UPDATED: Apr 21, 2020
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Bringing home your new ride means getting Toyota RAV4 insurance to keep it covered and keep you legal. Before getting yourself into more car loan and insurance payments than you can cover, it is a good idea to know what you can expect when it comes to insurance for your vehicle. Too many drivers make the mistake of taking home a new leased or financed vehicle and then finding out what the car insurance premium rates will be. Unfortunately for certain situations you may even be looking at rates for coverage that are almost as expensive as the car loan payments.
What You Should Know about Toyota RAV4 Insurance
Even if you already have auto insurance coverage, this is a good time to compare rates and find out if another carrier can offer you lower rates. Don’t make the mistake of being loyal to your insurance provider when you could be saving a good amount of money on your auto insurance premiums. So keep these things in mind:
- You may be used to having only liability coverage. Liability coverage is the state minimum required to drive legally. It also, of course, costs much less than other policies. This doesn’t mean you will have a hard time locating affordable Toyota RAV4 insurance. It just means you will be paying more than you may be used to if you have only had liability previously.
- The type and amount of auto insurance you may need depends on several factors. There will be a minimum amount of coverage you must have. Make sure you meet this minimum or else the lender will tack on its own coverage. This is often very expensive, and you may not even know about it until you think your car loan has ended. When you go to make that last payment you may find the lender added this insurance and now you will have to pay all of this off before being done with the loan.
- Gap insurance for your Toyota RAV4 may be something you need as well. This is a common requirement when a vehicle is financed or leased. When you buy a new car and get into a loan, the amount you owe is much greater than the value of the car. If you should wreck the car and total it out or if the car is stolen and not recovered, the full amount of the car will need to be paid off. The thing is standard insurance will only cover the value of the car not the amount you owe. You will be left to cover this deficit from your own pocket. You could be looking at thousands of dollars. Gap insurance for your new Toyota helps prevent this from happening.
- You may also need gap insurance if you still owe on the trade in you bring in or if you have less than 20 percent to put down on the car. Keep in mind too cars that are known to depreciate in value will require you to have gap insurance. However this shouldn’t be the case for a Toyota RAV4. The only time you may have depreciation on this vehicle is if you know you will be driving it an excessive amount per year.
How to Save Money on Your Policy
So you know you want that new car and are ready to try to secure Toyota RAV4 insurance. By getting competitive rate quotes you can be assured you will find the best deal possible. However, it doesn’t hurt to keep a few other things in mind that may help you save money on your car insurance policy premium rates.
- Pay annually, every six months or at least quarterly and you may see much better rates than with monthly rates.
- Get set up to go paperless with your bills. Your Toyota RAV4 insurance rates will usually be lower if you set up your payments to come out of your checking or savings automatically or if you have an auto pay set up with your credit card.
- When you pick out your Toyota, try to beef up on safety features. The safer it is for the driver and passengers, the less your auto insurance rates will most likely be.
- Get those quotes. By using just your zip code, you can have access to rate quotes from a large number of competing insurance policy providers. Get your quotes and save money on your brand new car and the Toyota RAV4 insurance you need for it.