How to Save on Plano Mazda MX-5 Miata Insurance

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Discount Mazda MX-5 Miata insuranceIt takes a little time, but the best way to find low-cost Mazda MX-5 Miata insurance in Plano is to do an annual price comparison from different companies in Texas. Drivers can shop around by following these steps.

  • First, take a few minutes and learn about how insurance companies determine prices and the things you can change to drop your rates. Many rating factors that drive up the price like accidents, traffic tickets, and a substandard credit score can be improved by making lifestyle changes or driving safer. This article provides more ideas to help find cheaper rates and get discounts that may be available to you.
  • Second, compare prices from direct, independent, and exclusive agents. Exclusive agents and direct companies can only quote rates from a single company like Progressive or Farmers Insurance, while agents who are independent can quote rates from multiple companies.
  • Third, compare the quotes to your current policy premium to see if cheaper MX-5 Miata coverage is available in Plano. If you find a lower rate and change companies, make sure coverage is continuous and does not lapse.
  • Fourth, provide proper notification to your current company of your intent to cancel your current car insurance policy and submit a completed application and payment to your new carrier. When you receive it, safely store the certificate verifying coverage with the vehicle registration.

One bit of advice is that you use identical coverages on every price quote and and to get rate quotes from as many companies as you can. Doing this guarantees an accurate price comparison and a complete selection of prices.

It's an obvious statement that insurance companies don't want you quoting rates from other companies. Drivers who shop around at least once a year will probably move their business because there is a great chance of finding a lower rate. A recent car insurance study discovered that drivers who made a habit of comparing rate quotes saved as much as $860 a year compared to drivers who never shopped around for lower prices.

If finding the most affordable insurance in Plano is your goal, knowing how to quote and compare auto insurance can help make the process easier and more efficient.

Low Cost auto insurance in Plano, TX

The providers in the list below have been selected to offer price quotes in Texas. To get the cheapest auto insurance in Plano, we recommend you get rates from several of them to get the best price comparison.

Rate information and statistics

The coverage information shown below covers a range of rate quotes for Mazda MX-5 Miata models. Understanding more about how insurance quotes are established can be valuable when making smart choices when comparing insurance rates.

Mazda MX-5 Miata Insurance Rates in Plano, TX
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
MX-5 Miata Sport 2-Dr Convertible $154 $252 $330 $20 $98 $854 $71
MX-5 Miata Touring 2-Dr Convertible $176 $306 $330 $20 $98 $930 $78
MX-5 Miata Grand Touring 2-Dr Convertible $176 $306 $330 $20 $98 $930 $78
Get Your Own Custom Quote Go

Data rating is based on married female driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and Texas minimum liability limits. Discounts applied include claim-free, multi-policy, homeowner, multi-vehicle, and safe-driver. Rates do not factor in specific location which can raise or lower insurance rates noticeably.

Higher deductibles save money

One of the hardest decisions when shopping for auto insurance is what deductibles to buy. The rates below can help show the premium difference between high and low policy deductibles. The first rate comparisons uses a $100 deductible for comp and collision and the second rate chart uses a $1,000 deductible.

Mazda MX-5 Miata insurance premium estimates with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
MX-5 Miata Sport 2-Dr Convertible $286 $486 $324 $20 $96 $1,237 $103
MX-5 Miata Touring 2-Dr Convertible $328 $592 $324 $20 $96 $1,385 $115
MX-5 Miata Grand Touring 2-Dr Convertible $328 $592 $324 $20 $96 $1,385 $115
Get Your Own Custom Quote Go
Mazda MX-5 Miata insurance premium estimates with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
MX-5 Miata Sport 2-Dr Convertible $158 $256 $324 $20 $96 $854 $71
MX-5 Miata Touring 2-Dr Convertible $182 $312 $324 $20 $96 $934 $78
MX-5 Miata Grand Touring 2-Dr Convertible $182 $312 $324 $20 $96 $934 $78
Get Your Own Custom Quote Go

Cost estimates assume married male driver age 30, no speeding tickets, no at-fault accidents, and Texas minimum liability limits. Discounts applied include claim-free, safe-driver, multi-policy, homeowner, and multi-vehicle. Premium amounts do not factor in the specific area where the vehicle is garaged which can impact premiums considerably.

