Cheap Insurance for a Mazda 5 in Durham

It goes without saying that auto insurance companies don’t want policyholders to compare prices from other companies. Consumers who shop around for a cheaper policy will most likely switch companies because there is a significant possibility of finding a policy with better rates. A study showed that drivers who routinely shopped around saved an average of $850 each year compared to policyholders who don’t make a habit of comparing rates.

If saving money on insurance in Durham is why you’re here, knowing how to get free comparison quotes and analyze coverage rates can save time and money.

Discount Mazda 5 insuranceIf you want to save money, the best way to find low-cost car insurance rates in Durham is to start comparing prices regularly from different companies in North Carolina. Rates can be compared by completing these steps.

  1. Take a little time to learn about how your policy works and the factors you can control to drop your rates. Many policy risk factors that result in higher prices such as distracted driving and a low credit score can be rectified by making minor driving habit or lifestyle changes. This article gives more details to help prevent expensive coverage and get additional discounts.
  2. Compare price quotes from independent agents, exclusive agents, and direct companies. Direct companies and exclusive agencies can only give rate quotes from one company like GEICO and State Farm, while independent agents can provide rate quotes for many different companies.
  3. Compare the new rate quotes to your existing policy to see if cheaper 5 coverage is available. If you can save some money and buy the policy, make sure coverage does not lapse between policies.
  4. Tell your current company of your intention to cancel your existing policy. Submit a completed policy application and payment to your new company or agent. Immediately put the new proof of insurance paperwork along with your vehicle registration.

One key aspect of rate comparisons is to make sure you’re comparing similar coverage information on every quote request and and to analyze every insurance company. This enables a fair rate comparison and a thorough price selection.

If you currently have auto insurance, you stand a good chance to be able to find the best rates using the concepts you’re about to learn. Finding the cheapest auto insurance coverage in Durham can be much easier if you know how to start. But North Carolina consumers must comprehend how insurance companies price online insurance because rates fluctuate considerably.

How do Insurers Determine Mazda 5 Insurance Costs?

It’s important that you understand the factors that help determine your policy premiums. If you have a feel for what controls the rates you pay, this helps enable you to make changes that may reward you with big savings. Lots of factors are used in the calculation when you quote your car insurance policy. Some are obvious like your driving record, but other criteria are more obscure like your continuous coverage and annual miles driven.

How many coverages with the same company – Many auto insurance companies will give better rates for people that buy multiple policies such as combining an auto and homeowners policy. The amount of the discounts can be as much as ten percent or more Even with this discount applied, it’s still a good idea to compare other Durham 5 insurance rates to confirm you are receiving the best rates possible. You may still find better rates by buying auto insurance from a different company.

Annual miles is a factor – The more miles you rack up on your Mazda in a year the more you’ll pay to insure it. A lot of companies rate vehicles partially by how you use the vehicle. Cars and trucks not used for work or commuting get more affordable rates than cars that get driven a lot. Improper usage on your 5 may be wasting your money. It’s a smart idea to ensure your auto insurance policy shows the correct usage.

Marriage equates to better prices – Having a wife or husband actually saves money on your auto insurance bill. Marriage translates into being more mature and responsible and it’s statistically proven that being married results in fewer claims.

Eliminate add-on coverages – Insurance policies have a lot of extra bells and whistles that sound like a good idea at the time if you aren’t careful. Insurance for things like roadside assistance, death and dismemberment, and extra equipment coverage could be just wasting money. They may sound like good ideas initially, but now you might not need them so remove them and pocket the money.

Prevent theft and reduce prices – Choosing a vehicle with advanced anti-theft systems can earn a premium discount. Theft deterrent systems such as GM’s OnStar, tamper alarm systems and vehicle immobilizers all hinder your vehicle from being stolen.

Cheaper prices for prior coverage – Having a gap between insurance policy dates will be a quick way to increase your rates. And not only will your rates increase, failure to provide proof of insurance will get you a fine, jail time, or a revoked license. You may then have to file a SR-22 with the North Carolina motor vehicle department.

What are good liability coverage limits? – Liability insurance is the protection in the event that a jury decides you are liable for damages caused by your negligence. Your liability coverage provides legal defense to attempt to prove you were not liable. This coverage is relatively inexpensive compared to physical damage coverage, so drivers should buy more than the minimum limits required by law.

Insurance losses for a Mazda 5 – Companies use historical loss data when they file their rates in each state. Models that statistically have a trend towards higher claims will be charged more to insure. The table below illustrates the insurance loss data used by companies for Mazda 5 vehicles.

For each coverage category, the claim probability for all vehicles, without regard to make or model, is considered to be 100. Numbers that are below 100 mean the vehicle has better than average losses, while numbers that are greater than 100 point to more losses or an increased chance of larger losses than average.

Mazda 5 Insurance Loss Statistics
Vehicle Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
Mazda 5 86 86 73 103 95 91

Statistics from for 2013-2015 Model Years

Mazda 5 insurance rate analysis

The premium information displayed next covers a range of insurance premium costs for Mazda 5 models. Having knowledge of how insurance policy premiums are determined is important for making smart choices when comparing insurance rates.

