How Much Does 2016 Toyota Prius v Car Insurance Cost?

Looking for lower insurance rates for your Toyota Prius v? Have you fallen victim to high-priced insurance? It’s a common feeling and you are not the only one feeling buyer’s remorse.

Because you have many options, it can be diffult for drivers to find the lowest cost company.

Buying car insurance is not that difficult. If you currently have a car insurance policy, you should be able to cut costs considerably using this strategy. But consumers must know how insurance companies price insurance differently and apply this information to your search.

Cheaper rates with these discounts

The price of auto insurance can be rather high, but you might already qualify for some discounts that many people don’t even know exist. Some discounts apply automatically at the time of quoting, but less common discounts must be inquired about in order for you to get them.

  • Military Deployment Discount – Being deployed with a military unit could qualify you for better prices.
  • Senior Citizen Rates – If you’re over the age of 55, you may receive a small decrease in premiums for Prius v insurance.
  • Telematics Discount – Drivers that enable driving data collection to monitor when and where they use their vehicle remotely like In-Drive from State Farm and Progressive’s Snapshot may see discounts as long as they are good drivers.
  • Renewal Discounts – A few companies offer discounts for signing up before your current coverage expires. The savings is around 10%.
  • Discounts for Multiple Vehicles – Drivers who insure primary and secondary vehicles with the same company can get a discount on all vehicles.
  • Distant College Student Discount – College-age children who live away from home at college and do not take a car to college could qualify for this discount.

As a disclaimer on discounts, most of the big mark downs will not be given to your bottom line cost. Most cut individual premiums such as liability, collision or medical payments. Despite the fact that it seems like you would end up receiving a 100% discount, it doesn’t quite work that way.

Popular insurance coverage companies and their possible discounts can be found below.

  • State Farm may include discounts for multiple autos, good student, safe vehicle, passive restraint, good driver, accident-free, and defensive driving training.
  • Farmers Insurance offers discounts including bundle discounts, pay in full, electronic funds transfer, early shopping, and teen driver.
  • GEICO may have discounts that include military active duty, seat belt use, federal employee, anti-theft, and membership and employees.
  • American Family offers discounts for air bags, early bird, good student, TimeAway discount, and bundled insurance.
  • Nationwide offers premium reductions for family plan, defensive driving, accident-free, Farm Bureau membership, good student, and business or organization.
  • Progressive policyholders can earn discounts including multi-vehicle, good student, multi-policy, online signing, online quote discount, and continuous coverage.

When comparing rates, check with all companies you are considering which discounts you qualify for. Some of the earlier mentioned discounts may not apply to policyholders in your area. To find insurance coverage companies who offer online insurance coverage quotes, click here.

How do insurers determine Toyota Prius v insurance prices?

It’s important that you understand the factors that help calculate your premiums. When consumers understand what controls the rates you pay, this empowers consumers to make smart changes that could help you find cheaper rates. Lots of things are used when you quote your car insurance policy. Some of the criteria are obvious such as traffic violations, but other factors are more transparent like where you live or how safe your car is.

  • GPS tracking and theft deterrents reduce rates – Driving a car with a theft deterrent system can help bring down rates. Advanced theft deterrents like LoJack tracking devices, vehicle tamper alarm systems or GM’s OnStar system can thwart auto theft and help lower rates.
  • Prevent auto insurance policy lapses – Not maintaining insurance is not a good idea and your next policy will cost more because you let your insurance expire. In addition to paying higher premiums, getting caught without coverage will get you a license revocation or jail time. You may need to provide proof of insurance in the form of an SR-22 filing with your state department of motor vehicles.
  • Safeguard your assets with liability coverage – Your policy’s liability coverage will protect you when you are determined to be liable for an accident. This coverage provides legal defense up to the limits shown on your policy. This coverage is relatively inexpensive as compared to coverage for physical damage, so do not cut corners here.
  • Consolidating policies can get discounts – The majority of companies apply lower prices for people who carry more than one policy such as combining an auto and homeowners policy. The amount of the discounts can be 10 percent or more. If you currently are using one company, you still need to check prices from other companies to ensure the best deal.There is a good possibility that you can find lower rates by insuring with multiple companies.
  • Safer cars save money – Safe vehicles cost less to insure. Highly rated vehicles result in less severe injuries and fewer serious injuries translates directly to fewer claims and lower rates for you. If the Toyota Prius v has at least an “acceptable” rating on the Insurance Institute for Highway Safety website or four stars on the National Highway Traffic Safety Administration website it may be receiving lower rates.

Insurance coverage can be complex

When it comes to buying adequate coverage, there really is not a perfect coverage plan. Your needs are not the same as everyone else’s so your insurance should reflect that Here are some questions about coverages that may help highlight if your situation might need an agent’s assistance.

