How to Save on Insurance for Your Toyota Yaris in 2024

Car insurance can be a significant expense, but with a few smart strategies, you can find ways to save money without compromising your coverage.

If you’re a Toyota Yaris owner, you’ve already made a savvy choice in driving one of the most reliable and fuel-efficient cars around.

Now it’s time to make an equally savvy decision when it comes to your insurance.

Here’s how to save on insurance for your Toyota Yaris in 2024.

Factors That Affect Toyota Yaris Insurance Premiums

Before diving into cost-saving strategies, it’s important to understand what influences your insurance premium.

Several factors come into play, and knowing these can help you better navigate the insurance market.

Vehicle Age and Model

The age and model of your Toyota Yaris play a large role in determining how much you pay for insurance.

Generally, older cars cost less to insure because they’re less valuable, which means insurers face a lower risk of having to pay out large sums for repairs or replacements.

On the other hand, if you’ve got a brand new Yaris with all the latest tech, your insurance may be a bit pricier, reflecting the higher cost of repairs or replacement.

For more details about your Yaris model, check out our page on where the Toyota Yaris is made.

Driving Record

A clean driving record is one of the best ways to lower your insurance premiums.

If you’ve managed to avoid accidents and claims, insurers see you as a lower risk.

However, if you’ve had a few bumps along the way, your premium may rise.

In 2024, insurance companies are more focused than ever on safe driving, so it’s worth being mindful of how your driving habits can impact your rates over time.

Location

Where you live can significantly affect how much you pay for insurance.

Urban areas typically have higher premiums due to the increased risk of accidents, theft, and vandalism.

If you live in a rural or suburban area, you’ll likely enjoy lower premiums.

Even within cities, your postcode can make a difference.

Areas with higher crime rates often attract higher premiums, so this is something to consider if you’re planning to move.

Annual Mileage

The more you drive, the higher the risk of an accident, which can push up your premium.

If you’re only using your Yaris for occasional trips or have a relatively low annual mileage, make sure your insurer knows.

Lower mileage can often result in reduced premiums, as you’re seen as being less likely to make a claim.

Tips for Reducing Your Toyota Yaris Insurance Costs

Now that you’re familiar with the factors that influence your insurance premium, let’s look at some practical ways to reduce your costs.

Shop Around for the Best Deals

It’s tempting to stick with the same insurer year after year, but you could be missing out on significant savings.

The insurance market is highly competitive, and many providers offer better deals to new customers than they do to existing ones.

In 2024, it’s easier than ever to compare quotes online, so take the time to explore your options before renewing your policy.

Increase Your Voluntary Excess

One simple way to lower your insurance premium is to increase your voluntary excess.

This is the amount you agree to pay out of pocket if you make a claim.

The higher the excess, the lower your premium will be.

However, it’s important to make sure that you can afford the excess if you ever need to make a claim.

Install Security Features

Adding extra security to your Toyota Yaris can reduce the likelihood of theft, which in turn can lower your insurance premium.

Consider installing an alarm, immobiliser, or even a dash cam.

These features not only give you peace of mind but can also make your car less attractive to thieves.

Some insurers offer discounts for vehicles with enhanced security systems, so it’s worth exploring these options.

Bundle Policies

If you have multiple insurance needs, such as home or contents insurance, bundling them together with the same provider can often lead to discounts.

Many insurers offer multi-policy discounts, which can be an easy way to save money without any extra effort.

Pay Annually Instead of Monthly

Paying for your insurance in a lump sum can save you money compared to paying monthly.

Many insurers charge interest or administration fees for monthly payments, which can add up over the year.

If you can afford to pay upfront, it’s worth considering.

Take Advantage of Discounts

In 2024, there are several discounts that could apply to Toyota Yaris drivers, so be sure to ask your insurer if you qualify for any of the following.

No-Claims Bonus (NCB)

One of the best ways to reduce your premium is by building up your no-claims bonus (NCB).

This discount rewards drivers who haven’t made any claims over a set period, often leading to substantial savings.

Some insurers also offer an NCB protection option, allowing you to keep your bonus even if you need to make a claim.

Low-Mileage Discounts

If you’re a low-mileage driver, you may be eligible for a discount.

Insurers know that the less you’re on the road, the lower the risk of an accident.

If your annual mileage is particularly low, let your insurer know — it could shave a good amount off your premium.

Advanced Driving Courses

Completing an advanced driving course can demonstrate to insurers that you’re a safer driver, which can result in lower premiums.

Courses such as Pass Plus are recognised by many insurers and could be worth the investment, especially for younger or less experienced drivers.

Eco-Friendly Discounts

Toyota Yaris hybrid models may qualify for eco-friendly discounts.

Insurers are increasingly rewarding drivers of eco-friendly vehicles, recognising the reduced environmental impact and the fact that hybrids tend to be driven more cautiously.

If you own a Yaris hybrid, check out our comprehensive guide to Toyota Yaris Hybrid insurance groups to learn more about saving money on your hybrid’s insurance.

Specialised Toyota Yaris Insurance Options

There are several insurance options tailored to specific driving habits that might help you save even more.

Pay-As-You-Go Insurance

For drivers who don’t use their Yaris very often, pay-as-you-go insurance might be a cost-effective option.

This type of insurance charges you based on the number of miles you drive, rather than a flat annual fee.

It’s a great option for low-mileage drivers who want to cut down on unnecessary costs.

Telematics Insurance

Telematics, or black box insurance, is another great option for Toyota Yaris drivers looking to save money.

With telematics insurance, a device is installed in your car to monitor your driving habits, such as speed, braking, and mileage.

The better and safer you drive, the more you can save on your insurance premium.

Avoiding Common Insurance Mistakes

When looking to save on insurance, there are a few pitfalls you’ll want to avoid.

Underestimating Coverage Needs

It’s easy to cut costs by opting for the minimum required coverage, but this can leave you vulnerable in the event of an accident.

Make sure you have adequate coverage for your needs, as underinsuring your car could end up costing you more in the long run.

Automatic Policy Renewals

Allowing your policy to automatically renew without checking for better deals can mean you miss out on savings.

Insurers often offer the best rates to new customers, so take the time to shop around when your renewal date approaches.

For more details on negotiating a good deal, check out our guide on how much dealerships can come down on price.

Conclusion: Maximise Your Savings in 2024

Saving on your Toyota Yaris insurance in 2024 doesn’t have to be difficult.

By understanding the factors that affect your premium and taking advantage of the various discounts and options available, you can significantly reduce your costs.

From shopping around for better deals to installing security features, there are plenty of ways to keep your insurance affordable while ensuring you’re well protected on the road.

Keep these tips in mind when your policy comes up for renewal, and you’ll be well on your way to maximising your savings this year.

Are you looking to buy a new used car? Contact us today and we can help you!