It takes a little time, but the best way to find affordable Toyota Matrix insurance is to make a habit of regularly comparing prices from companies who sell insurance in Portland. Price quotes can be compared by following these steps.
- Step 1: Get a basic knowledge of the different coverages in a policy and the things you can control to keep rates in check. Many things that are responsible for high rates such as careless driving and an imperfect credit score can be improved by paying attention to minor details.
- Step 2: Quote rates from exclusive agents, independent agents, and direct providers. Direct companies and exclusive agencies can only quote rates from a single company like Progressive and State Farm, while independent agents can quote rates for many different companies.
- Step 3: Compare the new rate quotes to the premium of your current policy to see if a cheaper price is available. If you find better rates and make a switch, make sure coverage does not lapse between policies.
- Step 4: Tell your current company of your intent to cancel your current auto insurance policy. Submit payment along with a signed and completed policy application to your new agent or company. Be sure to store the proof of insurance certificate in a readily accessible location in your vehicle.
One piece of advice is to try to use the same deductibles and limits on each price quote and and to get prices from as many different companies as possible. Doing this guarantees a fair rate comparison and the best price quote selection.
Smart shoppers know that car insurance companies want to keep you from shopping around. Drivers who compare rates once a year will, in all likelihood, switch companies because they have a good chance of finding more affordable rates. Surprisingly, a recent survey revealed that consumers who routinely shopped for cheaper coverage saved approximately $850 each year compared to policyholders who never compared prices.
If finding discount rates on auto insurance in Portland is your objective, then having some insight into how to quote prices and compare insurance premiums can save time, money, and frustration.
Finding the cheapest car insurance coverage in Portland can really be easy if you know what you’re doing. If you have insurance now or just want a better rate, use these tips to find the best rates and still have adequate protection. Drivers just need to understand the proper methods to shop for car insurance online.
You Can Change Your Insurance Costs
Many factors are considered when pricing auto insurance. Some are pretty understandable such as your driving history, but some are not quite as obvious such as your credit history or your financial responsibility. An important part of buying insurance is that you know the rating factors that aid in calculating the price you pay for auto insurance. If you know what positively or negatively impacts your premiums, this enables you to make decisions that can help you get lower auto insurance prices.
Big cities have higher premiums – Having an address in less populated areas of the country may provide you with better prices when trying to find low car insurance rates. Drivers in populated areas have to deal with more road rage incidents and much longer commute distances. Less people means a lower chance of having an accident in addition to fewer liability claims.
Raising comp and collision deductibles lowers rates – Comprehensive and collision coverage deductibles define the amount you are required to spend out-of-pocket if the claim is covered. Physical damage coverage, also known as collision and other-than-collision, insures against damage to your car. Examples of some claims that would be covered could be rear-ending another vehicle, animal collisions, and having a roll-over accident. The larger the amount you pay before a claim is paid (deductible), the less money you will pay for auto insurance.
Prevent theft and reduce rates – Buying a car with an alarm system can help lower your rates. Theft deterrent systems like OnStar found on GM vehicles, advanced tracking like LoJack, and vehicle immobilization systems can thwart vehicle theft.
Always have auto insurance – Allowing your auto insurance policy to lapse is a fast way to pay more for auto insurance. Not only will rates go up, being ticketed for driving with no insurance may earn you a license revocation or jail time. Then you may be required to provide proof of insurance in the form of an SR-22 filing with the Oregon department of motor vehicles.
Safer the car lower the rate – Safe vehicles are cheaper to insure. Vehicles built for safety reduce injuries and better occupant protection translates into fewer and smaller insurance claims which can mean better rates for you. If the Toyota Matrix scored better than four stars on Safercar.gov or an “acceptable” rating on iihs.org it may cost less to insure.
Coverage statistics and figures
The premium information shown below outlines a range of coverage prices for Toyota Matrix models. Understanding more about how car insurance premiums are established is important for drivers to make informed purchases.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Matrix 2WD | $120 | $240 | $330 | $20 | $98 | $808 | $67 |
| Matrix S 2WD | $138 | $284 | $330 | $20 | $98 | $870 | $73 |
| Matrix S AWD | $138 | $284 | $330 | $20 | $98 | $870 | $73 |
| Matrix XRS 2WD | $138 | $284 | $330 | $20 | $98 | $870 | $73 |
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Data assumes married male driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and Oregon minimum liability limits. Discounts applied include claim-free, homeowner, multi-vehicle, multi-policy, and safe-driver. Premium costs do not factor in specific zip code location which can influence prices greatly.