  • Should I bundle my homeowners policy with my auto?
  • Is borrowed equipment or tools covered if stolen or damaged?
  • Do I really need UM/UIM coverage?
  • Do I need rental car coverage?
  • Am I covered by my employer’s commercial auto policy when driving my personal car for business?
  • What should my uninsured motorist coverage limits be in my state?
  • Am I better off with higher deductibles on my 2016 Toyota Prius v?
  • Does my 2016 Toyota Prius v need full coverage?
  • Which companies will insure high-risk drivers?

If you don’t know the answers to these questions but one or more may apply to you, you may need to chat with an insurance agent. To find an agent in your area, complete this form or go to this page to view a list of companies.

Insurance coverage advertising gotchas

Progressive, Allstate and GEICO regularly use television and radio advertisements. They all make the same claim about saving some big amount just by switching your coverage. How is it plausible that every one can give you a better price? It’s all in the numbers.

Most companies have strict underwriting profiles for the type of customer that will most likely be profitable. An example of this type of insured might be described as between the ages of 30 and 50, has few claims, and drives a safe vehicle. Anybody who meets those qualifications will most likely get cheap premium rates and will probably save when they switch companies.

Potential insureds who cannot meet these standards will be charged higher premium rates and the prospect going elsewhere. Company advertisements say “drivers that switch” but not “all drivers who get quotes” save money. That’s the way companies can make it sound like they have such great premium rates. This really emphasizes why you need to quote coverage with many companies. It is impossible to predict which insurance companies will give you lower car insurance rates than your current company.

Insurance coverage specifics

Understanding the coverages of a insurance policy can be of help when determining the best coverages for your vehicles. The coverage terms in a policy can be confusing and coverage can change by endorsement. These are typical coverages available from insurance companies.

Protection from uninsured/underinsured drivers

Uninsured or Underinsured Motorist coverage provides protection from other motorists when they either are underinsured or have no liability coverage at all. Covered claims include hospital bills for your injuries and also any damage incurred to your Toyota Prius v.

Because many people carry very low liability coverage limits, their limits can quickly be used up. So UM/UIM coverage is very important.

Auto collision coverage

Collision coverage covers damage to your Prius v resulting from a collision with another car or object. You have to pay a deductible and then insurance will cover the remainder.

Collision coverage pays for things such as scraping a guard rail, driving through your garage door, rolling your car and sustaining damage from a pot hole. Collision is rather expensive coverage, so analyze the benefit of dropping coverage from older vehicles. You can also increase the deductible to save money on collision insurance.

Comprehensive (Other than Collision)

Comprehensive insurance covers damage OTHER than collision with another vehicle or object. You first must pay your deductible and then insurance will cover the rest of the damage.

Comprehensive coverage pays for claims like damage from a tornado or hurricane, hitting a bird, fire damage and rock chips in glass. The highest amount your insurance company will pay is the ACV or actual cash value, so if your deductible is as high as the vehicle’s value consider dropping full coverage.

Medical expense insurance

Medical payments and Personal Injury Protection insurance provide coverage for short-term medical expenses for hospital visits, funeral costs, dental work and EMT expenses. The coverages can be used in conjunction with a health insurance plan or if there is no health insurance coverage. They cover not only the driver but also the vehicle occupants as well as if you are hit as a while walking down the street. PIP is not an option in every state and gives slightly broader coverage than med pay

Liability coverages

This will cover damage that occurs to other’s property or people by causing an accident. It protects YOU from legal claims by others, and doesn’t cover your own vehicle damage or injuries.

It consists of three limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You might see limits of 100/300/100 that means you have a limit of $100,000 per injured person, a total of $300,000 of bodily injury coverage per accident, and a total limit of $100,000 for damage to vehicles and property.

Liability insurance covers things like pain and suffering, repair costs for stationary objects, bail bonds, structural damage and emergency aid. How much liability coverage do you need? That is a personal decision, but it’s cheap coverage so purchase as large an amount as possible.

Be a penny pincher

Low-cost 2016 Toyota Prius v insurance is possible from both online companies and with local insurance agents, so you need to shop insurance with both to have the best chance of lowering rates. Some companies may not have price quotes online and many times these smaller companies sell through independent agencies.

When searching for low cost insurance quotes, it’s a bad idea to buy lower coverage limits just to save a few bucks. There are too many instances where someone dropped collision coverage and discovered at claim time that a couple dollars of savings turned into a financial nightmare. Your strategy should be to find the BEST coverage at the best possible price, but do not sacrifice coverage to save money.

We covered many tips how you can shop for 2016 Toyota Prius v insurance online. The most important thing to understand is the more you quote insurance, the more likely it is that you will get a better rate. You may even find the lowest priced insurance coverage comes from some of the lesser-known companies. These companies can often provide lower premium rates in certain areas compared to the large companies like State Farm, GEICO and Nationwide.

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