Save on 1994 Mazda MX-5 Miata Insurance Cost

Are you regretting the purchase of high-priced auto insurance? It’s a common feeling and there are a lot of people just like you who feel imprisoned by their auto insurance policy.

Since you have so many insurance providers from which to choose, it can be challenging to find a lower cost company.

You need to shop coverage around on a regular basis because rates fluctuate regularly. Even if you think you had the best deal for MX-5 Miata coverage a year ago a different company probably has better prices today. You can find a lot of information about auto insurance on the internet, but in this article, you’re going to get the easiest ways to save money.

How to lower your insurance rates

Smart consumers have a good feel for a few of the rating criteria that come into play when calculating the price you pay for auto insurance. If you know what determines base rates, this enables you to make decisions that can help you get lower premium levels.

The itemized list below are some of the factors used by companies to determine rates.

  • When should you not file a policy claims? – If you tend to file frequent claims, you can pretty much guarantee either policy cancellation or increased premiums. Insurance companies provide discounts to policyholders who are not frequent claim filers. Your insurance policy is intended for larger claims.
  • Alarm systems lowers rates – Buying a car with anti-theft technology or alarm system can save you some money. Theft deterrent systems such as vehicle immobilizer systems, OnStar, and tracking devices like LoJack help track and prevent your vehicle from being stolen.
  • Buy a safe car and pay less – Vehicles with high crash test scores cost less to insure. Safer cars have better occupant injury protection and fewer injuries means lower claim amounts and more competitive rates for policyholders. If your Mazda is rated at least an “acceptable” rating on the Insurance Institute for Highway Safety website or four stars on the National Highway Traffic Safety Administration website you may qualify for a discount.
  • Prices for guys may be higher – Over the last 30 years, statistics show women tend to be less risk to insure than men. This data doesn’t prove that women are BETTER drivers than men. Men and women have at-fault accidents in similar percentages, but men have costlier accidents. Not only are claims higher, but men get ticketed for serious violations such as reckless driving.
  • Policy add-ons add up – Insurance policies have a lot of optional add-on coverages you can purchase but may not be useful. Coverage for things like replacement cost coverage, death and dismemberment, and Farm Bureau memberships may be wasting your money. They may seem like a good idea initially, but your needs may have changed so eliminate the coverages to reduce your premium.

Discounts for lower-cost insurance coverage rates

Some insurers do not advertise their entire list of discounts in a way that’s easy to find, so here is a list both well-publicized as well as the least known discounts you could be receiving when you buy car insurance online.

  • Anti-lock Brake Discount – Cars that have steering control and anti-lock brakes can avoid accidents and earn discounts up to 10%.
  • Homeowners Pay Less – Just being a homeowner may trigger a policy discount on insurance coverage because it is proof that your finances are in order.
  • Good Student – A discount for being a good student can get you a discount of up to 25%. Most companies allow this discount well after school through age 25.
  • Safe Drivers – Safe drivers can pay as much as 50% less for MX-5 Miata coverage as compared to drivers with claims.
  • Accident Waiver – This isn’t a discount exactly, but companies like GEICO, Allstate and Liberty Mutual may permit one accident without raising rates if you have no claims before the accident.
  • Multiple Policy Discount – If you can combine your homeowners and auto policy with one company you may earn nearly 15% which can help you find the cheapest car insurance.
  • Discount for Passive Restraints – Vehicles with factory air bags or automatic seat belts may earn rate discounts of up to 25% or more.
  • Theft Deterent Discount – Cars, trucks, and SUVs with anti-theft systems are stolen with less frequency and will qualify for a discount on a car insurance quote.

A quick disclaimer, some of the credits will not apply to your bottom line cost. Most only apply to specific coverage prices like liability, collision or medical payments. So even though they make it sound like you can get free auto insurance, it just doesn’t work that way.

A list of insurance coverage companies and the discounts they provide include:

  • GEICO may have discounts that include multi-vehicle, anti-theft, seat belt use, driver training, five-year accident-free, and anti-lock brakes.
  • USAA policyholders can earn discounts including good student, new vehicle, multi-policy, defensive driver, and annual mileage.
  • Progressive discounts include good student, online quote discount, homeowner, continuous coverage, and multi-vehicle.
  • American Family includes discounts for defensive driver, good driver, multi-vehicle, good student, accident-free, early bird, and bundled insurance.
  • Esurance has savings for anti-theft, homeowner, Switch & Save, anti-lock brakes, DriveSense, and multi-car.
  • Farmers Insurance may offer discounts for multi-car, homeowner, business and professional, teen driver, pay in full, alternative fuel, and electronic funds transfer.
  • State Farm offers discounts for driver’s education, student away at school, good driver, passive restraint, anti-theft, and accident-free.

If you need lower rates, check with each insurance company how you can save money. Some credits may not be available in your state. To see a list of providers that offer discounts, click this link.

Is there deception in advertising?

