If saving the most money is your goal, then the best way to save money on Toyota Matrix insurance is to compare quotes once a year from providers who sell auto insurance in Lubbock.
First, spend some time learning about how companies price auto insurance and the factors you can control to prevent rate increases. Many things that result in higher rates like high-risk driving behaviors and bad credit can be controlled by making minor driving habit or lifestyle changes.
Second, quote rates from exclusive agents, independent agents, and direct providers. Exclusive agents and direct companies can only provide price estimates from a single company like GEICO and State Farm, while independent agencies can provide price quotes from many different companies.
Third, compare the new rates to your existing policy to see if a cheaper price is available in Lubbock. If you can save money, ensure there is no coverage lapse between policies.
Fourth, provide adequate notice to your current company of your decision to cancel your current policy and submit the application along with any required down payment to your new carrier. Immediately safely store the certificate of insurance in an easily accessible location.
A good tip to remember is to use the same coverage limits and deductibles on every price quote and and to get prices from as many auto insurance providers as possible. This guarantees the most accurate price comparison and a better comparison of the market.
It’s an obvious assumption that auto insurance companies want to keep you from shopping around. Consumers who compare other rates are likely to switch insurance companies because of the good chance of finding a lower rate. A recent insurance study discovered that consumers who made a habit of comparing rate quotes saved an average of $3,500 over four years compared to those who never compared other company’s rates.
If finding the cheapest rates on Toyota Matrix insurance in Lubbock is the reason you’re here, then having some knowledge of the best ways to find and compare insurance can help you be more efficient.
Buying affordable auto insurance in Lubbock is really not that difficult. If you’re already insured, you will definitely be able to buy cheaper auto insurance using the ideas you’re about to read. Smart buyers just need to understand the most effective way to buy auto insurance from many companies at once.
The most recommended method to compare insurance rates from multiple companies is to realize auto insurance companies will pay a fee to provide you with a free rate quote. The one thing you need to do is provide a small amount of information such as if you have a valid license, coverage limits, how much school you completed, and an estimate of your credit level. Your information is then submitted to all major companies and you will get price comparisons within a short period of time.
To compare lower-cost Toyota Matrix insurance rates now, click here and see if a lower rate is available in Lubbock.
The providers in the list below are our best choices to provide quotes in Lubbock, TX. If you want the cheapest auto insurance in Lubbock, we recommend you compare several of them to get the most affordable price.
Discounts can help lower premiums on Toyota Matrix insurance in Lubbock
Companies offering auto insurance don’t always advertise all their discounts in a way that’s easy to find, so we break down some of the best known as well as some of the hidden discounts that you can inquire about if you buy Lubbock auto insurance online.
- Payment Method – By paying your policy upfront rather than paying in monthly installments you can avoid monthly service charges.
- First Accident Forgiveness – This one is not really a discount per se, but certain companies will turn a blind eye to one accident without getting socked with a rate hike with the catch being you have to be claim-free for a particular time prior to the accident.
- Save over 55 – Seniors may qualify for reduced rates.
- Anti-lock Brakes – Cars, trucks, and SUVs equipped with ABS or steering control can stop better under adverse conditions and therefore earn up to a 10% discount.
- Early Signing – A few car insurance companies allow discounts for switching policies prior to the expiration date on your current Matrix insurance policy. Ten percent is about the average savings.
- Drive Safe and Save – Insureds without accidents can save up to 40% or more on their Lubbock auto insurance quote than drivers with accidents.
- Seat Belts Save – Using a seat belt and requiring all passengers to buckle up before driving could cut 10% or more off the medical payments premium.
- Discounts for Government Workers – Being employed by or retired from a federal job may qualify for a discount when you quote Lubbock auto insurance with select insurance companies.
- Buy New and Save – Insuring a new Matrix can save you some money since newer vehicles are generally safer.
- Defensive Driver – Taking part in a defensive driving course is a good idea and can lower rates and easily pay for the cost of the class.
As a disclaimer on discounts, most of the big mark downs will not be given to the entire policy premium. A few only apply to the price of certain insurance coverages like comprehensive or collision. If you do the math and it seems like it’s possible to get free car insurance, you’re out of luck.
The information below shows the difference between Toyota Matrix insurance rates with and without some available policy discounts. The data is based on a male driver, no tickets, no at-fault accidents, Texas state minimum liability limits, full physical damage coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with homeowner, safe-driver, marriage, multi-car, multi-policy, and claim-free discounts applied.
If you would like to see a list of insurance companies that offer discounts in Texas, click here to view.
Rates and information analytics
The premium table shown next showcases different coverage costs for Toyota Matrix models. Having a better understanding of how insurance policy rates are formulated can assist in making smart buying decisions.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Matrix 2WD | $176 | $384 | $514 | $30 | $154 | $1,258 | $105 |
| Matrix S 2WD | $202 | $452 | $514 | $30 | $154 | $1,352 | $113 |
| Matrix S AWD | $202 | $452 | $514 | $30 | $154 | $1,352 | $113 |
| Matrix XRS 2WD | $202 | $452 | $514 | $30 | $154 | $1,352 | $113 |
| Get Your Own Custom Quote Go | |||||||
Prices above based on single female driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and Texas minimum liability limits. Discounts applied include multi-policy, multi-vehicle, claim-free, homeowner, and safe-driver. Premium costs do not factor in specific location information which can impact price quotes significantly.
