Car Insurance Quotes for a Mazda MX-5 Miata in Durham

Insurance for Mazda MX-5 MiataIt’s an obvious conclusion that insurance companies don’t want customers comparing rates. People who shop around for cheaper prices will most likely buy a different policy because there is a good probability of finding a more affordable policy premium. A recent study showed that people who routinely shopped around saved on average $3,450 over four years compared to those who don’t regularly compare prices.

If finding the lowest rates on Mazda MX-5 Miata insurance is your target objective, understanding how to shop for insurance can help you succeed in finding affordable rates.

If saving money is your primary concern, then the best way to save on auto insurance rates in Durham is to compare prices regularly from different companies who provide car insurance in North Carolina.

  1. Take a little time to learn about what coverages are included in your policy and the measures you can control to lower rates. Many rating criteria that increase rates such as your driving record and a lousy credit rating can be remedied by improving your driving habits or financial responsibility. Read the full article for more details to find cheap rates and find overlooked discounts.
  2. Request rate estimates from direct carriers, independent agents, and exclusive agents. Direct companies and exclusive agencies can provide rates from a single company like GEICO or Allstate, while agents who are independent can provide rate quotes for a wide range of insurance providers. View prices
  3. Compare the quotes to your existing rates to see if switching to a new carrier will save money. If you find a better price and decide to switch, ensure coverage does not lapse between policies.
  4. Provide written notification to your current company of your decision to cancel your current coverage and submit a signed application and payment to your new agent or company. Immediately keep the new certificate verifying coverage with your registration paperwork.

A key point to remember is to make sure you enter the same coverage limits and deductibles on every price quote and to quote with all possible companies. Doing this helps ensure a fair price comparison and maximum price selection.

When looking for affordable Durham car insurance quotes, there are a couple ways to obtain and compare prices from many available car insurance companies in North Carolina. The best method to compare insurance prices is to perform an online rate comparison. When comparing car insurance rates, know that having more price comparisons will increase your chances of finding the best rates. Some smaller insurers do not give Durham MX-5 Miata insurance quotes over the internet, so you also need to get rates from them as well.

The car insurance companies shown below are ready to provide free rate quotes in North Carolina. If you want to find cheap car insurance in Durham, we recommend you visit several of them in order to find the most affordable rates.

Rates and detailed analysis

The premium information below highlights detailed analysis of insurance prices for Mazda MX-5 Miata models. Having a good understanding how rate quotes are established is important to be able to make smart buying decisions.

Mazda MX-5 Miata Insurance Rates in Durham, NC
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
MX-5 Miata Sport 2-Dr Convertible $118 $210 $240 $14 $72 $654 $55
MX-5 Miata Touring 2-Dr Convertible $134 $256 $240 $14 $72 $716 $60
MX-5 Miata Grand Touring 2-Dr Convertible $134 $256 $240 $14 $72 $716 $60
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Prices based on single female driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and North Carolina minimum liability limits. Discounts applied include multi-vehicle, safe-driver, multi-policy, homeowner, and claim-free. Information does not factor in specific zip code location which can impact premium rates noticeably.

Can higher deductibles save money?

When buying insurance, a common question is at what level do you set your deductibles. The following tables can help you understand the costs and benefits when you choose different policy deductibles. The first table uses a $100 deductible for comprehensive and collision coverage and the second price grid uses a $500 deductible.

Mazda MX-5 Miata insurance policy rates with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
MX-5 Miata Sport 2-Dr Convertible $186 $318 $212 $12 $64 $817 $68
MX-5 Miata Touring 2-Dr Convertible $214 $386 $212 $12 $64 $913 $76
MX-5 Miata Grand Touring 2-Dr Convertible $214 $386 $212 $12 $64 $913 $76
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Mazda MX-5 Miata insurance policy rates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
MX-5 Miata Sport 2-Dr Convertible $136 $214 $212 $12 $64 $638 $53
MX-5 Miata Touring 2-Dr Convertible $156 $262 $212 $12 $64 $706 $59
MX-5 Miata Grand Touring 2-Dr Convertible $156 $262 $212 $12 $64 $706 $59
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Premium data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and North Carolina minimum liability limits. Discounts applied include multi-policy, safe-driver, claim-free, multi-vehicle, and homeowner. Rate information does not factor in the specific area where the vehicle is garaged which can alter auto insurance rates substantially.

Based on this data, using a $100 deductible costs approximately $16 more each month or $192 each year than choosing the higher $500 deductible. Since the policyholder would be required to pay $400 more out-of-pocket with a $500 deductible as compared to a $100 deductible, if you normally go more than 25 months between claims, you would probably come out ahead if you choose the higher deductible. The table below shows an example of how this determination is made.

Average monthly premium for $100 deductibles: $73
Average monthly premium for $500 deductibles (subtract): – $57
Monthly savings from raising deductible: $16
Difference between deductibles ($500 – $100): $400
Divide difference by monthly savings: $400 / $16
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 25 months

An important thing to remember is that increasing deductibles to lower your rates means you will have to cover more of the damage yourself when you have a comprehensive or collision claim. You will want to have some extra savings in the event you have to pay the deductible for vehicle repair.

The illustration below shows how choosing a deductible and can impact Mazda MX-5 Miata insurance costs for different age groups. The price estimates are based on a single male driver, comprehensive and collision coverage, and no discounts are applied.

Difference between full coverage and liability only rates

The illustration below shows the comparison of Mazda MX-5 Miata car insurance costs with liability coverage only compared to full coverage. The information is based on no accidents or driving violations, $100 deductibles, drivers are single, and no discounts are factored in.

Are you wasting money paying for full coverage?

There is no specific rule for dropping full coverage, but there is a general guideline. If the yearly cost for physical damage coverage is 10% or more of the replacement cost minus the deductible, then it might be time to consider dropping full coverage.

For example, let’s say your Mazda MX-5 Miata book value is $5,000 and you have $1,000 physical damage deductibles. If your vehicle is destroyed, the most you would receive is $4,000 after the deductible is paid. If you are currently paying more than $400 a year for physical damage coverage, then it may be the right time to buy liability only.

There are a few situations where only buying liability is not financially feasible. 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 if your current one is damaged, you should not opt for liability only.

Auto insurance does more than just protect your car

Even though Durham MX-5 Miata insurance rates can get expensive, auto insurance may be required and benefits you in several ways.

The benefits of carrying enough insurance are without a doubt worth the cost, especially when you need to use it. As of last year, the average driver in North Carolina is wasting up to $865 each year so you should quote and compare rates once a year at a minimum to save money.

Informed Consumers Save on Insurance

Many things are part of the equation when you quote your car insurance policy. Some of the criteria are obvious like an MVR report, although others are less apparent like your vehicle usage or your commute time. One of the most helpful ways to save on car insurance is to to have a grasp of the rating factors that aid in calculating car insurance rates. When you understand what controls the rates you pay, this empowers consumers to make smart changes that may result in better car insurance rates.

The itemized list below are some of the major factors companies use to determine your premiums.

Prices increase with policy add-ons – There are a ton of extra add-on coverages that can waste your money on your car insurance policy. Insurance for personal injury protection, death and dismemberment, and Farm Bureau memberships may be costing you every month. These coverages may sound good when discussing your needs, but if you have no use for them get rid of them and save.

A policy lapse can increase prices – Driving with no insurance is a big no-no and you may have a hard time finding new coverage because you let your insurance expire. In addition to paying higher premiums, being ticketed for driving with no insurance could result in a steep fine or even jail time.

Poor driving means higher premiums – Drivers with clean records receive lower rates than people who have multiple driving citations. Just one chargeable violation could increase your next policy renewal substantially. People who have dangerous tickets such as reckless driving, hit and run or driving under the influence may find they need to maintain a SR-22 with their state DMV in order to drive a vehicle legally.

The chart below highlights how speeding tickets and at-fault claims raise Mazda MX-5 Miata auto insurance rates for different age categories. The prices are based on a single male driver, comprehensive and collision coverage, $500 deductibles, and no discounts are applied.

When should you file insurance claims? – Insurance companies in North Carolina generally give discounts to policyholders who are claim-free. If you file claims often, you can pretty much guarantee either a policy non-renewal or much higher rates. Your car insurance is intended to be relied upon for the large, substantial claims.

Mazda MX-5 Miata claim data – Auto insurance companies analyze the history of losses when setting premium prices. Models that statistically have a higher amount or frequency of claims will have higher rates for specific coverages. The next table shows the actual insurance loss data for Mazda MX-5 Miata vehicles.

For each policy coverage, the statistical loss for all vehicles, regardless of make or model, equals 100. Numbers below 100 indicate a favorable loss history, while percentage values above 100 show a trend for more claims or tendency to have higher losses.

