Affordable Insurance for a Toyota Sequoia in New Orleans

Insurance rates Toyota Sequoia in New OrleansIt takes a few minutes, but the best way to find affordable Toyota Sequoia insurance is to start comparing prices yearly from providers in New Orleans.

First, try to learn a little about how companies set rates and the steps you can take to drop your rates. Many risk factors that result in higher prices like tickets, at-fault accidents, and an unacceptable credit rating can be eliminated by making minor driving habit or lifestyle changes.

Second, obtain price quotes from direct carriers, independent agents, and exclusive agents. Direct and exclusive agents can only give rate quotes from a single company like GEICO or Allstate, while independent agencies can quote rates from multiple insurance companies. View a list of agents

Third, compare the new quotes to the price on your current policy to see if a cheaper price is available in New Orleans. If you find a lower rate quote and decide to switch, make sure there is no lapse in coverage.

Fourth, notify your current company to cancel your current car insurance policy and submit payment along with a signed and completed policy application to your new insurance company. As soon as you receive it, keep your new certificate verifying coverage in an easily accessible location in your vehicle.

One thing to remember is to try to use the same amount of coverage on each quote and to quote with as many different insurance providers as possible. This helps ensure a fair price comparison and a thorough selection of prices.

It’s hard to fathom, but the vast majority of insurance customers kept their coverage with the same insurance company for a minimum of four years, and nearly the majority have never compared quotes from other companies. Louisiana consumers could save an average of roughly 35% each year by just comparing quotes, but they don’t know the amount of savings they would get if they just switched companies.

Buying affordable car insurance in New Orleans seems hard but is not really that difficult. Just about each driver who needs more affordable car insurance should find a better price. Although Louisiana drivers benefit from understanding how big insurance companies determine how much to charge and take advantage of how the system works.

When looking for low cost New Orleans auto insurance quotes, there are a couple ways of comparing price quotes from lots of Louisiana auto insurance companies. By far the easiest way to lower the rate you pay for insurance consists of shopping online.

Comparison shopping quotes online is easy and it takes the place of having to spend your day driving to and from local New Orleans insurance agencies. Comparing online rate quotes eliminates this option unless you have a need for the trained guidance of a local agency. Drivers can find lower rates online but still have the advice of a local agent. Just keep in mind that getting more free quotes helps increase your odds of locating a lower rate. Some insurance companies are not set up to provide rate quotes online, so you also need to get prices from them, too.

The companies shown below have been selected to offer quotes in New Orleans, LA. In order to find cheap car insurance in Louisiana, it’s a good idea that you visit several of them to get a more complete price comparison.

Rate information and statistics

The information below covers detailed analysis of insurance rates for Toyota Sequoia models. Learning how insurance policy premiums are established can benefit drivers when making informed decisions when shopping around for a new policy.

Toyota Sequoia Insurance Rates in New Orleans, LA
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Sequoia SR/5 2WD $368 $556 $478 $28 $144 $1,574 $131
Sequoia SR/5 4WD $368 $656 $478 $28 $144 $1,674 $140
Sequoia Limited 2WD $410 $656 $478 $28 $144 $1,716 $143
Sequoia Limited 4WD $410 $656 $478 $28 $144 $1,716 $143
Sequoia Platinum 2WD $410 $754 $478 $28 $144 $1,814 $151
Sequoia Platinum 4WD $410 $754 $478 $28 $144 $1,814 $151
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Data variables include married male driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and Louisiana minimum liability limits. Discounts applied include safe-driver, multi-vehicle, homeowner, claim-free, and multi-policy. Price estimates do not factor in specific zip code location which can raise or lower insurance rates considerably.

Policy deductibles

One of the hardest decisions when shopping for insurance is where to set your physical damage deductibles. The figures shown below can help you understand the cost difference of buying low and high coverage deductibles. The first data table uses a $250 deductible for physical damage and the second price grid uses a $500 deductible.

Toyota Sequoia insurance premium rates with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Sequoia SR/5 2WD $406 $604 $464 $28 $140 $1,667 $139
Sequoia SR/5 4WD $406 $712 $464 $28 $140 $1,775 $148
Sequoia Limited 2WD $452 $712 $464 $28 $140 $1,821 $152
Sequoia Limited 4WD $452 $712 $464 $28 $140 $1,821 $152
Sequoia Platinum 2WD $452 $820 $464 $28 $140 $1,929 $161
Sequoia Platinum 4WD $452 $820 $464 $28 $140 $1,929 $161
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Toyota Sequoia insurance premium rates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Sequoia SR/5 2WD $330 $488 $464 $28 $140 $1,450 $121
Sequoia SR/5 4WD $330 $574 $464 $28 $140 $1,536 $128
Sequoia Limited 2WD $366 $574 $464 $28 $140 $1,572 $131
Sequoia Limited 4WD $366 $574 $464 $28 $140 $1,572 $131
Sequoia Platinum 2WD $366 $662 $464 $28 $140 $1,660 $138
Sequoia Platinum 4WD $366 $662 $464 $28 $140 $1,660 $138
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Data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Louisiana minimum liability limits. Discounts applied include multi-vehicle, homeowner, multi-policy, claim-free, and safe-driver. Rate quotes do not factor in specific location information which can influence price quotes substantially.

Based on the above data, using a $250 deductible costs approximately $21 more each month or $252 annually than quoting the higher $500 deductible. Because you would be required to pay $250 more if you file a claim with a $500 deductible as compared to a $250 deductible, if you normally go at a minimum 12 months between claims, you would probably be better off if you choose the higher deductible.