The information below shows how choosing a deductible and can affect Toyota Matrix insurance premiums for each different age category. The premiums are based on a single female driver, comprehensive and collision coverage, and no discounts are factored in.
Impact of citations and accidents on Lubbock insurance rates
The information below shows how speeding tickets and accidents impact Toyota Matrix annual premium costs for different ages of insureds. Data assumes a single female driver, comprehensive and collision coverage, $500 deductibles, and no discounts are applied to the premium.
Gender-based insurance premiums in Lubbock
The diagram below compares Toyota Matrix annual premium costs for male and female drivers. The price estimates are based on no accidents or driving violations, comp and collision included, $100 deductibles, drivers are single, and no discounts are applied to the premium.
Toyota Matrix full coverage rates compared to liability only
The information below shows the comparison of Toyota Matrix insurance costs with full coverage compared to only the Texas minimum liability coverage. The rates are based on no accidents or driving violations, $100 deductibles, marital status is single, and no other discounts are factored in.
When to switch to liability coverage only
There is no definitive guideline to exclude full coverage, but there is a guideline you can consider. If the annual cost of your full coverage insurance is more than around 10% of the replacement cost minus the deductible, then it may be the right time to buy liability only.
For example, let’s pretend your Toyota Matrix replacement cost is $3,000 and you have $1,000 deductibles. If your vehicle is totaled, the most your company would pay you is $2,000 after the deductible is paid. If you are paying over $200 a year for your policy with full coverage, the it may be a good time to stop paying for full coverage.
There are some cases where removing full coverage is not a good plan. If you haven’t paid off your loan, you have to maintain full coverage to protect the lienholder’s interest. Also, if your finances do not allow you to purchase a different vehicle in case of an accident, you should keep full coverage.
When to talk to an insurance agency
Certain consumers still like to buy from a local agent and that is just fine! Good agents are trained risk managers and help in the event of a claim. The biggest benefit of comparing rate quotes online is that drivers can save money and get cheaper rates and still have a local agent.
By using this form (opens in new window), your information gets sent to local insurance agents in Lubbock who can give free rate quotes and help you find cheaper coverage. It’s much easier because you don’t need to search for any insurance agencies since rate quotes are delivered directly to your email. If you want to get a rate quote from a specific auto insurance provider, just visit that company’s website and give them your coverage information.
Choosing an insurance company shouldn’t rely on just a cheap price quote. Here are some questions you should ask.
- How long have they worked with personal auto insurance coverage?
- When do they do policy reviews?
- Do they offer rental car reimbursement?
- Is insurance their full-time profession?
- Does the company have a local claim office in Lubbock?
- Do you qualify for any additional discounts?
- Will they take your side in the event of a claim?
Choose an insurance agent wisely
When narrowing the list to find a local insurance agency, it’s helpful to know the types of insurance agents that you can select. Agents in Lubbock can either be exclusive agents or independent agents. Both write policy coverage, but it’s a good idea to understand how they are different because it can influence your selection of an agent.
Exclusive Auto Insurance Agents
These agents generally can only insure with one company and some examples include American Family, State Farm, and AAA. Exclusive agencies are unable to place coverage with different providers so if the price isn’t competitive there isn’t much they can do. Exclusive agents are trained well on their company’s products which helps offset the inability to provide other markets. Consumers frequently choose to use a exclusive agent partially due to the brand rather than low rates.
Listed below are Lubbock exclusive insurance agencies willing to provide comparison quotes.
- Allstate Insurance Agent: Russell Donaway
2321 50th St Ste C – Lubbock, TX 79412 – (806) 799-4600 – View Map - Scott Powell – State Farm Insurance Agent
3410 98th St Ste 3 – Lubbock, TX 79423 – (806) 793-2855 – View Map - Dick Phillips – State Farm® Insurance Agent
5740 82nd St – Lubbock, TX 79424 – (806) 799-4651 – View Map
Independent Agents
These agents are not employed by one company and that is an advantage because they can write policies with any number of different companies and possibly get better coverage at lower prices. If they find a lower price, an independent agent can move your coverage and you won’t have to switch agencies. If you are trying to find cheaper rates, you should always contact multiple independent agents to ensure the widest selection of prices. Many can place coverage with lesser-known insurance companies which could offer lower prices.
Listed below is a short list of independent insurance agents in Lubbock that are able to give rate quotes.
- Area Insurance Associates
4202 Avenue Q – Lubbock, TX 79412 – (806) 747-2400 – View Map - Lubbock AllState Agent
2312 19th St – Lubbock, TX 79401 – (806) 412-1471 – View Map - Alliance Insurance Agency
3307 82nd St – Lubbock, TX 79423 – (806) 792-0135 – View Map
After you get good responses to all your questions and a good coverage price, you may have just found an insurance agency that can properly insure your vehicles.
