Your car’s make plays a significant role in determining your insurance rates. Insurance premiums differ because every model has a different price, reliability standard, and safety rating. All these factors are included in your insurance premium.
The Toyota Prius is a renowned hybrid car with impressive fuel efficiency and massive cargo hold. It has comfortable, ample seating space and an extensive list of handy features. Since hybrid vehicles often cost more than normal ones, insurance providers will charge higher premiums. Why? When the car is totaled or stolen, the insurance will need to cover a higher amount in compensation.
In this post, you’ll find what you need to know to compare cheap Toyota Prius insurance quotes. Keep reading to learn more.
What is the Average Insurance Rate for Toyota Prius?
Insurance providers in Michigan charge around $202 monthly, making it the state with the highest insurance rates in the country. On the other hand, Prius drivers in Maine pay an average insurance rate of $69 monthly, making it the state with the least expensive insurance rates. The average cost of Prius insurance per month is around $112.
Factors that Influence the Cost of Prius Insurance Premiums
You can compare Prius insurance quotes if you have the specific model, trim, and year of the Prius in mind. Your insurance provider will collect any relevant information regarding the car and your driving history to assess the risk of giving you auto insurance.
If you opt to purchase a pre-owned Toyota Prius from its previous model, you may pay less on insurance costs depending on the age of the Prius. For instance, you’ll pay around $1,046 yearly for a 2010 Prius, compared to over $1,300 annually for the 2020 Prius.
Age also plays a crucial part in determining the cost of your car’s insurance. Although 30-year-old drivers may spend more on insurance premiums than older drivers, drivers younger than 25 should expect to spend significantly higher insurance rates. The insurance provider will also request to know your geographical location. Auto insurance prices for Toyota Prius and other cars often vary depending on where the driver is situated and whether they reside in a rural, suburban, or urban area.
The Prius boasts solid crash test ratings, reducing the cost of its insurance premiums. It currently has a “Good” rating for roof strength, head restraints, side crashes, seats, moderate overlap front crashes, and driver-side overlap front crashes. These scores resulted in the Insurance Institute for Highway Safety (IIHS) awarding the Prius a “Top Safety Pick” rank.
Due to its impressive safety ratings, the Toyota Prius has a meager average rate of fatality – 0.62 per 100 million driven miles – according to the NHTSA (National Highway and Traffic Safety Administration). Although it may be costlier to repair hybrid cars than electric vehicles, the exceptional safety ratings of the Prius can balance the effect on your insurance premium.
You can also be eligible for lower insurance rates on your Prius if you purchase a model fitted with advanced driver assistance capabilities. Depending on the Prius’ model year, some safety features you can find on your Prius include braking assist, anti-lock disc brakes, daytime running lights, lane-keeping assist, electronic stability control, traction control, lane-departure warning, anti-theft system, child safety locks, side-impact door beams, and crumple zones.
How to Save Money on Toyota Prius Insurance
If you want to find the best insurance rates for your Prius, you want to search for an insurance agency that provides discounts on hybrid cars. For instance, Travelers Insurance provides hybrid drivers in 40 states with a 10% discount on their policies. Notably, Travelers Insurance’s CEO says the reason for giving these discounts is because hybrid cars fall in their “preferred” risk section. Farmers Insurance and Geico also provide reduced insurance rates to hybrid or electric vehicle owners.
Installing aftermarket modifications will increase the cost of your Prius insurance rate. Furthermore, avoid dangerous driving behavior such as drinking and driving and speeding. These risks can result in severe accidents, which increases your insurance rate. Vehicle owners who don’t drive very far are often eligible to receive low-mileage discounts. Other effective ways you can use to save money on your Prius policy include:
- Installing aftermarket safety features like an alarm system
- Making the most of club member discounts, like those available at AAA
- Enrolling in a safe driving program
- Bundling multiple forms of insurance
- Applying for automatic payments
Auto insurance rates for your Toyota Prius can vary significantly between insurance providers. For instance, Geico offers the lowest vehicle insurance for a Prius at $991 per year, while Allstate sells the most expensive Prius insurance policy at $1,552 per year. Therefore, obtaining and comparing multiple insurance quotes is recommended before deciding on the correct insurance rate.
You can save a massive chunk of money on insurance by avoiding aftermarket modifications, dangerous driving, and drinking and driving. Also, you can install aftermarket safety features and take advantage of discounts offered on club members, like those for AAA. This guide will help you find the appropriate fair rate depending on your driving history, age, and other factors.