Buying competitive insurance for a Toyota Tacoma hinges on a pretty complex algorithm that uses a lot of factors such as whether you are married or single, your occupation, and your driving record. Drivers pay on average $803 annually to insure their Tacoma, but that is an approximation calculated using a 50-year-old married female driver with full coverage and $250 deductibles.
Most likely you are not 50 years old and maybe not even female, possibly single instead of married, or you just prefer to insure for liability only. Have just a small change in the rating criteria used to formulate rates can result in a massive change in the cost of insurance for a Toyota Tacoma.
Auto insurance requires individual risk assessment, so the best method for finding cheap auto insurance rates for your Toyota is to compare as many rates as you can.
The trim level of your vehicle will be a contributing factor to the coverage cost, so the rate you will pay to insure a Tacoma 2WD will cost $46 less than the insurance cost for the fancier Tacoma Double Cab TRD Sport Package 4WD model, as demonstrated by the prices below.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Tacoma Double Cab 4WD||$184||$334||$290||$18||$86||$912||$76|
|Tacoma X-Runner 2WD||$184||$392||$290||$18||$86||$970||$81|
|Tacoma Double Cab 4WD||$206||$334||$290||$18||$86||$934||$78|
|Tacoma Double Cab TRD Off-Road Package 4WD||$206||$334||$290||$18||$86||$934||$78|
|Tacoma Double Cab TRD Sport Package 4WD||$206||$334||$290||$18||$86||$934||$78|
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Price data assumes married female driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and Nevada minimum liability limits. Discounts applied include multi-vehicle, claim-free, homeowner, safe-driver, and multi-policy. Estimates do not factor in vehicle location which can lower or raise coverage prices greatly.
Finding out which insurers offer the best car insurance rates for a Toyota Tacoma in Nevada involves a bit more effort than just getting one or two price quotes. Every insurance company uses different criteria to determine rates, so let's rank the most affordable car insurance companies in Nevada.
It's a good idea to be aware that Nevada car insurance rates are impacted by many things which can substantially decrease or increase the price you pay. Simply improving your credit, moving to a new city, or having an at-fault accident can cause premium changes resulting in some rates now being cheaper in comparison to the competition.
Best Cheap Insurance Rates for Your Tacoma
|Rank||Company||Cost Per Year|
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Allied may have some of the lowest car insurance rates in Nevada at around $939 each year. Travelers, Capital, Oregon Mutual, and Progressive also make the cut as some of the cheaper Nevada insurance companies.
As shown in the table above, if you have coverage with Oregon Mutual and switched to Allied, you may realize savings of roughly $208. Drivers with Progressive might save as much as $287 a year, and American Family policyholders might lower prices by $291 a year.
To see how much you can save, click here or click several companies below for low rates.
Bear in mind that those rates are averaged for all types of insureds and vehicles and do not factor in a specific rate factor for a Toyota Tacoma. So the company that fits your needs best may not even be in the top 20 companies in the list above. That illustrates why you need to get car insurance quotes using your own driver and vehicle profiles.
Does it make sense to buy full coverage?
Reducing the cost of car insurance should be important to the majority of vehicle owners, and an effective way to buy cheap insurance for a Toyota Tacoma in Nevada is to not insure for full coverage. The chart below visualizes the comparison of insurance costs with full physical damage coverage compared to only buying liability only. The premiums are based on no violations or claims, $250 deductibles, single status, and no discounts are applied to the premium.
If all age groups are averaged, physical damage insurance costs an extra $1,921 per year more than buying just liability insurance. That proposes the question when is the right time to remove full coverage. There is no clear-cut formula of when to exclude comp and collision coverage, but there is a general school of thought. If the annual cost of coverage is more than around 10% of the vehicle's replacement cost less your deductible, then you might want to consider buying only liability coverage.
There are a few cases where dropping physical damage coverage is not a good plan. If you still have a lienholder on your title, you must maintain physical damage coverage as part of the loan conditions. Also, if your emergency fund is not enough to purchase a different vehicle in the event your current vehicle is totaled, you should keep full coverage.
Why you are probably overpaying for Tacoma insurance
Nevada car insurance rates are determined by lots of factors that can increase the cost of your policy. Simply getting older, becoming a homeowner, or getting a few speeding tickets may prompt premium changes resulting in some companies being cheaper in comparison to the competition. In addition, insurers change prices every year or even multiple times each year to adjust for unexpected claims or profits. Higher than normal claims may cause additional premium costs, while less frequent claims may result in cheaper Tacoma insurance rates.
For example, the chart below shows which companies have the cheapest car insurance in Nevada for a 30-year-old male driver with no accidents, a clean driving record, and good credit. Based on his personal risk profile, Travelers offers the lowest car insurance rates in Nevada at $930 annually. This is $644 less than the average premium paid by Nevada drivers of $1,574. Allied, Capital, Oregon Mutual, and American Family are also on the list of the cheapest Nevada auto insurance companies.
Now we will give the driver from the first set of rates a claim, poor credit, and a blemish on his driving record. Because each company uses their own calculation to determine rates, analyzing rate quotes may now result in a slightly different list of cheap Nevada auto insurance companies as shown below.
GEICO now has the lowest car insurance rate in Nevada with USAA, Nationwide, Capital, and Safeco now being in the top five. This demonstrates why drivers need to shop around when trying to find cheap auto insurance quotes for a Toyota Tacoma. Rates are impacted by many different factors and can increase or decrease at any time, so the best company when you bought your policy may now be priced much higher than other options.
Ideas for buying economical insurance for a Toyota Tacoma in Nevada
Here are a few penny-pinching suggestions that can help Nevada drivers find low-cost coverage.
- Higher credit scores may earn you cheaper rates
- Safe vehicles cost less to insure
- Serious violations like DUI or careless driving can make car insurance unaffordable
- Raise comprehensive and collision coverage deductibles
- Accidents can significantly increase rates
- Shop around once a year for cheaper rates
That final tip is particularly important, as we emphasized in the article above. Coverage prices change frequently, so don't be hesitant to switch companies if a better rate can be found.
Sticking with a specific company is fine, but it's not a good idea if that loyalty results in overpaying potentially thousands of dollars a year. If you have a few minutes, now is a great time to compare rates to find cheaper insurance for a Toyota Tacoma.