Cheap 2014 Mitsubishi Lancer Insurance Cost

Searching for cheaper car insurance rates for your Mitsubishi Lancer? I can’t think of a single person who is fond of buying car insurance, especially when they know their premiums are too high.

Lots of insurers contend for your hard-earned dollar, and it can be difficult to compare rates and get the definite best price available.

How do car insurance companies determine Mitsubishi Lancer insurance premiums?

Multiple criteria are considered when quoting car insurance. Some of the criteria are obvious such as your driving record, but other criteria are not as apparent like your vehicle usage or how financially stable you are.

The following are some of the most rate-impacting factors that factor into rates.

  • Lower prices with theft deterrents – Purchasing a vehicle that has an advanced theft prevention system can help lower your rates. Advanced theft deterrents like vehicle immobilizer systems, OnStar, and tracking devices like LoJack all help prevent car theft.
  • Do you have enough liability coverage? – Your insurance policy’s liability coverage is the protection if ever you are determined to be liable for causing damage or personal injury in an accident. Liability provides legal defense coverage which can be incredibly expensive. Liability is cheap when compared to the cost of physical damage coverage, so drivers should make sure they buy enough to cover all assets.
  • Insurance is expensive for teenage drivers – Drivers with little experience are statistically shown to be more careless when at the wheel of a vehicle and because of this, their insurance rates are much higher. Parents adding a teenage driver onto your insurance will cause a huge premium hike. More experienced drivers have been proven to be more responsible, file fewer claims .
  • Insure car and home with the same company – The majority of insurance companies will award a discount to customers who carry more than one policy such as combining an auto and homeowners policy. If you currently are using one company, consumers should still compare rates to verify if the discount is saving money.There is a good possibility that you can save more without the discount by insuring with multiple companies.
  • Premiums are affected by your credit history – Having a good credit score is a large factor in calculating your premium rate. Consumers who have excellent credit tend to be better risks to insure as compared to drivers with worse credit. If your credit history is lower than you’d like, you could be paying less to insure your 2014 Mitsubishi Lancer by spending a little time repairing your credit.
  • Safer cars cost less to insure – Cars with high safety ratings tend to be cheaper to insure. Vehicles engineered for safety help reduce the chance of injuries in an accident and reduced instances of injuries means your insurance company pays less and more competitive rates for policyholders.

These discounts can lower your auto insurance rates

Car insurance companies don’t list their entire list of discounts very clearly, so the following list contains some of the best known and also the more inconspicuous auto insurance savings. If you are not receiving all the discounts you qualify for, you could be getting lower rates.

  • Good Drivers – Insureds without accidents may receive a discount up to 45% on Lancer insurance as compared to drivers with claims.
  • Senior Discount – Drivers over the age of 55 may qualify for a small decrease in premiums on Lancer insurance.
  • Professional Memberships – Participating in certain professional organizations is a simple method to lower premiums on your bill.
  • Accident Forgiveness Coverage – This one isn’t a discount, but a few companies such as GEICO and Allstate will forgive one accident without raising rates if you are claim-free for a particular time prior to the accident.
  • Save with More Vehicles Insured – Buying insurance for multiple cars on the same auto insurance policy qualifies for this discount.
  • Government Employees – Being employed by or retired from a federal job can save as much as 8% on Lancer insurance with certain companies.
  • Homeowners Discount – Owning a house can get you a discount due to the fact that maintaining a home requires personal responsibility.
  • Driver Safety – Taking a safe driver course may get you a small discount and easily pay for the cost of the class.
  • Student Discounts – Getting good grades can be rewarded with saving of up to 25%. The discount lasts up until you turn 25.
  • Anti-lock Brake System – Cars and trucks with ABS and/or traction control can reduce accidents so companies give up to a 10% discount.

It’s important to understand that most discounts do not apply to the entire policy premium. Most only cut the cost of specific coverages such as physical damage coverage or medical payments. Even though it may seem like having all the discounts means you get insurance for free, you aren’t that lucky. Any qualifying discounts will help lower the cost of coverage.

A list of companies and the discounts they provide are detailed below.

  • GEICO may have discounts that include federal employee, anti-lock brakes, multi-vehicle, anti-theft, driver training, and membership and employees.
  • Travelers offers premium reductions for good student, home ownership, early quote, multi-car, and new car.
  • Nationwide offers discounts for anti-theft, Farm Bureau membership, easy pay, defensive driving, good student, accident-free, and business or organization.
  • Farmers Insurance includes discounts for early shopping, alternative fuel, distant student, mature driver, and pay in full.
  • Esurance discounts include multi-car, Switch & Save, multi-policy, paid-in-full, and online quote.
  • State Farm may offer discounts for safe vehicle, multiple policy, passive restraint, student away at school, good driver, and multiple autos.
  • Progressive has savings for homeowner, multi-vehicle, continuous coverage, online quote discount, and online signing.
  • Mercury Insurance policyholders can earn discounts including location of vehicle, age of vehicle, professional/association, annual mileage, and accident-free.