Based on this data, using a $100 deductible will cost you about $35 more each month or $420 for a full year averaged for all MX-5 Miata models than requesting the higher $1,000 deductible. Since you would have to pay $900 more if you turn in a claim with a $1,000 deductible as compared to a $100 deductible, if you usually have more than 26 months between claims, you would come out ahead by selecting a higher deductible. Here is a better example of how you can perform this determination yourself.

Average monthly premium for $100 deductibles: $111
Average monthly premium for $1,000 deductibles (subtract): - $76
Monthly savings from raising deductible: $35
Difference between deductibles ($1,000 - $100): $900
Divide difference by monthly savings: $900 / $35
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 26 months

One thing to note is that raising deductibles means you pay more out-of-pocket when you do file a claim. You will want to have a higher level of savings in order to pay more for the deductible.

How accidents and tickets impact rates

The chart below demonstrates how speeding tickets and accident claims impact Mazda MX-5 Miata insurance rates for different age groups. The premium estimates are based on a single female driver, comp and collision included, $100 deductibles, and no other discounts are factored in.

Auto insurance cost for men versus women in Plano

The illustration below illustrates the comparison of Mazda MX-5 Miata insurance rates for male and female drivers. The premiums assume no tickets, no at-fault accidents, full coverage, $100 deductibles, marital status is single, and no discounts are taken into consideration.

Comparison of full coverage and liability-only policies

The illustration below compares Mazda MX-5 Miata insurance costs when comparing full coverage to liability only. The rates are based on no accidents, no driving violations, $100 deductibles, single status, and no discounts are factored in.

Should you pay for full coverage or liability only?

There is no exact formula for phasing out physical damage insurance, but there is a guideline you can use. If the annual cost of your full coverage insurance is more than 10% of any settlement you would receive from your insurance company, then you might want to consider buying only liability coverage.

For example, let's pretend your Mazda MX-5 Miata replacement cost is $8,000 and you have $1,000 deductibles. If your vehicle is totaled, the most you would receive is $7,000 after paying your deductible. If it's costing you more than $700 a year for physical damage coverage, then you may want to consider only buying liability coverage.

There are some conditions where only buying liability is not a good idea. If you still owe a portion of the original loan, you have to maintain full coverage to protect the lienholder's interest in the vehicle. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is in an accident, you should keep full coverage on your policy.

Lower your insurance rates with these seven discounts

Auto insurance companies don't always list every discount in an easy-to-find place, so here is a list some of the more common and also the lesser-known credits that may apply to you.Insurance discounts

  • Driver's Education for Students - Have your child enroll and complete driver's education in school.
  • Organization Discounts - Belonging to a civic or occupational organization in Plano may earn a discount on insurance.
  • Discounts for Federal Employees - Simply working for the federal government could qualify for a slight premium decrease with select insurance companies.
  • Save with a New Car - Buying a new car model may earn a small discount because new model year vehicles have to meet stringent safety requirements.
  • Home Ownership Discount - Just owning your own home can earn you a little savings due to the fact that maintaining a home requires a higher level of personal finance.
  • Senior Citizens - If you're over the age of 55, you may receive reduced rates.
  • Paper-free Discount - Some insurance companies will discount your bill up to fifty bucks get Plano auto insurance over the internet.

Consumers should know that most discount credits are not given to the entire policy premium. A few only apply to individual premiums such as liability and collision coverage. So even though they make it sound like you can get free auto insurance, companies don't profit that way.

The diagram below illustrates the difference between Mazda MX-5 Miata auto insurance costs with and without discounts. Data assumes a male driver, a clean driving record, no claims, Texas state minimum liability limits, comprehensive and collision coverage, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with marriage, claim-free, multi-policy, homeowner, multi-car, and safe-driver discounts applied.

Some of the larger companies that possibly offer most of these discounts include:

Before you buy a policy, ask each company what discounts are available to you. Some discounts may not be available in every state. If you would like to view insurance companies with discount insurance rates in Plano, click here.

