The cost of Toyota Prius insurance may sway your decision to buy this eco-friendly compact car. If you’ve been thinking about purchasing this popular electric vehicle, review the factors that influence the auto insurance premium you’ll pay for it.
Average Prius Insurance Rates
Michigan has the most expensive average rates for Prius insurance, with companies charging about $202 a month. In Maine, the least expensive state, Prius drivers pay about $69 per month. The average monthly cost for Prius insurance across the U.S. is $112 per month, according to data reported by the website Cheap Car Insurance.
Car Insurance Comparison reports that the cost of each Toyota Prius policy breaks down as follows:
- Medical payment coverage: 21 percent.
- Personal injury protection: 20 percent.
- Comprehensive coverage: 13 percent.
- Collision coverage: 13 percent.
- Bodily injury liability: 13 percent.
The higher the percentage in each area, the higher that type of insurance costs for a Prius.
According to a survey by Value Penguin, a 30-year-old male driver will pay an average of $2,199 annually for auto insurance on a Toyota Prius. An 18-year-old male driver will pay up to $184 more per month than his older counterpart.
Factors in Prius Insurance Premiums
When you have a specific Prius model, year, and trim in mind, you can gather quotes based on that information. The insurance agent will gather information about the vehicle, as well as your personal and driving history, to predict the risk associated with offering you insurance.
If you decide to buy a preowned Prius from a previous model year, you’ll pay less for insurance depending on the vehicle’s age. For example, you can insure a 2010 Toyota Prius for about $1,046 annually, compared to more than $1,300 annually on average for a 2020 Prius.
Your age also plays a role in the cost of auto insurance. While 30-year-old drivers pay just a bit more than older drivers, motorists younger than 25 can expect to pay significantly higher insurance rates.
The insurance agent also will ask about your geographic location. Auto insurance prices vary depending on the state where you live and whether you reside in an urban, suburban, or rural area.
If you have a clean driving record, you’ll pay less to insure your Prius than if you have a history of claims and accidents. Unless you purchase a policy with accident forgiveness, you can also expect your premium cost to go up if you do have a collision.
The Toyota Prius has strong crash test ratings, which reduces the cost of insuring this vehicle. In tests from the Insurance Institute for Highway Safety, the car received the highest “Good” rating for moderate overlap front crashes, driver-side small overlap front crashes, side crashes, seats, head restraints, and roof strength. It earned an acceptable rating for the passenger-side small overlap front crash test. Based on these scores, the IIHS has given the Prius its prestigious Top Safety Pick designation.
The blog Cover.com notes the overall safety of hybrid vehicles, citing 2011 data from the Highway Data Loss Institute. The study found that passengers and drivers involved in a collision in a hybrid have a 25 percent lower chance of injury than occupants of nonhybrid vehicles.
Thanks to its high safety ratings, the Prius has a much lower than average fatality rate of 0.64 per 100 million miles driven, according to the National Highway and Traffic Safety Administration. While the cost to repair hybrid and electric vehicles currently exceeds the cost to repair comparable electric vehicles, the Prius’s exceptional safety ratings may balance the resulting impact on your insurance premium.
If you buy a Toyota Prius equipped with advanced driver assistance features, you can also qualify for lower auto insurance rates. Depending on the model year, some of the safety features that may be standard or available in your Prius include anti-lock disc brakes, airbags, braking assist, daytime running lights, electronic stability control, lane-keeping assist, lane-departure warning, traction control, crumple zones, side-impact door beams, anti-theft system, and child safety locks.
Cost of Insuring Prius Versus Competitors
Car Insurance Comparison has gathered data about how average Prius auto insurance rates stack up to those of other hybrid and electric vehicles. Here’s what you should know if you’re shopping in this eco-friendly category:
- Toyota Prius: $322 comprehensive, $532 collision, $316 liability.
- Ford Fusion Energi: $336 comprehensive, $626 collision, $372 liability.
- Chrysler Pacifica Hybrid: $370 comprehensive, $656 collision, $338 liability.
- Lexus GS 450h: $394 comprehensive, $774 collision, $398 liability.
- Ford Fusion Hybrid: $322 comprehensive, $656 collision, $466 liability.
- Chevrolet Volt: $370 comprehensive, $774 collision, $398 liability.
- Buick LaCrosse: $320 comprehensive, $566 collision, $338 liability.
How to Save on Prius Auto Insurance
Start your search by looking for an insurance provider that offers a discount for a hybrid vehicle. For example, Travelers Insurance offers hybrid owners in 40 states a 10 percent discount on their auto policies. Their CEO notes that hybrid drivers tend to fall into the company’s “preferred” risk category. Geico and Farmers Insurance also offer lower rates for customers who drive electric or hybrid vehicles.
If you recently got married or will be getting married soon, you can likely qualify for a discount on your Prius insurance. Students who get good grades, either in high school or college, can also receive insurance discounts from many companies.
Adding after-market modifications can increase the cost of your Toyota Prius premium. Also, avoid dangerous behavior like speeding, reckless driving, and drinking and driving, all of which can cause serious accidents that will also drive up your insurance rate.
Drivers who don’t travel very far can often qualify for low-mileage discounts. Other common ways to save on your auto policy include adding after-market safety features such as an alarm system, completing a safe driving course, insuring multiple vehicles or bundling other types of insurance, signing up for automatic payments, and taking advantage of club member discounts, such as those for AAA.
Because auto insurance rates can vary so dramatically between companies, most experts recommend getting several quotes before settling on an insurance policy for your Prius. With this guide, you can confirm that you’re getting a fair rate based on your age, driving history, and other relevant factors.
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