The preferred way to find lower priced auto insurance rates is to annually compare prices from insurance carriers that sell auto insurance in El Paso.
- Try to comprehend how companies set rates and the things you can change to prevent rate increases. Many rating factors that are responsible for high rates like careless driving and a negative credit score can be amended by improving your driving habits or financial responsibility.
- Request price quotes from direct carriers, independent agents, and exclusive agents. Direct companies and exclusive agencies can only give rate quotes from a single company like Progressive or Farmers Insurance, while independent agents can give you price quotes for many different companies.
- Compare the new rate quotes to your current policy premium to see if cheaper Matrix coverage is available in El Paso. If you find a better price, make sure coverage does not lapse between policies.
- Tell your current company of your decision to cancel your existing policy. Submit the application along with any required down payment for your new coverage. Once coverage is bound, put the certificate verifying proof of insurance along with your vehicle registration.
A good tip to remember is to make sure you're comparing identical coverages on each quote request and and to get quotes from as many companies as feasibly possible. Doing this ensures a fair price comparison and the best price selection.
It's hard to believe, but a large majority of drivers in Texas kept their policy with the same company for well over three years, and just under half have never even compared quotes to find cheap rates. Most drivers in the United States could save nearly 46.5% each year just by getting comparison quotes, but most tend to underestimate the big savings they would realize if they switched to a more affordable policy.
Compare quotes for El Paso Toyota Matrix insurance
When comparison shopping, obtaining a wide range of quotes helps you find a lower rate. Some companies don't provide El Paso Matrix insurance quotes online, so you need to compare quotes from those companies as well.
The providers in the list below are ready to provide free rate quotes in Texas. If multiple companies are shown, it's a good idea that you visit two to three different companies in order to find the most competitive rates.
Insurance discounts are available to cut your rates
Companies do not list all possible discounts in a way that's easy to find, so below is a list some of the best known as well as the least known discounts you could be receiving when you buy El Paso auto insurance online.
- Own a Home - Being a homeowner can help you save on insurance because maintaining a house shows financial diligence.
- Anti-theft System - Cars optioned with advanced anti-theft systems are stolen with less frequency and can earn a small discount on your policy.
- Online Discount - A few larger online companies will give a small break just for signing your application digitally online.
- More Vehicles More Savings - Drivers who insure more than one vehicle on one policy could earn a price break for each car.
- Membership in Organizations - Being a member of qualifying clubs or civic groups is a simple method to lower premiums on your bill.
- Auto/Home Discount - If you combine your homeowners and auto policies and place coverage with the same company you may earn over 10 percent off each policy depending on the company.
- Telematics Discount - Drivers who elect to allow data collection to monitor their driving habits by using a telematics device such as Drivewise from Allstate or Snapshot from Progressive might see lower rates if they show good driving skills.
- Drive Less and Save - Driving fewer miles could earn discounted rates on garaged vehicles.
- Discount for Passive Restraints - Options like air bags and/or automatic seat belt systems may qualify for discounts of up to 25% or more.
You can save money using discounts, but many deductions do not apply to the entire policy premium. The majority will only reduce individual premiums such as physical damage coverage or medical payments. So even though they make it sound like having all the discounts means you get insurance for free, it doesn't quite work that way.
The example below illustrates the comparison of Toyota Matrix car insurance costs with and without policy discounts. The premium estimates are based on a female driver, no claims or violations, Texas state minimum liability limits, comprehensive and collision coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with safe-driver, homeowner, claim-free, marriage, multi-car, and multi-policy discounts applied.
A partial list of companies that may include these benefits are:
If you need affordable El Paso auto insurance quotes, ask each company to apply every possible discount. Savings may not be available in El Paso. If you would like to choose from a list of insurance companies with discount insurance rates in El Paso, click this link.
Rates and detailed analysis
The information displayed next highlights different coverage costs for Toyota Matrix models. Learning how premiums are established can benefit drivers when making decisions on the best policy coverages.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Matrix 2WD | $274 | $670 | $496 | $30 | $148 | $1,618 | $135 |
| Matrix S 2WD | $314 | $788 | $496 | $30 | $148 | $1,776 | $148 |
| Matrix S AWD | $314 | $788 | $496 | $30 | $148 | $1,776 | $148 |
| Matrix XRS 2WD | $314 | $788 | $496 | $30 | $148 | $1,776 | $148 |
| Get Your Own Custom Quote Go | |||||||
Data rating is based on single female driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and Texas minimum liability limits. Discounts applied include claim-free, multi-policy, multi-vehicle, safe-driver, and homeowner. Price information does not factor in vehicle location which can raise or lower coverage rates greatly.
