Buying cheap insurance for a Toyota Highlander is pretty straightforward, but it is dependent upon many different factors such as your financial responsibility, whether or not you garage your vehicle, and blemishes on your driving record. Drivers in Maryland pay approximately $1,033 each year to insure their Highlander, but that cost is a valuation calculated using a 30-year-old married male driver with full physical damage coverage and $1,000 deductibles.
There’s a high likelihood you’re not a 30-year-old male, single instead of married, and you want different coverage limits than the example. There is no perfect policy for every driver, so the best method for finding cheap insurance prices for your Toyota is to just take the time to compare rates yourself.
Vehicle trim level tends to impact the insurance rate, so the price you will be charged to insure a Highlander 2WD model will cost $168 less than the insurance cost for the high end Highlander Hybrid Limited 4WD model, as shown in the chart below.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Highlander Sport 4WD||$218||$332||$406||$24||$122||$1,102||$92|
|Highlander SE 2WD||$218||$332||$406||$24||$122||$1,102||$92|
|Highlander Sport 2WD||$218||$332||$406||$24||$122||$1,102||$92|
|Highlander Limited 2WD||$244||$392||$406||$24||$122||$1,188||$99|
|Highlander SE 4WD||$244||$392||$406||$24||$122||$1,188||$99|
|Highlander Limited 4WD||$244||$392||$406||$24||$122||$1,188||$99|
|Highlander Hybrid 4WD||$244||$392||$406||$24||$122||$1,188||$99|
|Highlander Hybrid Limited 4WD||$244||$392||$406||$24||$122||$1,188||$99|
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Cost estimates assume married male driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and Maryland minimum liability limits. Discounts applied include claim-free, homeowner, safe-driver, multi-policy, and multi-vehicle. Table data does not factor in specific garaging location which can affect rates substantially.
Insuring your vehicle with the best insurer can be a challenge considering how many choices there are in Maryland. The ranking information in the next section could help you decide which auto insurance companies to look at when comparing rate quotes. These ratings only include companies who write in the majority of U.S. states, so companies that have a smaller presence are not factored into these rankings.
|Company||Value||Customer Service||Claims||Customer Satisfaction||A.M Best Rating||Overall Score|
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Data Source: Insure.com Best Car Insurance Companies
Price comparison of only insuring for liability
Finding the cheapest car insurance is important to most vehicle owners, and a great way to find cheaper insurance for a Toyota Highlander is to only buy liability coverage. The chart below shows the comparison of insurance rates with liability coverage only compared to full coverage. The premiums are based on no claims or driving citations, $100 deductibles, drivers are not married, and no other discounts are factored in.
If we average all the age groups together, full coverage costs an extra $3,075 per year more than just buying liability insurance. Many of you may wonder if you should buy full coverage at all. There is no clear-cut formula to exclude physical damage coverage, but there is a general convention. If the yearly cost of comp and collision coverage is more than 10% of the vehicle’s replacement cost less your deductible, then you may need to consider dropping full coverage.
For example, let’s pretend your vehicle’s replacement value is $11,500 and you have $1,000 deductibles. If your vehicle is damaged in an accident, the most your company will settle for is $10,500 after you pay the deductible. If you are currently paying more than $1,050 annually to have full coverage, the it may be a good time to stop paying for full coverage.
There are a few situations where buying only liability insurance is not advised. If you still owe a portion of the original loan, you must maintain physical damage coverage as part of the loan conditions. Also, if your emergency fund is not enough to purchase a different vehicle in the even your car is totaled, you should not eliminate full coverage.
The diagram below highlights how deductible choice can change insurance rates when searching for cheap insurance for a Toyota Highlander. The prices are based on a single female driver, comp and collision included, and no additional discounts are factored in.
As shown above, a 40-year-old driver could pocket $398 a year by changing from a $100 deductible to a $500 deductible, or save $604 by switching to a $1,000 deductible. Even younger drivers, like the 20-year-old, could potentially save $1,006 annually by choosing a larger deductible amount.
If you make the decision to raise deductibles, it is important to have additional funds squirreled away to offset the extra out-of-pocket expense that comes with higher deductibles.
Types of discounts on Baltimore insurance rates
Insurance providers that offer quotes for a Toyota Highlander may also offer discounts that can reduce rates by 30% or more if you meet specific eligibility requirements. A list of car insurance companies and their offered discounts are detailed below.
- The Hartford offers discounts for driver training, good student, defensive driver, air bag, anti-theft, bundle, and vehicle fuel type.
- American Family offers premium reductions for defensive driver, mySafetyValet, air bags, bundled insurance, and TimeAway discount.
- Progressive has savings for good student, online quote discount, multi-policy, continuous coverage, and online signing.
- Travelers discounts include IntelliDrive, hybrid/electric vehicle, early quote, multi-car, save driver, and driver training.
- Farmers Insurance may have discounts that include teen driver, early shopping, bundle discounts, pay in full, alternative fuel, and distant student.
- USAA has discounts for defensive driver, family discount, safe driver, good student, and driver training.
- Liberty Mutual policyholders can earn discounts including newly married, newly retired, new move discount, teen driver discount, multi-car, new graduate, and multi-policy.
The diagram below compares insurance costs with and without some available policy discounts. The costs are based on a female driver, no claims, a clean driving record, Maryland state minimum liability limits, full coverage, and $1,000 deductibles.
The first bar for each age group shows the price with no discounts. The lower bar shows the rates with anti-theft, passive restraint, safe-driver, multiple policy, defensive driving course, and claim-free discounts applied. When taking advantage of discounts, theaverage amount saved on car insurance for a Toyota Highlander is 28% or $543.
If you aren’t clear which coverage you need and would like to get some help when trying to find lower insurance rates for a Toyota Highlander, the insurance agencies listed below are willing to help you make a decision which coverages you need. To find a Baltimore insurance agency using an interactive map, click the button following the list.
Senate Select Insurance
5417 Reisterstown Rd – Baltimore, MD 21215 – (410) 358-0411
John Stein – State Farm Insurance Agent
6630 Baltimore National Pike #100b – Baltimore, MD 21228 – (410) 744-7733
David Rosario – State Farm Insurance Agent
3121 Eastern Ave – Baltimore, MD 21224 – (410) 850-4949