Nobody I know fancies paying their premiums for car insurance, especially when their premiums are through the roof.
We don’t have to tell you that car insurance companies don’t want their policyholders to compare prices. Consumers who rate shop once a year are inclined to buy a new policy because there is a good probability of finding a policy with better rates. A recent car insurance study revealed that people who routinely shopped for cheaper coverage saved as much as $3,400 over four years compared to those who never shopped around for better prices.
If finding the lowest price on Mazda MX-5 Miata insurance in Lexington is the reason you’re reading this, learning how to quote and compare cheaper coverage can save time and make the process easier.
Steps to finding affordable Mazda MX-5 Miata insurance in Lexington
To save the most money, the best way to get the cheapest Mazda MX-5 Miata insurance is to compare quotes once a year from companies who provide auto insurance in Lexington. Price quotes can be compared by following these guidelines.
- Take a few minutes and learn about how car insurance works and the factors you can control to keep rates in check. Many things that drive up the price such as at-fault accidents, speeding tickets, and a less-than-favorable credit history can be rectified by paying attention to minor details.
- Compare rates from direct, independent, and exclusive agents. Direct companies and exclusive agencies can only quote rates from a single company like GEICO and Allstate, while independent agencies can provide prices from multiple sources.
- Compare the new rate quotes to your existing rates and determine if there is any savings. If you find a better price and make a switch, make sure coverage is continuous and does not lapse.
The most important part of shopping around is that you’ll want to compare identical limits and deductibles on every price quote and and to get rates from all possible companies. This provides a level playing field and a complete price analysis.
Insurance companies such as Allstate, Progressive and GEICO constantly bombard you with advertising and consumers find it hard to see through the cute green geckos and mayhem and find the best price available.
If you have a policy now or need new coverage, you can use these techniques to reduce the price you pay and still get good coverage. Finding affordable insurance coverage in Lexington is really not that difficult. Shoppers just have to understand the best way to shop from multiple carriers.
Finding more affordable Lexington car insurance prices is a great way to save money. Just spend a few minutes on the computer comparing rates to see which company has affordable Mazda MX-5 Miata insurance quotes.
Getting price quotes online is very simple and it replaces the need to physically go to all the different Lexington insurance agencies. Shopping for car insurance online has made agencies unnecessary unless you prefer the professional abilities of a local agency. Drivers can obtain prices from the web but purchase the actual policy in an agency.
The following companies can provide price quotes in Lexington, KY. To buy cheap auto insurance in Lexington, we suggest you compare several of them to find the most competitive auto insurance rates.
Data for Mazda MX-5 Miata insurance
The data table below covers detailed analysis of insurance prices for Mazda MX-5 Miata models. Learning how rate quotes are calculated can help drivers make smart choices when selecting a policy.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|MX-5 Miata Sport 2-Dr Convertible||$124||$202||$286||$16||$86||$714||$60|
|MX-5 Miata Touring 2-Dr Convertible||$142||$246||$286||$16||$86||$776||$65|
|MX-5 Miata Grand Touring 2-Dr Convertible||$142||$246||$286||$16||$86||$776||$65|
|Get Your Own Custom Quote Go|
Price data assumes married male driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and Kentucky minimum liability limits. Discounts applied include multi-policy, safe-driver, homeowner, multi-vehicle, and claim-free. Rate information does not factor in specific garaging location which can affect auto insurance rates considerably.
Auto insurance deductibles
When buying auto insurance, a common question is how high or low should comp and collision deductibles be. The comparisons below may help you to understand the price difference when you buy lower versus higher insurance deductibles. The first table uses a $100 deductible for comprehensive and collision coverage and the second rate chart uses a $500 deductible.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|MX-5 Miata Sport 2-Dr Convertible||$244||$418||$278||$16||$84||$1,065||$89|
|MX-5 Miata Touring 2-Dr Convertible||$280||$508||$278||$16||$84||$1,191||$99|
|MX-5 Miata Grand Touring 2-Dr Convertible||$280||$508||$278||$16||$84||$1,191||$99|
|Get Your Own Custom Quote Go|
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|MX-5 Miata Sport 2-Dr Convertible||$178||$282||$278||$16||$84||$838||$70|
|MX-5 Miata Touring 2-Dr Convertible||$206||$342||$278||$16||$84||$926||$77|
|MX-5 Miata Grand Touring 2-Dr Convertible||$206||$342||$278||$16||$84||$926||$77|
|Get Your Own Custom Quote Go|
Price data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Kentucky minimum liability limits. Discounts applied include homeowner, safe-driver, multi-policy, claim-free, and multi-vehicle. Rate information does not factor in specific location which can alter premium rates significantly.
