If you want to save the most money, the best way to find low-cost prices for car insurance rates is to start doing a yearly price comparison from companies who sell insurance in Cincinnati.
Step 1: Read about how auto insurance works and the measures you can control to prevent rate increases. Many things that cause rate increases like tickets, at-fault accidents, and a poor credit score can be controlled by making small lifestyle or driving habit changes. This article gives additional ideas to prevent rate hikes and earn a bigger discount.
Step 2: Compare rates from direct carriers, independent agents, and exclusive agents. Direct and exclusive agents can only give rate quotes from a single company like GEICO and State Farm, while agents who are independent can give you price quotes from multiple companies. View insurance agents
Step 3: Compare the new quotes to the premium of your current policy and determine if there is any savings. If you find a lower rate quote and make a switch, make sure there is no lapse between the expiration of your current policy and the new one.
Step 4: Provide written notification to your current company of your intention to cancel your current auto insurance policy. Submit the completed application along with a down payment to your new carrier. Immediately place the new certificate of insurance in an easily accessible location.
The critical component of shopping around is that you’ll want to compare the same physical damage deductibles and liability limits on every price quote and and to get rate quotes from as many different insurance providers as possible. Doing this enables an accurate price comparison and the best rate selection.
It’s an obvious conclusion that insurance companies don’t want you to look for cheaper rates. Insureds who compare rates annually will most likely buy a new policy because there is a good chance of finding a lower-priced policy. A recent car insurance study revealed that drivers who compared rates once a year saved on average $865 a year as compared to drivers who didn’t regularly shop around.
If saving the most money on Lincoln MKS insurance is your objective, then having some insight into how to get rate quotes and compare coverages can save time and make the process easier.
The quickest way to compare policy rates for Lincoln MKS insurance in Cincinnati utilizes the fact auto insurance companies have advanced systems to give you rate quotes. All consumers are required to do is give the companies some data such as what your job is, how much you drive, any included safety features, and how much education you have. Your details gets sent immediately to multiple different insurance companies and you receive quotes with very little delay.
To compare rates for your Lincoln MKS now, click here and complete the form.
The companies in the list below have been selected to offer free rate quotes in Cincinnati, OH. If multiple companies are listed, we recommend you visit several of them to find the most affordable auto insurance rates.
Data for Lincoln MKS insurance
The rate table below outlines different coverage costs for Lincoln MKS models. Understanding how car insurance premiums are established can help customers make informed decisions when comparing rate quotes.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|MKS AWD 4-Dr Sedan||$154||$332||$218||$12||$66||$782||$65|
|MKS 4-Dr Sedan||$154||$332||$218||$12||$66||$782||$65|
|MKS Ecoboost AWD 4-Dr Sedan||$170||$376||$218||$12||$66||$842||$70|
|Get Your Own Custom Quote Go|
Data rating is based on single male driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and Ohio minimum liability limits. Discounts applied include multi-vehicle, homeowner, claim-free, multi-policy, and safe-driver. Estimates do not factor in the specific area where the vehicle is garaged which can decrease or increase prices greatly.
Lincoln MKS liability-only versus full coverage
The chart below illustrates the difference between Lincoln MKS insurance rates with full physical damage coverage compared to only buying the minimum liability limits required in Ohio. The data assumes no claims or driving violations, $100 deductibles, drivers are single, and no discounts are applied to the premium.
Should you be buying full coverage?
There is no written rule of when to drop physical damage coverage on your policy, but there is a general guideline you can use. If the yearly cost of comp and collision coverage is more than around 10% of the settlement you would receive from your company, then you may want to consider only buying liability coverage.
For example, let’s assume your Lincoln MKS claim settlement value is $7,000 and you have $1,000 policy deductibles. If your vehicle is totaled, the most you would get paid by your company is $6,000 after paying the physical damage deductible. If you are paying more than $600 annually for physical damage coverage, then you might want to think about dropping full coverage.
There are a few cases where removing full coverage is not in your best interest. If you still have a loan on your vehicle, you must maintain physical damage coverage in order to satisfy the requirements of the loan. Also, if your finances do not allow you to purchase a different vehicle if your current one is damaged, you should keep full coverage in place.
Educated Choices Result in Lower Insurance Rates
Many factors are used when quoting car insurance. Some are obvious like a motor vehicle report, but other factors are not as apparent such as your marital status and annual miles driven. The best way to find cheaper insurance is to take a look at a few of the rating criteria that play a part in calculating your insurance rates. If you understand what positively or negatively impacts your premiums, this allows you to make educated decisions that can help you get lower rates.
