Save Money on Toyota Yaris Insurance in Indianapolis

It’s astonishing, but the vast majority of drivers have bought car insurance from the same company for well over three years, and 38% of customers have never compared rates with other companies. The average driver in Indiana could save nearly 55% a year by just shopping around, but most just don’t grasp the large savings they would see if they bought a different policy.

The best way to get more affordable Toyota Yaris insurance in Indianapolis is to start comparing rates regularly from different companies that sell auto insurance in Indiana. Prices can be compared by completing these steps.

First, take a few minutes and learn about policy coverages and the changes you can make to prevent expensive coverage. Many risk factors that cause rate increases like traffic violations and a less-than-favorable credit rating can be rectified by making lifestyle changes or driving safer. This article provides ideas to get better rates and find additional discounts.

Second, quote rates from direct, independent, and exclusive agents. Exclusive agents and direct companies can only quote rates from a single company like GEICO or State Farm, while independent agencies can quote rates for many different companies. Start a quote

Third, compare the price quotes to the premium of your current policy to see if switching to a new carrier will save money. If you find a lower rate and change companies, verify that coverage does not lapse between policies.

One thing to remember is to use identical coverages on every quote request and and to get price estimates from as many different insurance providers as possible. Doing this ensures a fair rate comparison and a complete selection of prices.

The providers in the list below provide free quotes in Indianapolis, IN. If more than one company is shown, we suggest you visit two to three different companies in order to find the lowest rates.

Toyota Yaris insurance analysis

The premium table shown below showcases detailed analysis of insurance premium costs for Toyota Yaris models. Having a better understanding of how prices are figured can help you make smart choices when purchasing an insurance policy.

Table data assumes single male driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Indiana minimum liability limits. Discounts applied include claim-free, multi-policy, homeowner, multi-vehicle, and safe-driver. Prices do not factor in vehicle garaging location which can revise insurance rates significantly.

Rate comparison for different deductibles

One of the more difficult decisions when buying insurance is where should you set your physical damage deductibles. The comparison tables below highlight the price difference when you choose different coverage deductibles. The first pricing table uses a $250 deductible for comprehensive and collision coverage and the second price table uses a $1,000 deductible.

Table data represents married male driver age 30, no speeding tickets, no at-fault accidents, and Indiana minimum liability limits. Discounts applied include homeowner, safe-driver, multi-vehicle, claim-free, and multi-policy. Estimates do not factor in vehicle garaging location which can impact prices noticeably.

Based on the data above, we can derive that using a $250 deductible could cost the average driver approximately $19 more each month or $228 annually averaged for all Yaris models than requesting the higher $1,000 deductible. Because you would be required to pay $750 more if you turn in a claim with a $1,000 deductible as compared to a $250 deductible, if you average at a minimum 39 months between claim filings, you would come out ahead if you opt for a higher deductible. The table below illustrates an example of how you can come to your own conclusion.

Toyota Yaris liability rates compared to full coverage

The information below illustrates the comparison of Toyota Yaris auto insurance rates with full coverage compared to only the Indiana minimum liability coverage. The premiums assume no accidents or driving violations, $1,000 deductibles, single marital status, and no additional discounts are factored in.

Should you pay for full coverage?

There is no definitive formula of when to phase out comprehensive and collision coverage on your policy, but there is a guideline you can use. If the annual cost of comprehensive and collision coverage is about 10% or more of the replacement cost minus the deductible, then you might want to consider buying only liability coverage.

For example, let’s pretend your Toyota Yaris replacement cost is $9,000 and you have $1,000 policy deductibles. If your vehicle is damaged in an accident, the most you would receive is $8,000 after paying the physical damage deductible. If you are currently paying more than $800 a year for your policy with full coverage, then you might want to think about dropping full coverage.

There are a few cases where dropping full coverage is not a good plan. If you still owe money on your vehicle, you have to carry full coverage as part of the loan requirements. Also, if you cannot afford to purchase a different vehicle if your current one is damaged, you should keep full coverage.

Learn How to Buy Car Insurance at a Discount

Lots of things are used when quoting car insurance. Some are obvious such as traffic violations, although others are less obvious like your continuous coverage or how safe your car is.

The list below includes some of the things companies use to determine rates.

