Compare Toyota Venza Insurance Rates in Toledo

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Insurance for Toyota VenzaHave you fallen victim to an under-performing, overpriced car insurance policy? You're in good company because you're not the only one.

It goes without saying that insurance companies want to keep you from comparing prices. Drivers who compare other rates will most likely buy a new policy because there is a good probability of finding more affordable rates. A survey found that people who compared rates annually saved on average $850 each year compared to those who never compared prices.

If finding the cheapest rates on Toyota Venza insurance is your target objective, then knowing how to shop and compare insurance rates can make it easier for you to save money.

How to save money on Toyota Venza insurance in Toledo

If your goal is the lowest price, then the best way to get affordable car insurance rates is to do a yearly price comparison from companies who provide car insurance in Toledo. Prices can be compared by completing these steps.

  • First, read about policy coverages and the things you can control to keep rates low. Many things that increase rates like traffic tickets, fender benders, and an imperfect credit rating can be rectified by making lifestyle changes or driving safer. Continue reading for ideas to help keep prices low and find discounts that may have been missed.
  • Second, request rate estimates from independent agents, exclusive agents, and direct companies. Exclusive and direct companies can only provide price estimates from one company like GEICO or Farmers Insurance, while independent agencies can provide prices from many different companies. Click to view companies
  • Third, compare the new rate quotes to your current policy and see if you can save money. If you find a better price and change companies, make sure there is no lapse between the expiration of your current policy and the new one.

A tip to remember is to try to use identical coverage information on each quote and and to get prices from as many car insurance companies as possible. This guarantees an apples-to-apples comparison and a better comparison of the market.

You have so many insurance companies to insure vehicles with, and although it's a good thing to have multiple companies, more options can take longer to compare company pricing for Toyota Venza insurance in Toledo.

It is always a good idea to take a look at other company's rates yearly because car insurance rates change quite often. Even if you got the lowest premium rates on Toyota Venza insurance in Toledo last year you can probably find a lower rate today. There is too much inaccurate information about Venza insurance on the web, but in a few minutes you can learn some great ideas on how to lower your car insurance rates in Toledo.

Reducing your insurance rates is surprisingly easy. Just take time getting comparison quotes from online providers.

It's so easy to compare rate quotes online that it makes it a waste of time to go to insurance agents' offices. Quoting Toyota Venza insurance online eliminates the need for an insurance agent unless you have a need for the guidance of a local Toledo agent. You can, however, get the lowest quotes online and still use a local agent.

The companies in the list below offer price quotes in Ohio. If you wish to find cheap auto insurance in OH, we suggest you get prices from several of them in order to get a fair rate comparison.

Toyota Venza coverage analysis

The rate table below covers a range of prices for Toyota Venza models. Understanding more about how car insurance prices are calculated can help customers make smart choices when choosing a car insurance company.

Toyota Venza Insurance Rates in Toledo, OH
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Venza 2WD 4-Dr $154 $318 $296 $18 $88 $874 $73
Venza AWD 4-Dr $154 $318 $296 $18 $88 $874 $73
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Cost estimates assume single female driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Ohio minimum liability limits. Discounts applied include claim-free, homeowner, multi-policy, multi-vehicle, and safe-driver. Information does not factor in specific location which can impact coverage rates significantly.

Raise deductibles and save

When buying insurance, a common question is where should you set your physical damage deductibles. The premium rates below approximate the difference in cost of buying low and high physical damage deductibles. The first table uses a $250 deductible for physical damage and the second pricing table uses a $1,000 deductible.

Toyota Venza insurance with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Venza 2WD 4-Dr $198 $348 $226 $14 $68 $879 $73
Venza AWD 4-Dr $198 $348 $226 $14 $68 $879 $73
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Toyota Venza insurance with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Venza 2WD 4-Dr $122 $220 $226 $14 $68 $650 $54
Venza AWD 4-Dr $122 $220 $226 $14 $68 $650 $54
Get Your Own Custom Quote Go

Price data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Ohio minimum liability limits. Discounts applied include safe-driver, multi-vehicle, claim-free, multi-policy, and homeowner. Rate information does not factor in Toledo location which can impact coverage rates substantially.

Based on the figures above, using a $250 deductible could cost the average driver approximately $19 more each month or $228 annually averaged for all Venza models than quoting the higher $1,000 deductible. Since you would pay $750 more to file a claim with a $1,000 deductible as compared to a $250 deductible, if you have at least 39 months between claim filings, you would save money if you choose a higher deductible.

How to calculate if a higher deductible is a good decision

Average monthly premium for $250 deductibles: $73
Average monthly premium for $1,000 deductibles (subtract): - $54
Monthly savings from raising deductible: $19
Difference between deductibles ($1,000 - $250): $750
Divide difference by monthly savings: $750 / $19
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 39 months

The information below shows how choosing a deductible and can raise or lower Toyota Venza yearly insurance costs for each different age category. The information is based on a married male driver, comp and collision included, and no policy discounts are applied.

