Save on Toyota Sequoia Insurance in Detroit

It’s amazing but the vast majority of drivers have bought car insurance from the same company for over three years, and nearly the majority have never compared rates with other companies. Many consumers in Detroit could save $3,800 each year, but they don’t want to take the time to compare rates and save money.

Insurance quote for Toyota Sequoia in DetroitThe preferred way to find affordable Toyota Sequoia insurance is to start doing an annual price comparison from insurers who sell auto insurance in Detroit.

Step 1: Try to learn about how car insurance works and the changes you can make to keep rates down. Many policy risk factors that increase rates such as high-risk driving behaviors and poor credit history can be amended by improving your driving habits or financial responsibility. Read the full article for ideas to get better rates and get discounts that may be overlooked.

Step 2: Obtain price quotes from direct, independent, and exclusive agents. Direct companies and exclusive agencies can only give rate quotes from a single company like GEICO or Farmers Insurance, while agents who are independent can quote rates from many different companies.

Step 3: Compare the quotes to your existing coverage to see if switching to a new carrier will save money. If you find a lower rate quote and decide to switch, make sure there is no lapse in coverage.

Step 4: Provide notification to your current agent or company of your intent to cancel your current coverage. Submit a down payment along with a signed application for the new coverage. Once the paperwork is finalized, put the proof of insurance paperwork above your visor, in the console, or in the glove compartment.

The most important part of shopping around is to make sure you enter identical limits and deductibles on each quote and and to get rates from as many different insurance providers as possible. This enables an accurate price comparison and a better comparison of the market.

Learn How to Lower Your Insurance Costs

Lots of things are considered when pricing auto insurance. Some are pretty understandable like your driving record, but some are more transparent like where you live or how financially stable you are. An important part of buying insurance is that you know some of the things that are used to determine your auto insurance rates. When you understand what controls the rates you pay, this enables informed choices that will entitle you to cheaper rates.

Your spouse saves you money – Having a wife or husband can actually save you money on your auto insurance policy. Having a spouse generally demonstrates drivers are more financially stable and statistics show married drivers tend to file fewer claims.

Deter theft and pay less – Driving a car with anti-theft technology or alarm system can earn a premium discount. Systems that thwart thieves such as OnStar, LoJack tracking, and tamper alarms all help prevent vehicle theft.

You may save more by bundling policies – Most larger companies will give discounts to customers who consolidate policies with them in the form of a multi-policy discount. Even though this discount sounds good, you may still want to compare other company rates to ensure the best deal. You may still save even more than the discount by buying auto insurance from a different company.

Too many claims and you’ll pay more – Auto insurance companies in Michigan provide the lowest premiums to drivers who do not file claims often. If you frequently file small claims, you can look forward to higher premiums or even policy non-renewal. Your car insurance is meant to be used in the event of claims that pose a financial burden.

Toyota Sequoia historical loss data – Companies factor in historical loss data when determining insurance rates. Vehicles that tend to have a trend towards higher claims will be charged more to insure. The next table illustrates the loss history for Toyota Sequoia vehicles.

For each type of coverage, the claim probability for all vehicles, without regard to make or model, is represented as 100. Values that are below 100 suggest a better than average loss history, while numbers that are greater than 100 indicate frequent claims or a tendency for losses to be larger than average.

Toyota Sequoia Insurance Loss Statistics
Specific Toyota Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
Toyota Sequoia 4dr 2WD 70 103 80 57
Toyota Sequoia 4dr 4WD 82 115 96 57 50 77

Empty fields indicate not enough data collected
Statistics from for 2013-2015 Model Years

Car insurance statistics for a Toyota Sequoia

The coverage information shown below showcases a range of rate quotes for Toyota Sequoia models. Having a good understanding how auto insurance policy rates are formulated can assist in making smart choices when choosing a car insurance company.

Toyota Sequoia Insurance Rates in Detroit, MI
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Sequoia SR/5 2WD $480 $834 $836 $50 $250 $2,450 $204
Sequoia SR/5 4WD $480 $982 $836 $50 $250 $2,598 $217
Sequoia Limited 2WD $534 $982 $836 $50 $250 $2,652 $221
Sequoia Limited 4WD $534 $982 $836 $50 $250 $2,652 $221
Sequoia Platinum 2WD $534 $1132 $836 $50 $250 $2,802 $234
Sequoia Platinum 4WD $534 $1132 $836 $50 $250 $2,802 $234
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Cost estimates assume single male driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Michigan minimum liability limits. Discounts applied include multi-vehicle, safe-driver, homeowner, claim-free, and multi-policy. Premium amounts do not factor in vehicle garaging location which can raise or lower premium rates significantly.

Rate comparison for different deductibles

One common question asked by Detroit drivers is how high should the physical damage coverage deductibles be. The data tables below determine the costs and benefits when you buy lower versus higher policy deductibles. The first set of rates uses a $100 deductible for physical damage and the second rate chart uses a $1,000 deductible.

