Do you want to save money by buying the cheapest Toyota Venza insurance in Durham? Locating more affordable Durham Toyota Venza insurance quotes on the internet might seem overwhelming for people that are relatively new to price shopping online. With such a large number of online companies available, how can Durham drivers possibly compare every company to locate the best available price?
Steps to finding affordable Toyota Venza insurance in Durham
It takes a few minutes, but the best way to save on car insurance rates is to start doing an annual price comparison from insurance carriers who provide car insurance in Durham. Price quotes can be compared by completing these steps.
- Step 1: Take a few minutes and learn about what coverages are included in your policy and the things you can change to lower rates. Many risk factors that increase rates like at-fault accidents and an imperfect credit history can be amended by paying attention to minor details.
- Step 2: Compare prices from direct, independent, and exclusive agents. Direct companies and exclusive agencies can provide rates from one company like Progressive or State Farm, while independent agents can quote rates from multiple sources.
- Step 3: Compare the new rate quotes to the price on your current policy and see if you can save money. If you find a lower rate quote and decide to switch, make sure the effective date of the new policy is the same as the expiration date of the old one.
- Step 4: Provide notification to your current agent or company to cancel the current policy. Submit a down payment along with a completed application to your new insurance company. As soon as coverage is bound, put the certificate verifying proof of insurance in your glove compartment.
One thing to remember is that you’ll want to make sure you compare identical deductibles and limits on each quote and and to get price estimates from as many auto insurance providers as possible. Doing this provides a level playing field and a complete price analysis.
Unbelievable but true according to a study the vast majority of consumers have remained with the same insurance company for well over three years, and virtually 40% of consumers have never shopped around. With the average insurance premium being $980, North Carolina drivers could pocket approximately $90 a year just by comparing rates, but they just assume it takes a lot of time to compare rates.
If you currently have car insurance, you will most likely be able to find better prices using this information. Quoting and comparing rates for the cheapest car insurance in Durham is not that difficult. But North Carolina vehicle owners must know how big insurance companies determine how much to charge because rates fluctuate considerably.
How Insurance Companies Determine Toyota Venza Insurance Premiums
Many different elements are part of the calculation when premium rates are determined. Most are fairly basic like an MVR report, although some other factors are more obscure like where you live or how financially stable you are.
Male prices may be higher – Statistics have proven females are less aggressive when driving. The data does not necessarily mean that females are better at driving than males. Males and females have accidents in similar numbers, but the males get into accidents with more damage. They also get ticketed for serious violations such as driving while intoxicated (DWI) or driving recklessly. Young males cause the most accidents and therefore have the most expensive car insurance rates.
The example below illustrates the comparison of Toyota Venza insurance costs for male and female drivers. The data assumes no violations or accidents, comp and collision included, $250 deductibles, single marital status, and no policy discounts are applied.
Claim-free discounts can add up – Auto insurance companies in North Carolina provide the lowest premiums to policyholders who are not frequent claim filers. If you tend to file frequent claims, you can look forward to higher premiums or even policy non-renewal. Your insurance policy is intended to be relied upon for larger claims.
Safeguard your assets with liability insurance – Liability coverage will provide protection when a court rules you are at fault for an accident. This coverage provides legal defense which can cost a lot. Carrying liability coverage is mandatory and cheap compared to comp and collision, so buy as much as you can afford.
Lower deductibles cost more – Physical damage protection, termed comprehensive and collision coverage on your policy, covers your vehicle from damage. A few examples of covered claims would be running into the backend of another car, flood damage, and damage caused by flying debris. Deductibles for physical damage are the amount of money you are required to pay if a claim is determined to be covered. The more of the claim you’re willing to pay, the less money you will pay for car insurance.
Improve your credit rating – A driver’s credit score is a large factor in calculating your premium rate. Insureds that have excellent credit scores tend to be better drivers and file fewer claims than drivers with lower credit scores. If your credit is lower than you’d like, you could pay less to insure your Toyota Venza by improving your rating.
Toyota Venza statistical loss data – Insurance companies use past loss statistics for each vehicle when determining insurance costs. Vehicles that the data shows to have a trend towards higher claim severity or frequency will cost more to insure. The next table illustrates the historical loss data for Toyota Venza vehicles.
