Buying competitive auto insurance for a Toyota Tacoma is fairly easy, but it depends on many rating criteria such as how long your commute is, what you do for a living, and driving violations and tickets. Michigan drivers will pay around $1,611 a year for Tacoma insurance, but that figure is a projection calculated based on a 30-year-old married female driver with full comprehensive and collision coverage and $1,000 deductibles.
But there is a high probability that you are not 30 years old and maybe not even female, you might be single instead of married, or maybe you want different physical damage deductibles. There is no one cookie-cutter policy that works for everyone, so the best method for finding the most affordable coverage for your Toyota is to compare rates from as many companies as possible.
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The trim level of your Toyota impacts the cost of insurance, so the price you pay to insure a Tacoma 2WD model will cost $82 less than the price to insure the higher-priced Tacoma Double Cab TRD Sport Package 4WD model, as shown below.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Tacoma 2WD | $278 | $554 | $704 | $42 | $210 | $1,788 | $149 |
| Tacoma 4WD | $320 | $456 | $704 | $42 | $210 | $1,732 | $144 |
| Tacoma Double Cab 4WD | $320 | $554 | $704 | $42 | $210 | $1,830 | $153 |
| Tacoma X-Runner 2WD | $320 | $654 | $704 | $42 | $210 | $1,930 | $161 |
| Tacoma Double Cab 4WD | $360 | $554 | $704 | $42 | $210 | $1,870 | $156 |
| Tacoma Double Cab TRD Off-Road Package 4WD | $360 | $554 | $704 | $42 | $210 | $1,870 | $156 |
| Tacoma Double Cab TRD Sport Package 4WD | $360 | $554 | $704 | $42 | $210 | $1,870 | $156 |
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Data assumes married female driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and Michigan minimum liability limits. Discounts applied include multi-policy, multi-vehicle, claim-free, safe-driver, and homeowner. Rate information does not factor in specific location information which can modify coverage prices greatly.
Finding decent, budget auto insurance is not the easiest thing to do, and deciding which insurers offer the cheapest insurance rates for a Toyota Tacoma will take even more shopping around. Every insurance company has a different process for setting prices, so let’s begin by examining the insurance companies with the overall cheapest rates in Detroit, MI.
It’s important that you understand Detroit, MI insurance rates are influenced by many factors which can substantially change the policy price. Price variation is why it is critical to compare rates when trying to get the best auto insurance rates for a Toyota Tacoma. Car insurance prices can be altered by many things and can increase or decrease at any time, so the cheapest company when you last compared rates may now be one of the more expensive options.
Find the Cheapest Auto Insurance for Your Tacoma
USAA quotes some of the most affordable car insurance rates in Detroit at around $949 per year. GEICO, Safeco, MetLife, and Chubb also qualify as some of the best Detroit, MI insurance companies.
As the rates illustrate above, if you currently have a policy with MetLife and switched to GEICO, you could see annual savings of around $291. Insureds with Chubb could save as much as $395 a year, and MEEMIC policyholders might realize rate reductions of up to $403 a year.
To find the cheapest rates for your vehicle, click here or click through to the companies below.
Understand that those policy prices are averaged across all types of insureds and vehicles and and are not figured with a specific vehicle garaging location for a Toyota Tacoma. So the auto insurance company that fits your age and vehicle best may not even be in the top 30 companies in the list above. That’s why you need to get rate quotes from many companies using your own specific driver and vehicle information.
The information below shows how choosing a deductible can change insurance prices when quoting cheap insurance for a Toyota Tacoma. The premium estimates are based on a single male driver, full coverage, and no discounts are taken into consideration.
The chart above illustrates that a 30-year-old driver could save $792 a year by switching from a $100 deductible up to a $500 deductible, or save $1,196 by choosing a $1,000 deductible. Youthful drivers, like the 20-year-old category, could reduce their rates $2,296 annually just by choosing larger deductibles.