Pay more out-of-pocket – Coverage for physical damage, aka comp and collision, helps pay for damage to your vehicle. Examples of some claims that would be covered could be collision with another vehicle, hitting a deer, and windstorm damage. Comp and collision deductibles state the amount of money you are willing to pay in the event of a claim. The more you are required to pay out-of-pocket, the lower your rates will be.
Can a thief steal your car? – Buying a car with anti-theft technology or alarm system can save you a little every year. Theft deterrent systems like GM’s OnStar, tamper alarm systems and vehicle immobilizers all aid in stopping your car from being stolen.
Males pay more for auto insurance – Over time, data shows women tend to be less risk to insure than men. However, don’t assume that men are WORSE drivers than women. Males and females cause fender benders at about the same rate, but guys get into accidents with more damage. Not only that, but men also receive more major tickets such as driving while intoxicated (DWI) or driving recklessly.
The information below compares Lincoln MKS auto insurance costs for male and female drivers. The data assumes a clean driving record, no claims, comprehensive and collision coverage, $100 deductibles, drivers are not married, and no discounts are factored in.
Excellent credit saves on insurance – Having a good credit score factor in calculating your premium rate. Therefore, if your credit score could use some work, you could pay less to insure your Lincoln MKS by taking the time to improve your credit score. Insureds that have high credit ratings tend to be better risks to insure as compared to drivers with poor credit scores.
Extra policy coverages you don’t need – Policies have extra bells and whistles that may not really be needed but may not be useful. Insurance for vanishing deductibles, death and dismemberment, and motor club memberships are probably not needed. These coverages may sound good at first, but if you have no use for them get rid of them and save.
Cheaper premiums with safer cars – Vehicles with good safety scores are cheaper to insure. Vehicles engineered for safety reduce injuries and any reduction in injury severity means lower claim amounts and more competitive rates for policyholders.
Fewer miles means better prices – The higher the mileage driven every year the higher your rate. A lot of insurance companies price each vehicle’s coverage based on their usage. Vehicles that are left in the garage get more affordable rates than cars that get driven a lot. Incorrect rating for your MKS is just wasting money. Double check that your vehicle rating is showing the proper vehicle usage, because it can save money.
Premiums increase with driving tickets – Drivers with clean records get better rates than their less careful counterparts. Having a single driving citation may cause rates to rise by twenty percent. Drivers who have gotten license-revoking citations like DUI or reckless driving may need to file a proof of financial responsibility form (SR-22) with their state in order to keep their license.
The example below shows how violations and accidents can raise Lincoln MKS insurance premiums for each different age category. The premiums assume a single male driver, full physical damage coverage, $100 deductibles, and no policy discounts are applied.
Claims statistics for a Lincoln MKS – Auto insurance companies analyze past claim statistics when they file their rates in each state. Vehicles that are shown to have higher claim frequency or loss amount will have increased rates.
The next table illustrates the historical insurance loss data for Lincoln MKS vehicles. For each policy coverage type, the loss probability for all vehicles combined as an average is set at 100. Numbers shown that are under 100 suggest a positive loss record, while numbers above 100 point to more losses or tendency to have higher losses.
|Vehicle Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
|Lincoln MKS 4dr 2WD||121||90||140||78||103|
|Lincoln MKS 4dr 4WD||135||89||204||89|
|Lincoln MKS Ecoboost 4dr 4WD||139||93||153||87|
Empty fields indicate not enough data collected
Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
Why you need auto insurance
Despite the high insurance cost for a Lincoln MKS in Cincinnati, buying auto insurance may not be optional for several reasons.
First, the majority of states have mandatory insurance requirements which means it is punishable by state law to not carry a minimum amount of liability coverage in order to license the vehicle. In Ohio these limits are 25/50/25 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.
Second, if you have a loan on your car, it’s guaranteed your bank will have a requirement that you have insurance to guarantee loan repayment. If you do not keep the policy in force, the lender may insure your Lincoln at a more expensive rate and force you to reimburse them for the much more expensive policy.
Third, insurance protects both your Lincoln MKS and your personal assets. It will also provide coverage for medical transport and hospital expenses for not only you but also any passengers injured in an accident. Liability insurance, one of your policy coverages, also covers legal expenses if you are sued as the result of your driving. If you have damage to your Lincoln as the result of the weather or an accident, your auto insurance policy will cover the damage repairs after a deductible is paid.
The benefits of carrying adequate insurance outweigh the cost, specifically if you ever have a liability claim. As of last year, the average driver in Ohio is wasting up to $865 each year so compare rate quotes each time the policy renews to ensure rates are competitive.