Shop online but buy locally

A small number of people still like to get professional advice from a licensed agent and that can be a great decision Agents can help determine the best coverages and help you file claims. The best thing about comparing insurance online is you may find the best rates but still work with a licensed agent.

Insurance agency in PlanoTo make it easy to find an agent, after completing this simple form, your coverage information is transmitted to insurance agents in Plano who want to provide quotes for your coverage. You don't have to contact any agents as quotes are delivered immediately to your email address. If you want to compare rates from a specific insurance provider, you would need to jump over to their website and fill out the quote form the provide.

Deciding on an insurer shouldn't rely on just a low price. These questions are important to ask:

  • Does the agent help file claims?
  • If they are an independent agency in Plano, which companies do they recommend?
  • Do they have any clout with companies to ensure a fair claim settlement?
  • What is the agency's Better Business Bureau rating?
  • Is there any savings for paying the full premium?

Auto insurance coverages 101

Understanding the coverages of your auto insurance policy helps when choosing which coverages you need at the best deductibles and correct limits. The coverage terms in a policy can be ambiguous and reading a policy is terribly boring.

Medical payments and PIP coverage

Medical payments and Personal Injury Protection insurance reimburse you for bills like doctor visits, ambulance fees, hospital visits, EMT expenses and funeral costs. They can be used to fill the gap from your health insurance policy or if you do not have health coverage. Medical payments and PIP cover all vehicle occupants and will also cover getting struck while a pedestrian. Personal injury protection coverage is only offered in select states but can be used in place of medical payments coverage

UM/UIM (Uninsured/Underinsured Motorist) coverage

Your UM/UIM coverage gives you protection when other motorists do not carry enough liability coverage. This coverage pays for hospital bills for your injuries and damage to your Mazda MX-5 Miata.

Due to the fact that many Texas drivers have only the minimum liability required by law (30/60/25 in Texas), their limits can quickly be used up. So UM/UIM coverage is very important.

Coverage for liability

This will cover damage that occurs to other people or property that is your fault. Liability coverage has three limits: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. Your policy might show values of 30/60/25 that translate to $30,000 in coverage for each person's injuries, a per accident bodily injury limit of $60,000, and property damage coverage for $25,000.

Liability insurance covers claims like pain and suffering, funeral expenses and repair costs for stationary objects. How much coverage you buy is your choice, but it's cheap coverage so purchase higher limits if possible. Texas state law requires minimum liability limits of 30/60/25 but you should consider buying more liability than the minimum.

The next chart demonstrates why buying minimum limits may not be enough.

Comprehensive auto coverage

Comprehensive insurance coverage pays for damage OTHER than collision with another vehicle or object. You first have to pay a deductible and then insurance will cover the rest of the damage.

Comprehensive can pay for things like rock chips in glass, falling objects, fire damage, damage from a tornado or hurricane and damage from flooding. The most your auto insurance company will pay is the ACV or actual cash value, so if the vehicle's value is low consider dropping full coverage.

Collision coverage protection

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

Collision can pay for claims like hitting a mailbox, colliding with a tree and sustaining damage from a pot hole. Collision coverage makes up a good portion of your premium, so consider dropping it from vehicles that are 8 years or older. It's also possible to bump up the deductible on your MX-5 Miata to save money on collision insurance.

More comparisons equals cheap rates

Throughout this article, we presented many tips how you can lower your Mazda MX-5 Miata insurance rates in Plano. The key concept to understand is the more price quotes you have, the better likelihood of getting cheaper Plano auto insurance quotes. Consumers could even find that the lowest priced insurance comes from some of the smallest insurance companies.

Discount Mazda MX-5 Miata insurance in Plano is possible online and from local insurance agents, and you should compare price quotes from both so you have a total pricing picture. Some insurance companies do not offer online quoting and these small insurance companies provide coverage only through independent agents.

When you buy Plano auto insurance online, don't be tempted to skimp on critical coverages to save a buck or two. There have been many cases where someone sacrificed liability coverage limits only to find out that they should have had better coverage. Your objective should be to find the BEST coverage at the best cost, but don't skip important coverages to save money.

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