If you do make the decision to raise your deductibles, it will be required to have enough spare savings to cover the extra out-of-pocket expense, which is the one disadvantage of using larger deductibles.
Full coverage versus liability-only
Saving money on insurance is important to most drivers, and one great way to lower the cost of insurance for a Toyota Tacoma is to only pay for liability coverage. The information below visualizes the comparison of premium costs with full physical damage coverage and with liability coverage only. The costs are based on no claims or driving violations, $1,000 deductibles, single status, and no policy discounts are applied.
If averaged for all ages, full coverage on your policy costs an additional $3,456 per year more than carrying just liability coverage. Lot’s of drivers question when is the right time to remove full coverage. There is no set guideline for phasing out physical damage coverage on your policy, but there is a broad guideline. If the annual cost of comprehensive and collision coverage is about 10% or more of replacement cost minus your deductible, then it’s probably a good time to buy liability coverage only.
Why you are probably overpaying for Tacoma insurance
Detroit, MI insurance rates are based on many factors which can substantially change the cost of a policy. Improving your credit score, having a claim, or having an accident may prompt premium changes resulting in some rates now being cheaper than competitors.
Not only may your situation change, but companies file new Michigan car insurance rates without warning in order to remain profitable. Unexpectedly high claims can cause rate hikes, while profitable underwriting can produce cheaper Tacoma insurance rates.
To illustrate this example, the bar chart below shows which companies have the cheapest car insurance in Detroit, MI for a 45-year-old female driver with a good driving record, no prior claims, and excellent credit. If we compare prices based on her current risk profile, USAA has the lowest car insurance rates in Detroit at $2,234 per year. This is $159 less than the average rate paid by Michigan drivers of $2,393. GEICO, Safeco, MetLife, and Chubb are the remainder of the best Detroit, MI auto insurance companies.
Now we will pretend the driver in the first chart a chargeable claim, a lower credit rating, and a couple of points charged on her driving record. Due to the fact that every auto insurer has a different formula for determining rates, comparing prices may now result in a slightly different list of companies as shown below.
GEICO now has the cheapest car insurance in Detroit, MI with Pioneer State Mutual, Safeco, USAA, and Hastings Mutual now being in the top five. This example demonstrates why it is so important to perform a complete rate comparison to get the best auto insurance quotes for a Toyota Tacoma. Insurance prices can be altered by many different factors and change frequently, so the cheapest rate a year ago may now be one of the higher cost companies.
How to find economical car insurance for a Toyota Tacoma
The list below details some of the recommended penny-pinching ideas that can help Michigan drivers quote lower-cost car insurance.
- Drive safe vehicles
- Accidents can significantly increase rates
- Frequent claims will increase rates
- Better credit rating means better rates
- Be a safe driver
- Ensure you have the best deal by shopping around regularly
That final tip is very significant, as we emphasized in the prior article. Insurance prices in Detroit can change considerably based on profitability, so don’t be tentative to switch companies if you can save money. Having a favorite company is great, but it’s not recommended if your bullheadedness ends up costing you potentially thousands of dollars a year. It takes less than five minutes to compare rates and find cheaper auto insurance for a Toyota Tacoma.
The Detroit, MI, insurance agents below can help you make a decision which coverages are best, since some drivers wish to have a little guidance when trying to find the best insurance rates for a Toyota Tacoma. It can be complicated to find the cheapest auto insurance company, so using a licensed agent can provide peace of mind knowing you have adequate asset protection.
To locate a Detroit auto insurance agent closest to you, click the button at the bottom of the list or click here to compare price quotes.
Advasure Insurance
13600 W 8 Mile Rd C – Detroit, MI 48205 – (313) 521-0300
Tony Massey – State Farm Insurance Agent
15 E Kirby St #112 – Detroit, MI 48202 – (313) 873-3334
Jim Saucedo – State Farm Insurance Agent
5602 Vernor Hwy – Detroit, MI 48209 – (313) 841-8100