Prius Prime Insurance?

If you buy the car with a loan, as most people do, they will require you to have collision coverage with a maximum $500 deductible.

 

Of course not.

The best approach is to shop around. I have been very happy with 21st Century via Farmers. Perhaps I would have a marginally lower premium if I switched to Mercury, but I know how bad those guys are if you ever have a claim—raising your premium, refusing to pay your claim, etc. Only shop around at insurers who have many billions of dollars in the bank and avoid smaller companies.

 

Not here. I have a loan and a $1000 deductible. Car insurance regulations are set at the state level.

 

I can’t state the amount exactly, but it was like $100 more per year going from a 2010 Venza to a 2020 Prime. I would have to dig out the papers but It wasn’t so much. Still, I thought well there goes some gas savings. Max liability coverage. Like I have said, the premium went down when I have two cars, not up, at my insurer. My area is known for low rates, which has a lot to do with premiums.
I guess the percent rise was 15%.

 

All insurance is based on what insurance companies experience is with the type of policies and the pool you happen to be lumped into, whether it be auto, home or life. It's all about their risk. That's why you see different rates from different companies. Granted that once a policy is issued, rarely will the rates ever be lowered, even if the insurance companies experience with a particular pool is good. That's why the only realistic way to lower your premiums is to shop around.

 

I am 77 years old.......and have NEVER bought a car "on time".

When I was young, I bought "cheap" cars and kept them about 10 years.
During the time, I was paying into a "car fund" and after ~10 years, I had
saved up the price of a new one.

A bit later down the line, I found that I could pay a little bit more into my
fund and get a new car every 5-7 years.
Paying yourself into a "fund" every month is the same as spending that
money on a car payment.......but no interest.

That is not an unreasonable thing to expect that "most people" can do that
and it saves you money in the long run too.

Of course, "the industry" wants you to buy things on time with a loan.
More money for them.
You don't HAVE to fall into that trap.

 

There is potentially a way around that.
Negotiate the whole deal as if you had little to no cash for a down payment and needed their financing.

AFTER they come up with a price, THEN tell them that you will buy that car IF they will take
cash for the same price.
That tactic has worked for me about 50% of the time.
Sometimes you need to walk out when they refuse.......and wait for them to call you
the next day.

 

You can also just take the dealer financing and pay it off.

 

Yea, that's what they tried to tell me too.
But that is a lot of hassle.
And I don't trust a car salesman to tell me the truth
about "early payoff penalties" either.