Cheapest 2004 Toyota Matrix Insurance Rates in 2024

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Jeffrey Johnson

Insurance Lawyer

Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

Insurance Lawyer

UPDATED: Apr 13, 2022

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Trying to find cheaper insurance for your Toyota Matrix can be an all-consuming task, but you can learn our auto insurance buying tips to find lower rates. There are more efficient ways to shop for auto insurance and you need to know the absolute fastest way to quote coverages for your Toyota and find the lowest price from both online companies and local agents.

It’s a great practice to compare rates once or twice a year since insurance rates trend upward over time. Even if you think you had the lowest priced rates for the value of your 2004 Toyota Matrix a couple years back, you can probably find a better price now. Starting right now, ignore everything you know about auto insurance because you’re about to learn the things you must know in order to reduce your cost while increasing coverage.

Finding the best rates is not rocket science. If you have a policy now or are shopping for new coverage, you can use these tips to shop for the lowest rates and possibly find even better coverage. Drivers just need to know how to compare prices over the internet.

The easiest way to compare policy rates is to know most of the larger companies actually pay money for the chance to compare their rates. The only thing you need to do is provide the companies a bit of rating information such as distance driven, marital status, how your vehicles are used, and how much education you have. Your insurance information is submitted instantly to multiple companies and you should receive rate quotes almost instantly.

To start a rate quote now, click here and enter your coverage details.

Don’t Miss Out on These Money-Saving Discounts

Car insurance companies don’t always advertise all available discounts in a way that’s easy to find, so we researched both well-publicized as well as the least known savings tricks you should be using. If you aren’t receiving every discount available, you’re just leaving money on the table.

  • Pay Upfront and Save – By paying your policy upfront instead of paying each month you may reduce your total bill.
  • 55 and Retired – If you’re over the age of 55, you may receive a discount up to 10% for Matrix coverage.
  • Life Insurance – Some companies give lower rates if you buy auto and life insurance together.
  • Student in College – Any of your kids who live away from home and don’t have a car may qualify for this discount.
  • Paperwork-free – Some insurance companies will give a small break for buying a policy and signing up digitally online.
  • Good Student Discount – A discount for being a good student can be rewarded with saving of up to 25%. The discount lasts well after school through age 25.

It’s important to note that some of the credits will not apply to all coverage premiums. Some only apply to specific coverage prices like liability and collision coverage. So even though they make it sound like you would end up receiving a 100% discount, companies don’t profit that way.

Companies that may offer these benefits include:

  • Mercury Insurance
  • Farmers Insurance
  • Auto-Owners Insurance
  • Liberty Mutual
  • Progressive
  • USAA

Double check with all companies you are considering which discounts you may be entitled to. All car insurance discounts might not be offered in your state.

Why Your Toyota Matrix Insurance Rates may be High

An important part of buying insurance is that you know the rating factors that go into determining your car insurance rates. Knowing what influences your rates helps enable you to make changes that could result in big savings.

  • A lapse in coverage is a bad thing – Not having insurance is illegal and you will pay a penalty because you let your coverage have a gap. And not only will insurance be more expensive, getting caught without coverage may earn you a license revocation or jail time. You may need to prove you have insurance by filing a SR-22 with your state department of motor vehicles.
  • Lower deductibles cost more – The deductibles represent how much money you are willing to pay in the event of a claim. Insurance for physical damage to your car, otherwise known as comp (or other than collision) and collision, insures against damage to your car. Some examples of claims that would be covered would be colliding with a building, collision with an animal, or theft. The more expense the insured has to pay upfront, the less your car insurance will be for Matrix coverage.
  • Policy add-ons can waste money – There are a ton of extra bells and whistles that you can get tricked into buying if you aren’t careful. Things like personal injury protection, accidental death and membership fees are examples of these. They may seem good at first, but your needs may have changed so remove them from your policy.
  • High numbers of claims are not good – If you frequently file small claims, you can expect higher rates. Auto insurance companies award lower rates to drivers who are claim-free. Insurance coverage is meant to be used in the event of the bigger claims that can’t be paid out-of-pocket.
  • Rates may be lower depending on your job – Did you know your car insurance rates can be affected by your occupation? Jobs such as lawyers, architects and financial analysts have higher average rates because of high stress levels and lengthy work days. Conversely, professions such as farmers, engineers and performers get better rates for Matrix coverage.
  • Your car’s features help determine rates – Choosing a vehicle that has an advanced theft prevention system can help lower your rates. Anti-theft features like tamper alarm systems, vehicle immobilizer technology and General Motors OnStar can thwart auto theft.
  • Being married can save on car insurance – Getting married helps lower the price when buying car insurance. Having a significant other usually means you are more mature and statistics show being married results in fewer claims.

Do I need special coverages?

When buying adequate coverage for your vehicles, there really is no perfect coverage plan. Everyone’s situation is a little different.

