1994 Toyota MR2 Car Insurance Rates – 7 Savings Tips

Searching for lower insurance rates for your Toyota MR2? Overwhelmed by the dozens of insurance companies available to you? Lot’s of other drivers are too. You have so many companies available that it can quickly become more work than you anticipated to find better insurance rates.

Affordable car insurance rate quotes online

All major car insurance companies such as Allstate and Progressive make it easy to get pricing on the web. Comparing prices online is very simple as you just type in your required coverages as detailed in the form. Once entered, their rating system orders reports for credit and driving violations and quotes a price based on many factors.

Being able to quote online makes it a lot easier to compare rates but the time required to go to many different websites and type in the same information is repetitive and time-consuming. Unfortunately, it is important to perform this step in order to get better prices.

The better way to compare rates

The preferred way to lower your car insurance bill uses one simple form that analyzes rates from more than one company. It’s a real time-saver, requires less work, and makes online shopping much more enjoyable. As soon as the form is sent, your coverage is rated and you can select your choice of the quotes returned.

If the quotes result in lower rates, it’s easy to complete the application and purchase the new policy. It takes 15 minutes at the most and may save quite a bit of money.

In order to find out if lower rates are available, click here to open in new window and enter your vehicle and coverage information. If you have a policy now, it’s recommended you copy your coverages as close as possible to your current policy. Doing this guarantees you’re receiving an apples-to-apples comparison using the exact same coverages.

Lower-cost auto insurance rates with discounts

Companies offering auto insurance don’t necessarily list all available discounts very clearly, so the following is a list of a few of the more common and also the lesser-known credits that may apply to you.

  • College Student Discount – who are enrolled in higher education away from home and don’t have a car may be insured at a cheaper rate.
  • Payment Method – If you pay your bill all at once instead of monthly or quarterly installments you could save up to 5%.
  • One Accident Forgiven – Not really a discount, but certain companies permit an accident before raising your premiums as long as you don’t have any claims for a particular time prior to the accident.
  • New Car Discount – Insuring a new car can be considerably cheaper due to better safety requirements for new model year vehicles.
  • Multiple Vehicles – Having several vehicles on the same auto insurance policy may reduce the rate for each vehicle.
  • Discounts for Government Workers – Having worked for a branch of the government can earn a discount up to 10% on MR2 coverage with a few auto insurance companies.
  • Good Student Discount – Getting good grades may save you up to 25%. This discount can apply well after school through age 25.

Discounts reduce rates, but you should keep in mind that some credits don’t apply to all coverage premiums. A few only apply to the price of certain insurance coverages like liability and collision coverage. Despite the appearance that having all the discounts means you get insurance for free, auto insurance companies aren’t that generous. Any amount of discount will help lower the amount you have to pay.

The best auto insurance companies and some of the premium reductions they offer include:

  • Farm Bureau may offer discounts for multi-vehicle, renewal discount, safe driver, multi-policy, youthful driver, and driver training.
  • State Farm discounts include multiple policy, Drive Safe & Save, accident-free, passive restraint, and good student.
  • Progressive has savings for online quote discount, online signing, good student, multi-policy, homeowner, multi-vehicle, and continuous coverage.
  • Allstate offers discounts including early signing, utility vehicle, economy car, defensive driver, and EZ pay plan discount.
  • Nationwide includes discounts for good student, multi-policy, accident-free, anti-theft, and business or organization.
  • MetLife offers premium reductions for good student, claim-free, defensive driver, accident-free, multi-policy, good driver

When quoting, ask all companies you are considering which discounts you may be entitled to. Some discounts might not be available to policyholders in your area.

Tailor your car insurance coverage to you

When choosing adequate coverage for your vehicles, there really is no single plan that fits everyone. Everyone’s situation is unique.

These are some specific questions might point out if your insurance needs may require specific advice.

  • How many claims can I have before being cancelled?
  • Is my ex-spouse still covered by my policy?
  • Am I missing any policy discounts?
  • Should I buy more coverage than the required minimum liability coverage?
  • Is motorclub coverage worth it?
  • When do I need to add a new car to my policy?
  • Can I get a multi-policy discount for packaging my home and auto coverage?
  • What can I do if my company denied a claim?

If it’s difficult to answer those questions, you may need to chat with an insurance agent. If you want to speak to an agent in your area, take a second and complete this form.

Parts of your auto insurance policy

Knowing the specifics of your policy helps when choosing which coverages you need and the correct deductibles and limits. The coverage terms in a policy can be confusing and coverage can change by endorsement.

Collision protection

This coverage pays to fix your vehicle from damage from colliding with a stationary object or other vehicle. A deductible applies and then insurance will cover the remainder.

Collision coverage protects against things such as driving through your garage door, colliding with another moving vehicle and backing into a parked car. This coverage can be expensive, so consider dropping it from lower value vehicles. It’s also possible to choose a higher deductible to get cheaper collision coverage.

