Save Money on Toyota Sequoia Insurance in Honolulu

Scraping up a payment for overpriced Toyota Sequoia insurance in Honolulu can bleed your savings and force you to prioritize other expenses. Doing a price comparison is recommended to make sure you’re not throwing money away.

Regrettably, almost 70% of drivers in Hawaii have stayed with the same insurance company for well over three years, and roughly 40% of drivers have never even shopped around for affordable coverage. American drivers could pocket $860 a year by just shopping around, but they don’t invest the time required to save money by comparing rate quotes.

How to find cheaper Toyota Sequoia insurance in Honolulu

If you want to find the absolute lowest rates, then the best way to quote cheaper car insurance rates in Honolulu is to compare prices regularly from insurers who can sell car insurance in Hawaii.

Step 1: Get a basic knowledge of what coverages are included in your policy and the things you can change to drop your rates. Many rating criteria that result in higher rates such as high-risk driving behaviors and an unacceptable credit rating can be improved by making small lifestyle or driving habit changes.

Step 2: Compare prices from exclusive agents, independent agents, and direct providers. Direct and exclusive agents can give quotes from a single company like Progressive or State Farm, while agents who are independent can quote rates for a wide range of companies.

Step 3: Compare the new rate quotes to your current policy to see if a cheaper price is available in Honolulu. If you find a lower rate and decide to switch, make sure there is no lapse between the expiration of your current policy and the new one.

Step 4: Provide proper notification to your current company to cancel your existing policy. Submit the application along with any required down payment to the new company. Be sure to put the new certificate verifying coverage along with the vehicle’s registration papers.

The key thing to know about shopping around is that you’ll want to make sure you compare similar deductibles and liability limits on each price quote and and to look at as many companies as feasibly possible. This provides a fair rate comparison and a complete price analysis.

Popular companies such as Allstate, Progressive and GEICO constantly blast consumers with TV and radio ads and it can be hard to separate fact from fiction and do the work needed to find the best deal.

Consumers need to compare premium rates quite often because rates are rarely the same from one policy term to another. Even if you got the best rate on Toyota Sequoia insurance in Honolulu a year ago the chances are good that you can find a lower price today. There is too much inaccurate information about Sequoia insurance online, but in just a couple of minutes you can learn a bunch of ideas how to reduce your car insurance bill.

If you already have coverage, you stand a good chance to be able to get lower rates using the ideas you’re about to read. Finding the cheapest insurance coverage in Honolulu is actually very simple if you learn how to start. But Hawaii consumers benefit from understanding the way insurance companies compete online and use it to your advantage.

When comparing auto insurance rates, know that comparing a large number of companies helps increase your odds of locating better pricing. Some companies don’t provide online rate quotes, so you also need to get price estimates from those companies as well.

The providers in the list below are ready to provide quotes in Hawaii. If more than one company is shown, we recommend you visit two to three different companies in order to find the most affordable rates.

Coverage statistics and figures

The coverage table shown below covers different prices for Toyota Sequoia models. Learning how prices are calculated can help you make smart choices when buying a car insurance policy.

Data based on married male driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Hawaii minimum liability limits. Discounts applied include multi-policy, safe-driver, multi-vehicle, homeowner, and claim-free. Premium amounts do not factor in specific garaging location which can alter coverage rates substantially.

How high should deductibles be?

When comparing insurance rates, the most common question is where should you set your physical damage deductibles. The premium rates below may aid in understanding the rate difference when you buy lower versus higher deductibles. The first set of rates uses a $100 deductible for physical damage and the second price table uses a $500 deductible.

Premium data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Hawaii minimum liability limits. Discounts applied include claim-free, multi-policy, safe-driver, homeowner, and multi-vehicle. Rate quotes do not factor in Honolulu location which can change rates significantly.

Using the premium rates above, we can conclude that using a $100 deductible costs approximately $21 more each month or $252 annually across all Toyota Sequoia models than selecting the higher $500 deductible. Due to the fact that you would have to pay $400 more out of your own pocket with a $500 deductible as compared to a $100 deductible, if you usually have more than 19 months between claims, you would more than likely save some money by going with a higher deductible. Here is how we made this calculation.

Toyota Sequoia insurance rates by gender in Honolulu

The example below shows the comparison of Toyota Sequoia car insurance costs for male and female drivers. The rate quotes are based on no claims or violations, full physical damage coverage, $500 deductibles, single status, and no other discounts are factored in.

Rate difference between full and liability-only coverage

The example below shows the comparison of Toyota Sequoia insurance rates with and without physical damage coverage. The premiums assume a clean driving record, no at-fault accidents, $250 deductibles, marital status is single, and no discounts are factored in.

Should you buy full coverage or liability only?

There is no definitive rule for excluding comp and collision coverage, but there is a general school of thought. If the yearly cost for physical damage coverage is more than 10% of replacement cost minus your deductible, the it may be a good time to stop paying for full coverage.