Progressive, GEICO, Allstate and State Farm consistently run ads on TV and radio. They all seem to make the point that drivers will save a bundle after switching to their company. How does each company say the same thing? It’s all in the numbers.

Insurance providers give the best rates for the type of customer that will not have excessive claims. For instance, a profitable customer may need to be between 30 and 50, has never had a claim, and drives newer vehicles. Any customer who fits that profile will get low rates and is almost guaranteed to save a lot of money.

Potential customers who don’t qualify for these stringent criteria will get more expensive rates which leads to the customer buying from someone else. If you pay close attention to the ads, they say “customers that switch” not “all people who quote” can get the lowest rates when switching. That is how companies can advertise the savings. Because every company is different, you need to compare price quotes frequently. It’s not possible to predict with any certainty which company will have the lowest rate quotes.

You may need specialized auto insurance coverage

When buying coverage for your personal vehicles, there really is not a “perfect” insurance plan. Your needs are not the same as everyone else’s so this has to be addressed. For example, these questions could help you determine whether your personal situation would benefit from professional advice.

  • Should I get collision insurance on every vehicle?
  • Where can I get insurance after a DUI in my state?
  • Am I covered if I hit my neighbor’s mailbox?
  • Is my cargo covered for damage or theft?
  • Should I file a claim if it’s only slightly more than my deductible?
  • Is my vehicle covered by my employer’s policy when using it for work?
  • What is high-risk coverage and where do I buy it?

If it’s difficult to answer those questions, you might consider talking to a licensed agent. To find an agent in your area, take a second and complete this form or you can also visit this page to select a carrier

Car insurance coverages for a 1994 Mazda MX-5 Miata

Understanding the coverages of your insurance policy helps when choosing which coverages you need and proper limits and deductibles. The coverage terms in a policy can be impossible to understand and coverage can change by endorsement. Below you’ll find typical coverages offered by insurance companies.

Auto liability

Liability coverage can cover damage or injury you incur to people or other property by causing an accident. It protects you from legal claims by others. Liability doesn’t cover damage to your own property or vehicle.

Coverage consists of three different limits, per person bodily injury, per accident bodily injury, and a property damage limit. You commonly see values of 25/50/25 which stand for a $25,000 limit per person for injuries, a per accident bodily injury limit of $50,000, and a limit of $25,000 paid for damaged property.

Liability coverage protects against claims like medical services, repair bills for other people’s vehicles, repair costs for stationary objects, pain and suffering and funeral expenses. How much liability should you purchase? That is your choice, but consider buying higher limits if possible.

Uninsured/Underinsured Motorist (UM/UIM)

Uninsured or Underinsured Motorist coverage provides protection from other motorists when they are uninsured or don’t have enough coverage. Covered claims include injuries sustained by your vehicle’s occupants and also any damage incurred to your Mazda MX-5 Miata.

Since many drivers only carry the minimum required liability limits, it doesn’t take a major accident to exceed their coverage limits. For this reason, having high UM/UIM coverages is very important.

Collision coverage

Collision coverage pays for damage to your MX-5 Miata from colliding with another vehicle or an object, but not an animal. You first must pay a deductible then the remaining damage will be paid by your insurance company.

Collision coverage pays for things like colliding with a tree, crashing into a ditch, damaging your car on a curb, sideswiping another vehicle and backing into a parked car. Collision is rather expensive coverage, so consider removing coverage from older vehicles. Another option is to raise the deductible to get cheaper collision coverage.

Comprehensive insurance

Comprehensive insurance coverage will pay to fix damage caused by mother nature, theft, vandalism and other events. A deductible will apply and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive can pay for claims like a broken windshield, rock chips in glass, hail damage and hitting a deer. The most you can receive from a comprehensive claim is the ACV or actual cash value, so if your deductible is as high as the vehicle’s value it’s probably time to drop comprehensive insurance.

Med pay and Personal Injury Protection (PIP)

Medical payments and Personal Injury Protection insurance reimburse you for immediate expenses for things like surgery, doctor visits, EMT expenses, chiropractic care and nursing services. They are utilized in addition to your health insurance policy or if you do not have health coverage. They cover all vehicle occupants and also covers any family member struck as a pedestrian. Personal Injury Protection is not available in all states but can be used in place of medical payments coverage

Do the work, save more money

You just read a lot of information how to save on 1994 Mazda MX-5 Miata insurance. The key thing to remember is the more companies you get prices for, the more likely it is that you will get a better rate. Consumers could even find that the lowest premium rates come from a lesser-known regional company. These companies can often insure niche markets at a lower cost as compared to the big name companies such as State Farm or Progressive.

When searching for cheap car insurance quotes, don’t be tempted to skimp on coverage in order to save money. Too many times, an accident victim reduced uninsured motorist or liability limits to discover at claim time that the small savings ended up costing them much more. Your goal should be to get the best coverage possible at a price you can afford, not the least amount of coverage.

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