Based on the data above, we can derive that using a $100 deductible costs an average of $21 more each month or $252 a year averaged for all MX-5 Miata models than choosing the higher $500 deductible. Since you would have to pay $400 more to file a claim with a $500 deductible as compared to a $100 deductible, if you average at a minimum 19 months between claim filings, you would save money if you opt for a higher deductible.
Mazda MX-5 Miata liability rates compared to full coverage
The diagram below shows the difference between Mazda MX-5 Miata car insurance rates with and without physical damage coverage. The price estimates are based on no accidents or driving violations, $1,000 deductibles, marital status is single, and no discounts are factored in.
Should you pay for full coverage?
There is no set rule of when to stop paying for physical damage coverage, but there is a general guideline you can use. If the annual cost of your full coverage insurance is about 10% or more of the replacement cost of your vehicle minus the policy deductible, then it might be time to buy liability only.
For example, let’s say your Mazda MX-5 Miata replacement cost is $8,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled, the most your company will settle for is $7,000 after you pay the deductible. If it’s costing you more than $700 annually for comprehensive and collision coverage, then you might want to consider buying only liability coverage.
There are some situations where dropping full coverage is not in your best interest. If you haven’t satisfied your loan, you have to carry full coverage as part of the loan conditions. Also, if your finances do not allow you to purchase a different vehicle in the even your car is totaled, you should not drop full coverage.
Choosing MX-5 Miata insurance is an important decision
Despite the high cost of buying insurance for a Mazda MX-5 Miata in Lexington, buying insurance serves several important purposes.
- Just about all states have minimum liability requirements which means it is punishable by state law to not carry a minimum amount of liability in order to be legal. In Kentucky these limits are 25/50/10 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
- If you bought your Mazda MX-5 Miata with a loan, almost every bank will stipulate that you have comprehensive coverage to ensure loan repayment if the vehicle is totaled. If the policy lapses, the lender will be forced to insure your Mazda for a lot more money and require you to fork over much more than you were paying before.
- Insurance preserves not only your car but also your financial assets. Insurance will also pay for medical transport and hospital expenses for yourself as well as anyone injured by you. One policy coverage, liability insurance, also pays for attorney fees and expenses if you are named as a defendant in an auto accident. If damage is caused by hail or an accident, your insurance policy will cover the repair costs.
The benefits of carrying adequate insurance definitely exceed the price paid, especially when you need to use it. According to a 2015 survey, the average American driver is currently overpaying as much as $855 a year so compare quotes from several companies every year to ensure rates are inline.
Smart Buyers Save Every Year
A large part of saving on auto insurance is knowing the rating factors that help calculate your auto insurance rates. If you understand what determines premiums, this empowers consumers to make smart changes that can earn you cheaper rates. Many different elements are part of the equation when you get your auto insurance bill. Some are pretty understandable such as your driving history, but some are not quite as obvious like your continuous coverage or your commute time.
The list below includes some of the things used by companies to determine your prices.
Rates go up with performance – The performance of the car you drive makes a huge difference in your auto insurance rates. Lower cost passenger vehicles generally have the cheapest insurance rates, but your final cost has many other factors.
The following data uses these variables: single female driver age 50, full coverage with $100 deductibles, and no discounts or violations. The chart compares Mazda MX-5 Miata rates compared to other models of vehicles that have different performance rating factors.
Commute or pleasure use – The more you drive your Mazda in a year the more you will pay for auto insurance. The majority of insurers apply a rate based on how the vehicle is used. Cars used primarily for pleasure use qualify for better rates than cars that get driven a lot. Verify your declarations sheet is showing how each vehicle is driven, because it can save money. A policy that improperly rates your MX-5 Miata may be costing you higher rates.
Higher premiums for auto insurance policy lapses – Driving with no insurance can get you a ticket and you may have a hard time finding new coverage because you let your coverage have a gap. And not only will your rates increase, not being able to provide proof of insurance may earn you a hefty fine and possibly a revoked license. Then you may be required to submit proof of financial responsibility or a SR-22 with the Kentucky DMV.
Don’t skimp on liability insurance – Liability coverage is the coverage that protects you when you are found to be at fault for causing personal injury or damage in an accident. Liability provides for a legal defense up to the limits shown on your policy. This coverage is relatively inexpensive when compared to the cost of physical damage coverage, so drivers should make sure they buy enough to cover all assets.
