Save Money on Toyota Matrix Insurance in Honolulu

Insurance for Toyota MatrixUnimaginable but true, the vast majority of drivers have remained with the same auto insurance company for over three years, and roughly 40% of drivers have never even compared rates from other companies. With the average auto insurance premium being $1,847, U.S. drivers could cut their rates by approximately $860 a year, but they just assume it takes a lot of time to shop around.

The easiest way to find cheaper prices for car insurance rates is to annually compare prices from insurers who provide auto insurance in Honolulu.

The most important part of this process is that you’ll want to make sure you compare the same coverage limits and deductibles on every quote and and to get rates from as many companies as feasibly possible. This provides a fair rate comparison and the best price selection.

If you are insured now, you will be able to reduce the price you pay using the techniques presented in this article. Locating the most cost-effective auto insurance policy in Honolulu is much easier if you know where to start. But Hawaii drivers can benefit from knowing the way companies market insurance on the web and use it to find better rates.

The majority of larger companies give coverage prices direct online. The process is fairly simple as you just type in your required coverages into the form. When the form is submitted, the quote system pulls credit information and your driving record and quotes a price. Using the web to get quotes for Toyota Matrix insurance in Honolulu streamlines rate comparisons, and it’s also necessary to compare as many rates as possible if you are searching for the cheapest possible prices on insurance.

If you want to get comparison pricing now, compare rates from the companies below. If you have coverage now, it’s recommended you duplicate the limits and deductibles exactly as they are listed on your policy. This helps ensure you will be getting a rate comparison based on the exact same insurance coverage.

The following companies can provide price comparisons in Hawaii. If more than one company is shown, it’s a good idea that you visit several of them to find the lowest car insurance rates.

Detailed insurance information

The coverage information shown below outlines different insurance costs for Toyota Matrix models. Understanding how rates are calculated can help customers make smart choices when buying a policy.

Toyota Matrix Insurance Rates in Honolulu, HI
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Matrix 2WD $172 $390 $344 $20 $104 $1,030 $86
Matrix S 2WD $196 $458 $344 $20 $104 $1,122 $94
Matrix S AWD $196 $458 $344 $20 $104 $1,122 $94
Matrix XRS 2WD $196 $458 $344 $20 $104 $1,122 $94
Get Your Own Custom Quote Go

Price data assumes single female driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and Hawaii minimum liability limits. Discounts applied include multi-policy, claim-free, multi-vehicle, homeowner, and safe-driver. Price information does not factor in garaging location in Honolulu which can modify premium rates noticeably.

An analysis of deductible level

The hardest decision when buying coverage is what deductibles to buy. The tables below help summarize how much more rates are between high and low deductibles. The first set of rates uses a $100 physical damage coverage deductible and the second price table uses a $1,000 deductible.

Toyota Matrix insurance with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Matrix 2WD $198 $412 $264 $16 $80 $995 $83
Matrix S 2WD $228 $484 $264 $16 $80 $1,097 $91
Matrix S AWD $228 $484 $264 $16 $80 $1,097 $91
Matrix XRS 2WD $228 $484 $264 $16 $80 $1,097 $91
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Toyota Matrix insurance with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Matrix 2WD $110 $216 $264 $16 $80 $686 $57
Matrix S 2WD $126 $256 $264 $16 $80 $742 $62
Matrix S AWD $126 $256 $264 $16 $80 $742 $62
Matrix XRS 2WD $126 $256 $264 $16 $80 $742 $62
Get Your Own Custom Quote Go

Data variables include married male driver age 30, no speeding tickets, no at-fault accidents, and Hawaii minimum liability limits. Discounts applied include multi-vehicle, multi-policy, claim-free, safe-driver, and homeowner. Premium costs do not factor in specific location which can change insurance rates noticeably.

We can estimate from the data above that using a $100 deductible would cost the average driver about $28 more each month or $336 every year than choosing the higher $1,000 deductible. Because you would be required to pay $900 more out-of-pocket with a $1,000 deductible as compared to a $100 deductible, if you tend to average at least 32 months between claims, you would more than likely save some money if you choose the higher deductible. The illustration below shows how this determination is made.

