It takes a few minutes, but the best way to find lower priced Mazda MX-5 Miata insurance is to compare prices at least once a year from companies that sell auto insurance in Cincinnati.
- Learn about how your policy works and the measures you can take to prevent rate increases. Many rating factors that result in higher prices like traffic violations, accidents, and a less-than-favorable credit score can be controlled by making small lifestyle or driving habit changes.
- Request rate estimates from exclusive agents, independent agents, and direct providers. Exclusive agents and direct companies can provide rates from one company like GEICO or Farmers Insurance, while agents who are independent can provide price quotes for many different companies.
- Compare the new quotes to your current policy to see if switching to a new carrier will save money. If you find a lower rate and change companies, verify that coverage does not lapse between policies.
- Provide adequate notice to your current company to cancel your current auto insurance policy and submit payment and a signed application to the new insurer. Be sure to put the new certificate verifying coverage in an easily accessible location.
A good tip to remember is to use the same coverage limits and deductibles on each quote request and and to get price quotes from as many companies as feasibly possible. This provides an accurate price comparison and a thorough price selection.
Unfortunately, nearly 70% of consumers have been with the same company for four years or more, and just under half have never compared insurance rates at all. American insurance shoppers could save approximately $850 each year, but they just assume it’s a time-consuming process to do a rate comparison.
If you’re already insured or just want cheaper rates, follow these tips to lower your rates without reducing protection. Buying the best-priced protection in Cincinnati is not as hard as you think. Vehicle owners just need to understand the best way to shop over the internet.
How Car Insurance Companies Determine Mazda MX-5 Miata Insurance Rates
It’s important that you understand a few of the rating criteria that come into play when calculating your premiums. If you know what determines premiums, this enables informed choices that may reward you with cheaper rates. Lots of factors are part of the calculation when premium rates are determined. Some are pretty understandable such as your driving record, but others are more transparent like your continuous coverage or your financial responsibility.
Continuous coverage lowers rates – Having a gap between insurance policy dates can be a sure-fire way to drive up your policy premiums. In addition to paying higher rates, getting caught without coverage might get you fines or a revoked license.
Drive less and pay lower prices – The more miles you rack up on your Mazda in a year the higher the price you pay to insure it. Most insurance companies price each vehicle’s coverage based upon how much you drive. Vehicles that sit idle most of the time can be on a lower rate level compared to those used for work or business. Ask your agent if your auto insurance policy reflects how each vehicle is driven, because it can save money. An incorrectly rated MX-5 Miata may be wasting your money.
Increase coverage deductibles to save – Physical damage insurance, also known as collision and other-than-collision, helps pay for damage to your vehicle. Some examples of covered claims would be running into the backend of another car, hail damage, and burglary. Your deductibles represent how much money you are willing to pay out-of-pocket in the event of a claim. The more damage repair cost you choose to pay out-of-pocket, the lower your rates will be.
Keep auto insurance rates low by being claim-free – Car insurance companies in Ohio provide the lowest premiums to policyholders who do not rely on their insurance for small claims. If you tend to file frequent claims, you can pretty much guarantee either a policy non-renewal or much higher rates. Auto insurance is meant to be used in the event of claims that pose a financial burden.
Car insurance liability protection limits – The liability coverage on your policy will protect you in the event that you are found liable for an accident. Your policy’s liability insurance provides you with a defense in court which can cost a lot. Carrying liability coverage is mandatory and cheap compared to physical damage coverage, so drivers should buy more than the minimum limits required by law.
Traffic violations mean higher prices – Having a clean driving record has a huge affect on how much you pay. Only having one chargeable violation could increase your next policy renewal twenty percent or more. Careful drivers tend to pay less for car insurance as compared to careless drivers. Drivers who have received serious tickets such as DWI, reckless driving or hit and run convictions may find that they have to to maintain a SR-22 with the DMV in their state in order to legally drive a vehicle.
The information below highlights how speeding tickets and fender-benders can influence Mazda MX-5 Miata car insurance costs for different insured age categories. The premiums assume a single male driver, full physical damage coverage, $1,000 deductibles, and no other discounts are factored in.
Performance makes a difference – The performance level of the car or truck you need to insure makes a significant difference in the rate you pay. The lowest performance passenger cars usually have the lowest premiums, but other factors influence the final cost greatly.
The data below assumes a married female driver age 50, full coverage with $100 deductibles, and no discounts or violations. It shows Mazda MX-5 Miata rates compared to other makes and models that have a range of performance risks.
Safer cars cost less to insure – Vehicles that have high safety ratings cost less to insure. Vehicles built for safety reduce occupant injuries and lower injury rates means your insurance company pays less and lower rates for you.
Insurance losses for a Mazda MX-5 Miata – Car insurance companies analyze past claim statistics to help set a rate to offset losses. Models that historically have higher claim frequency or loss amount will cost more to insure. The table below illustrates the insurance loss data used by companies for Mazda MX-5 Miata vehicles.