Gender is a factor – Statistics demonstrate that females take fewer risks when driving. That doesn’t necessarily mean that males are worse at driving than females. Women and men are responsible for auto accidents at a similar rate, but the male of the species cause more damage and cost insurance companies more money. Not only that, but men also get higher numbers of serious violations such as DWI and reckless driving. Youthful male drivers are several times more likely to be in an accident and thus pay the highest rates.
The chart below shows the difference between Mazda MX-5 Miata insurance costs for male and female drivers. The rates are based on a clean driving record, no claims, comprehensive and collision coverage, $250 deductibles, drivers are not married, and no discounts are applied.
When should you file policy claims? – If you are a frequent claim filer, you can definitely plan on higher rates. Companies in Kentucky give the best rates to drivers who are claim-free. Insurance coverage is designed for claims that pose a financial burden.
Vehicle options that cut prices – Choosing a vehicle that has a built-in theft deterrent system can save you some money. Theft prevention features like OnStar found on GM vehicles, advanced tracking like LoJack, and vehicle immobilization systems all help prevent car theft and help bring rates down.
Stress out and pay more – Did you know that where you work can have an impact on rates? Occupations like military personnel, architects, and financial analysts generally pay higher rates than the rest of us attributed to high stress levels and lots of time spent at work. On the flip side, careers like farmers, students and retirees have the lowest average rates.
Mazda MX-5 Miata insurance loss data – Auto insurance companies take into consideration historical loss data for every vehicle to help calculate premium prices. Vehicles that statistically have higher claim amounts or frequency will cost more for specific coverages.
The table below shows the historical loss data for Mazda MX-5 Miata vehicles. For each insurance policy coverage type, the claim amount for all vehicles averaged together is a value of 100. Numbers shown that are under 100 imply a favorable loss record, while percentage values above 100 indicate more frequent losses or an increased likelihood of larger losses.
|Vehicle Make and Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
|Mazda MX-5 Miata Convertible||76||61||74||72|
Empty fields indicate not enough data collected
Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Insurance quotes and discounts
Properly insuring your vehicles can get expensive, but you may be missing some discounts that may help make it more affordable. Some discounts will apply when you complete an application, but a few need to be manually applied before you will receive the discount. If they aren’t giving you every credit you deserve, you may be paying too high a price.
- Safety Course Discount – Successfully completing a course that instructs on driving safety may get you a small discount depending on where you live.
- Discount for New Cars – Insuring a new MX-5 Miata can save you some money because newer vehicles keep occupants safer.
- ABS and Traction Control Discounts – Cars and trucks equipped with ABS or steering control can avoid accidents so companies give up to a 10% discount.
- Early Renewal Discounts – A few companies give discounts for switching to them before your current coverage expires. The savings is around 10%.
- Pay Early and Save – If paying your policy premium upfront instead of paying each month you can actually save on your bill.
- Homeowners Savings – Owning your own home or condo may trigger a policy discount on insurance because of the fact that having a home shows financial diligence.
- E-sign Discounts – Many insurance companies give back up to $50 for completing your application on the internet.
- Theft Deterrent Discount – Cars, trucks, and SUVs optioned with advanced anti-theft systems are less likely to be stolen so companies will give you a small discount.
It’s important to understand that some of the credits will not apply to the entire policy premium. Most only reduce the cost of specific coverages such as liability and collision coverage. Despite the appearance that all the discounts add up to a free policy, that’s just not realistic.
The chart below compares Mazda MX-5 Miata insurance rates with and without some available policy discounts. The data is based on a male driver, no claims or driving violations, Kentucky state minimum liability limits, full physical damage coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with homeowner, multi-car, safe-driver, claim-free, multi-policy, and marriage discounts applied.
Larger insurance companies and their possible discounts can be read below.
- GEICO offers discounts for anti-theft, seat belt use, membership and employees, daytime running lights, defensive driver, good student, and military active duty.
- Travelers has discounts for IntelliDrive, hybrid/electric vehicle, multi-car, payment discounts, and driver training.
- Farm Bureau offers discounts including good student, renewal discount, 55 and retired, multi-vehicle, safe driver, and multi-policy.
- Liberty Mutual offers premium reductions for new vehicle discount, multi-policy, good student, newly married, and hybrid vehicle.
- American Family policyholders can earn discounts including accident-free, early bird, good student, mySafetyValet, defensive driver, and air bags.
- Progressive has savings for multi-policy, online quote discount, homeowner, online signing, continuous coverage, multi-vehicle, and good student.
If you want affordable Lexington auto insurance quotes, ask all the companies which credits you are entitled to. Some of the earlier mentioned discounts might not be available to policyholders in Lexington.