Comprehensive coverages

Comprehensive insurance will pay to fix damage OTHER than collision with another vehicle or object. A deductible will apply then your comprehensive coverage will pay.

Comprehensive coverage pays for claims like theft, damage from a tornado or hurricane, falling objects and hail damage. The highest amount you can receive from a comprehensive claim is the market value of your vehicle, so if your deductible is as high as the vehicle’s value it’s probably time to drop comprehensive insurance.

Uninsured and underinsured coverage

Your UM/UIM coverage provides protection when the “other guys” either have no liability insurance or not enough. This coverage pays for hospital bills for your injuries and damage to your Toyota MR2.

Since a lot of drivers carry very low liability coverage limits, their liability coverage can quickly be exhausted. So UM/UIM coverage is very important. Normally your uninsured/underinsured motorist coverages are similar to your liability insurance amounts.

Liability coverages

This will cover injuries or damage you cause to other people or property. It consists of three limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. Your policy might show limits of 25/50/25 which stand for $25,000 bodily injury coverage, $50,000 for the entire accident, and a limit of $25,000 paid for damaged property. Some companies may use one number which is a combined single limit which combines the three limits into one amount and claims can be made without the split limit restrictions.

Liability can pay for things such as structural damage, pain and suffering, bail bonds, court costs and medical services. The amount of liability coverage you purchase is a decision to put some thought into, but consider buying as large an amount as possible.

Coverage for medical payments

Personal Injury Protection (PIP) and medical payments coverage pay for expenses such as surgery, EMT expenses, rehabilitation expenses, nursing services and hospital visits. The coverages can be used to fill the gap from your health insurance program or if you do not have health coverage. It covers all vehicle occupants and will also cover if you are hit as a while walking down the street. Personal Injury Protection is not available in all states and gives slightly broader coverage than med pay

In Summary

Budget-friendly insurance can be found on the web as well as from independent agents, so get free insurance coverage quotes from both of them in order to have the best price selection to choose from. Some insurance companies may not offer online price quotes and most of the time these small insurance companies only sell through independent insurance agents.

When getting insurance coverage quotes online, don’t be tempted to skimp on critical coverages to save a buck or two. There have been many situations where an insured cut physical damage coverage only to regret that it was a big error on their part. Your goal should be to buy the best coverage you can find for the lowest price and still be able to protect your assets.

We just presented a lot of information how to save on 1994 Toyota MR2 insurance. The key thing to remember is the more providers you compare, the higher the chance of saving money. You may even discover the lowest premium rates come from a small mutual company.

Much more information about insurance can be read below:

Comments About 1994 Toyota MR2 Insurance

  1. Georgetta Fischer

    Live in Lexington, Kentucky. Got car insurance rates from Amica, Safeco, and some smaller one I can’t remember the name of for my 1994 Toyota MR2 and I’m now saving $25 a month. Insured with State Farm before. Have an at-fault accident tho. Not sure if rates are cheaper online or not. Not worth enough to pay for comprehensive and collision.

  2. Adrienne Juarez

    I’ve insured with State Farm for a long time. Pretty cheap in Denver, CO.

  3. Vernell Lynch

    If you have a clean record and live near Cedar Rapids, Iowa, check out State Farm. You might get cheaper rates. I got a quote from their website. Anyone else drop full coverage?

  4. Benton Mullen

    Good site, thanks. From a town just southwest of Chesapeake, VA. Quoted with Allstate, Farmers, and Liberty Mutual for my Toyota and saved just over $90 a year. Moved home policy as well. Bought it from an online quote.

  5. Tommy Hester

    I found cheap 1994 Toyota MR2 insurance in Jersey City, NJ with State Farm.

  6. Lavonna Dale

    If you have a good history and live around Springfield, Missouri, check out GEICO. You might get cheaper rates. I recommend comparing lots of rates.

  7. Cristie Cooley

    Cheap is relative. Located in Phoenix, Arizona. I got free rates from AIG Insurance, Erie, and Sentry for my 1994 Toyota MR2 and I think I cut my rates about $20 each month.

  8. Kathryne Rowland

    In Kansas City, MO, Allstate auto insurance rates for my 1994 Toyota MR2 were good. Insured with Sentry before. I’m a pretty low risk driver.

  9. Sally Rocha

    From northwest of Tucson, AZ. I quoted with Auto-Owners, Sentry, and some smaller one I can’t remember the name of for my MR2 and saved $78 a year. Insured with Travelers before. I used their online quote form to compare rates. I don’t put full coverage on it.

  10. Isiah Payne

    I’m in Huntington, WV. Got prices from Auto-Owners, Nationwide, and Travelers for my MR2 and saved $62 a year. Left MetLife to switch. Thankfully I have a good driving record. I think I’ll get rid of full coverage next time.

  11. Wanita Juarez

    Will 21st Century give a discount for driver training?

  12. Carlie Oneal

    I got quite a few price quotes for a 1994 Toyota MR2 in Owensboro, KY. Ended up at right around $70 every six months with AAA. Insured with GEICO before. They have a lot of discounts available.