If you need lower rates, check with each company or agent which discounts you qualify for. Depending on the company, some discounts may not apply in your state.

Brand name doesn’t guarantee savings

Popular insurance providers such as 21st Century, Allstate and State Farm endlessly run ads on television and other media. All the ads state the claim that you can save if you switch your policy. That’s great but how can every company charge less that you’re paying now?

Insurance companies have a certain “appetite” for the right customer that will generate a profit. One example of a driver they prefer might be between the ages of 30 and 50, has never had a claim, and does not commute to work. Anybody who matches those parameters will get low premium rates and therefore will save quite a bit of money when switching.

Drivers who are not a match for these stringent criteria will get a higher premium and this results in the prospect going elsewhere. The trick is to say “people that switch” not “everyone that quotes” save that much money. That’s why companies can truthfully advertise the savings.

Because each company has a different risk profile, it is so important to quote coverage with many companies. You cannot predict with any certainty which company will be your best fit.

Different people need different auto insurance coverages

When it comes to choosing proper insurance coverage for your personal vehicles, there really is no one size fits all plan. Coverage needs to be tailored to your specific needs so your insurance needs to address that. For example, these questions might help in determining if your insurance needs would benefit from professional advice.

  • Do I need roadside assistance coverage?
  • Do I pay less if my vehicle is kept in my garage?
  • If I drive on a suspended license am I covered?
  • How can I get high-risk coverage after a DUI?
  • Does my insurance cover a custom paint job?
  • How do I file an SR-22 for a DUI in my state?
  • What if I owe more than I can insure my car for?
  • Is my dog or cat covered if injured in an accident?
  • How many claims can I have before being cancelled?
  • Does my policy pay for OEM or aftermarket parts?

If it’s difficult to answer those questions, you may need to chat with an insurance agent. To find an agent in your area, take a second and complete this form or go to this page to view a list of companies.

Insurance policy specifics

Having a good grasp of insurance aids in choosing the best coverages for your vehicles. The terms used in a policy can be impossible to understand and reading a policy is terribly boring. Below you’ll find typical coverages available from insurance companies.

Uninsured/Underinsured Motorist (UM/UIM)

Your UM/UIM coverage protects you and your vehicle when the “other guys” do not carry enough liability coverage. Covered losses include injuries to you and your family as well as damage to your Mitsubishi Lancer.

Since a lot of drivers have only the minimum liability required by law, it only takes a small accident to exceed their coverage. This is the reason having UM/UIM coverage is important protection for you and your family. Frequently these limits are set the same as your liablity limits.

Comprehensive insurance

Comprehensive insurance coverage will pay to fix damage OTHER than collision with another vehicle or object. You first have to pay a deductible then your comprehensive coverage will pay.

Comprehensive coverage pays for claims like rock chips in glass, hitting a bird and hail damage. The most a insurance company will pay at claim time is the cash value of the vehicle, so if the vehicle is not worth much it’s not worth carrying full coverage.

Med pay and Personal Injury Protection (PIP)

Medical payments and Personal Injury Protection insurance kick in for bills for things like dental work, hospital visits, rehabilitation expenses and nursing services. They are often used in conjunction with a health insurance policy or if you lack health insurance entirely. Coverage applies to both the driver and occupants and will also cover if you are hit as a while walking down the street. Personal injury protection coverage is not available in all states but can be used in place of medical payments coverage

Liability auto insurance

This coverage can cover damage or injury you incur to a person or their property in an accident. This insurance protects YOU from legal claims by others, and does not provide coverage for your injuries or vehicle damage.

Coverage consists of three different limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You might see liability limits of 50/100/50 that translate to $50,000 in coverage for each person’s injuries, a per accident bodily injury limit of $100,000, and a limit of $50,000 paid for damaged property. Alternatively, you may have a combined single limit or CSL which provides one coverage limit without having the split limit caps.

Liability coverage pays for things like repair bills for other people’s vehicles, medical services and loss of income. How much coverage you buy is a personal decision, but consider buying higher limits if possible.

Collision coverage

This covers damage to your Lancer from colliding with an object or car. You have to pay a deductible and the rest of the damage will be paid by collision coverage.

Collision insurance covers claims like driving through your garage door, colliding with a tree and hitting a parking meter. Collision coverage makes up a good portion of your premium, so consider dropping it from older vehicles. It’s also possible to raise the deductible to save money on collision insurance.

More choices the merrier

As you quote insurance, it’s not a good idea to skimp on critical coverages to save a buck or two. There are many occasions where an accident victim reduced liability coverage limits only to discover later that it was a big mistake. Your goal should be to buy a smart amount of coverage for the lowest cost but still have enough coverage for asset protection.

Cheaper 2014 Mitsubishi Lancer insurance can be found both online in addition to many insurance agents, and you need to comparison shop both in order to have the best price selection to choose from. There are still a few companies who may not have internet price quotes and most of the time these regional carriers only sell through independent agencies.

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