Scraping up a payment for overpriced Scion iQ insurance can dwindle your personal savings and force you to make sacrifices. Comparing price quotes is a great way to slash your bill and have more diposable income.
Popular companies such as Progressive, State Farm and GEICO all claim big savings, bombarding you with catchy ads and it is challenging if not impossible to see past the geckos and flying pigs and take the time to shop coverage around.
Lesser-known factors impacting Scion iQ insurance rates
An important part of buying insurance is that you know some of the elements that go into determining the rates you pay for car insurance. Understanding what controls the rates you pay empowers consumers to make smart changes that will entitle you to much lower annual insurance costs.
Listed below are some of the items used by your company to calculate prices.
- Optional equipment can affect rates – Purchasing a vehicle that has an advanced theft prevention system can get you a discount on your car insurance. Theft prevention devices such as GM’s OnStar, tamper alarm systems and vehicle immobilizers all aid in stopping auto theft.
- High numbers of claims are not good – If you tend to file frequent claims, you can definitely plan on either higher rates or even cancellation. Car insurance companies generally give cheaper rates to policyholders who do not rely on their insurance for small claims. Car insurance is intended for major claims that would cause financial hardship.
- Is your vehicle built for speed? – The type of vehicle you are buying insurance for makes a significant difference in determining your rates. Since the Scion iQ falls in the micro-subcompact class, insurance will be slightly less as compared to the average rate. Low performance passenger cars generally have the cheapest insurance rates, but the cost you end up paying is determined by many additional factors.
- Traffic citations inflate rates – Careful drivers receive lower rates than their less careful counterparts. Only having one ticket can boost insurance rates twenty percent or more. Drivers who have dangerous citations like reckless driving, hit and run or driving under the influence may need to submit a SR-22 form to the state department of motor vehicles in order to prevent a license revocation.
- Battle of the sexes – The statistics show that women are safer drivers than men. However, don’t assume that men are worse drivers. Both sexes are in accidents in similar percentages, but men cause more damage and cost insurance companies more money. Men also get more serious tickets like reckless driving and DUI.
- Do you have a high stress job? – Careers like lawyers, architects and financial analysts are shown to have higher average rates because of stressful work requirements and long work hours. Conversely, occupations such as actors, engineers and retirees pay the least for iQ insurance.
- Better credit scores mean better rates – Your credit history is a important factor in determining what you pay for car insurance. So if your credit is not that good, you could pay less to insure your Scion iQ by improving your rating. People with high credit scores tend to be more responsible than those with lower credit scores.
- Where you reside plays a part – Being located in less populated areas is a positive aspect when buying car insurance. Less people living in that area translates into fewer accidents as well as less vandalism and auto theft. Drivers who live in large cities tend to have more traffic problems and longer commutes to work. Longer commute distances means more change of being in an accident.
Save big with these discounts
Insurance can cost an arm and a leg, but you can get discounts that many people don’t even know exist. Certain discounts will be triggered automatically at the time of quoting, but some may not be applied and must be specially asked for before they will apply.
- Federal Employees – Simply working for the federal government could cut as much as 10% off for iQ insurance with a few car insurance companies.
- Driver Safety – Taking part in a driver safety course could save 5% or more if you qualify.
- Passive Restraints and Air Bags – Vehicles with factory air bags or automatic seat belts can get savings of more than 20%.
- Auto/Home Discount – When you combine your home and auto insurance with one company you may save at least 10% off all policies.
- Homeowners Savings – Being a homeowner can save you money because owning a home demonstrates responsibility.
- Low Mileage – Low mileage vehicles can earn better rates on cars that stay parked.
Consumers should know that most credits do not apply to all coverage premiums. The majority will only reduce individual premiums such as collision or personal injury protection. So when the math indicates all the discounts add up to a free policy, it just doesn’t work that way. But any discount will cut the cost of coverage.
To see a list of providers who offer car insurance discounts, follow this link.
Switch companies and save? Really?
Car insurance providers like Allstate and Progressive consistently run ads on television and other media. They all have a common claim of big savings if you change your policy. How can each company claim to save you money? It’s all in the numbers.
Different companies are able to cherry pick for the type of driver that makes them money. An example of a profitable customer might be profiled as between the ages of 40 and 55, insures multiple vehicles, and drives less than 10,000 miles a year. A customer getting a price quote who matches those parameters receives the best rates and most likely will cut their rates substantially.
Potential customers who don’t qualify for the “perfect” profile will be quoted a more expensive rate which usually ends up with the customer not buying. The ads say “people who switch” not “everyone that quotes” save that much money. This is how companies can make the claims of big savings.
This emphasizes why it’s extremely important to get as many comparisons as possible. It’s impossible to know which car insurance company will fit your personal profile best.
But I don’t know anything about car insurance
When buying adequate coverage for your vehicles, there really is not a “perfect” insurance plan. Everyone’s situation is unique so your insurance should reflect that These are some specific questions may help highlight whether you could use an agent’s help.
- Do I need special endorsements for business use of my vehicle?
- Will I lose any money if I cancel my policy before it expires?
- Is my vehicle covered by my employer’s policy when using it for work?
- Does having multiple vehicles earn me a discount?
- Does my policy cover me when driving someone else’s vehicle?
- What if I total my Scion iQ and owe more than it’s worth?
- Why am I be forced to buy a membership to get insurance from some companies?
- Do I benefit by insuring my home with the same company?
If you can’t answer these questions but one or more may apply to you, then you may want to think about talking to an agent. To find an agent in your area, take a second and complete this form or click here for a list of car insurance companies in your area.
One last thing
Lower-priced Scion iQ insurance can be found on the web and also from your neighborhood agents, so you should compare both so you have a total pricing picture. Some insurance providers may not provide you the ability to get quotes online and most of the time these small insurance companies sell through independent agents.
You just learned some good ideas how to save on Scion iQ insurance. It’s most important to understand that the more price quotes you have, the better chance you’ll have of finding lower rates. Drivers may discover the best price on car insurance is with a company that doesn’t do a lot of advertising. These companies may often insure only within specific states and give getter rates than the large multi-state companies such as GEICO and State Farm.