Cost comparison with and without full coverage

The information below compares Toyota Venza insurance rates with full coverage compared to only the Ohio minimum liability coverage. The rate quotes are based on no violations or claims, $100 deductibles, marital status is single, and no other discounts are factored in.

When to stop buying full coverage

There is no exact formula for eliminating physical damage coverage on your policy, but there is a guideline you can consider. If the annual cost of having full coverage is more than around 10% of the vehicle's replacement cost less your deductible, then you may need to consider dropping full coverage.

For example, let's pretend your Toyota Venza claim settlement value is $6,000 and you have $1,000 physical damage deductibles. If your vehicle is destroyed, the most your company will settle for is $5,000 after the policy deductible has been paid. If you are paying over $500 annually to have full coverage, then you might want to consider buying only liability coverage.

There are some conditions where eliminating full coverage is not a good plan. If you still have a loan on your vehicle, you have to maintain full coverage in order to satisfy the requirements of the loan. Also, if your savings is not enough to buy a different vehicle in case of an accident, you should not consider dropping full coverage.

Toyota Venza Insurance Prices Can Be Reduced

When buying insurance it's important to understand the factors that play a part in calculating the rates you pay for insurance. If you have some idea of what determines base rates, this enables you to make decisions that can help you get much lower annual insurance costs.

The items below are some of the things used by your company to calculate your rate level.

Raise your physical damage deductibles for better rates - Your deductibles define how much you are required to spend before your insurance pays a claim. Insurance for physical damage to your car, termed comprehensive and collision coverage on your policy, protects your car from damage. Examples of some claims that would be covered could be collision with another vehicle, fire damage, and damage from wind. The more you have to pay, the lower your rates will be.

Better drivers have lower costs - Drivers with clean records get better prices as compared to careless drivers. Having just one ticket can increase the cost of insurance twenty percent or more. Drivers who get multiple violations like DWI, reckless driving or hit and run convictions may be required to submit a SR-22 form to the state department of motor vehicles in order to keep their license.

The illustration below illustrates how violations and accident claims can drive up Toyota Venza insurance prices for different ages of insureds. Data assumes a married male driver, full physical damage coverage, $250 deductibles, and no discounts are taken into consideration.

Cars with good safety ratings means lower insurance rates - Safer cars are cheaper to insure. Highly rated vehicles help reduce the chance of injuries in an accident and better occupant protection translates into fewer and smaller insurance claims and more competitive rates for policyholders.

Older drivers are lower risk - Older drivers have been proven to be more responsible, tend to cause fewer accidents, and usually have better credit. Beginning drivers have a tendency to be more careless behind the wheel so they pay higher insurance rates.

The chart below uses these variables: single driver, full coverage with $500 deductibles, and no discounts or violations.

When should you file insurance claims? - Car insurance companies in Ohio generally give better rates to people who do not rely on their insurance for small claims. If you are the type of insured that files lots of claims you can pretty much guarantee higher premiums or even policy non-renewal. Your car insurance is designed for claims that pose a financial burden.

Toyota Venza insurance claim data - Companies use claims history when they set coverage costs for each model. Models that the statistics show to have higher claim amounts or frequency will have higher rates. The table shown below demonstrates the compiled insurance loss statistics for Toyota Venza vehicles.

For each policy coverage, the statistical loss for all vehicles, regardless of make or model, is considered to be 100. Values that are under 100 mean the vehicle has better than average losses, while values that are above 100 indicate more frequent claims or an increased probability of a larger loss.

Toyota Venza Insurance Claim Statistics
Vehicle Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
Toyota Venza 4dr 2WD 93 102 86 115 110 93
Toyota Venza 4dr 4WD 94 102 97 120 94 87
BETTER
AVERAGE
WORSE

Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years

Three good reasons to insure your vehicle

Despite the high cost of buying insurance for a Toyota Venza in Toledo, auto insurance may not be optional for several reasons.

  • Almost all states have compulsory liability insurance requirements which means you are required to buy a specific level of liability in order to license the vehicle. In Ohio these limits are 25/50/25 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.
  • If you have a lien on your vehicle, it's guaranteed your bank will force you to have full coverage to ensure they get paid if you total the vehicle. If coverage lapses or is canceled, the bank may insure your Toyota at a significantly higher premium and force you to reimburse them for it.
  • Insurance protects your Toyota Venza and your assets. It will also reimburse you for most medical and hospital costs for you, any passengers, and anyone injured in an accident. 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, comprehensive and collision coverage will pay to repair the damage minus the deductible amount.

The benefits of buying enough insurance more than cancel out the cost, especially with large liability claims. The average driver in Ohio is currently overpaying as much as $865 each year so it's recommended you shop around once a year at a minimum to ensure rates are competitive.