Do you need a better way to compare the cheapest Toyota Yaris insurance in Detroit? Are you regretting buying overpriced Toyota Yaris insurance in Detroit? Believe me when I say there are a lot of people in Detroit just like you who feel imprisoned by their car insurance policy.
A recent NerdWallet.com study revealed that nearly 70% of customers have been with the same company for well over three years, and practically 40% of car insurance customers have never taken the time to shop around. With the average premium in Michigan being $6,300, drivers could save nearly $3,836 each year just by comparing rates, but they just don’t want to compare rate quotes.
Online insurance companies like State Farm, Farmers Insurance, GEICO and Allstate all claim big savings with TV and radio ads and it can be hard to not get sucked in by the cute commercials and effectively compare rates to find the best deal.
It’s important to shop coverage around occasionally because prices are variable and change quite frequently. If you had the best price on Toyota Yaris insurance in Detroit on your last policy you may be paying too much now. Forget anything you know (or think you know) about car insurance because you’re about to learn the easiest way to find better rates and still maintain coverage.
Analysis of coverages
The table shown below covers detailed analysis of insurance costs for Toyota Yaris models. Having a good grasp of how insurance policy rates are formulated can aid in making smart choices when buying a policy.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Yaris 2-Dr Hatchback | $446 | $1052 | $882 | $52 | $264 | $2,696 | $225 |
| Yaris 4-Dr Hatchback | $446 | $1052 | $780 | $46 | $234 | $2,558 | $213 |
| Yaris 4-Dr Sedan | $446 | $1052 | $780 | $46 | $234 | $2,558 | $213 |
| Yaris S 2-Dr Hatchback | $512 | $1052 | $882 | $52 | $264 | $2,762 | $230 |
| Yaris S 4-Dr Hatchback | $512 | $1052 | $780 | $46 | $234 | $2,624 | $219 |
| Yaris S 4-Dr Sedan | $512 | $1052 | $780 | $46 | $234 | $2,624 | $219 |
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Table data represents single female driver age 50, no speeding tickets, no at-fault accidents, $100 deductibles, and Michigan minimum liability limits. Discounts applied include multi-policy, homeowner, claim-free, multi-vehicle, and safe-driver. Prices do not factor in the specific area where the vehicle is garaged which can lower or raise premiums considerably.
Auto insurance deductibles
One common question asked by Detroit drivers is what deductibles to buy. The tables below may help you to understand the differences in price of buying low and high policy deductibles. The first set of prices uses a $100 deductible for physical damage and the second rate chart uses a $1,000 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Yaris 2-Dr Hatchback | $518 | $1074 | $780 | $46 | $234 | $2,677 | $223 |
| Yaris 4-Dr Hatchback | $518 | $1074 | $690 | $40 | $206 | $2,553 | $213 |
| Yaris 4-Dr Sedan | $518 | $1074 | $690 | $40 | $206 | $2,553 | $213 |
| Yaris S 2-Dr Hatchback | $594 | $1074 | $780 | $46 | $234 | $2,753 | $229 |
| Yaris S 4-Dr Hatchback | $594 | $1074 | $690 | $40 | $206 | $2,629 | $219 |
| Yaris S 4-Dr Sedan | $594 | $1074 | $690 | $40 | $206 | $2,629 | $219 |
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| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Yaris 2-Dr Hatchback | $288 | $566 | $780 | $46 | $234 | $1,914 | $160 |
| Yaris 4-Dr Hatchback | $288 | $566 | $690 | $40 | $206 | $1,790 | $149 |
| Yaris 4-Dr Sedan | $288 | $566 | $690 | $40 | $206 | $1,790 | $149 |
| Yaris S 2-Dr Hatchback | $330 | $566 | $780 | $46 | $234 | $1,956 | $163 |
| Yaris S 4-Dr Hatchback | $330 | $566 | $690 | $40 | $206 | $1,832 | $153 |
| Yaris S 4-Dr Sedan | $330 | $566 | $690 | $40 | $206 | $1,832 | $153 |
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Premium data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Michigan minimum liability limits. Discounts applied include multi-policy, multi-vehicle, safe-driver, claim-free, and homeowner. Premium costs do not factor in vehicle location which can impact coverage rates substantially.
Based on this data, using a $100 deductible would cost the average driver about $64 more each month or $768 every year averaged for all Yaris models than selecting the higher $1,000 deductible. Since you would pay $900 more to file a claim with a $1,000 deductible as compared to a $100 deductible, if you normally average more than 14 months between claim filings, you would save money if you choose the higher deductible.
Auto insurance rates are higher with tickets and accidents
The chart below illustrates how violations and at-fault accidents can raise Toyota Yaris insurance costs for different ages of insureds. The price estimates are based on a single female driver, full coverage, $100 deductibles, and no policy discounts are applied.
Does it make sense to buy full coverage?
The illustration below illustrates the difference between Toyota Yaris auto insurance rates with and without full coverage. Data assumes no claims, a clean driving record, $1,000 deductibles, single marital status, and no discounts are applied to the premium.