Analysis of deductible levels
One of the more difficult decisions when buying car insurance is how high should the deductibles for physical damage be. The figures shown below illustrate the rate fluctuation when you choose different policy deductibles. The first pricing table uses a $100 physical damage deductible and the second price table uses a $1,000 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Matrix 2WD | $286 | $592 | $382 | $22 | $114 | $1,421 | $118 |
| Matrix S 2WD | $328 | $698 | $382 | $22 | $114 | $1,569 | $131 |
| Matrix S AWD | $328 | $698 | $382 | $22 | $114 | $1,569 | $131 |
| Matrix XRS 2WD | $328 | $698 | $382 | $22 | $114 | $1,569 | $131 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Matrix 2WD | $158 | $312 | $382 | $22 | $114 | $988 | $82 |
| Matrix S 2WD | $182 | $368 | $382 | $22 | $114 | $1,068 | $89 |
| Matrix S AWD | $182 | $368 | $382 | $22 | $114 | $1,068 | $89 |
| Matrix XRS 2WD | $182 | $368 | $382 | $22 | $114 | $1,068 | $89 |
| Get Your Own Custom Quote Go | |||||||
Above prices assume married male driver age 30, no speeding tickets, no at-fault accidents, and Texas minimum liability limits. Discounts applied include multi-policy, multi-vehicle, claim-free, safe-driver, and homeowner. Rate information does not factor in specific zip code location which can change price quotes significantly.
Based on the above data, using a $100 deductible will cost you about $41 more each month or $492 a year across all Toyota Matrix models than buying the higher $1,000 deductible. Because you would be required to pay $900 more to settle a claim with a $1,000 deductible as compared to a $100 deductible, if you usually have at a minimum 22 months between claims, you would save more money if you opt for a higher deductible. The numbers below show a better example of how you can decide this on your own policy.
| Average monthly premium for $100 deductibles: | $128 |
| Average monthly premium for $1,000 deductibles (subtract): | - $87 |
| Monthly savings from raising deductible: | $41 |
| Difference between deductibles ($1,000 - $100): | $900 |
| Divide difference by monthly savings: | $900 / $41 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 22 months |
The illustration below demonstrates how deductible levels and can change Toyota Matrix insurance rates for different age groups of insureds. The information is based on a married female driver, comprehensive and collision coverage, and no discounts are applied to the premium.
Insurance rate increases from tickets or accidents
The example below illustrates how traffic citations and accidents can drive up Toyota Matrix annual premium costs for each different age group. The rates are based on a single male driver, comp and collision included, $250 deductibles, and no discounts are applied.
Toyota Matrix full coverage rates compared to liability only
The chart below shows the comparison of Toyota Matrix auto insurance rates with and without full coverage. The premium estimates are based on no driving violations, no at-fault accidents, $250 deductibles, drivers are single, and no other discounts are factored in.
Should you pay for full coverage or liability only?
There is no definitive formula to exclude physical damage coverage on your policy, but there is a general guideline you can use. If the annual cost of your full coverage insurance is more than 10% of any settlement you would receive from your insurance company, then you might want to consider buying only liability coverage.
For example, let's assume your Toyota Matrix settlement value is $9,000 and you have $1,000 policy deductibles. If your vehicle is damaged in an accident, the most you would get paid by your company is $8,000 after paying your deductible. If premium cost is more than $800 a year for full coverage, then you might consider buying liability only.
There are some circumstances where eliminating full coverage is not a good plan. If you have an outstanding loan on your vehicle, you have to keep full coverage to protect the lienholder's interest. Also, if you can't afford to buy a different vehicle in case of an accident, you should not consider dropping full coverage.
Smart Consumers Know How to Quote Insurance for Less
Many things are used when premium rates are determined. Some are obvious such as your driving history, but other factors are less obvious like your continuous coverage or how safe your car is. One of the most helpful ways to save on insurance is to to have a grasp of some of the things that aid in calculating the level of your policy premiums. When consumers understand what determines base rates, this empowers consumers to make smart changes that can help you get much lower annual insurance costs.
Shown below are some of the factors insurance companies consider when setting your premiums.
Getting married pays dividends - Having a significant other may earn you lower rates when shopping for insurance. It generally demonstrates drivers are more mature and responsible and insurance companies like that married drivers get in fewer accidents.
Only buy add-on coverages you need - Insurance companies have many extra coverages that can add up on your insurance policy. Things like rental car reimbursement, death and dismemberment, and additional equipment coverage may not be needed and are just wasting money. You may think they are a good idea when discussing your needs, but if you've never needed them in the past get rid of them and save.
Stay claim-free and save money - Insurance companies in Texas generally give the best rates to policyholders who are not frequent claim filers. If you frequently file small claims, you can expect higher rates. Auto insurance is meant to be used in the event of the large, substantial claims.
Gender is a factor - Over the last 50 years, statistics have shown that females tend to be a little less risky than males. That doesn't necessarily mean that women are better drivers. Both sexes cause fender benders in similar numbers, but the male of the species tend to have more serious accidents. Not only that, but men also get more serious tickets like DUI and reckless driving.
The chart below compares Toyota Matrix insurance costs for male and female drivers. The rates are based on no claims, a clean driving record, full coverage, $250 deductibles, drivers are single, and no discounts are taken into consideration.
Know your credit score - Having a bad credit rating is a large factor in determining premium rates. Drivers with high credit ratings tend to be more responsible and file fewer claims as compared to drivers with lower credit ratings. If your credit score is not that good, you could pay less to insure your Toyota Matrix by taking the time to improve your credit score.
Never go without insurance - Driving any period of time without insurance is against the law and your next policy will cost more because you let your insurance coverage expire. And not only will insurance be more expensive, failure to provide proof of insurance will get you a revoked license or a big fine. You may need to file a SR-22 with the Texas motor vehicle department.