For example, let’s say your Toyota Sequoia settlement value is $7,000 and you have $1,000 full coverage deductibles. If your vehicle is severely damaged, you would only receive $6,000 after you pay the deductible. If you are paying more than $600 annually to have full coverage, then you might want to think about dropping full coverage.

There are some cases where only buying liability is not a good idea. If you have an outstanding loan on your vehicle, you have to keep full coverage as part of the loan requirements. Also, if your savings is not enough to buy a different vehicle in the event your current vehicle is totaled, you should maintain full coverage.

How Your Sequoia Insurance Costs are Determined

Multiple criteria are used in the calculation when you get a price on insurance. Some factors are common sense like your driving record, although some other factors are less apparent such as your marital status or your vehicle rating.

Listed below are some of the things used by insurance companies to determine your prices.

• Too many insurance claims drive up premiums – Car insurance companies in Hawaii award lower rates to drivers who do not rely on their insurance for small claims. If you tend to file frequent claims, you can look forward to increased rates or even have your policy non-renewed. Your insurance policy is meant to be used in the event of more catastrophic claims.
• Location can impact price – Residing in less populated areas has definite advantages when shopping for auto insurance. Residents of big cities have congested traffic and higher rates of accident claims. Fewer drivers corresponds to lower accident rates and a lower car theft rate.
• Having a spouse pays dividends – Being married actually saves money when shopping for insurance. Having a spouse translates into being less irresponsible and it’s statistically proven that married drivers tend to file fewer claims.
• Continuous insurance coverage saves money – Driving your car without having proper coverage is against the law and you may have a hard time finding new coverage because you let your coverage cancel without a new policy in place. Not only will you pay more, failure to provide proof of insurance could earn you a steep fine or even jail time. You may have to provide proof of insurance in the form of an SR-22 filing with the Hawaii motor vehicle department.
• Safer vehicles means cheaper insurance – Vehicles with high crash test scores tend to have better insurance rates. Vehicles built for safety help reduce the chance of injuries in an accident and fewer injuries means less claims paid and lower rates for you.

• Premiums increase with driving tickets – Having a single driving citation can bump up the cost forty percent or more. Good drivers pay lower auto insurance prices than people who have multiple driving citations. Drivers who get multiple violations such as DWI, reckless driving or hit and run convictions may need to complete a SR-22 with their state DMV in order to legally drive.

  The example below demonstrates how traffic citations and accident claims raise Toyota Sequoia auto insurance rates for each age group. The rate quotes are based on a married male driver, full coverage, $500 deductibles, and no discounts are applied.

• Can a thief steal your car? – Driving a car with an alarm system can help bring down rates. Advanced theft deterrents like OnStar, LoJack tracking, and tamper alarms all help stop car theft and help bring rates down.
• High credit equals lower costs – Having a bad credit score factor in calculating your insurance rates. Therefore, if your credit score is not that good, you could pay less to insure your Toyota Sequoia by taking the time to improve your credit score. Consumers who have excellent credit scores tend to be less risk to insure than those with bad credit.

• Insurance losses for a Toyota Sequoia – Insurance companies analyze the history of losses to help calculate premium costs. Vehicles that the statistics show to have higher prevalence or dollar amount of losses will be charged more to insure.

  The data below shows the insurance loss data for Toyota Sequoia vehicles. For each policy coverage, the statistical loss for all vehicles compiled together is equal to 100. Percentages below 100 imply a favorable loss record, while percentage values above 100 show a trend for more claims or tendency to have higher losses.

  
  

  Toyota Sequoia Insurance Loss Statistics

  Vehicle Make and Model	Collision	Property Damage	Comp	Personal Injury	Medical Payment	Bodily Injury
  Toyota Sequoia 4dr 2WD	70	103	80	57
  Toyota Sequoia 4dr 4WD	82	115	96	57	50	77

  BETTER

  AVERAGE

  WORSE

  Empty fields indicate not enough data collected
  Statistics from IIHS.org for 2013-2015 Model Years

Three reasons to insure your Toyota vehicle

Despite the high cost of buying insurance for a Toyota Sequoia in Honolulu, maintaining insurance is required by state law in Hawaii and it also provides benefits you may not be aware of.

• Most states have compulsory liability insurance requirements which means you are required to carry a specific level of liability protection if you want to drive legally. In Hawaii these limits are 20/40/10 which means you must have $20,000 of bodily injury coverage per person, $40,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
• If you have a loan on your Toyota, most lenders will make it mandatory that you have insurance to guarantee loan repayment. If you cancel or allow the policy to lapse, the lender may have to buy a policy to insure your Toyota for a much higher rate and force you to pay much more than you were paying before.
• Insurance protects both your assets and your vehicle. It will also cover medical bills that are the result of an accident. One policy coverage, liability insurance, will also pay attorney fees if anyone sues you for causing an accident. If your vehicle suffers damage from an accident or hail, comprehensive (other-than-collision) and collision coverage will pay to have it repaired.

The benefits of having insurance definitely exceed the cost, particularly when you have a large claim. On average, a vehicle owner in Honolulu overpays more than $750 every year so it’s very important to do a rate comparison once a year at a minimum to make sure the price is not too high.