When to drop full coverage
There is no set guideline that is best for determining when to drop comprehensive and collision coverage on your policy, but there is a general guideline. If the yearly cost of full coverage is 10% or more of replacement cost minus your deductible, then it might be time to consider dropping full coverage.
For example, let’s say your Toyota Yaris replacement value is $4,000 and you have $1,000 full coverage deductibles. If your vehicle is severely damaged, you would only receive $3,000 after paying your deductible. If you are paying more than $300 annually to have full coverage, then it might be time to buy liability only.
There are some conditions where dropping full coverage is not financially feasible. If you still have a lienholder on your title, you are required to maintain full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if you don’t have enough money to buy a different vehicle in the even your car is totaled, you should keep full coverage.
Quote Toyota Yaris Insurance More Affordably
Many things are taken into consideration when you get a price on insurance. Some are pretty understandable such as traffic violations, although others are less apparent like your continuous coverage or how safe your car is. A large part of saving on insurance is knowing some of the factors that help calculate your insurance rates. If you understand what controls the rates you pay, this enables you to make decisions that could help you find lower insurance prices.
Where you reside can modify premiums – Being located in a rural area has it’s advantages when shopping for auto insurance. Fewer drivers and short commutes corresponds to lower accident rates and also fewer theft and vandalism claims. People in densely populated areas regularly have more auto accidents and more time behind the wheel. More time behind the wheel means higher likelihood of an accident.
High credit scores save money – Having a good credit history is likely to be a major factor in determining premium rates. So if your credit rating could use some work, you could pay less to insure your Toyota Yaris if you clean up your credit. Insureds with very good credit scores tend to be better drivers and file fewer claims than those with lower credit ratings.
Driver age impacts costs – More experienced drivers have been proven to be more responsible, cost insurance companies less in claims, and are safer drivers. Youthful drivers are proven to be inattentive when driving with friends so they pay higher insurance rates.
The chart below assumes a single driver, full coverage with $100 deductibles, and no discounts or violations.
Never let your insurance policy lapse – Having an insurance coverage lapse is a fast way to bump up your insurance costs. And not only will insurance be more expensive, getting caught without coverage may earn you fines or a revoked license. You may need to submit proof of financial responsibility or a SR-22 with the Michigan DMV.
Toyota Yaris claim statistics – Auto insurance companies analyze the history of losses when they file their rates in each state. Models that have a trend towards higher claim severity or frequency will be charged more to insure. The information below illustrates the collected loss data for Toyota Yaris vehicles.
For each policy coverage, the claim amount for all vehicles compiled together is set at 100. Values that are under 100 indicate better than average losses, while values over 100 indicate more frequent claims or statistically larger claims.
| Vehicle Make and Model | Collision | Property Damage | Comp | Personal Injury | Medical Payment | Bodily Injury |
|---|---|---|---|---|---|---|
| Toyota Yaris | 94 | 88 | 92 |
Empty fields indicate not enough data collected
Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
Compare but don’t skimp
Low-cost Toyota Yaris insurance in Detroit can be bought from both online companies and from local insurance agents, and you should compare price quotes from both to have the best rate selection. Some companies may not provide rates over the internet and usually these smaller providers only sell through local independent agencies.
While you’re price shopping online, do not buy lower coverage limits just to save a few bucks. In many instances, someone sacrificed comprehensive coverage or liability limits only to discover later they didn’t purchase enough coverage. The proper strategy is to buy enough coverage for the lowest price.
How to quote cheaper Toyota Yaris insurance in Detroit
The recommended way to find affordable quotes for auto insurance rates in Detroit is to compare prices regularly from insurers in Michigan.
Step 1: Get a basic knowledge of coverages and the things you can control to prevent rate increases. Many things that are responsible for high rates like accidents, traffic violations, and poor credit can be controlled by making minor changes to your lifestyle.
Step 2: Compare price quotes from direct, independent, and exclusive agents. Direct and exclusive agents can give quotes from one company like GEICO or Farmers Insurance, while agents who are independent can quote prices from multiple insurance companies.
Step 3: Compare the new rate quotes to the price on your current policy and see if you can save money. If you can save some money and make a switch, make sure there is no lapse in coverage.
Step 4: Give proper notification to your current agent or company of your intent to cancel the current policy. Submit the required down payment along with the signed application for your new coverage. Don’t forget to keep the new certificate verifying coverage in an accessible location in your vehicle.
One piece of advice is to make sure you enter identical coverage information on every quote and and to get quotes from as many carriers as you can. This provides a fair rate comparison and a complete selection of prices.
More information is located below:
- What is Covered by an Auto Insurance Policy? (Insurance Information Institute)
- Who Has Cheap Car Insurance for 17 Year Olds in Detroit? (FAQ)
- Who Has Affordable Auto Insurance Quotes for State Employees in Detroit? (FAQ)
- Prepare your Teens for Safe Driving (InsureUonline.org)
- Understanding Car Crashes Video (iihs.org)
- Steps to Take After an Auto Accident (Insurance Information Institute)