Toyota Sequoia insurance with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Sequoia SR/5 2WD $670 $1074 $690 $40 $206 $2,705 $225
Sequoia SR/5 4WD $670 $1264 $690 $40 $206 $2,895 $241
Sequoia Limited 2WD $748 $1264 $690 $40 $206 $2,973 $248
Sequoia Limited 4WD $748 $1264 $690 $40 $206 $2,973 $248
Sequoia Platinum 2WD $748 $1456 $690 $40 $206 $3,165 $264
Sequoia Platinum 4WD $748 $1456 $690 $40 $206 $3,165 $264
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Toyota Sequoia insurance with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Sequoia SR/5 2WD $372 $566 $690 $40 $206 $1,874 $156
Sequoia SR/5 4WD $372 $666 $690 $40 $206 $1,974 $165
Sequoia Limited 2WD $414 $666 $690 $40 $206 $2,016 $168
Sequoia Limited 4WD $414 $666 $690 $40 $206 $2,016 $168
Sequoia Platinum 2WD $414 $768 $690 $40 $206 $2,118 $177
Sequoia Platinum 4WD $414 $768 $690 $40 $206 $2,118 $177
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Prices based on married male driver age 30, no speeding tickets, no at-fault accidents, and Michigan minimum liability limits. Discounts applied include safe-driver, homeowner, multi-vehicle, claim-free, and multi-policy. Table data does not factor in the specific area where the vehicle is garaged which can revise coverage rates substantially.

Based on this data, we can arrive at the conclusion that using a $100 deductible could cost the average driver approximately $79 more each month or $948 every year across all Toyota Sequoia models than choosing the higher $1,000 deductible. Because you would pay $900 more if you turn in a claim with a $1,000 deductible as compared to a $100 deductible, if you normally go at least 11 months between claim filings, you would save more money if you opt for a higher deductible. The numbers below show the way you can perform this determination yourself.

Average monthly premium for $100 deductibles: $248
Average monthly premium for $1,000 deductibles (subtract): – $169
Monthly savings from raising deductible: $79
Difference between deductibles ($1,000 – $100): $900
Divide difference by monthly savings: $900 / $79
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 11 months

One important caveat is that raising deductibles to get cheaper rates means you will have to cover more of the damage yourself when you have a claim. You must have some funds available in order to pay more to get your vehicle repaired.

The diagram below demonstrates how choosing different deductibles and can change Toyota Sequoia annual premium costs for different age groups of insureds. The price estimates are based on a single male driver, comp and collision included, and no policy discounts are applied.

Premiums by gender and age

The chart below illustrates the comparison of Toyota Sequoia premium costs for male and female drivers. Data assumes a clean driving record, no at-fault accidents, comprehensive and collision coverage, $100 deductibles, drivers are single, and no discounts are factored in.

Price comparison of only insuring for liability

The illustration below shows the comparison of Toyota Sequoia insurance costs with full physical damage coverage and with liability coverage only. The premiums are based on no tickets, no at-fault accidents, $100 deductibles, drivers are not married, and no discounts are taken into consideration.

When to drop comprehensive and collision

There is no written rule to stop paying for physical damage coverage on your policy, but there is a general school of thought. If the yearly cost for physical damage coverage is about 10% or more of any settlement you would receive from your insurance company, then you may want to consider only buying liability coverage.

For example, let’s assume your Toyota Sequoia settlement value is $5,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled in an accident, the most your company would pay you is $4,000 after paying the physical damage deductible. If premiums are more than $400 a year for full coverage, then you may want to consider only buying liability coverage.

There are some scenarios where dropping full coverage is not recommended. If you have an outstanding loan on your vehicle, you have to maintain full coverage in order to keep the loan. Also, if you cannot afford to purchase a different vehicle in case of an accident, you should keep full coverage in place.

Get cheaper Toyota Sequoia insurance in Detroit with discounts

Companies don’t always list every policy discount very clearly, so the below list has a few of the more well known as well as the least known discounts that you can inquire about if you buy Detroit auto insurance online.Auto insurance discounts

A quick disclaimer, some credits don’t apply to your bottom line cost. A few only apply to specific coverage prices like liability and collision coverage. Just because you may think you can get free auto insurance, you aren’t that lucky.

The illustration below illustrates the difference between Toyota Sequoia car insurance costs with and without discounts being applied to the rates. The premiums are based on a female driver, no tickets, no at-fault accidents, Michigan state minimum liability limits, comp and collision included, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with marriage, claim-free, multi-car, safe-driver, multi-policy, and homeowner discounts applied.

Some of the larger companies that possibly offer most of these discounts include:

It’s a good idea to ask all companies you are considering which credits you are entitled to. Some of the discounts discussed earlier might not be offered in Detroit.

Don’t give up on cheaper rates

You just learned a lot of ways to lower your Toyota Sequoia insurance prices in Detroit. The key concept to understand is the more rate quotes you have, the higher the chance of saving money. You may even find the lowest prices come from a company that doesn’t do a lot of advertising. Regional companies may only write in your state and offer lower rates than the large multi-state companies such as State Farm, GEICO and Nationwide.

As you go through the steps to switch your coverage, it’s a bad idea to skimp on critical coverages to save a buck or two. There are too many instances where drivers have reduced liability limits or collision coverage and discovered at claim time that it was a big error on their part. Your goal is to buy a smart amount of coverage at the best possible price, not the least amount of coverage.

Much more information about insurance in Michigan can be read below: