Toyota Tacoma insurance cost image courtesy of QuoteInspector.com
Finding cheaper auto insurance for a Toyota Tacoma relies on a large number of rating criteria such as how far you commute, your profession, and driving citations. Hawaii drivers will pay around $889 annually for Tacoma insurance, but that is calculated based on a 50-year-old single female driver with full coverage and $100 deductibles.
There's a high likelihood you are not 50 and maybe not even a female, you might be married instead of single, and maybe your Tacoma just needs liability-only coverage. Even a minor difference in the factors used in pricing a policy may result in significant differences in the cost of insurance.
Auto insurance is unique to each driver, so the best way to find cheap insurance rates for your Toyota is to compare rates from as many companies as possible. Quotes are free and you can get prices from some of the cheapest companies that insure Toyota vehicles in Hawaii.
Your Toyota's trim level has an effect on price, so the cost to insure a Tacoma 2WD will be $52 less expensive the price to insure the higher-end Tacoma Double Cab TRD Sport Package 4WD model, as shown in the table below.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Tacoma Double Cab 4WD||$196||$404||$300||$18||$90||$1,008||$84|
|Tacoma X-Runner 2WD||$196||$476||$300||$18||$90||$1,080||$90|
|Tacoma Double Cab 4WD||$222||$404||$300||$18||$90||$1,034||$86|
|Tacoma Double Cab TRD Off-Road Package 4WD||$222||$404||$300||$18||$90||$1,034||$86|
|Tacoma Double Cab TRD Sport Package 4WD||$222||$404||$300||$18||$90||$1,034||$86|
|Get Your Own Custom Quote Go|
Prices above based on single female driver age 50, no speeding tickets, no at-fault accidents, $100 deductibles, and Hawaii minimum liability limits. Discounts applied include homeowner, multi-policy, safe-driver, multi-vehicle, and claim-free. Rate quotes do not factor in specific zip code location which can raise or lower price quotes considerably.
Finding out which companies quote the lowest-priced insurance rates for a Toyota Tacoma takes more work than just getting one or two price quotes. Each auto insurer has a different process for determining rates in each state, so we'll take a look at the most affordable insurance companies in Hawaii.
It's a good idea to know that Hawaii insurance rates are impacted by many factors which can substantially decrease or increase the price of your policy. Simply having another birthday, filing a claim, or getting a ticket for careless driving can produce rate changes that can make some companies more affordable than the competition.
Best Insurance Companies for Your Tacoma
|Rank||Company||Cost Per Year|
|7||First of Hawaii||$1,928|
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USAA quotes some of the best car insurance rates in Honolulu at around $936 per year. State Farm, GEICO, Liberty Mutual, and Progressive would also be considered some of the cheaper Honolulu, HI insurance companies.
As the rates illustrate above, if you currently buy coverage from State Farm and switched to USAA, you may see a yearly savings of roughly $173. Hawaii drivers with GEICO may save as much as $453 a year, and Liberty Mutual policyholders might reduce prices by as much as $528 a year.
It's important to note that these premiums are averages across all ages of drivers and types of vehicles and and are not calculated with a specific zip code for a Toyota Tacoma. So the car insurance company that is most affordable for your situation may not even be in the list above. That emphasizes why you need to quote rates from as many companies as possible using your own individual information.
How to get discounts on Honolulu auto insurance
Auto insurance companies that sell policies for a Toyota Tacoma may also give you discounts that could lower prices by 40% or more if you are eligible. Companies and a partial list of their discounts can be found below.
- 21st Century has savings for automatic seat belts, good student, air bags, early bird, and teen driver.
- Progressive policyholders can earn discounts including homeowner, good student, continuous coverage, multi-vehicle, and online signing.
- State Farm offers discounts for good student, Drive Safe & Save, driver's education, multiple policy, and defensive driving training.
- Nationwide offers premium reductions for family plan, easy pay, Farm Bureau membership, accident-free, and good student.
- Esurance may offer discounts for good student, homeowner, online shopper, renters, emergency road assistance, and safety device.
- The Hartford may include discounts for anti-theft, bundle, defensive driver, vehicle fuel type, and driver training.
The example below illustrates the difference between insurance costs with and without discounts. The rates are based on a male driver, no claims or driving citations, Hawaii state minimum liability limits, full coverage, and $1,000 deductibles. The first bar for each age group shows insurance cost with no discounts. The second shows the rates with safe-driver, marriage, defensive driving course, vehicle safety, multiple vehicle, and homeowner discounts applied. When these discounts are applied, theaverage yearly reduction on insurance for a Toyota Tacoma is 28% or $387.
The diagram below shows how choosing a deductible can affect insurance costs when researching cheap insurance for a Toyota Tacoma. The rate quotes are based on a single male driver, full physical damage coverage, and no discounts are applied to the premium.
A 40-year-old driver could lower their car insurance rates by $296 a year by changing their physical damage coverage from a $100 deductible up to a $500 deductible, or save $444 by choosing a $1,000 deductible. Younger drivers, like the Age 20 chart data, could potentially save $982 each year by using higher deductibles when buying full coverage. If you do make the decision to raise your deductibles, it's a good idea to have additional funds in a savings account to allow you to cover the extra out-of-pocket expense. That is the one drawback of using higher deductibles.
Full coverage rates compared to liability only
Saving money when shopping for insurance should be important to most people, and an effective way to lower the cost of insurance for a Toyota Tacoma is to only buy liability coverage. The example below compares insurance premiums with full physical damage coverage and with liability coverage only. The rate quotes are based on no tickets, no at-fault accidents, $1,000 deductibles, marital status is single, and no discounts are applied.
If averaged for all ages, physical damage coverage costs an additional $1,300 per year over and above liability coverage. Many of you may wonder if you should buy full coverage. There isn't a written rule for eliminating physical damage insurance, but there is a general guideline. If the yearly cost of full coverage is more than around 10% of any settlement you would receive from your insurance company, then you might consider buying liability only.
For example, let's assume your vehicle's claim settlement value is $8,500 and you have $1,000 physical damage deductibles. If your vehicle is totaled in an accident, the most your company would pay you is $7,500 after paying the physical damage deductible. If it's costing you more than $750 annually for comprehensive and collision coverage, then it might be time to consider dropping full coverage.
If you prefer to have professional advice when shopping for the best coverage for a Toyota Tacoma, the agencies below can most likely answer your questions and help you decide which coverages you need. To find an auto insurance agency in your neighborhood, click the link at the bottom.
Kelly Harada - State Farm Insurance Agent
1221 Kapiolani Blvd #1015 - Honolulu, HI 96814 - (808) 593-9288
Sean Huh - State Farm Insurance Agent
23 S Vineyard Blvd #205 - Honolulu, HI 96813 - (808) 528-0001
U'ilani Hawelu - State Farm Insurance Agent
1960 Kapiolani Blvd Ste 208 - Honolulu, HI 96826 - (808) 955-9090
Larry Bolibol - State Farm Insurance Agent
2153 N King St #108a - Honolulu, HI 96819 - (808) 847-0835