For each coverage category, the claim amount for all vehicles, regardless of make, model or trim level, is represented as 100. Values under 100 are indicative of better than average losses, while values that are above 100 indicate more frequent losses or a tendency for losses to be larger than average.
| 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 |
Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
When looking for affordable Durham car insurance quotes, there are a couple ways to compare quotes from many available insurance companies in North Carolina. The easiest way by far to lower the rate you pay for insurance involves getting comparison quotes online.
Just remember that obtaining a wide range of quotes will enable you to find the best offered rates. Some regional insurers cannot provide online price quotes, so you should also compare rates from them, too.
The companies in the list below are our best choices to provide free quotes in Durham, NC. In order to find cheap car insurance in Durham, NC, we recommend you visit several of them to find the lowest car insurance rates.
Toyota Venza insurance rate analysis
The premium information shown next showcases a range of insurance prices for Toyota Venza models. Understanding how auto insurance prices are figured can be valuable when making smart choices when buying a policy.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Venza 2WD 4-Dr | $188 | $388 | $240 | $14 | $72 | $902 | $75 |
| Venza AWD 4-Dr | $188 | $388 | $240 | $14 | $72 | $902 | $75 |
| Get Your Own Custom Quote Go | |||||||
Data variables include married male driver age 50, no speeding tickets, no at-fault accidents, $100 deductibles, and North Carolina minimum liability limits. Discounts applied include homeowner, claim-free, multi-vehicle, multi-policy, and safe-driver. Price information does not factor in zip code location which can change auto insurance rates substantially.
How much more does full coverage cost in Durham?
The chart below shows the difference between Toyota Venza premium costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The price estimates are based on no driving violations, no at-fault accidents, $100 deductibles, single status, and no discounts are applied to the premium.
When to stop buying comprehensive and collision coverage
There is no clear-cut formula to stop paying for comprehensive and collision coverage on your policy, but there is a general guideline you can use. If the annual cost of comprehensive and collision coverage is more than 10% of the settlement you would receive from your company, then it might be time to consider dropping full coverage.
For example, let’s say your Toyota Venza settlement value is $3,000 and you have $1,000 deductibles. If your vehicle is totaled, the most your company will settle for is $2,000 after paying the physical damage deductible. If you are paying over $200 a year to have full coverage, the it may be a good time to stop paying for full coverage.
There are a few cases where eliminating full coverage is not financially feasible. If you still owe money on your vehicle, you must maintain physical damage coverage as part of the loan conditions. Also, if you cannot afford to purchase a different vehicle if your current one is totaled, you should keep full coverage.
Auto insurance in North Carolina serves several purposes
Despite the high cost, insurance is required by state law in North Carolina and it also provides benefits you may not be aware of.
First, almost all states have compulsory liability insurance requirements which means you are required to carry a specific level of liability coverage if you don’t want to risk a ticket. In North Carolina these limits are 30/60/25 which means you must have $30,000 of bodily injury coverage per person, $60,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.
Second, if you have a lien on your car, it’s guaranteed your bank will have a requirement that you buy insurance to guarantee loan repayment. If coverage lapses or is canceled, the lender may have to buy a policy to insure your Toyota at a significantly higher premium and force you to pay a much higher amount than you were paying before.
Third, insurance protects your car and your assets. It will also cover medical expenses for you, your passengers, and anyone else injured in an accident. Liability insurance will also pay to defend you if you cause an accident and are sued. If your vehicle suffers damage from an accident or hail, collision and comprehensive (also known as other-than-collision) coverage will cover the damage repairs after a deductible is paid.
The benefits of buying enough insurance outweigh the cost, particularly when you have a large claim. Today the average American driver overpays more than $850 per year so you should quote and compare rates every year to save money.
These discounts can lower your car insurance quotes
Car insurance companies don’t necessarily list all possible discounts very well, so we researched some of the more common and also the lesser-known credits available to you.
- Switch and Save Discount – Some companies give discounts for signing up prior to your current Venza insurance policy expiring. This discount can save up to 10%.
