Overwhelmed by the sheer number of car insurance providers that you can choose from? There are such a vast assortment of providers available that it can easily turn into a real challenge to locate the lowest car insurance rates for Toyota Tacoma insurance in Lexington. Lexington is a wonderful place to live, but expensive car insurance premiums can make it difficult for lots of drivers to pay for enough car insurance coverage.
How to find cheaper rates for Toyota Tacoma insurance in Lexington
If you want to find the absolute lowest rates, then the best way to find low-cost prices for Toyota Tacoma insurance is to begin comparing prices regularly from insurers who sell insurance in Lexington.
First, read about auto insurance and the things you can control to prevent expensive coverage. Many things that cause rate increases such as speeding tickets, accidents and a low credit score can be controlled by making minor changes to your lifestyle. Later in this article we will cover tips to prevent expensive rate increases and earn a bigger discount.
Second, compare price quotes from direct carriers, independent agents, and exclusive agents. Exclusive agents and direct companies can provide rates from one company like GEICO and Allstate, while independent agencies can quote prices from multiple sources.
Third, compare the new rates to your existing coverage and see if you can save money. If you find a lower rate quote and decide to switch, ensure there is no coverage lapse between policies.
The key thing to remember is to use identical coverages on every quote request and and to get price quotes from as many carriers as you can. Doing this enables a fair rate comparison and a complete price analysis.
Astonishing but true, nearly 70% of drivers have remained with the same car insurance company for well over three years, and virtually 40% of consumers have never compared rates with other companies. Lexington consumers could save roughly 30% each year by just comparing rate quotes, but most undervalue the large savings they would see if they switched to a more affordable policy.
Just keep in mind that making a lot of price comparisons increases your odds of finding a better price. Not every company provides Lexington Tacoma insurance quotes online, so it’s important to also get price quotes from the smaller companies as well.
The following companies offer comparison quotes in Kentucky. To buy cheaper auto insurance in Lexington, KY, we recommend you compare several of them to get a more complete price comparison.
Detailed insurance information
The data table displayed below outlines a range of coverage prices for Toyota Tacoma models. Having insight into how insurance premiums are calculated is important to be able to make smart choices when comparing insurance quotes.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Tacoma 2WD | $172 | $388 | $424 | $26 | $128 | $1,138 | $95 |
| Tacoma 4WD | $196 | $318 | $424 | $26 | $128 | $1,092 | $91 |
| Tacoma Double Cab 4WD | $196 | $388 | $424 | $26 | $128 | $1,162 | $97 |
| Tacoma X-Runner 2WD | $196 | $456 | $424 | $26 | $128 | $1,230 | $103 |
| Tacoma Double Cab 4WD | $222 | $388 | $424 | $26 | $128 | $1,188 | $99 |
| Tacoma Double Cab TRD Off-Road Package 4WD | $222 | $388 | $424 | $26 | $128 | $1,188 | $99 |
| Tacoma Double Cab TRD Sport Package 4WD | $222 | $388 | $424 | $26 | $128 | $1,188 | $99 |
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Above prices assume single female driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Kentucky minimum liability limits. Discounts applied include multi-policy, claim-free, homeowner, multi-vehicle, and safe-driver. Rate information does not factor in vehicle garaging location which can impact insurance rates considerably.
How high should deductibles be?
One of the most common car insurance questions is how high should your deductibles be. The tables below can help you visualize the differences in premium rates between low and high physical damage coverage deductibles. The first set of rates uses a $100 deductible for physical damage and the second pricing table uses a $1,000 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Tacoma 2WD | $244 | $508 | $326 | $20 | $98 | $1,221 | $102 |
| Tacoma 4WD | $280 | $418 | $326 | $20 | $98 | $1,167 | $97 |
| Tacoma Double Cab 4WD | $280 | $508 | $326 | $20 | $98 | $1,257 | $105 |
| Tacoma X-Runner 2WD | $280 | $598 | $326 | $20 | $98 | $1,347 | $112 |
| Tacoma Double Cab 4WD | $318 | $508 | $326 | $20 | $98 | $1,295 | $108 |
| Tacoma Double Cab TRD Off-Road Package 4WD | $318 | $508 | $326 | $20 | $98 | $1,295 | $108 |
| Tacoma Double Cab TRD Sport Package 4WD | $318 | $508 | $326 | $20 | $98 | $1,295 | $108 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Tacoma 2WD | $136 | $268 | $326 | $20 | $98 | $848 | $71 |
| Tacoma 4WD | $156 | $220 | $326 | $20 | $98 | $820 | $68 |
| Tacoma Double Cab 4WD | $156 | $268 | $326 | $20 | $98 | $868 | $72 |
| Tacoma X-Runner 2WD | $156 | $316 | $326 | $20 | $98 | $916 | $76 |
| Tacoma Double Cab 4WD | $176 | $268 | $326 | $20 | $98 | $888 | $74 |
| Tacoma Double Cab TRD Off-Road Package 4WD | $176 | $268 | $326 | $20 | $98 | $888 | $74 |
| Tacoma Double Cab TRD Sport Package 4WD | $176 | $268 | $326 | $20 | $98 | $888 | $74 |
| Get Your Own Custom Quote Go | |||||||
Table data represents married male driver age 30, no speeding tickets, no at-fault accidents, and Kentucky minimum liability limits. Discounts applied include multi-policy, claim-free, homeowner, multi-vehicle, and safe-driver. Information does not factor in Lexington location which can alter premiums considerably.
