1992 Toyota MR2 Insurance Rates

Trying to find low-cost insurance for your Toyota MR2 can normally be a painful process, but you can learn a few tricks to save time. There are more efficient ways to compare car insurance rates and you need to know the absolute fastest way to compare rates for a new or used Toyota and find the cheapest rates from both online companies and local agents.

It’s a great practice to compare prices once or twice a year since insurance rates change quite often. Even if you think you had the best price on MR2 coverage a year ago other companies may now be cheaper. So block out anything you think you know about car insurance because I’m going to teach you how to quote online to find better rates and still maintain coverage.

Do you qualify for a discount?

Companies offering auto insurance don’t always advertise every discount in an easy-to-find place, so the following is a list of some of the best known and also the lesser-known savings tricks you should be using. If they aren’t giving you every credit available, you’re just leaving money on the table.

  • Pay Now and Pay Less – By paying your policy upfront instead of monthly or quarterly installments you could save up to 5%.
  • Life Insurance – Some companies give better rates if you take out auto and life insurance together.
  • Fewer Miles Equal More Savings – Low mileage vehicles could be rewarded with lower rates on the low mileage vehicles.
  • Theft Prevention System – Vehicles with anti-theft systems are stolen less frequently and earn discounts up to 10%.
  • Government Employees – Active or retired federal employment could cut as much as 10% off on MR2 coverage depending on your company.
  • Sign Early and Save – Select companies give a discount for signing up before your current expiration date. It can save you around 10%.
  • New Car Discount – Buying coverage on a new vehicle is cheaper since new cars are generally safer.
  • Drivers Ed for Students – Have your child successfully complete driver’s ed class in high school.
  • Claim Free – Drivers who don’t have accidents pay less when compared with bad drivers.

Keep in mind that most discount credits are not given to the entire policy premium. Some only apply to specific coverage prices like comprehensive or collision. So even though they make it sound like it’s possible to get free car insurance, it just doesn’t work that way.

Car insurance companies that may have these discounts include:

Before buying, ask each company how you can save money. Some discounts might not apply everywhere.

Toyota MR2 insurance rates are influenced by…

Consumers need to have an understanding of the different types of things that help determine the rates you pay for auto insurance. When you know what positively or negatively determines base rates helps enable you to make changes that will entitle you to big savings.

  • How many coverages with the same company – Some companies will award you with lower prices to people who have multiple policies with them such as combining an auto and homeowners policy. Discounts can amount to anywhere from five to ten percent in most cases. Even with this discount, it’s in your best interest to compare rates to confirm you are receiving the best rates possible. Drivers may still find a better deal by splitting coverages up.
  • High credit ratings translate to low rates – Credit rating is a important factor in determining your rates. People with good credit tend to be more responsible than drivers who have lower ratings. So if your credit rating can use some improvement, you could potentially save money when insuring your 1992 Toyota MR2 by improving your rating.
  • The more you drive the more you pay – The more you drive each year the more you will pay for auto insurance. Most companies rate vehicles based on how the vehicle is used. Vehicles not used for work or commuting can get a lower rate as compared to vehicles used primarily for driving to work. Having the wrong rating on your MR2 can cost quite a bit. Ask your agent if your auto insurance policy properly reflects the correct driver usage, because it can save money.
  • High numbers of claims are not good – Companies award lower rates to people who file claims infrequently. If you are a frequent claim filer, you can expect either higher rates or even cancellation. Auto insurance is designed for larger claims.
  • Special features that cut premiums – Driving a car with anti-theft technology or alarm system can help bring down rates. Anti-theft devices like GM’s OnStar, tamper alarm systems and vehicle immobilizers all hinder your car from being stolen.

What coverages do I need?

When choosing adequate coverage, there is no cookie cutter policy. Each situation is unique.

For instance, these questions may help highlight whether you could use an agent’s help.

  • Does my policy cover my teen driver if they drive my company car?
  • Is my babysitter covered when using my vehicle?
  • Where can I find high-risk insurance?
  • Why is insurance for a teen driver so high?
  • Does insurance cover damages from a DUI accident?
  • Do I have coverage for damage caused while driving under the influence?
  • What vehicles should carry emergency assistance coverage?
  • What should my uninsured motorist coverage limits be in my state?
  • Is other people’s property covered if stolen from my vehicle?

If you don’t know the answers to these questions then you might want to talk to an agent. To find an agent in your area, fill out this quick form. It only takes a few minutes and can help protect your family.

Car insurance coverages for a 1992 Toyota MR2

Knowing the specifics of your policy can be of help when determining appropriate coverage and proper limits and deductibles. Policy terminology can be impossible to understand and coverage can change by endorsement.

Uninsured/Underinsured Motorist coverage

Uninsured or Underinsured Motorist coverage protects you and your vehicle from other drivers when they either have no liability insurance or not enough. Covered losses include injuries sustained by your vehicle’s occupants and also any damage incurred to your Toyota MR2.

Due to the fact that many drivers have only the minimum liability required by law, it only takes a small accident to exceed their coverage. For this reason, having high UM/UIM coverages is important protection for you and your family.

Auto collision coverage

Collision insurance covers damage to your MR2 caused by collision with an object or car. You will need to pay your deductible then your collision coverage will kick in.

Collision insurance covers things such as scraping a guard rail, sideswiping another vehicle, hitting a mailbox and driving through your garage door. This coverage can be expensive, so consider removing coverage from older vehicles. You can also bump up the deductible to save money on collision insurance.

Medical payments coverage and PIP

Medical payments and Personal Injury Protection insurance kick in for immediate expenses for chiropractic care, pain medications and rehabilitation expenses. They are often used to cover expenses not covered by your health insurance plan or if you are not covered by health insurance. Coverage applies to not only the driver but also the vehicle occupants in addition to any family member struck as a pedestrian. PIP coverage is not universally available and gives slightly broader coverage than med pay

Auto liability

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

Split limit liability has three limits of coverage: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You commonly see policy limits of 25/50/25 that means you have $25,000 in coverage for each person’s injuries, a limit of $50,000 in injury protection per accident, and a limit of $25,000 paid for damaged property.

Liability can pay for claims like attorney fees, court costs and bail bonds. The amount of liability coverage you purchase is a personal decision, but consider buying as high a limit as you can afford.

Comprehensive coverage

This pays to fix your vehicle from damage that is not covered by collision coverage. You first have to pay a deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive insurance covers claims like hitting a bird, damage from getting keyed, a broken windshield, hitting a deer and rock chips in glass. The maximum payout your car insurance company will pay is the market value of your vehicle, so if the vehicle’s value is low it’s not worth carrying full coverage.

Final considerations

Lower-priced 1992 Toyota MR2 insurance can be bought on the web and also from your neighborhood agents, so compare prices from both in order to have the best price selection to choose from. Some insurance companies may not provide online quoting and most of the time these small, regional companies sell through independent agents.

As you shop your coverage around, it’s very important that you do not reduce needed coverages to save money. In many cases, drivers have reduced liability coverage limits only to find out that it was a big mistake. Your focus should be to buy the best coverage you can find for the lowest price, not the least amount of coverage.

We just showed you many ways to lower your insurance rates. The most important thing to understand is the more companies you get rates for, the better your comparison will be. You may even find the best prices are with an unexpected company.

More tips and info about insurance coverage can be found by following these links: