Affordable Mazda RX-8 Insurance in Minneapolis

A study showed that nearly 70% of customers renewed their policy with the same company for over three years, and approximately 40% of consumers have never compared rates from other carriers. Drivers in the U.S. could save nearly $850 every year just by getting comparison quotes, but they just assume it’s a time-consuming process to compare rates online.

If you want to save the most money, the best way to find cheaper Mazda RX-8 insurance in Minneapolis is to make a habit of regularly comparing prices from providers who provide auto insurance in Minnesota. This can be done by following these steps.

Step 1: Try to learn a little about how your policy works and the changes you can make to drop your rates. Many factors that result in higher rates like getting speeding tickets and an unacceptable credit score can be remedied by making minor driving habit or lifestyle changes.

Step 2: Compare price quotes from exclusive agents, independent agents, and direct providers. Direct companies and exclusive agencies can only quote rates from one company like GEICO or Allstate, while independent agents can quote prices from multiple companies.

Step 3: Compare the new rate quotes to your current policy to determine if switching companies saves money. If you can save money, make sure the effective date of the new policy is the same as the expiration date of the old one.

Step 4: Tell your current company of your decision to cancel your current auto insurance policy. Submit payment and a completed application to the new insurer. Don’t forget to place the new certificate verifying coverage in your glove compartment.

A tip to remember is to try to compare the same amount of coverage on every quote and and to get rates from as many companies as feasibly possible. Doing this provides a fair price comparison and maximum price selection.

If you have a policy now, you stand a good chance to be able to find better prices using this information. Obtaining price quotes for more affordable auto insurance policy in Minneapolis is easy if you know what you’re doing. Although Minnesota consumers can benefit from knowing how the larger insurance companies calculate your auto insurance rates because it can help you find the best coverage.

How Your RX-8 Insurance Prices are Determined

Part of the insurance buying process is learning some of the elements that aid in calculating the level of your policy premiums. If you understand what positively or negatively impacts your premiums, this allows you to make good choices that can help you get better insurance rates.

Consolidate home and auto and save – The majority of companies provide better rates for people that have more than one policy in the form of a multi-policy discount. The discount can add up to five, ten or even twenty percent. Even if you qualify for this discount already, consumers should still compare Mazda RX-8 rates in Minneapolis to guarantee you are still saving the most.

Do you work long hours in a stressful employer? – Did you know your job can affect your rates? Careers like real estate brokers, air traffic controllers, and accountants tend to pay higher premiums than the average policyholder due to intense work situations and lengthy work days. Conversely, jobs like scientists, historians and performers have lower than average premiums.

Teenage drivers pay higher costs – Beginning drivers in Minnesota tend to be inattentive with other occupants in the car and because of this, their insurance rates are much higher. Parents adding a teen driver to your insurance policy can cause a big jump in price. Older people tend to be more responsible, cause fewer claims and accidents, and get fewer tickets.

The following data uses these variables: single driver, full coverage with $100 deductibles, and no discounts or violations.

Drivers with responsible credit save on insurance – A driver’s credit history can be a huge factor in your rate calculation. Insureds that have good credit tend to file fewer claims than drivers who have worse credit. If your credit rating could use some work, you could potentially save money when insuring your Mazda RX-8 by taking the time to improve your credit score.

Defend yourself with liability – Your policy’s liability coverage kicks in in the event that you are determined to be liable for causing damage or personal injury in an accident. Liability insurance provides legal defense which can cost a lot. This coverage is relatively inexpensive as compared to coverage for physical damage, so drivers should make sure they buy enough to cover all assets.

Policy add-ons add up – There are a ton of extra coverages that you can get tricked into buying on your insurance policy. Insurance for rental car reimbursement, accidental death, and term life insurance are probably not needed. They may seem like a good idea when you first buy your policy, but if you have no use for them remove them from your policy.

Pleasure use saves money – The more you drive every year the higher your rates will be. A lot of companies charge to insure your cars based upon how much you drive. Cars that have low annual miles can be on a lower rate level than cars that get driven a lot. It’s always a good idea to double check that your insurance declarations sheet correctly shows the correct usage for each vehicle, because improper ratings can cost you money. Having an incorrect usage rating on your RX-8 can cost quite a bit.

Bad drivers pay high premiums – A bad driving record impacts your car insurance rates tremendously. Drivers who don’t get tickets pay less for auto insurance as compared to careless drivers. Only having one chargeable violation may increase your cost by twenty percent. Drivers with multiple violations such as reckless driving, hit and run or driving under the influence may face state-mandated requirements to complete a SR-22 with the DMV in their state in order to continue driving.

The illustration below demonstrates how traffic citations and at-fault accidents increase Mazda RX-8 auto insurance rates for different ages of insureds. The data is based on a single female driver, full coverage, $100 deductibles, and no other discounts are factored in.

Rates and data analysis

The coverage information below showcases detailed analysis of insurance premium costs for Mazda RX-8 models. Knowing how insurance policy premiums are established is important for you to make decisions when choosing a new policy provider.

Cost estimates assume married female driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and Minnesota minimum liability limits. Discounts applied include multi-vehicle, homeowner, safe-driver, multi-policy, and claim-free. Rate quotes do not factor in zip code location which can change price quotes noticeably.

Higher deductibles save money

When buying insurance, a common question is how high should the physical damage coverage deductibles be. The following tables determine how much more rates are between low and high deductibles. The first rate estimation uses a $100 physical damage coverage deductible and the second set of prices uses a $500 deductible.

Data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Minnesota minimum liability limits. Discounts applied include homeowner, multi-vehicle, safe-driver, multi-policy, and claim-free. Information does not factor in Minneapolis location which can alter coverage prices greatly.

Based on the data above, we can derive that using a $100 deductible will cost in the ballpark of $28 more each month or $336 a year than choosing the higher $500 deductible. Because you would be required to pay $400 more out-of-pocket with a $500 deductible as compared to a $100 deductible, if you tend to have more than 14 months between claim filings, you would most likely save money by selecting a higher deductible.

The example below shows how choosing a deductible and can change Mazda RX-8 insurance costs for different ages of insureds. The prices are based on a single female driver, full physical damage coverage, and no discounts are factored in.

Mazda RX-8 liability rates compared to full coverage

The chart below illustrates the comparison of Mazda RX-8 car insurance rates with full coverage and liability only. The rates are based on a clean driving record, no at-fault accidents, $250 deductibles, single status, and no additional discounts are factored in.

When to drop comprehensive and collision coverage

There is no clear-cut formula for dropping physical damage coverage on your policy, but there is a broad guideline. 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’s probably a good time to buy liability coverage only.

For example, let’s say your Mazda RX-8 settlement value is $9,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled, the most your company would pay you is $8,000 after you pay the deductible. If premiums are more than $800 a year for physical damage coverage, then it could be time to drop full coverage.

There are some circumstances where dropping full coverage is not a good idea. If you haven’t satisfied your loan, you have to keep full coverage as part of the loan requirements. Also, if you don’t have enough money to buy a different vehicle in case of an accident, you should not remove full coverage.

Save a ton on Mazda RX-8 insurance in Minneapolis with these discounts

Some insurers don’t always publicize every possible discount very clearly, so the next list breaks down both the well known and the harder-to-find discounts you could be receiving when you buy Minneapolis car insurance online. If you do not double check each discount you deserve, it’s possible you qualify for a lower rate.

• Good Student – Performing well in school can earn a discount of 20% or more. Many companies even apply the discount to college students up until you turn 25.
• Federal Employees – Active or retired federal employment could qualify for a slight premium decrease with a few auto insurance companies.
• Minneapolis Homeowners Pay Less – Simply owning a home can get you a discount since owning and maintaining a home means you have a higher level of financial diligence.
• Passive Restraints and Air Bags – Options like air bags or automatic seat belts may qualify for discounts of 25 to 30%.
• Defensive Driver Discount – Successfully completing a safe driver class may get you a small discount and make you a better driver.
• Multi-car Discount – Insuring all your vehicles on one policy could earn a price break for each car.

Don’t be surprised that most of the big mark downs will not be given to the whole policy. Some only apply to specific coverage prices like liability and collision coverage. So despite the fact that it appears adding up those discounts means a free policy, it just doesn’t work that way.

The example below shows the difference between Mazda RX-8 insurance prices with and without discounts. The costs are based on a female driver, no violations or claims, Minnesota state minimum liability limits, full coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with homeowner, safe-driver, marriage, claim-free, multi-policy, and multi-car discounts applied.

A list of auto insurance companies and their offered discounts are detailed below.

• Esurance has savings for claim free, good driver, good student, Pac-12 alumni, anti-theft, and anti-lock brakes.
• The Hartford offers discounts for good student, defensive driver, bundle, vehicle fuel type, and air bag.
• AAA may have discounts that include good student, anti-theft, multi-policy, education and occupation, and AAA membership discount.
• GEICO includes discounts for air bags, membership and employees, multi-vehicle, good student, daytime running lights, and anti-theft.
• State Farm has discounts for good driver, driver’s education, student away at school, multiple autos, and anti-theft.

If you need lower rates, check with every insurance company which credits you are entitled to. Some of the earlier mentioned discounts might not be offered in every state. To see insurers with discount rates in Minnesota, follow this link.

You can find cheaper coverage

As you restructure your insurance plan, make sure you don’t skimp on coverage in order to save money. In many instances, an insured dropped liability coverage limits only to find out they didn’t purchase enough coverage. Your focus should be to buy the best coverage you can find at the best possible price, but do not sacrifice coverage to save money.

Low-cost Mazda RX-8 insurance in Minneapolis is attainable from both online companies as well as from insurance agents, so you need to shop Minneapolis car insurance with both to get a complete price analysis. Some insurance companies may not provide online rate quotes and most of the time these small insurance companies prefer to sell through local independent agencies.

Other information

• Young Drivers: The High Risk Years Video (iihs.org)
• What Auto Insurance is Cheapest for a Toyota RAV4 in Minneapolis? (FAQ)
• Who Has the Cheapest Auto Insurance for a Ford Explorer in Minneapolis? (FAQ)
• Who Has Cheap Minneapolis Auto Insurance for a Hyundai Sonata? (FAQ)
• Distracted Driving (Insurance Information Institute)
• Smart Auto Insurance Tips (Insurance Information Institute)