Finding affordable auto insurance for a Toyota Tacoma is pretty easy for most people, but it hinges on many factors such as how you use your vehicle, your claims history, and the deductible amount you use. Drivers in Kentucky will pay around $983 per year to insure their Tacoma, but that is a projection using a 30-year-old married female driver with full comprehensive and collision coverage and $250 deductibles.
Most likely you aren’t exactly 30 years old or even a female, you might be single instead of married, or maybe you need higher liability limits than the state minimum. Just a very minor change in the rating criteria used to formulate rates could end up with a large change in policy price.
Auto insurance requires individual risk assessment, so the best way to find the most affordable coverage for your Toyota is to do the rate comparisons yourself. Comparing quotes is easy and you will receive prices from the best auto insurance companies around.
Vehicle trim level has an effect on the cost of insurance, so the rate you will pay to insure a Tacoma 2WD trim level will be $62 less than the insurance cost for the fancier Tacoma Double Cab TRD Sport Package 4WD trim level, as shown in the table below.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Tacoma Double Cab 4WD||$244||$416||$334||$20||$100||$1,114||$93|
|Tacoma X-Runner 2WD||$244||$490||$334||$20||$100||$1,188||$99|
|Tacoma Double Cab 4WD||$276||$416||$334||$20||$100||$1,146||$96|
|Tacoma Double Cab TRD Off-Road Package 4WD||$276||$416||$334||$20||$100||$1,146||$96|
|Tacoma Double Cab TRD Sport Package 4WD||$276||$416||$334||$20||$100||$1,146||$96|
|Get Your Own Custom Quote Go|
Data rating is based on married female driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and Kentucky minimum liability limits. Discounts applied include claim-free, multi-vehicle, multi-policy, safe-driver, and homeowner. Rate quotes do not factor in specific location information which can revise premium rates noticeably.
Finding decent, low-priced car insurance is not easy, and determining which insurers offer the most affordable car insurance rates for a Toyota Tacoma involves even more rate comparisons. Each insurance company uses different criteria to set premium rates, so let’s take a look at the car insurance companies that tend to be cheaper in Lexington.
It’s a good idea to know that Lexington, KY car insurance rates are based on many factors that may substantially change the price you have to pay for coverage. Events like turning one year older, having a claim, or getting a DUI can cause premium changes that can cause some rates to be more affordable than the competition.
Find the Best Cheap Insurance for Your Tacoma
Cincinnati Insurance offers some of the lowest car insurance rates in Lexington at around $1,093 a year. This is $1,050 less than the average rate paid by Kentucky drivers of $2,143. Kentucky Farm Bureau, USAA, Auto-Owners, and Grange Mutual are also some of the cheaper Lexington, KY car insurance companies.
As depicted above, if you are a policyholder with Auto-Owners and switched to Kentucky Farm Bureau, you might realize annual savings of roughly $260. Kentucky drivers with Grange Mutual could save as much as $422 a year, and Motorists Mutual insureds might see rate reductions of $430 a year.
Remember that these policy prices are averages for all drivers and vehicles in Kentucky and and are not calculated with an exact location for a Toyota Tacoma. So the auto insurance company that fits your needs best may not even be in the top 21 companies in the list above. That is why you need to get rate quotes using your own driver and vehicle profiles.
Do you need full coverage?
Reducing premiums for car insurance is important to most people, and an effective way to save on the cost of insurance for a Toyota Tacoma is to only buy liability coverage. The diagram below illustrates the comparison of insurance costs with full physical damage coverage and with liability coverage only. The premium estimates are based on no tickets, no at-fault accidents, $500 deductibles, marital status is single, and no discounts are applied to the premium.
Averaged for all age groups, physical damage coverage costs an additional $1,856 per year more than carrying just liability coverage. A very common question is if physical damage coverage is worth the money. There isn’t a written rule of when to drop comp and collision coverage, but there is a general convention. If the annual cost of having full coverage is more than 10% of the settlement you would receive from your company, then it’s probably a good time to buy liability coverage only.
For example, let’s pretend your vehicle’s replacement cost is $10,500 and you have $1,000 policy deductibles. If your vehicle is damaged in an accident, the most your company will settle for is $9,500 after the deductible is paid. If you are paying in excess of $950 a year to have full coverage, then it might be time to buy liability only.
Discounts on Lexington insurance rates
Insurers that provide coverage for a Toyota Tacoma may have special discounts that could reduce prices by 30% or more if you meet certain criteria. Large car insurance companies and a partial list of their discounts can be found below.
- The Hartford discounts include vehicle fuel type, driver training, good student, bundle, and air bag.