• Is your vehicle theft-ready? – Purchasing a vehicle that has a built-in theft deterrent system can earn a premium discount. Systems that thwart thieves like OnStar, LoJack tracking, and tamper alarms all help stop your car from being stolen.
• Commute or pleasure use – Driving a lot of miles annually the more you will pay for car insurance. Most insurance companies calculate prices based upon how the vehicle is primarily used. Cars that are left in the garage can get a lower rate as compared to vehicles used primarily for driving to work. It’s a smart idea to ensure your car insurance policy is showing annual mileage, because improper ratings can cost you money. An improperly rated Yaris may be costing you higher rates.
• Reduce car insurance rates by driving vehicles with better crash test results – Safer cars are cheaper to insure. These vehicles reduce the chance of injuries and lower injury rates translates into fewer and smaller insurance claims and lower rates for you. If your Toyota Yaris earned at least an “acceptable” rating on the Insurance Institute for Highway Safety website it is probably cheaper to insure.
• Single drivers may pay more – Being married may cut your premiums on your car insurance policy. It is viewed as being more responsible and statistics prove married couples file fewer claims.
• Low credit rating equals high premiums – An insured’s credit score is a big factor in calculating your car insurance rates. If your credit could use some work, you may save money insuring your Toyota Yaris by taking the time to improve your credit score. Insureds that have good credit tend to be more responsible than drivers who have worse credit.

• Traffic violations inflate prices – Whether or not you get tickets has a big impact on rates. Having a single speeding ticket or other violation could increase your next policy renewal to the point where it’s not affordable. Good drivers tend to pay less for car insurance compared to drivers with tickets. Drivers with careless violations such as reckless driving or DUI may find they need to complete a SR-22 with their state DMV in order to legally drive a vehicle.

  The information below shows how traffic citations and at-fault collisions influence Toyota Yaris annual premium costs for each age group. Data assumes a single female driver, full coverage, $100 deductibles, and no discounts are applied to the premium.

• Liability risk factors – Liability coverage will afford coverage if ever you are responsible for causing damage or personal injury in an accident. Liability insurance provides you with a defense in court which can be incredibly expensive. Liability insurance is quite affordable compared to other policy coverages, so drivers should make sure they buy enough to cover all assets.
• Raise comp and collision deductibles and save – Comp and collision deductibles are how much you are required to spend out-of-pocket if a covered claim is submitted. Physical damage coverage, commonly called comprehensive (or other-than-collision) and collision coverage, covers damage that occurs to your car. Some examples of covered claims would be a windshield broken by a bird, damage caused by hail, and damage from wind. The more expense the insured is willing to pay, the less your car insurance will be.

• Toyota Yaris insurance loss probability – Insurers analyze past claim statistics to calculate a price that will offset any claims. Models that the data shows to have higher prevalence or dollar amount of losses will have higher rates. The information below illustrates the loss history for Toyota Yaris vehicles.

  For each coverage type, the claim amount for all vehicles, as an average, is set at 100. Numbers under 100 suggest a positive loss record, while numbers shown that are more than 100 indicate higher probability of having a loss or tendency to have larger claims.

  
  

  Insurance Loss Ratings for Toyota Yaris Vehicles

  Vehicle Model	Collision	Property Damage	Comp	Personal Injury	Medical Payment	Bodily Injury
  Toyota Yaris	94	88	92

  BETTER

  AVERAGE

  WORSE

  Empty fields indicate not enough data collected
  Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years

Car insurance is not optional in Indiana

Even though it’s not necessarily cheap to insure a Toyota in Indianapolis, maintaining insurance is mandatory in Indiana but it also protects more than you think.

• Most states have mandatory liability insurance requirements which means you are required to carry specific minimum amounts of liability insurance coverage if you want to drive legally. In Indiana these limits are 25/50/10 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
• If you have a loan on your Toyota, it’s most likely the lender will require that you carry insurance to guarantee loan repayment. If the policy lapses, the bank or lender will purchase a policy for your Toyota at a much higher rate and require you to fork over the higher premium.
• Insurance protects your Toyota and your assets. It will also pay for hospital and medical expenses incurred in an accident. Liability coverage also covers all legal expenses up to the policy limit if someone files suit against you as the result of an accident. If you have damage to your Toyota as the result of the weather or an accident, comprehensive (other-than-collision) and collision coverage will pay to have it repaired.

The benefits of insuring your Yaris are without a doubt worth the cost, particularly for liability claims. On average, a vehicle owner in Indianapolis is wasting up to $800 each year so it’s important to compare rates each time the policy renews to save money.