- Life Insurance Discount – Insurance companies who offer life insurance give a discount if you purchase life insurance from them.
- Club Memberships – Being in qualifying employment or professional organizations may earn a discount when getting a Durham car insurance quote.
- Data Collection Discounts – Insureds that choose to allow companies to study driving patterns by using a telematics device in their vehicle such as State Farm’s In-Drive could see a rate decrease as long as the data is positive.
- New Car Discount – Adding a new car to your policy can save up to 30% compared to insuring an older model.
- Bundled Policy Discount – If you combine your home and auto policies and insure them with the same company you may earn 10% to 20% off each policy.
- Anti-lock Brake System – Cars, trucks, and SUVs equipped with ABS or steering control are safer to drive and therefore earn up to a 10% discount.
- Home Ownership Discount – Owning your own home or condo may earn you a small savings since home ownership is proof of financial responsibility.
- Distant College Student Discount – Children who live away from home to go to college and don’t have a car can receive lower rates.
- E-sign – Some of the larger companies will give you a small discount for buying your policy on the internet.
It’s important to note that most discounts do not apply to the whole policy. Some only apply to the price of certain insurance coverages like comprehensive or collision. Even though it appears you would end up receiving a 100% discount, it doesn’t quite work that way. Any amount of discount will positively reduce your car insurance premiums.
The example below shows the comparison of Toyota Venza insurance premiums with and without discounts applied to the policy premium. The premiums assume a female driver, no claims, a clean driving record, North Carolina state minimum liability limits, full coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with homeowner, claim-free, multi-car, multi-policy, safe-driver, and marriage discounts applied.
Car insurance companies who may offer these benefits include:
Double check with every insurance company to apply every possible discount. All car insurance discounts might not be available to policyholders everywhere. If you would like to view providers who offer free Toyota Venza insurance quotes in Durham, click this link.
Get rate quotes but buy from a local neighborhood Durham car insurance agent
Some consumers would prefer to sit down and talk to an agent and that is a smart decision One of the best bonuses of comparing rate quotes online is you can get lower rates and still buy from a local agent. Buying from and supporting neighborhood agents is still important in Durham.
Upon completion of this quick form, the coverage information gets sent to local insurance agents who want to provide quotes and help you find cheaper coverage. You won’t even need to visit any agencies since price quotes are sent immediately to you. You can most likely find cheaper rates without a big time investment. If you want to get a price quote from a particular provider, just find their quoting web page and give them your coverage information.
Do you need an independent or exclusive car insurance agent?
If you prefer to buy auto insurance from a good Durham insurance agent, there are a couple of different types of agents that you can choose from. Agencies in Durham are categorized either independent or exclusive depending on the company they work for.
Independent Insurance Agents
Agents in the independent channel are not limited to a single company and that gives them the ability to insure with any number of different companies enabling the ability to shop coverage around. If your premiums go up, the business is moved internally and the insured can keep the same agent. When comparing rate quotes, you need to check rates from a couple of independent agencies in order to have the best price comparison. A lot of them also have access to smaller companies which can be an advantage.
The following is a list of independent insurance agencies in Durham that may be able to give you rate quotes.
- Herring and Bickers Insurance
2344 Operations Dr Suite 101 – Durham, NC 27705 – (919) 479-9900 – View Map - Marsh Dawson Insurance Agency
5410 – Durham, NC 27713 – (919) 484-8400 – View Map - Protective Agency
4215 University Dr #1 – Durham, NC 27707 – (919) 416-4900 – View Map
Exclusive Insurance Agents
These type of agents can only place business with one company such as Allstate, Farmers Insurance, State Farm, and AAA. They usually cannot give you multiple price quotes so they have to upsell other benefits. They are highly trained on their company’s products which can be an advantage. Consumers sometimes buy from the same agent for years mostly because of the prominence of the brand and the convenience of having a single billing for all their coverages.
Shown below are Durham exclusive insurance agents that can give you price quotes.