- American Family policyholders can earn discounts including mySafetyValet, good student, bundled insurance, defensive driver, air bags, Steer into Savings, and accident-free.
- Progressive offers discounts for multi-vehicle, continuous coverage, online signing, multi-policy, online quote discount, and homeowner.
- Travelers may offer discounts for continuous insurance, home ownership, new car, multi-policy, and hybrid/electric vehicle.
- Farmers Insurance may have discounts that include electronic funds transfer, homeowner, multi-car, youthful driver, and pay in full.
- USAA may include discounts for driver training, new vehicle, loyalty savings, defensive driver, vehicle storage, multi-vehicle, and safe driver.
- Liberty Mutual includes discounts for newly married, multi-policy, multi-car, new graduate, hybrid vehicle, exclusive group savings, and preferred payment discount.
The example below shows the difference between insurance costs with and without some available policy discounts. The rates are based on a male driver, no tickets, no at-fault accidents, Kentucky state minimum liability limits, comprehensive and collision coverage, and $250 deductibles.
The first bar for each age group shows the average annual price with no discounts. The second shows the rates with multiple policy, accident-free, homeowner, anti-theft, defensive driving course, and vehicle safety discounts applied. When discounts are applied, theaverage amount saved on car insurance for a Toyota Tacoma is 28% or $523.
You may be paying too much for Tacoma insurance
Lexington car insurance rates are determined by lots of factors which can substantially decrease or increase the price you have to pay for coverage. Simply getting older, moving across town, or having an accident can cause premium changes that can now make some companies cheaper than competitors. Not only may your situation change, but auto insurance companies file new rates as often as every three months to ensure their profitability. A period of higher than normal claims may result in higher rates, while a lower level of claims can produce cheaper Tacoma insurance rates.
To illustrate this point, the graph below demonstrates which company has the cheapest car insurance in Lexington, KY for a 45-year-old female driver with a clear driving record, no claims, and a good credit rating. If we estimate rates based on her current situation, Cincinnati Insurance may have the lowest car insurance rates in Lexington at $1,190 per year. This is $953 less than the average policy premium paid by Kentucky drivers of $2,143. Kentucky Farm Bureau, USAA, Auto-Owners, and Motorists Mutual also make the list of the best Lexington, KY auto insurance companies.
Now let’s give the driver from the first example an accident surcharge, poor credit, and a speeding ticket. Since every car insurance company has their own formula for setting rates, analyzing rate quotes may now result in a different list of companies as shown below.
Kentucky Farm Bureau now has the best price in Lexington, KY with Travelers, USAA, Westfield, and State Farm now rounding out the top five. This example illustrates why Kentucky drivers need to perform a complete rate comparison to find affordable auto insurance rates for a Toyota Tacoma. Car insurance prices can be determined by many different factors and change dramatically, so the most affordable company the last time you compared rates may now not even be in the top five.
The agents shown below can aid you in deciding which coverages you need, since some drivers aren’t sure which coverage they need and prefer to get some professional advice when comparing insurance rates for a Toyota Tacoma. It can be complicated to find the cheapest rate yourself, and agents can provide you comfort knowing your policy gives you sufficient protection if you have a claim. To locate a Lexington auto insurance agent closest to you, click the button at the bottom of the list or click here to get price quotes now.
- Allstate Insurance: Joshua Williams
2240 Executive Dr Ste 103 – Lexington, KY 40505 – (859) 243-0162
- Dawn Stice – State Farm Insurance Agent
121 Prosperous Pl Ste 11A – Lexington, KY 40509 – (859) 271-2277
- KY Insurance and Investment Grp
3320 Clays Mill Rd Suite 214 – Lexington, KY 40503 – (859) 224-0316
- Barnes Insurance Center
1202 Winchester Rd #100 – Lexington, KY 40505 – (859) 253-2728
- Cambridge Insurance
2300 Regency Road – Lexington, KY 40503 – (859) 252-0381
Tips for finding low-cost insurance for a Toyota Tacoma
The list below shows some penny-pinching solutions that can help you quote cheap coverage.
- Get cheaper liability coverage by choosing a safer vehicle
- Accident-free drivers may qualify for discounts
- Older vehicles may not need full coverage
- Buying home and auto insurance together can earn discounts
- Clean up your credit rating
- Shop around for cheaper rates regularly
That last idea is certainly important, as was discussed in this write-up. Prices charged by auto insurers in Lexington vary considerably, so drivers shouldn’t be reluctant to buy a different policy if a more affordable price is available. Brand loyalty is great, but we do not recommend it if that loyalty ends up costing hundreds of dollars a year. If you have a few minutes, shop around and find cheaper car insurance for a Toyota Tacoma.