For each coverage type, the loss probability for all vehicles as a whole is considered to be 100. Numbers shown that are under 100 suggest a positive loss record, while percentage values above 100 indicate frequent claims or tendency to have higher 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
Mazda MX-5 Miata detailed coverage information
The rate table below highlights a range of prices for Mazda MX-5 Miata models. Learning more about how car insurance premiums are determined is important to be able to make smart choices when comparing insurance quotes.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|MX-5 Miata Sport 2-Dr Convertible||$106||$192||$218||$12||$66||$594||$50|
|MX-5 Miata Touring 2-Dr Convertible||$122||$234||$218||$12||$66||$652||$54|
|MX-5 Miata Grand Touring 2-Dr Convertible||$122||$234||$218||$12||$66||$652||$54|
|Get Your Own Custom Quote Go|
Prices above based on single female driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and Ohio minimum liability limits. Discounts applied include claim-free, multi-policy, safe-driver, homeowner, and multi-vehicle. Rates do not factor in vehicle location which can revise rates noticeably.
Full coverage versus liability only rates
The diagram below illustrates the comparison of Mazda MX-5 Miata yearly insurance costs with full physical damage coverage compared to only buying the minimum liability limits required in Ohio. The premiums are based on no claims, a clean driving record, $1,000 deductibles, single marital status, and no discounts are applied to the premium.
When to drop full coverage
There is no set rule for phasing out physical damage coverage, but there is a general guideline. If the annual cost of comprehensive and collision coverage is 10% or more of the replacement cost of your vehicle minus the policy deductible, the it may be a good time to stop paying for full coverage.
For example, let’s assume your Mazda MX-5 Miata replacement value is $3,000 and you have $1,000 policy deductibles. If your vehicle is totaled, the most your company would pay you is $2,000 after the policy deductible has been paid. If premium cost is more than $200 a year for comprehensive and collision coverage, then it’s probably a good time to buy liability coverage only.
There are some scenarios where dropping full coverage is not advised. If you haven’t satisfied your loan, you have to keep full coverage as part of the loan conditions. Also, if you don’t have enough money to buy a different vehicle in the event your current vehicle is totaled, you should not buy liability only.
Mazda MX-5 Miata insurance discounts in Cincinnati
Auto insurance companies do not list their entire list of discounts in a way that’s easy to find, so the below list has both well-publicized and the harder-to-find ways to save on auto insurance.
- Professional Organizations – Being in a civic or occupational organization in Cincinnati may earn a discount on auto insurance.
- Early Payment Discounts – If you pay your entire premium ahead of time instead of paying each month you can avoid monthly service charges.
- Theft Prevention System – Vehicles that have factory anti-theft systems are stolen with less frequency so companies will give you a small discount.
- Defensive Driver Discount – Taking time to complete a course that instructs on driving safety may get you a small discount depending on where you live.
- Resident Student – Any of your kids who are enrolled in higher education away from home and do not have access to a covered vehicle may qualify for this discount.
One thing to note about discounts is that most credits do not apply to the entire cost. The majority will only reduce specific coverage prices like liability and collision coverage. Just because you may think you can get free auto insurance, you’re out of luck. But all discounts will definitely reduce the amount you pay for coverage.
The chart below shows the comparison of Mazda MX-5 Miata insurance prices with and without discounts applied to the policy rates. The information is based on a male driver, no claims or driving violations, Ohio state minimum liability limits, full physical damage coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with safe-driver, claim-free, multi-policy, marriage, multi-car, and homeowner discounts applied.
Companies and a summarized list of policyholder discounts are included below.
- Farmers Insurance offers discounts for early shopping, multi-car, teen driver, bundle discounts, and electronic funds transfer.
- Esurance may have discounts that include good student, multi-car, claim free, Switch & Save, anti-theft, and Pac-12 alumni.
- State Farm has discounts for accident-free, defensive driving training, good driver, driver’s education, Drive Safe & Save, and anti-theft.
- GEICO offers discounts including anti-theft, membership and employees, federal employee, multi-policy, emergency military deployment, and five-year accident-free.
- Allstate may offer discounts for economy car, good payer, FullPay discount, multi-policy, safe driver, eSmart discount, and utility vehicle.
When quoting, ask every company how many discounts you can get. Discounts might not be offered everywhere. To see a list of insurers who offer discounts in Cincinnati, click here.
In the end, you can save money
Drivers change insurance companies for any number of reasons including policy cancellation, denial of a claim, being labeled a high risk driver and high prices. Whatever your reason, choosing a new insurance company is pretty simple and you could end up saving a buck or two.
Budget-friendly insurance in Cincinnati can be bought on the web and from local insurance agents, so you should be comparing quotes from both to have the best rate selection. A few companies don’t offer online quoting and these smaller companies sell through independent agents.
When trying to cut insurance costs, make sure you don’t skimp on coverage in order to save money. There have been many cases where an insured cut liability limits or collision coverage only to discover later that the savings was not a smart move. The aim is to purchase a proper amount of coverage at an affordable rate while not skimping on critical coverages.
Additional learning opportunities
- Vehicle Insurance in the U.S. (Wikipedia)
- What is the Best Cheap Car Insurance in Cincinnati, Ohio? (FAQ)
- What Insurance is Cheapest for a Jeep Wrangler in Cincinnati? (FAQ)
- Who Has the Cheapest Cincinnati Car Insurance Rates for a Dodge Ram? (FAQ)
- How Much are Cincinnati Car Insurance Quotes for a Toyota RAV4? (FAQ)
- What is Full Coverage? (Allstate)
- A Tree Fell on Your Car: Now What? (Allstate)
- Protecting Teens from Drunk Driving (Insurance Information Institute)
- Teen Driving and Texting (State Farm)