Why you need quality insurance for your Toyota vehicle
Despite the potentially high cost of Toyota Matrix insurance, maintaining insurance may not be optional for several reasons.
- Most states have mandatory insurance requirements which means the state requires a specific level of liability protection in order to license the vehicle. In Texas these limits are 30/60/25 which means you must have $30,000 of bodily injury coverage per person, $60,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.
- If you bought your Toyota with a loan, it’s most likely the lender will require you to have physical damage coverage to guarantee payment of the loan. If the policy lapses, the bank or lender will purchase a policy for your Toyota at a significantly higher premium and force you to reimburse them the higher price.
- Insurance protects both your Toyota and your personal assets. It will also reimburse you for medical expenses that are the result of an accident. One of the most valuable coverages, liability insurance, also covers legal expenses if someone files suit against you as the result of an accident. If damage is caused by hail or an accident, collision and comprehensive (also known as other-than-collision) coverage will pay to restore your vehicle to like-new condition.
The benefits of insuring your Matrix more than cancel out the cost, particularly for liability claims. Unknowingly, the average driver is wasting up to $700 annually so we recommend shopping around every year to ensure rates are inline.
Car insurance specifics
Understanding the coverages of your policy can be of help when determining which coverages you need at the best deductibles and correct limits. Car insurance terms can be ambiguous and nobody wants to actually read their policy.
Collision protection
Collision coverage covers damage to your Matrix from colliding with a stationary object or other vehicle. You first must pay a deductible and the rest of the damage will be paid by collision coverage.
Collision insurance covers claims such as rolling your car, colliding with a tree and scraping a guard rail. Paying for collision coverage can be pricey, so consider dropping it from vehicles that are 8 years or older. It’s also possible to increase the deductible on your Matrix to save money on collision insurance.
Comprehensive protection
Comprehensive insurance pays for damage OTHER than collision with another vehicle or object. A deductible will apply then the remaining damage will be covered by your comprehensive coverage.
Comprehensive insurance covers claims such as hitting a bird, damage from a tornado or hurricane, damage from flooding, theft and fire damage. The most you can receive from a comprehensive claim is the ACV or actual cash value, so if the vehicle is not worth much consider dropping full coverage.
Liability insurance
Liability coverage can cover damage or injury you incur to people or other property in an accident. This coverage protects you against other people’s claims, and does not provide coverage for damage to your own property or vehicle.
It consists of three limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You commonly see liability limits of 30/60/25 that translate to $30,000 in coverage for each person’s injuries, a limit of $60,000 in injury protection per accident, and property damage coverage for $25,000.
Liability can pay for things like repair bills for other people’s vehicles, medical expenses, loss of income, medical services and court costs. How much coverage you buy is a personal decision, but consider buying higher limits if possible. Texas state minimum liability requirements are 30/60/25 but you should consider buying better liability coverage.
The next chart demonstrates why buying minimum limits may not be enough coverage.
Medical expense coverage
Med pay and PIP coverage pay for bills such as EMT expenses, surgery and doctor visits. They are often used in conjunction with a health insurance plan or if you do not have health coverage. Medical payments and PIP cover all vehicle occupants and will also cover being hit by a car walking across the street. PIP coverage is not an option in every state and may carry a deductible
Uninsured or underinsured coverage
This coverage protects you and your vehicle when other motorists do not carry enough liability coverage. It can pay for injuries to you and your family and also any damage incurred to your Toyota Matrix.
Because many people have only the minimum liability required by law (Texas limits are 30/60/25), it doesn’t take a major accident to exceed their coverage limits. So UM/UIM coverage should not be overlooked.
You can lower your insurance rates
Throughout this article, we presented many ways to find lower-cost Toyota Matrix insurance in Lubbock. It’s most important to understand that the more companies you get rates for, the better your chances of lowering your rates. You may even find the most savings is with the smaller companies.
People leave their current company for a number of reasons such as policy non-renewal, high rates after DUI convictions, being labeled a high risk driver or high prices. Whatever your reason, choosing a new insurance company is not as hard as you think.
Cheaper Toyota Matrix insurance in Lubbock is available on the web and from local agencies, and you should be comparing both so you have a total pricing picture. There are still a few companies who may not have the ability to get quotes online and usually these small, regional companies provide coverage only through independent insurance agents.
For more information, take a look at the resources below:
- Collision Coverage (Liberty Mutual)
- What Car Insurance is Cheapest for a Toyota Highlander in Lubbock? (FAQ)
- How Much is Car Insurance for Low Income Drivers in Lubbock? (FAQ)
- What Determines the Price of My Auto Insurance Policy? (Insurance Information Institute)
- When is the Right Time to Switch Car Insurance Companies? (Allstate)
- Airbag FAQ (iihs.org)
- Distracted Driving (Insurance Information Institute)