Mazda 5 Insurance Rates in Durham, NC
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
5 Sport Station Wagon $130 $242 $276 $16 $82 $746 $62
5 Touring Station Wagon $150 $296 $276 $16 $82 $820 $68
5 Grand Touring Station Wagon $150 $296 $276 $16 $82 $820 $68
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Data variables include single female driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and North Carolina minimum liability limits. Discounts applied include homeowner, multi-policy, safe-driver, multi-vehicle, and claim-free. Rate quotes do not factor in specific garaging location which can revise premiums considerably.

Physical damage deductible comparison

One of the more difficult decisions when buying insurance is which deductibles should you choose. The comparison tables below illustrate the rate fluctuation of buying low and high comp and collision deductibles. The first rate comparisons uses a $100 comprehensive and collision deductible and the second price chart uses a $500 deductible.

Mazda 5 insurance rates with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
5 Sport Station Wagon $186 $318 $212 $12 $64 $817 $68
5 Touring Station Wagon $214 $386 $212 $12 $64 $913 $76
5 Grand Touring Station Wagon $214 $386 $212 $12 $64 $913 $76
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Mazda 5 insurance rates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
5 Sport Station Wagon $136 $214 $212 $12 $64 $638 $53
5 Touring Station Wagon $156 $262 $212 $12 $64 $706 $59
5 Grand Touring Station Wagon $156 $262 $212 $12 $64 $706 $59
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Table data represents married male driver age 30, no speeding tickets, no at-fault accidents, and North Carolina minimum liability limits. Discounts applied include safe-driver, homeowner, multi-policy, claim-free, and multi-vehicle. Price estimates do not factor in vehicle location which can impact coverage rates significantly.

Based on the data above, we can derive that using a $100 deductible will cost in the ballpark of $16 more each month or $192 each year than buying the higher $500 deductible. Because you would pay $400 more if you file a claim with a $500 deductible as compared to a $100 deductible, if you tend to go more than 25 months between claim filings, you would save more money if you opt for a higher deductible.

How to calculate if a higher deductible is a good decision

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

One thing to be aware of is that a higher deductible means you will have to pay more out-of-pocket when you have a claim. That will necessitate some savings in the bank in the event you have to pay more for the deductible.

The information below shows how choosing a deductible and can change Mazda 5 annual premium costs for different ages of insureds. The premiums are based on a single male driver, comp and collision included, and no other discounts are factored in.

Insurance discounts are available for cheaper rates

Auto insurance companies do not list all their discounts in a way that’s easy to find, so below is a list both well-publicized and the more hidden discounts that may be available.Insurance discounts

One thing to note about discounts is that most of the big mark downs will not be given to all coverage premiums. Most only apply to the cost of specific coverages such as comprehensive or collision. If you do the math and it seems like you could get a free insurance policy, it doesn’t quite work that way.

The illustration below visualizes the comparison of Mazda 5 annual premium costs with and without discounts applied to the policy rates. The premiums are based on a female driver, no accidents or driving violations, North Carolina state minimum liability limits, comp and collision included, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-car, homeowner, multi-policy, marriage, claim-free, and safe-driver discounts applied.

If you would like to choose from a list of insurance companies who offer cheap Mazda 5 insurance quotes in Durham in North Carolina, click this link.

Best car insurance in Durham

Finding a highly-rated insurer can be rather challenging considering how many different companies there are to choose from in Durham. The company rank data below may help you pick which insurers to look at comparing rates from.

Top 10 Durham Car Insurance Companies Ranked by Customer Satisfaction

  1. USAA – 91%
  2. AAA Insurance – 90%
  3. Esurance – 90%
  4. Nationwide – 89%
  5. Travelers – 88%
  6. Progressive – 88%
  7. Safeco Insurance – 88%
  8. State Farm – 88%
  9. Allstate – 88%
  10. The Hartford – 87%

Top 10 Durham Car Insurance Companies Overall

  1. Travelers
  2. USAA
  3. AAA Insurance
  4. Nationwide
  5. Allstate
  6. State Farm
  7. The Hartford
  8. Safeco Insurance
  9. Progressive
  10. American Family

Persistence pays off

Some companies may not provide the ability to get a quote online and most of the time these regional insurance providers sell through independent agencies. Lower-priced Mazda 5 insurance in Durham can be purchased on the web and also from your neighborhood Durham agents, so you should compare both to have the best selection.

Drivers who switch companies do it for many reasons like extreme rates for teen drivers, not issuing a premium refund, high rates after DUI convictions and even questionable increases in premium. No matter why you want to switch, finding a new company is pretty easy and you might even save some money in the process.

In this article, we covered a lot of tips how to shop for Mazda 5 insurance online. The key concept to understand is the more companies you get car insurance rates for, the better likelihood of getting the cheapest Mazda 5 rate quotes. Consumers could even find that the biggest savings come from some of the lesser-known companies.

Additional auto insurance information is located on the following sites: