Surprisingly, a recent survey revealed that nearly 70% of customers have stayed with the same insurance company for well over three years, and nearly half have never even compared rates from other companies. With the average insurance premium being $1,847, American drivers could save approximately $859 every year, but they just don’t understand how easy it is to shop their coverage around.
The best way to save money on Mazda 5 insurance in Minneapolis is to regularly compare price quotes from insurance carriers in Minnesota.
- Learn about auto insurance and the steps you can take to prevent high rates. Many policy risk factors that result in higher prices such as traffic citations and a not-so-good credit history can be remedied by making minor driving habit or lifestyle changes.
- Get rate quotes from direct, independent, and exclusive agents. Direct and exclusive agents can provide rates from one company like GEICO or Farmers Insurance, while independent agents can provide price quotes for a wide range of insurance providers.
- Compare the new quotes to your current policy premium to see if a cheaper rate is available in Minneapolis. If you find a lower rate, make sure there is no lapse between the expiration of your current policy and the new one.
An essential thing to point out is to make sure you’re comparing identical limits and deductibles on every quote request and and to get price quotes from as many car insurance companies as possible. Doing this ensures an accurate price comparison and a complete price analysis.
The best way to compare insurance rates from multiple companies is to know most insurance companies participate in online systems to compare their rates. To start a quote, the only thing you need to do is give the companies some data including if you lease or own, deductibles desired, if you require a SR-22, and the type of vehicles you drive. Your details is submitted instantly to multiple companies and they return quotes almost instantly.
To find lower cheap Mazda 5 insurance rates now, click here then complete the form.
The following companies can provide comparison quotes in Minnesota. In order to find the best car insurance in Minneapolis, it’s highly recommended you compare several of them in order to get a fair rate comparison.
Coverage information
The coverage information below highlights detailed analysis of prices for Mazda 5 models. Being able to understand how insurance policy rates are determined can help guide drivers when making smart choices when selecting a policy.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| 5 Sport Station Wagon | $168 | $268 | $274 | $16 | $82 | $808 | $67 |
| 5 Touring Station Wagon | $194 | $326 | $274 | $16 | $82 | $892 | $74 |
| 5 Grand Touring Station Wagon | $194 | $326 | $274 | $16 | $82 | $892 | $74 |
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Above prices assume married female driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and Minnesota minimum liability limits. Discounts applied include safe-driver, multi-policy, multi-vehicle, claim-free, and homeowner. Premium amounts do not factor in vehicle location which can change insurance rates noticeably.
The diagram below shows how choosing a deductible and can raise or lower Mazda 5 insurance prices for each different age group. The premiums are based on a single male driver, comprehensive and collision coverage, and no discounts are applied to the premium.
Does it make sense to buy full coverage?
The diagram below illustrates the difference between Mazda 5 auto insurance rates when comparing full coverage to state minimum liability only. Data assumes no driving violations, no at-fault accidents, $100 deductibles, drivers are not married, and no other discounts are factored in.
Guidelines for eliminating full coverage
There is no set guideline for excluding physical damage coverage, but there is a guideline you can consider. If the annual cost of your full coverage insurance is 10% or more of any settlement you would receive from your insurance company, then you might want to think about dropping full coverage.
For example, let’s say your Mazda 5 replacement value is $3,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled, the most your company would pay you is $2,000 after paying your policy deductible. If you are paying in excess of $200 a year for physical damage coverage, then it might be time to buy liability only.
There are a few situations where removing full coverage is not financially feasible. If you have an outstanding loan on your vehicle, you have to keep full coverage in order to keep the loan. Also, if you don’t have enough money to buy a different vehicle in the event your current vehicle is totaled, you should not eliminate full coverage.
Why do I need car insurance?
Despite the potentially high cost of Mazda 5 insurance, buying insurance serves an important purpose.
- Almost all states have mandatory insurance requirements which means you are required to buy a minimum amount of liability protection in order to drive the car legally. In Minnesota these limits are 30/60/10 which means you must have $30,000 of bodily injury coverage per person, $60,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
- If you have a lien on your Mazda, almost all lenders will have a requirement that you have comprehensive coverage to guarantee their interest in the vehicle. If you do not pay your insurance premiums, the bank will be required to insure your Mazda for a lot more money and force you to pay for the expensive policy.
- Insurance protects both your vehicle and your assets. It will also provide coverage for many types of medical costs for you, any passengers, and anyone injured in an accident. Liability insurance also covers legal expenses if you cause an accident and are sued. If your car is damaged in a storm or accident, your policy will pay to have it repaired.
The benefits of carrying adequate insurance are definitely more than the cost, especially with large liability claims. According to a survey of 1,000 drivers, the average driver is overpaying over $855 a year so compare rates once a year at a minimum to ensure rates are competitive.
Four factors that determine insurance rates
Consumers need to have an understanding of the factors that help determine the level of your policy premiums. If you understand what determines premiums, this allows you to make good choices that can help you get better car insurance rates. Lots of things are considered when quoting car insurance. Some are obvious such as your driving history, although others are more transparent such as your marital status or how safe your car is.
Gender and insurance rates – Over the last 50 years, statistics have shown that females take fewer risks when driving. The data does not necessarily mean that men are WORSE drivers than women. Women and men get in auto accidents in similar numbers, but the males cause more damage and cost insurance companies more money. Men also tend to get ticketed for serious violations like DWI (DUI) or reckless driving. Young males are most likely to cause an accident and therefore have the most expensive car insurance rates.
The illustration below shows the comparison of Mazda 5 yearly insurance costs for male and female drivers. The premiums are based on no tickets, no at-fault accidents, comp and collision included, $100 deductibles, single marital status, and no other discounts are factored in.
Pleasure use or commuting – The higher the miles on your Mazda in a year the more you will pay for car insurance. A lot of companies rate vehicles based on how the vehicle is used. Cars left parked in the garage get more affordable rates than those that get driven frequently. Ask your agent if your car insurance coverage states the right rating data, because improper ratings can cost you money. An improperly rated 5 may be costing you.
Cheaper prices with safer cars – Cars with high safety ratings are cheaper to insure. Vehicles built for safety reduce the chance of injuries and lower rates of occupant injuries translates into fewer and smaller insurance claims and thus lower rates.
Insurance claims cost money – Insurance companies in Minnesota provide discounts to drivers who are not frequent claim filers. If you file claims often, you can expect higher rates. Auto insurance is intended for claims that pose a financial burden.
Mazda 5 insurance loss data – Companies include the past claim history for a vehicle to calculate a rate that offsets possible losses. Vehicles that are shown to have a trend towards higher claims will have a higher premium rate.
The next table illustrates the historical insurance loss data for Mazda 5 vehicles. For each coverage category, the statistical loss for all vehicles averaged together is represented as 100. Values under 100 indicate a favorable loss history, while values that are above 100 show a trend for more claims or an increased probability of a larger loss.
| Vehicle Make and Model | Collision | Property Damage | Comp | Personal Injury | Medical Payment | Bodily Injury |
|---|---|---|---|---|---|---|
| Mazda 5 | 86 | 86 | 73 | 103 | 95 | 91 |
Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Everyone needs different insurance coverages
When quoting and choosing your policy, there really is not a one-size-fits-all type of policy. You are unique and your insurance should unique, too.
Here are some questions about coverages that may help you determine whether your personal situation might need professional guidance.
- Does rental coverage apply when I am renting a car?
- Do I have coverage if I rent a car in Mexico?
- Why do I need rental car insurance?
- Is a fancy paint job covered?
- Does my liability insurance cover pulling a trailer or camper?
- Am I covered when using my vehicle for business?
- Should I rate my vehicle as business use?
- Who is covered when they drive my Mazda 5?
- Is my vehicle covered by my employer’s policy when using it for work?
If you can’t answer these questions but one or more may apply to you, you might consider talking to an agent. If you don’t have a local agent, simply complete this short form or click here for a list of insurance companies in your area. It’s fast, doesn’t cost anything and can help protect your family.
Best car insurance in Minneapolis
Picking a high-quality car insurance company is difficult considering how many companies sell insurance in Minneapolis. The company rank data in the lists below may help you analyze which companies to look at buying from.
| Company | Value | Customer Service | Claims | Customer Satisfaction | A.M Best Rating | Overall Score |
|---|---|---|---|---|---|---|
| USAA | 99 | 100 | 90 | 92% | A++ | 97.4 |
| 21st Century | 89 | 86 | 100 | 88% | A | 92.7 |
| GEICO | 97 | 91 | 88 | 85% | A++ | 92.5 |
| Nationwide | 88 | 94 | 91 | 88% | A+ | 91.3 |
| AAA Insurance | 93 | 87 | 88 | 87% | A | 90.8 |
| Liberty Mutual | 91 | 91 | 92 | 87% | A | 90.7 |
| Safeco Insurance | 90 | 93 | 88 | 86% | A | 90.2 |
| State Farm | 91 | 94 | 80 | 88% | A++ | 90.2 |
| Travelers | 89 | 91 | 94 | 79% | A++ | 90.1 |
| American Family | 88 | 92 | 83 | 88% | A | 89.4 |
| Titan Insurance | 89 | 91 | 83 | 86% | A+ | 89.3 |
| Allstate | 90 | 90 | 84 | 85% | A+ | 89.1 |
| Progressive | 83 | 85 | 99 | 87% | A+ | 88.7 |
| Mercury Insurance | 87 | 95 | 87 | 84% | A+ | 88.3 |
| The Hartford | 87 | 89 | 84 | 87% | A+ | 88 |
| Esurance | 84 | 88 | 85 | 83% | A+ | 86 |
| Farmers Insurance | 79 | 88 | 84 | 87% | A | 84.7 |
| The General | 88 | 80 | 85 | 80% | A- | 84.5 |
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Data Source: Insure.com Best Car Insurance Companies
Quote more and you will save more
Throughout this article, we presented quite a bit of information on how to lower your Mazda 5 insurance premium rates in Minneapolis. It’s most important to understand that the more you quote Minneapolis car insurance, the better chance you’ll have of finding affordable Minneapolis car insurance quotes. Drivers may even discover the best price on auto insurance is with a small mutual company. Regional companies may have significantly lower prices on certain market segments than their larger competitors like State Farm, GEICO and Nationwide.
As you prepare to switch companies, never reduce needed coverages to save money. In many cases, someone dropped liability limits or collision coverage to discover at claim time that saving that couple of dollars actually costed them tens of thousands. Your goal is to purchase a proper amount of coverage for the lowest cost, not the least amount of coverage.
To read more, take a look at the articles below:
- Red Light Cameras (State Farm)
- Who Has the Cheapest Car Insurance for Drivers with Accidents in Minneapolis? (FAQ)
- Who Has Affordable Minneapolis Car Insurance Quotes for a Dodge Ram? (FAQ)
- Warning systems don’t curb driver distraction (Insurance Institute for Highway Safety)
- If I File a Claim will My Insurance Go Up? (Insurance Information Institute)
- Can I Drive Legally without Insurance? (Insurance Information Institute)