Average monthly premium for $100 deductibles: $89
Average monthly premium for $1,000 deductibles (subtract): – $61
Monthly savings from raising deductible: $28
Difference between deductibles ($1,000 – $100): $900
Divide difference by monthly savings: $900 / $28
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 32 months

One thing to note is that a higher deductible level means you will have to pay more of your own money when you have a physical damage claim. It will be required that you have enough extra savings in the event you have to pay more for the deductible.

Informed Consumers Know How to Find Auto Insurance for Less

Part of the auto insurance buying process is learning some of the elements that are used to determine the price you pay for auto insurance. If you understand what controls the rates you pay, this allows you to make educated decisions that may reward you with lower auto insurance prices.

The factors shown below are a few of the things used by your company to calculate prices.

Annual miles is a factor – The more you drive in a year the higher the price you pay to insure it. Almost all companies rate vehicles based upon how you use the vehicle. Vehicles that sit idle most of the time receive lower rates than vehicles that are driven to work every day. Double check that your auto insurance coverage shows the proper vehicle usage. Having the wrong rating on your Matrix may be costing you.

Know your credit rating – An insured’s credit score factor in calculating your auto insurance rates. Insureds that have very good credit scores tend to be better risks to insure than drivers with lower credit ratings. If your credit can be improved, you could pay less to insure your Toyota Matrix by spending a little time repairing your credit.

How much liability coverage – The liability section of your policy kicks in when you are ruled to be at fault for damages from an accident. Liability insurance provides for a legal defense to defend your case. Carrying liability coverage is mandatory and cheap compared to comp and collision, so buy as much as you can afford.

Traffic violations inflate rates – Even a single speeding ticket can increase rates substantially. Careful drivers tend to pay less for car insurance as compared to careless drivers. Drivers who get careless violations such as DUI, reckless driving or excessive speeding may be required to prove financial responsibility with the DMV in their state in order to continue driving.

The illustration below illustrates how speeding tickets and accidents can impact Toyota Matrix yearly insurance costs for each age group. The premiums assume a single female driver, full physical damage coverage, $1,000 deductibles, and no discounts are applied to the premium.

Why you need Toyota Matrix insurance in Hawaii

Despite the potentially high cost of Toyota Matrix insurance, insuring your vehicle serves an important purpose.

First, most states have compulsory liability insurance requirements which means the state requires specific limits of liability coverage in order to license the vehicle. 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.

Second, if your vehicle has a loan, it’s guaranteed your bank will force you to carry insurance to guarantee payment of the loan. If you default on your policy, the bank or lender will purchase a policy for your Toyota at a much higher premium rate and force you to pay the higher premium.

Third, auto insurance preserves both your vehicle and your personal assets. It will also cover hospital and medical expenses for yourself as well as anyone injured by you. One policy coverage, liability insurance, also covers legal expenses if someone files suit against you as the result of an accident. If your vehicle suffers damage from an accident or hail, collision and comprehensive (also known as other-than-collision) coverage will pay to repair the damage.

The benefits of carrying adequate insurance more than offset the price you pay, particularly if you ever have a claim. According to a recent study, the average American driver is overpaying more than $800 each year so smart consumers compare quotes every year to make sure the price is not too high.

Auto insurance companies ranked

Finding a good quality auto insurance company is difficult considering how many different companies insure vehicles in Hawaii. The company ratings displayed below can help you decide which companies you want to consider when shopping your coverage around.

Top 10 Honolulu Car Insurance Companies by A.M. Best Rank

  1. USAA – A++
  2. State Farm – A++
  3. GEICO – A++
  4. Esurance – A+
  5. Nationwide – A+
  6. Allstate – A+
  7. Progressive – A+
  8. The Hartford – A+
  9. AAA Insurance – A
  10. Liberty Mutual – A