Buying affordable car insurance for a Toyota Highlander in Tennessee depends on a lot of rating factors such as the age of the Highlander, your credit history, and your driving record. Drivers in Tennessee pay approximately $839 each year to insure their Highlander, but that amount is a valuation using a 50-year-old married male driver with full physical damage coverage and $250 deductibles.
Most likely you are not 50 and maybe not even a male, possibly single instead of married, and maybe your Highlander just needs liability-only coverage. Having different needs demonstrates why the best method for finding cheap insurance rates for your Toyota is to just take the time to compare rates yourself.
Cheapest Toyota Highlander Insurance Rates
Your Toyota’s trim level will have an impact the annual cost of coverage, so the price to insure a Highlander 2WD model will be $158 less than the cost to insure the higher-priced Highlander Hybrid Limited 4WD trim level, as shown in the chart below.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Highlander 2WD | $174 | $262 | $278 | $16 | $82 | $812 | $68 |
| Highlander 4WD | $196 | $320 | $278 | $16 | $82 | $892 | $74 |
| Highlander Sport 4WD | $196 | $320 | $278 | $16 | $82 | $892 | $74 |
| Highlander SE 2WD | $196 | $320 | $278 | $16 | $82 | $892 | $74 |
| Highlander Sport 2WD | $196 | $320 | $278 | $16 | $82 | $892 | $74 |
| Highlander Limited 2WD | $218 | $376 | $278 | $16 | $82 | $970 | $81 |
| Highlander SE 4WD | $218 | $376 | $278 | $16 | $82 | $970 | $81 |
| Highlander Limited 4WD | $218 | $376 | $278 | $16 | $82 | $970 | $81 |
| Highlander Hybrid 4WD | $218 | $376 | $278 | $16 | $82 | $970 | $81 |
| Highlander Hybrid Limited 4WD | $218 | $376 | $278 | $16 | $82 | $970 | $81 |
| Get Your Own Custom Quote Go | |||||||
Data based on married male driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and Tennessee minimum liability limits. Discounts applied include safe-driver, homeowner, multi-vehicle, claim-free, and multi-policy. Estimates do not factor in specific location information which can change rates noticeably.
Establishing which companies offer the cheapest auto insurance rates for a Toyota Highlander involves more work in order to find the lowest price quote.
Every car insurance company uses their own calculation for setting prices, so let’s look at the rankings for the most competitive auto insurance companies in Memphis. It’s a good idea to be aware that Memphis auto insurance rates are impacted by many things which can significantly increase or decrease the cost of coverage. Simply having another birthday, getting divorced, or getting a couple of tickets can produce rate changes that may make certain companies more affordable than the competition.
Find the Cheapest Car Insurance for Your Highlander
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Utica National | $767 |
| 2 | Auto-Owners | $852 |
| 3 | Cincinnati Insurance | $884 |
| 4 | Tennessee Farmers | $933 |
| 5 | Penn National | $935 |
| 6 | USAA | $957 |
| 7 | Erie | $987 |
| 8 | Nationwide | $1,042 |
| 9 | Westfield | $1,047 |
| 10 | Allied | $1,049 |
| 11 | GEICO | $1,144 |
| 12 | State Farm | $1,165 |
| 13 | Travelers | $1,177 |
| 14 | Shelter | $1,187 |
| 15 | Progressive | $1,190 |
| 16 | State Auto | $1,217 |
| 17 | Direct General | $1,251 |
| 18 | The Hartford | $1,258 |
| 19 | 21st Century | $1,274 |
| 20 | Chubb | $1,329 |
| View More Rates Go | ||
Utica National may have some of the lowest car insurance rates in Memphis at around $767 a year. This is $561 less than the average premium paid by Tennessee drivers of $1,328. Auto-Owners, Cincinnati Insurance, Tennessee Farmers, and Penn National would also be considered some of the lowest-priced Memphis, TN car insurance companies.
As illustrated above, if you are currently insured with Penn National and switched to Auto-Owners, you might achieve savings of upwards of $83. Tennessee drivers with USAA might save as much as $105 a year, and Erie customers might realize rate reductions of up to $135 a year.
Be aware that those premiums are averages for all insureds and vehicles and and are not figured with a specific location for a Toyota Highlander. So the insurer that has the lowest price for you may not even be in the top 30 companies shown above. That underscores the importance of why you need to get auto insurance quotes using your own individual information.
The example below demonstrates how choosing different deductibles can impact insurance rates when quoting cheap insurance for a Toyota Highlander. The prices are based on a married male driver, full physical damage coverage, and no other discounts are factored in.
A 30-year-old driver could reduce rates by $322 a year by changing their physical damage coverage from a $100 deductible up to a $500 deductible, or save $486 by switching to a $1,000 deductible. Young drivers, like the age 20 example, can cut up to $962 or more by choosing a larger deductible amount.
If you make the decision to raise deductibles, it will be necessary to have enough spare savings to allow you to cover the extra out-of-pocket expense associated with higher deductibles.
Do you need full coverage?
Saving money on auto insurance is important to most drivers, and an easy way to buy cheaper insurance for a Toyota Highlander is to not insure for full coverage. The information below visualizes the comparison of insurance costs with full physical damage coverage compared to only buying liability only. The information is based on a clean driving record, no claims, $100 deductibles, single marital status, and no discounts are taken into consideration.
If we average all the age groups together, comprehensive and collision coverage on your policy costs $1,818 per year over and above liability only. That is a big expense that brings up the question if you should buy full coverage at all. There is no set guideline to exclude physical damage coverage on your policy, but there is a guideline you can use. If the annual cost of your full coverage insurance is more than about 10% of replacement cost minus your deductible, then it could be time to drop full coverage.
For example, let’s assume your vehicle’s replacement cost is $4,000 and you have $1,000 deductibles. If your vehicle is damaged in an accident, the most you would get paid by your company is $3,000 after the deductible is paid. If premiums are more than $300 a year for your policy with full coverage, then you might want to think about dropping full coverage.
There are some conditions where eliminating full coverage is not advised. If you still owe a portion of the original loan, you are required to maintain full coverage in order to keep the loan. Also, if your emergency fund is not enough to purchase a different vehicle in case of an accident, you should keep full coverage on your policy.
If you like to get some help when buying car insurance for a Toyota Highlander, the agents below can probably provide answers to your questions and help you determine which policy fits your needs best. To locate a Memphis insurance agent by location nearest to you, click the button link following the list or click here to compare price quotes.
Steve Womack – State Farm Insurance Agent
848 Cooper St – Memphis, TN 38104 – (901) 725-1919
Deloris Burrow – State Farm Insurance Agent
3558 Hickory Hill Rd – Memphis, TN 38115 – (901) 373-8052
AutoSave Insurance
2550 Poplar Ave – Memphis, TN 38112 – (901) 458-1630
More insurance agents in Memphis, TN
How to find cheaper auto insurance for a Toyota Highlander
It’s not impossible to find cheaper rates, and here are many money-saving suggestions that can help Tennessee drivers get lower-cost coverage.
- Being accident-free can lower rates significantly
- Clean up your credit
- The safer your car, the less it costs to insure
- Claim-free policyholders usually earn a discount
- Avoid getting tickets or violations
- Shop around for cheaper prices
The final tip is especially critical, as we stressed in the prior article. Prices charged by companies go up and down frequently, so drivers shouldn’t be reluctant to switch to a new company if a better rate can be found.
Many consumers stick with the same company and that’s fine, but it’s not a great idea if your bullheadedness ends up costing you big bucks every year. Now is a great time to compare prices to find cheaper auto insurance for a Toyota Highlander in Memphis.