2018 Mazda MX-5 Miata Car Insurance Rates – 8 Ways to Save

Getting lower priced insurance coverage can be intimidating for beginners to price shopping online. With more and more online companies, how can anyone effectively compare every company to locate the lowest rates?

Buying car insurance is quite easy. If you currently have car insurance, you stand a good chance to be able to reduce your rates substantially using these techniques. But consumers must understand how the larger insurance companies determine prices and use this information to your advantage.

The most recommended method to compare car insurance company rates is to take advantage of the fact all the major auto insurance companies participate in a system to give rate comparisons. To get started, all you need to do is provide details like any included safety features, if your license is active, your occupation, and how you use your vehicles. Your information is then submitted to many different companies and you should receive rate quotes immediately.

Get lower rates by taking advantage of these eight discounts

Not too many consumers would say insurance coverage is affordable, but you might already qualify for some discounts that can help lower your rates. Larger premium reductions will be automatically applied when you quote, but lesser-known reductions have to be manually applied in order for you to get them. If you aren’t receiving every discount you qualify for, you are just wasting money.

• Paper-free Discount – A few larger online companies will provide an incentive shop car insurance on your computer.
• Drivers Education – Teen drivers should complete a driver education course in high school.
• Discounts for Good Drivers – Drivers who don’t get into accidents could pay up to 40% less for MX-5 Miata coverage than less cautious drivers.
• Save with a New Car – Putting coverage on a new car may earn a small discount since new vehicles have better safety ratings.
• Discount for Home Ownership – Owning a home may trigger a policy discount on insurance coverage because maintaining a house requires a higher level of personal finance.
• Military Rewards – Having a deployed family member may qualify for rate reductions.
• Accident Waiver – Not a discount per se, but certain companies will turn a blind eye to one accident before raising your premiums so long as you haven’t had any claims for a specific time period.
• Discounts for Federal Employees – Being employed by or retired from a federal job may reduce rates when you quote car insurance for MX-5 Miata coverage with some insurance coverage companies.

We need to note that most discounts do not apply to the whole policy. Some only reduce the price of certain insurance coverages like medical payments or collision. So when it seems like having all the discounts means you get insurance for free, it doesn’t quite work that way.

A list of companies and some of the discounts are shown below.

• The Hartford discounts include vehicle fuel type, anti-theft, driver training, good student, and air bag.
• American Family includes discounts for good student, early bird, TimeAway discount, multi-vehicle, and bundled insurance.
• Progressive offers discounts including homeowner, continuous coverage, good student, multi-policy, and online quote discount.
• Travelers has savings for new car, early quote, home ownership, student away at school, and payment discounts.
• Farmers Insurance may have discounts that include distant student, electronic funds transfer, mature driver, multi-car, pay in full, bundle discounts, and business and professional.
• USAA has discounts for driver training, multi-policy, new vehicle, loyalty savings, family discount, and multi-vehicle.
• Liberty Mutual may include discounts for exclusive group savings, multi-policy, multi-car, newly married, and good student.

When comparing rates, check with every insurance company which credits you are entitled to. A few discounts may not be offered everywhere. To see a list of insurance coverage companies that provide some of the discounts listed above, follow this link.

How much auto insurance do I need?

When it comes to choosing adequate coverage for your vehicles, there really is no cookie cutter policy. Every insured’s situation is different.

These are some specific questions may help highlight whether your personal situation would benefit from an agent’s advice.

• Does coverage extend to my business vehicle?
• Where can I find high-risk insurance?
• Am I covered when delivering products for my home-based business?
• Do I really need UM/UIM coverage?
• Is a fancy paint job covered?
• Should I waive the damage coverage when renting a car?
• Is my state a no-fault state?
• Does coverage extend to a rental car in a foreign country?
• How can I force my company to pay a claim?

If it’s difficult to answer those questions but you think they might apply to your situation then you might want to talk to a licensed insurance agent. To find an agent in your area, complete this form.

Insurance coverage breakdown

Knowing the specifics of your policy can help you determine appropriate coverage for your vehicles. Insurance terms can be confusing and even agents have difficulty translating policy wording.

Comprehensive coverage – Comprehensive insurance coverage pays to fix your vehicle from damage that is not covered by collision coverage. You first must pay your deductible and then insurance will cover the rest of the damage.

Comprehensive coverage pays for things like damage from flooding, vandalism and hitting a bird. The maximum payout you’ll receive from a claim is the ACV or actual cash value, so if your deductible is as high as the vehicle’s value it’s not worth carrying full coverage.

Collision coverage – Collision coverage pays for damage to your MX-5 Miata from colliding with another vehicle or an object, but not an animal. A deductible applies and the rest of the damage will be paid by collision coverage.

Collision insurance covers things like crashing into a ditch, driving through your garage door, hitting a mailbox and sustaining damage from a pot hole. Collision coverage makes up a good portion of your premium, so you might think about dropping it from lower value vehicles. It’s also possible to choose a higher deductible to save money on collision insurance.

Medical payments coverage and PIP – Medical payments and Personal Injury Protection insurance kick in for expenses like nursing services, doctor visits, surgery, EMT expenses and hospital visits. They can be used to cover expenses not covered by your health insurance policy or if you lack health insurance entirely. Medical payments and PIP cover not only the driver but also the vehicle occupants in addition to any family member struck as a pedestrian. PIP is not universally available and gives slightly broader coverage than med pay

Liability – Liability coverage will cover damage that occurs to people or other property by causing an accident. This coverage protects you from legal claims by others. Liability doesn’t cover damage to your own property or vehicle.

Liability coverage has three limits: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You commonly see liability limits of 100/300/100 which means a limit of $100,000 per injured person, $300,000 for the entire accident, and $100,000 of coverage for damaged propery.

Liability can pay for claims such as medical expenses, repair costs for stationary objects, attorney fees and legal defense fees. The amount of liability coverage you purchase is a decision to put some thought into, but buy as large an amount as possible.

Uninsured/Underinsured Motorist coverage – Your UM/UIM coverage protects you and your vehicle from other drivers when they either have no liability insurance or not enough. Covered claims include injuries to you and your family as well as your vehicle’s damage.

Since many drivers carry very low liability coverage limits, their liability coverage can quickly be exhausted. That’s why carrying high Uninsured/Underinsured Motorist coverage should not be overlooked.