These are some specific questions can help discover if your insurance needs would benefit from an agent’s advice.

  • Is my ex-spouse still covered by my policy?
  • Am I better off with higher deductibles on my 2004 Toyota Matrix?
  • What is roadside assistance coverage?
  • Who is covered when they drive my 2004 Toyota Matrix?
  • If I drive on a suspended license am I covered?
  • What is high-risk coverage and where do I buy it?
  • Should I buy additional glass protection?
  • Do I have coverage when pulling a U-Haul trailer?
  • What is the ISO rating for a 2004 Toyota Matrix?

If you don’t know the answers to these questions but one or more may apply to you then you might want to talk to a licensed insurance agent. To find lower rates from a local agent, simply complete this short form. It’s fast, doesn’t cost anything and may give you better protection.

Buyer Beware of Car Insurance Advertising Tricks

Consumers get pounded daily by advertisements that promise big savings from companies such as State Farm and Allstate. They all say the same thing about savings if you move your policy.

But how can every company make almost identical claims?

Insurance companies have a certain “appetite” for the type of customer they prefer to insure. An example of a driver they prefer could possibly be between the ages of 30 and 50, has no driving citations, and drives less than 10,000 miles a year. A customer getting a price quote who matches those parameters will get very good rates and most likely will save quite a bit of money when switching.

Drivers who are not a match for these standards must pay a higher premium which leads to business going elsewhere. The ads say “drivers who switch” not “people who quote” save that kind of money. That’s the way insurance companies can advertise the savings. This illustrates why drivers should quote coverage with many companies. Because you never know the company that will provide you with the cheapest Toyota Matrix insurance rates.

Car Insurance Coverage Options for a Toyota Matrix

Learning about specific coverages of car insurance helps when choosing the right coverages at the best deductibles and correct limits. The coverage terms in a policy can be difficult to understand and coverage can change by endorsement.

Coverage for medical expenses

Coverage for medical payments and/or PIP provide coverage for short-term medical expenses such as funeral costs, EMT expenses, chiropractic care and hospital visits. They are used in conjunction with a health insurance plan or if there is no health insurance coverage. It covers not only the driver but also the vehicle occupants in addition to getting struck while a pedestrian. PIP is not available in all states but it provides additional coverages not offered by medical payments coverage

Coverage for uninsured or underinsured drivers

This gives you protection when the “other guys” are uninsured or don’t have enough coverage. Covered losses include injuries to you and your family and damage to your Toyota Matrix.

Since many drivers only purchase the least amount of liability that is required, their liability coverage can quickly be exhausted. That’s why carrying high Uninsured/Underinsured Motorist coverage is very important.

Comprehensive car insurance

Comprehensive insurance coverage pays for damage caused by mother nature, theft, vandalism and other events. A deductible will apply and then insurance will cover the rest of the damage.

Comprehensive coverage protects against claims like a broken windshield, rock chips in glass, damage from flooding and a tree branch falling on your vehicle. The maximum amount your car insurance company will pay is the market value of your vehicle, so if the vehicle’s value is low consider dropping full coverage.

Collision coverage

This coverage pays for damage to your Matrix from colliding with another car or object. A deductible applies and then insurance will cover the remainder.

Collision coverage pays for claims such as colliding with another moving vehicle, hitting a parking meter, hitting a mailbox and damaging your car on a curb. Collision coverage makes up a good portion of your premium, so consider removing coverage from vehicles that are 8 years or older. Another option is to increase the deductible to save money on collision insurance.

Auto liability insurance

This coverage can cover damage or injury you incur to other’s property or people by causing an accident. It protects you against claims from other people, and doesn’t cover damage to your own property or vehicle.

Split limit liability has three limits of coverage: bodily injury per person, bodily injury per accident and property damage. You might see values of 25/50/25 which stand for $25,000 in coverage for each person’s injuries, a per accident bodily injury limit of $50,000, and $25,000 of coverage for damaged property.

Liability can pay for claims like medical expenses, bail bonds, court costs and funeral expenses. The amount of liability coverage you purchase is a decision to put some thought into, but buy as high a limit as you can afford.

Smart Shoppers Get Results

Drivers change insurance companies for a number of reasons such as questionable increases in premium, extreme rates for teen drivers, poor customer service or delays in paying claims. Regardless of your reason for switching companies, choosing a new company is pretty easy and you might even save some money in the process.

We just showed you many tips how you can get a better price on 2004 Toyota Matrix insurance. The key concept to understand is the more you quote, the better your comparison will be. You may even discover the lowest premiums are with a smaller regional carrier.

Budget-conscious insurance can be purchased both online as well as from independent agents, and you should be comparing both to have the best rate selection. There are still a few companies who don’t offer online price quotes and many times these regional insurance providers only sell through independent insurance agents.

For more information, feel free to browse these articles:

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