Based on the above data, using a $100 deductible will cost in the ballpark of $33 more each month or $396 each year than quoting the higher $1,000 deductible. Since you would pay $900 more if you file a claim with a $1,000 deductible as compared to a $100 deductible, if you go more than 27 months between claim filings, you would save more money if you choose a higher deductible.
How to calculate deductible break even point
| Average monthly premium for $100 deductibles: | $106 |
| Average monthly premium for $1,000 deductibles (subtract): | – $73 |
| Monthly savings from raising deductible: | $33 |
| Difference between deductibles ($1,000 – $100): | $900 |
| Divide difference by monthly savings: | $900 / $33 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 27 months |
An important sidenote is that raising deductibles results in a higher out-of-pocket expense when you have a physical damage claim. You will want to have access to more funds in the event you have to pay the deductible to have repairs made.
Rate comparison of male drivers versus female drivers
The diagram below visualizes the comparison of Toyota Tacoma auto insurance costs for male and female drivers. The premium estimates are based on no tickets, no at-fault accidents, full physical damage coverage, $500 deductibles, single status, and no additional discounts are factored in.
Rate comparison of full coverage and liability-only
The diagram below shows the difference between Toyota Tacoma auto insurance rates with full coverage compared to only the Kentucky minimum liability coverage. The data assumes no claims or driving violations, $100 deductibles, single marital status, and no discounts are applied to the premium.
When to drop comprehensive and collision coverage
There is no set rule of when to exclude physical damage insurance, but there is a general guideline you can use. If the yearly cost of comp and collision coverage is about 10% or more of the vehicle’s replacement cost less your deductible, then you may want to consider only buying liability coverage.
For example, let’s say your Toyota Tacoma claim settlement value is $8,000 and you have $1,000 deductibles. If your vehicle is severely damaged, the most you would get paid by your company is $7,000 after paying your deductible. If you are paying over $700 annually for your policy with full coverage, then it’s probably a good time to buy liability coverage only.
There are some cases where removing full coverage is not a good plan. If you still have a lienholder on your title, you have to keep full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if you cannot afford to purchase a different vehicle if your current one is damaged, you should not buy liability only.
When to have guidance from an insurance agent
Some consumers prefer to go talk to an agent and that is OK! One of the great benefits of price shopping on the web is you may find the lowest rates and still choose a local agent.
Once you complete this quick form, the quote information is transmitted to agents in your area that give free quotes and help you find cheaper coverage. There is no reason to leave your house since rate quotes are delivered directly to your email. Get lower rates without having to waste a lot of time. In the event you want to compare rates for a specific company, you can always jump over to their website to submit a rate quote request.
Choosing an insurance company needs to be determined by more than just a cheap price quote. Ask your prospective agent these questions:
- Is insurance their full-time profession?
- Does the company have a solid financial rating?
- Is the coverage adequate for your vehicle?
- Do they make recommendations based only on price?
- Do they assist clients in filing claims?
- Does the agency have a positive business rating?
If you are searching for an insurance agent, it’s helpful to know the different types of agents from which to choose. Agents can be categorized as either exclusive or independent (non-exclusive).
Exclusive Insurance Agents
Agents that choose to be exclusive can usually just insure with one company and some examples include AAA, State Farm, Farmers Insurance, and Allstate. Exclusive agencies are unable to shop your coverage around so if the price isn’t competitive there isn’t much they can do. Exclusive insurance agents receive extensive training on sales techniques which can be an advantage. Consumers frequently purchase coverage from exclusives mainly due to loyalty to the company instead of buying on price only.
The following is a short list of exclusive insurance agents in Lexington who can help you get rate quotes.
- Tophan Kulkriwes – State Farm Insurance Agent
1010 Monarch St #250 – Lexington, KY 40513 – (859) 276-4422 – View Map - Russ Tucker – State Farm Insurance Agent
1206 N Broadway – Lexington, KY 40505 – (859) 259-0404 – View Map - David Lovejoy – State Farm Insurance Agent
125 Towne Center Dr #125 – Lexington, KY 40511 – (859) 266-2121 – View Map
Independent Agents (or Brokers)
Independent insurance agents do not sell for just one brand and that allows them to write policies with a variety of different insurance companies and find the cheapest rate. If prices rise, your policy is moved internally without you having to go to a different agency. If you are comparing car insurance prices, it’s a good idea to check rates from at a minimum one independent agency in order to compare the most rates. A lot of them also have access to companies that do not advertise much which can be an advantage.
The following is a short list of independent insurance agencies in Lexington who can help you get rate quotes.
- Kent Smith Insurance / The Randolph Scott Agency
1025 Dove Run Rd #302 – Lexington, KY 40502 – (859) 225-5616 – View Map - Bray and Oakley Insurance Agency, Inc.
3061 Fieldstone Way – Lexington, KY 40513 – (859) 927-3743 – View Map - Carpenter-Warren Insurance Inc
271 W Short St # 304 – Lexington, KY 40507 – (859) 252-6691 – View Map