Should you raise deductibles?
When shopping for insurance, a common question is at what level do you set your deductibles. The data tables below may help to illustrate the rate difference when you choose different insurance deductibles. The first rate table uses a $100 physical damage deductible and the second rate table uses a $1,000 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Matrix 2WD | $240 | $496 | $320 | $18 | $96 | $1,195 | $100 |
| Matrix S 2WD | $274 | $586 | $320 | $18 | $96 | $1,319 | $110 |
| Matrix S AWD | $274 | $586 | $320 | $18 | $96 | $1,319 | $110 |
| Matrix XRS 2WD | $274 | $586 | $320 | $18 | $96 | $1,319 | $110 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Matrix 2WD | $132 | $262 | $320 | $18 | $96 | $828 | $69 |
| Matrix S 2WD | $152 | $308 | $320 | $18 | $96 | $894 | $75 |
| Matrix S AWD | $152 | $308 | $320 | $18 | $96 | $894 | $75 |
| Matrix XRS 2WD | $152 | $308 | $320 | $18 | $96 | $894 | $75 |
| Get Your Own Custom Quote Go | |||||||
Data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Oregon minimum liability limits. Discounts applied include safe-driver, multi-policy, claim-free, homeowner, and multi-vehicle. Price information does not factor in your specific Portland location which can modify premium rates greatly.
Using the data above, we can ascertain that using a $100 deductible will cost you roughly $34 more each month or $408 a year than quoting the higher $1,000 deductible. Since you would pay $900 more out of your own pocket with a $1,000 deductible as compared to a $100 deductible, if you tend to have at least 26 months between claim filings, you would more than likely save some money by going with a higher deductible.
Calculation for determining deductible levels
| Average monthly premium for $100 deductibles: | $108 |
| Average monthly premium for $1,000 deductibles (subtract): | – $74 |
| Monthly savings from raising deductible: | $34 |
| Difference between deductibles ($1,000 – $100): | $900 |
| Divide difference by monthly savings: | $900 / $34 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 26 months |
Male drivers versus female drivers
The chart below illustrates the difference between Toyota Matrix auto insurance rates for male and female drivers. The prices are based on no claims, a clean driving record, comprehensive and collision coverage, $500 deductibles, drivers are single, and no discounts are applied.
Full coverage versus liability only rates
The diagram below visualizes the comparison of Toyota Matrix auto insurance costs with and without full coverage. The price estimates are based on no accidents, no driving violations, $250 deductibles, single marital status, and no policy discounts are applied.
When to buy liability coverage only
There is no set rule of when to exclude physical damage coverage, but there is a guideline you can consider. If the yearly cost for physical damage coverage is 10% or more of the settlement you would receive from your company, the it may be a good time to stop paying for full coverage.
For example, let’s pretend your Toyota Matrix book value is $8,000 and you have $1,000 policy deductibles. If your vehicle is severely damaged, the most you would get paid by your company is $7,000 after the deductible is paid. If premium cost is more than $700 annually for physical damage coverage, then you might consider buying liability only.
There are some cases where dropping physical damage coverage is not in your best interest. If you have an outstanding loan on your vehicle, you have to maintain full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if your savings is not enough to buy a different vehicle in the even your car is totaled, you should not opt for liability only.
Check for these discounts on Toyota Matrix insurance in Portland
Some insurance providers do not advertise all discounts in an easy-to-find place, so below is a list a few of the more common as well as some of the hidden discounts you could be receiving when you buy Portland auto insurance online.
- Discounts for Federal Employees – Active or retired federal employment could cut as much as 10% off with some insurance companies.
- Discount for Life Insurance – Not all insurance companies offer life insurance, but some may give you a break if you buy some life insurance too.
- Renewal Discounts – A few insurance companies allow discounts for buying a new policy early. Ten percent is about the average savings.
- Accident Free – Drivers with accident-free driving histories pay less as opposed to insureds who have frequent claims or accidents.
- College Student Discount – Children who live away from home at college and leave their car at home could get you a discount.
Consumers should know that some of the credits will not apply to the entire cost. The majority will only reduce individual premiums such as physical damage coverage or medical payments. So when the math indicates all the discounts add up to a free policy, insurance companies wouldn’t stay in business. Any qualifying discounts will lower your policy cost.