Mazda MX-5 Miata Insurance Claim Statistics
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
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years

Earn discounts on Durham car insurance

Some insurance providers don’t always advertise every discount they offer in a way that’s easy to find, so we break down some of the more common and also the lesser-known credits available to lower your premiums when you buy Durham car insurance online.Cheaper car insurance with discounts

A little note about advertised discounts, most discounts do not apply to the overall cost of the policy. Most cut the cost of specific coverages such as liability, collision or medical payments. So when the math indicates you would end up receiving a 100% discount, you won’t be that lucky.

The example below illustrates the comparison of Mazda MX-5 Miata insurance prices with and without policy discounts. Data assumes a male driver, no claims or driving violations, North Carolina state minimum liability limits, full physical damage 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, multi-car, claim-free, and multi-policy discounts applied.

To choose insurance companies offering car insurance discounts in North Carolina, click here.

Special considerations

Keep in mind that when it comes to choosing the right insurance coverage for your personal vehicles, there is no single plan that fits everyone. Every insured’s situation is different and your car insurance should be unique as well.Higher deductibles save money
These are some specific questions can aid in determining if you might need an agent’s assistance.

If you don’t know the answers to these questions but you know they apply to you, you may need to chat with a licensed agent. If you want to speak to an agent in your area, complete this form or you can also visit this page to select a carrier

When should I get advice from an agent?

Many drivers just want to buy from a licensed agent and doing so can bring peace of mind One of the benefits of comparing rates online is that you can find cheaper prices but still work with a licensed agent. Putting coverage with neighborhood agents is definitely important in Durham.

Insurance agency in DurhamAfter completing this short form, your coverage information is immediately sent to local insurance agents that can provide free Durham car insurance quotes to get your business. It’s much easier because you don’t need to contact any insurance agencies because quoted prices will be sent to you instantly. It’s the lowest rates and a licensed agent to talk to. If you need to get a rate quote from one company in particular, feel free to navigate to their website and complete a quote there.

When looking for a local Durham insurance agency, it’s helpful to know the different types of agents and how they differ in how they can insure your vehicles. Agencies in Durham can be classified as either exclusive or independent.

Independent Car Insurance Agents

Independent agents are not restricted to one company so they can insure your vehicles amongst many companies and get you the best rates possible. If they find a lower price, the agent simply finds a different carrier and you can keep the same agent.

When comparing car insurance prices, it’s recommended you get some free quotes from at a minimum one independent agency for the best price selection. Many write coverage with mutual insurance companies who may have lower rates.

Listed below is a short list of independent agencies in Durham who may provide free price quotes.

More Durham agents

Exclusive Agencies

Agents of this type can only provide one company’s prices like Allstate, State Farm and Farmers Insurance. They usually cannot compare other company’s rates so they really need to provide good service. Exclusive insurance agents are very knowledgeable on their company’s products which helps them sell insurance even at higher premiums. Some insured continue to buy from the same agent for years mainly due to the brand rather than low price.

Listed below are exclusive insurance agents in Durham willing to provide rate quotes.

More Durham agents

Selecting a car insurance agent should depend on more than just the bottom line cost. You should also get answers to these questions.

If you get answers to your satisfaction to your questions and an affordable coverage quote, you may have just found an insurance agent that will insure your vehicles. But keep in mind you can always cancel coverage at any point so never assume you are locked into any specific agency for the entire policy term.

Affordable car insurance premiums are out there

Some car insurance companies do not offer rate quotes online and these smaller providers only sell coverage through independent agents. Lower-priced Mazda MX-5 Miata insurance in Durham can be sourced from both online companies and also from your neighborhood Durham agents, so you should be comparing quotes from both so you have a total pricing picture.

In this article, we presented a lot of techniques to lower your Mazda MX-5 Miata insurance rates in Durham. The most important thing to understand is the more companies you get auto insurance rates for, the better your chances of lowering your auto insurance rates. You may even find the best price on car insurance is with a small mutual company. Some small companies may have significantly lower auto insurance rates on certain market segments compared to the large companies like GEICO and State Farm.

As you prepare to switch companies, don’t be tempted to buy less coverage just to save a little money. There have been many cases where someone sacrificed liability limits or collision coverage only to find out that a couple dollars of savings turned into a financial nightmare. The aim is to find the BEST coverage for the lowest price, but do not skimp to save money.

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