- Nationwide Insurance: Sizsiz L Wong
105 W North Carolina 54 Ste 279 – Durham, NC 27713 – (919) 544-7000 – View Map - Andy Jones – State Farm Insurance Agent
4519 N Roxboro St – Durham, NC 27704 – (919) 477-0054 – View Map - Rollie Olin – State Farm Insurance Agent
4810 Hope Valley Rd #116 – Durham, NC 27707 – (919) 489-6008 – View Map
Finding the right insurance agency shouldn’t rely on just a cheap price. Any agent in Durham should be willing to answer these questions.
- Do they feel the quoted coverages are adequate?
- How long have they worked with personal auto insurance coverage?
- Will the quote change when the policy is issued?
- Are they involved in claim handling?
- What is their Better Business Bureau rating?
- Does the company have a local claim office in Durham?
- Will high miles depreciate repair valuations?
- Do you qualify for any additional discounts?
After getting acceptable answers to all your questions and a good coverage price, chances are good that you have found an insurance agent that can adequately provide auto insurance. Just be aware that policyholders can cancel coverage when you choose so don’t think that you’re stuck with any specific company with no way out.
Auto insurance is unique, just like you
When buying coverage online or from an agent for your personal vehicles, there really is not a cookie cutter policy. Your needs are unique to you.
For example, these questions may help highlight if you would benefit from an agent’s advice.
- Is there coverage for my trailer?
- How can I get my company to pay me more for my totaled car?
- When can I cancel my policy?
- Where can I find DUI or SR-22 insurance?
- Does my medical payments coverage pay my health insurance deductible?
- Am I covered when driving in Canada or Mexico?
- Can my teen driver be rated on a liability-only vehicle?
If you’re not sure about those questions then you might want to talk to a licensed insurance agent. If you don’t have a local agent, simply complete this short form.
Quote. Compare. Save.
People who switch companies do it for any number of reasons including questionable increases in premium, high rates after DUI convictions, policy cancellation and delays in responding to claim requests. No matter why you want to switch, finding a new insurance company is pretty easy and you might even save some money in the process.
Throughout this article, we presented many ways to get a better price on Toyota Venza insurance in Durham. It’s most important to understand that the more quotes you get, the better chance you’ll have of finding the cheapest Toyota Venza rate quotes. Consumers may even find the best car insurance rates are with some of the lesser-known companies.
As you shop your coverage around, make sure you don’t skimp on critical coverages to save a buck or two. In many instances, an insured dropped liability coverage limits to discover at claim time that they should have had better coverage. The ultimate goal is to purchase plenty of coverage at a price you can afford.
How to buy lower priced Toyota Venza insurance in Durham
Truthfully, the best way to get low-cost Toyota Venza insurance in Durham is to start doing a yearly price comparison from insurers that insure vehicles in North Carolina. Rates can be compared by completing these steps.
Step 1: Take a few minutes and learn about what is in your policy and the things you can change to lower rates. Many things that result in higher rates such as accidents, traffic violations, and a less-than-favorable credit rating can be eliminated by making minor changes in your lifestyle.
Step 2: Get rate quotes from direct, independent, and exclusive agents. Direct companies and exclusive agencies can only give rate quotes from one company like Progressive or Allstate, while independent agents can quote rates for many different companies. View prices
Step 3: Compare the new rates to your current policy to see if a cheaper price is available in Durham. If you find a better price and switch companies, make sure there is no lapse between the expiration of your current policy and the new one.
Step 4: Tell your current company of your intention to cancel your current policy. Submit the completed application along with a down payment for your new coverage. Immediately upon receiving it, store the certificate verifying coverage in your vehicle.
One key aspect when comparing rates is to use the same level of coverage on every quote request and to quote with as many car insurance companies as possible. This enables an accurate price comparison and a good representation of prices.
More detailed insurance information can be read in these articles:
- What is a Telematics Device? (Allstate)
- Who Has Cheap Car Insurance for Inexperienced Drivers in Durham? (FAQ)
- Who Has Affordable Car Insurance Rates for a GMC Sierra in Durham? (FAQ)
- How Much are Durham Car Insurance Rates for a Chevrolet Equinox? (FAQ)
- Event Data Recorders FAQ (iihs.org)
- Auto Crash Statistics (Insurance Information Institute)