The information below illustrates the difference between Toyota Matrix premium costs with and without discounts applied. The data is based on a female driver, no violations or accidents, Oregon 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 multi-car, multi-policy, claim-free, marriage, homeowner, and safe-driver discounts applied.
If you would like to see a list of insurance companies with discount insurance rates in Oregon, click here.
Oregon auto insurance companies
Selecting the right insurance company can be a challenge considering how many companies sell insurance in Portland. The ranking data below can help you pick which auto insurance companies you want to consider when comparing rate quotes.
| Company | Value | Customer Service | Claims | Customer Satisfaction | A.M Best Rating | Overall Score |
|---|---|---|---|---|---|---|
| USAA | 98 | 100 | 100 | 94% | A++ | 98.6 |
| American Family | 98 | 89 | 100 | 86% | A | 95.4 |
| State Farm | 88 | 93 | 96 | 90% | A++ | 92.4 |
| The Hartford | 94 | 92 | 90 | 89% | A+ | 91.7 |
| AAA Insurance | 88 | 89 | 95 | 91% | A | 91.2 |
| GEICO | 84 | 93 | 93 | 89% | A++ | 90.3 |
| The General | 89 | 91 | 89 | 88% | A- | 90 |
| Titan Insurance | 90 | 87 | 91 | 95% | A+ | 89.6 |
| Progressive | 84 | 91 | 93 | 87% | A+ | 89.5 |
| Mercury Insurance | 88 | 91 | 90 | 85% | A+ | 89.4 |
| Allstate | 85 | 90 | 92 | 88% | A+ | 89.3 |
| Nationwide | 87 | 88 | 84 | 90% | A+ | 88.7 |
| Liberty Mutual | 84 | 87 | 93 | 88% | A | 88.5 |
| 21st Century | 85 | 86 | 87 | 88% | A | 86.7 |
| Esurance | 85 | 80 | 95 | 87% | A+ | 85.9 |
| Safeco | 85 | 85 | 85 | 86% | A | 85.8 |
| Travelers | 80 | 87 | 87 | 83% | A++ | 85.2 |
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Data Source: Insure.com Best Car Insurance Companies
Don’t give up on affordable premiums
We covered a lot of ways to get a better price on Toyota Matrix insurance in Portland. The key thing to remember is the more rate comparisons you have, the better likelihood of getting affordable Toyota Matrix insurance quotes. You may even discover the lowest priced car insurance comes from a lesser-known regional company.
When you buy Portland auto insurance online, don’t be tempted to buy poor coverage just to save money. There are many occasions where consumers will sacrifice liability limits or collision coverage to discover at claim time they didn’t purchase enough coverage. Your focus should be to buy enough coverage at an affordable rate, but don’t skip important coverages to save money.
Insureds switch companies for a number of reasons such as high prices, lack of trust in their agent, denial of a claim or even policy non-renewal. Whatever your reason, choosing a new company is actually quite simple.
For more information, take a look at the articles below:
- Red Light Cameras (State Farm)
- How Much are Portland Car Insurance Rates for a Learners Permit? (FAQ)
- What Car Insurance is Cheapest for Ride Shares in Portland? (FAQ)
- What Insurance is Cheapest with Multiple Speeding Tickets in Portland? (FAQ)
- Who Has Cheap Car Insurance Rates for a Ford Fusion in Portland? (FAQ)
- Who Has the Cheapest Auto Insurance for Government Employees in Portland? (FAQ)
- Who Has Cheap Portland Auto Insurance Rates for a Dodge Ram? (FAQ)
- Who Has the Cheapest Portland Auto Insurance for a Toyota Corolla? (FAQ)
- Who Has Cheap Portland Auto Insurance Quotes for Drivers Over Age 60? (FAQ)
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- What Auto Insurance is Cheapest for a GMC Sierra in Portland? (FAQ)
- Who Has Affordable Portland Car Insurance for Drivers with Good Credit? (FAQ)
- Who Has Cheap Portland Auto Insurance Quotes for 19 Year Olds? (FAQ)
- Who Has the Cheapest Portland Auto Insurance Quotes for a Toyota 4Runner? (FAQ)
- How Much are Car Insurance Rates for Retired Military in Portland? (FAQ)
- Auto Insurance Basics (Insurance Information Institute)
- Warning systems don’t curb driver distraction (Insurance Institute for Highway Safety)