|
|Tacoma X-Runner 2WD||$302||$644||$352||$20||$106||$1,424||$119|
|Tacoma Double Cab 4WD||$264||$448||$368||$22||$110||$1,212||$101|
|Tacoma Double Cab TRD Off-Road Package 4WD||$190||$288||$352||$20||$106||$956||$80|
|Tacoma Double Cab TRD Sport Package 4WD||$278||$420||$362||$22||$108||$1,190||$99|
|Get Your Own Custom Quote Go|
Above prices assume married male driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and Colorado minimum liability limits. Discounts applied include claim-free, homeowner, safe-driver, multi-vehicle, and multi-policy. Estimates do not factor in specific zip code location which can decrease or increase insurance rates significantly.
Rate difference between full and liability-only coverage
The example below shows the comparison of Toyota Tacoma auto insurance costs with and without full coverage. The rates are based on no claims or driving citations, $500 deductibles, single female driver, and no discounts are applied to the premium.
Are you wasting money paying for full coverage?
There is no clear-cut formula for phasing out physical damage coverage, but there is a guideline you can use. If the yearly cost of comp and collision coverage is more than 10% of replacement cost minus your deductible, then it may be the right time to buy liability only.
For example, let's assume your Toyota Tacoma replacement value is $3,000 and you have $1,000 policy deductibles. If your vehicle is totaled in an accident, you would only receive $2,000 after the policy deductible has been paid. If premium cost is more than $200 a year for your policy with full coverage, the it may be a good time to stop paying for full coverage.
There are some conditions where only buying liability is not recommended. If you still owe money on your vehicle, you must maintain physical damage coverage as part of the loan requirements. Also, if your savings is not enough to buy a different vehicle if your current one is totaled, you should not opt for liability only.
Safe drivers pay less for auto insurance
The chart below illustrates how traffic citations and at-fault fender-benders can influence Toyota Tacoma auto insurance costs for each age group. The price estimates are based on a single male driver, full physical damage coverage, $100 deductibles, and no discounts are applied to the premium.
Save 15 percent in 15 minutes? Is it for real?
Popular auto insurance providers such as 21st Century, Allstate and State Farm continually stream ads on TV and radio. They all make the point about how much you will save just by moving your policy. How does each company give you a better price on Toyota Tacoma insurance in Colorado Springs?
Many companies give the cheapest rates for the right customer that makes them money. One example of a driver they prefer might be a married female, has a low-risk occupation, and does not commute to work. A driver that fits those parameters will probably get cheap prices and will also save when switching.
People who are not a match for these standards will have to pay a more expensive rate and the customer buying from someone else. If you listen to the ad wording, they say "customers that switch" not "everyone who quotes" will save that much if they switch. That's why insurance companies can make the claims of big savings.
Each company has different criteria, so you really should do a rate comparison at every renewal. You cannot predict the company that will provide you with the cheapest Toyota Tacoma insurance in Colorado Springs.
Why you need to buy insurance
Even though it can be expensive, buying insurance may be required and benefits you in several ways.
- Most states have minimum liability requirements which means state laws require a specific level of liability in order to license the vehicle. In Colorado these limits are 25/50/15 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $15,000 of property damage coverage.
- If you have a loan on your Toyota, most lenders will make it mandatory that you have physical damage coverage to guarantee loan repayment. If you do not keep the policy in force, the bank will be required to insure your Toyota for a lot more money and force you to pay for it.
- Insurance preserves not only your Toyota Tacoma but also your assets. It will also reimburse you for most medical and hospital costs that are the result of an accident. Liability insurance, one of your policy coverages, will also pay attorney fees if you are sued as the result of your driving. If your vehicle suffers damage from an accident or hail, collision and comprehensive coverages will pay all costs to repair after the deductible has been paid.
The benefits of having insurance are without a doubt worth the cost, especially with large liability claims. In a recent study of 1,000 drivers, the average customer overpays as much as $750 every year so compare rates each time the policy renews to ensure rates are competitive.
Take policy discounts and save on Toyota Tacoma insurance in Colorado Springs
Some insurers don't always advertise all possible discounts in an easy-to-find place, so we researched a few of the more common and the more hidden insurance savings.
- New Car Discount - Adding a new car to your policy can be considerably cheaper because newer vehicles are generally safer.
- ABS and Traction Control Discounts - Vehicles with anti-lock braking systems can stop better under adverse conditions and earn discounts up to 10%.