How to calculate deductible break even point

Average monthly premium for $250 deductibles: $152
Average monthly premium for $500 deductibles (subtract): – $131
Monthly savings from raising deductible: $21
Difference between deductibles ($500 – $250): $250
Divide difference by monthly savings: $250 / $21
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 12 months

One thing to be aware of is that raising deductibles means you will have to pay more out-of-pocket when you have a physical damage claim. You will want to have access to more funds in the event you need to pay the deductible.

The chart below illustrates how your deductible choice and can raise or lower Toyota Sequoia yearly insurance costs for different ages of insureds. The data assumes a married male driver, comprehensive and collision coverage, and no policy discounts are applied.

Full coverage versus liability only rates

The example below illustrates the comparison of Toyota Sequoia insurance costs with liability coverage only compared to full coverage. The data assumes no claims, a clean driving record, $100 deductibles, single marital status, and no discounts are applied to the premium.

When to switch to liability coverage only

There is no definitive rule for dropping physical damage coverage, but there is a broad guideline. If the annual cost of coverage is 10% or more of the replacement cost of your vehicle minus the policy deductible, then you might want to consider buying only liability coverage.

For example, let’s say your Toyota Sequoia claim settlement value is $5,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled, you would only receive $4,000 after paying the physical damage deductible. If you are paying more than $400 annually to have full coverage, then you may need to consider dropping full coverage.

There are some conditions where removing full coverage is not advised. If you haven’t satisfied your loan, you have to keep full coverage to satisfy the loan requirements. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is damaged, you should keep full coverage on your policy.

Smart Buyers Can Slash Their Insurance Premiums

Lots of factors are part of the equation when you get your auto insurance bill. Some factors are common sense such as traffic violations, but others are more obscure like your continuous coverage and annual miles driven. A large part of saving on car insurance is knowing some of the elements that are used to determine your car insurance rates. If you know what determines base rates, this allows you to make good choices that can help you get lower rates.

Shown below are some of the most rate-impacting factors companies use to determine your rates.

Multiple policies with one company – The majority of companies allow lower prices to customers who carry more than one policy such as combining an auto and homeowners policy. Even if you qualify for this discount already, consumers should still compare other company rates to verify if the discount is saving money.There is a good possibility that you can save even more than the discount by buying insurance from more than one company.

Avoid traffic tickets – Even a single speeding ticket can increase rates by as much as twenty percent. Good drivers tend to pay less for car insurance than bad drivers. Drivers who get serious violations such as DWI, reckless driving or hit and run convictions may be required to submit a SR-22 or proof of financial responsibility with the DMV in their state in order to legally drive a vehicle.

The information below shows how violations and at-fault accidents raise Toyota Sequoia auto insurance rates for different age groups. The premiums assume a married female driver, comp and collision included, $100 deductibles, and no additional discounts are factored in.

Cars with good safety ratings cost less to insure – Vehicles with good safety scores tend to be cheaper to insure. Vehicles built for safety reduce injuries and lower injury rates means your insurance company pays less and thus lower rates. If your Toyota Sequoia is rated at a minimum an “acceptable” rating on the Insurance Institute for Highway Safety website you may qualify for a discount.

Men drivers tend to cost more – Statistics demonstrate females are less aggressive when driving. Now that doesn’t mean males are worse at driving than females. Both sexes tend to get into accidents at a similar rate, but males cause more damage and cost insurance companies more money. Men also tend to get cited for more serious violations such as reckless driving. Male drivers age 16 to 19 are several times more likely to be in an accident and therefore are the most expensive to insure.

The diagram below visualizes the comparison of Toyota Sequoia insurance rates for male and female drivers. The costs are based on no tickets, no at-fault accidents, full coverage, $1,000 deductibles, drivers are not married, and no discounts are factored in.

Extra policy coverages are wasting money – There are a ton of extra bells and whistles that can add up on your Sequoia policy. Insurance for replacement cost coverage, accidental death, and motor club memberships may not be needed and are just wasting money. They may sound like good ideas when buying your policy, but now you might not need them so remove them from your policy.

Low physical damage deductibles cost more – Physical damage coverage, also called comprehensive and collision insurance, covers your vehicle from damage. A few examples of covered claims would be colliding with a building, damage from fire, and damage from a fallen tree branch. Deductibles for physical damage define how much you are required to spend before your car insurance pays a claim. The more of the claim you pay before a claim is paid (deductible), the lower your rates will be.

Advanced GPS tracking and theft deterrents – Selecting a car model with advanced anti-theft systems can earn a premium discount. Theft prevention devices like OnStar, LoJack tracking, and tamper alarms can thwart vehicle theft.

Certain jobs pay higher rates – Did you know your job can affect your rates? Careers like military personnel, police officers, and dentists have higher average rates because of job stress and lots of time spent at work. Conversely, professions such as scientists, athletes and retirees generally pay rates lower than average.

Toyota Sequoia claim probability – Insurers analyze historical claim data to help set a rate to offset losses. Vehicles that historically have increased claim numbers or amounts will cost more for coverage. The table below shows the insurance loss data used by companies for Toyota Sequoia vehicles.

For each insurance policy coverage type, the statistical loss for all vehicles, regardless of make, model or trim level, is considered to be 100. Values below 100 suggest a better than average loss history, while values that are above 100 point to more claims or tendency to have larger claims.

Toyota Sequoia Insurance Claim 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 Source: Insurance Institute for Highway Safety for 2013-2015 Model Years

Protect your vehicle and other assets

Despite the potentially high cost of Toyota Sequoia insurance, insuring your vehicle may be required and benefits you in several ways.

The benefits of having insurance definitely exceed the cost, particularly if you ever have a claim. As of last year, the average driver in Louisiana is currently overpaying as much as $820 a year so shop around at least once a year to make sure the price is not too high.