Which is the best car insurance?
When selecting coverage for your personal vehicles, there really is no one size fits all plan. Everyone’s situation is a little different.
These are some specific questions can aid in determining whether your personal situation would benefit from an agent’s advice.
- Is my trailer covered?
- Is borrowed equipment or tools covered if stolen or damaged?
- What is high-risk coverage and where do I buy it?
- When should I have rental car coverage?
- What is the rate difference between pleasure use and commuting?
- Does liability extend to a camper or trailer?
- What is motorclub and do I need it?
If it’s difficult to answer those questions but a few of them apply, then you may want to think about talking to an agent. If you want to speak to an agent in your area, take a second and complete this form. It’s fast, doesn’t cost anything and may give you better protection.
Insurance agencies are trained to help
Many people still like to sit down and talk to an agent and that can be a smart move Most agents are trained to spot inefficiencies and will help you if you have claims. An additional benefit of comparing rate quotes online is that you can obtain lower rates but also keep your business local.
After completing this short form, your information is emailed to local insurance agents in Lexington who can give free rate quotes to get your business. There is no need to find an agent on your own because quoted prices will be sent directly to you. In the event you want to get a rate quote from a specific car insurance provider, feel free to jump over to their website and complete a quote there.
Finding a good insurer shouldn’t rely on just a low price. Before buying a policy in Lexington, get answers to these questions.
- If your car is in the repair shop, do you have coverage for a rental car?
- Do they assist clients in filing claims?
- How does the company pay claims for a total loss?
- How many companies do they write for?
- Where would glass claims be handled in Lexington?
- Is the quote a firm price?
- Is the agency covered by Errors and Omissions coverage?
If you would like to find a reputable agency, it’s important to understand the different types of agencies and how they are slightly different. Car insurance agents can be categorized as either independent (non-exclusive) or exclusive. Either one can write policy coverage, but it’s worth learning the subtle differences since it could factor into which agent you choose.
Exclusive Insurance Agents
Agents in the exclusive channel can only quote rates from one company and examples are Farmers Insurance, Allstate, or State Farm. Exclusive agents cannot place coverage with different providers so they have to upsell other benefits. These agents receive extensive training on their products and sales techniques which aids in selling service over price.
Listed below is a list of exclusive agents in Lexington who may provide you with rate quotes.
Joe Daugherty – State Farm Insurance Agent
651 Perimeter Dr Ste 204 – Lexington, KY 40517 – (859) 269-4990 – View Map
Independent Car Insurance Agencies
Independent agencies can sell policies from many different companies and that allows them to write policies with multiple insurance companies enabling the ability to shop coverage around. If prices rise, your agent can just switch to a different company and you don’t have to do anything. When comparing car insurance prices, you should always get several quotes from several independent insurance agents so that you have a good selection of quotes to compare.
Shown below are Lexington independent agents that can give you price quote information.
Insureds leave their current company for any number of reasons including not issuing a premium refund, high rates after DUI convictions, policy cancellation or even high prices. No matter why you want to switch, switching companies can be pretty painless.
Discount Mazda MX-5 Miata insurance in Lexington can be purchased from both online companies as well as from independent agents in Lexington, so you need to shop Lexington auto insurance with both to have the best selection. Some insurance providers may not have the ability to get quotes online and many times these regional insurance providers prefer to sell through independent insurance agents.
When getting Lexington auto insurance quotes online, you should never sacrifice coverage to reduce premiums. Too many times, an accident victim reduced liability limits or collision coverage to discover at claim time that their decision to reduce coverage ended up costing them more. Your goal is to purchase plenty of coverage at the lowest possible cost, but do not skimp to save money.
Steps to saving money on Mazda MX-5 Miata insurance in Lexington
Really, the only way to find low-cost prices for Mazda MX-5 Miata insurance in Lexington is to annually compare prices from providers who provide car insurance in Kentucky.
- Learn about how insurance works and the measures you can control to prevent rate increases. Many things that increase rates such as traffic citations and poor credit can be eliminated by being financially responsible and driving safely.
- Compare price quotes from direct, independent, and exclusive agents. Exclusive and direct companies can only give prices from a single company like Progressive and State Farm, while independent agencies can provide rate quotes from multiple insurance companies.
- Compare the new quotes to the premium of your current policy and see if you can save money. If you can save money and make a switch, make sure coverage is continuous and does not lapse.
The most important part of shopping around is to use the same deductibles and limits on each price quote and to quote with as many different insurance providers as possible. This ensures a fair rate comparison and a thorough price selection.
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