- Homeowners Savings - Just owning your own home can save a few bucks because of the fact that having a home requires a higher level of personal finance.
- Safe Driver Discounts - Safe drivers can pay as much as 50% less than less cautious drivers.
- Anti-theft System - Vehicles that have factory anti-theft systems are stolen less frequently and can earn a small discount on your policy.
It's important to note that most credits do not apply to your bottom line cost. Most only apply to the price of certain insurance coverages like liability and collision coverage. So when the math indicates adding up those discounts means a free policy, insurance companies wouldn't stay in business.
Larger insurance companies and the discounts they provide are detailed below.
- State Farm may include discounts for Drive Safe & Save, student away at school, driver's education, Steer Clear safe driver discount, passive restraint, multiple autos, and anti-theft.
- Farmers Insurance discounts include bundle discounts, mature driver, switch companies, teen driver, electronic funds transfer, distant student, and business and professional.
- GEICO has savings for air bags, military active duty, emergency military deployment, federal employee, defensive driver, driver training, and five-year accident-free.
- American Family includes discounts for accident-free, multi-vehicle, Steer into Savings, good student, and mySafetyValet.
- Nationwide offers discounts for easy pay, anti-theft, family plan, Farm Bureau membership, good student, defensive driving, and accident-free.
- Progressive has discounts for online signing, online quote discount, multi-vehicle, homeowner, good student, multi-policy, and continuous coverage.
It's a good idea to ask each company which credits you are entitled to. Some discounts listed above might not be offered on policies in your area. To see a list of providers with significant discounts in Colorado, follow this link.
Compare rates but buy from a neighborhood Colorado Springs auto insurance agent
Some consumers would prefer to have an agent's advice and that is recommended in a lot of cases A good thing about comparing rates online is that you can obtain cheaper car insurance rates and still have a local agent. Buying from neighborhood agents is especially important in Colorado Springs.
After completing this simple form, your insurance data is transmitted to local insurance agents that provide free Colorado Springs auto insurance quotes for your insurance coverage. You won't need to leave your house since price quotes are sent to your email. Get lower rates AND a local agent. In the event you want to compare prices for a specific company, feel free to jump over to their website and fill out the quote form the provide.
Below are agents in Colorado Springs that may be willing to give rate quotes for Toyota Tacoma insurance in Colorado Springs.
Ross Silva Agency - American Family Insurance
2746 E Bijou St - Colorado Springs, CO 80909 - (719) 597-2800 - View Map
Picking the best provider shouldn't rely on just the price. Get answers to these questions too.
- Will you be dealing directly with the agent or with a Custom Service Representative (CSR)?
- Does the company have a solid financial rating?
- Is insurance their full-time profession?
- Are you getting all the discounts the company offers?
- Does the company use OEM repair parts?
Tailor your auto insurance coverage to you
When it comes to buying insurance from an agent or online, there really is not a one size fits all plan. Your situation is unique.
For instance, these questions may help highlight whether your personal situation will benefit from professional help.
- How much liability coverage do I need in Colorado?
- Is there a penalty for late payment?
- Does every company file a SR-22 automatically?
- Does my policy pay for OEM or aftermarket parts?
- At what point should I drop full coverage?
- Is my son or daughter covered when driving my car?
- Do I need rental car coverage?
- Is my dog or cat covered if injured in an accident?
- What can I do if my company denied a claim?
If you can't answer these questions, you may need to chat with an insurance agent. If you don't have a local agent, fill out this quick form.
Cheap insurance rates are out there
Consumers switch companies for many reasons like delays in paying claims, policy non-renewal, delays in responding to claim requests or lack of trust in their agent. It doesn't matter what your reason, choosing a new company is not as difficult as it may seem.
Budget-friendly insurance in Colorado Springs can be bought online and from local insurance agents, so you should be comparing quotes from both to have the best selection. Some insurance companies may not have the ability to get a quote online and these regional carriers only sell coverage through local independent agents.
In this article, we presented a lot of tips how to shop for Toyota Tacoma insurance online. The key thing to remember is the more providers you compare, the better your comparison will be. Drivers may even discover the lowest premium rates are with a small local company.
Additional insurance information can be read at these links:
- Young Drivers: The High Risk Years Video (iihs.org)
- Who Has Affordable Auto Insurance Quotes for Postal Workers in Colorado? (FAQ)
- Older Drivers FAQ (iihs.org)
- Child Safety Seats (Insurance Information Institute)
- Auto Theft Statistics (Insurance Information Institute)