Cheap Insurance for a Mini Cooper in Durham

If your goal is the lowest price, then the best way to get discount car insurance rates in Durham is to start doing an annual price comparison from insurers that insure vehicles in North Carolina. Price quotes can be compared by following these guidelines.

Step 1: Try to understand how companies set rates and the factors you can control to prevent high rates. Many policy risk factors that drive up the price such as speeding and an imperfect credit rating can be remedied by being financially responsible and driving safely.

Step 2: Obtain price quotes from direct, independent, and exclusive agents. Direct and exclusive agents can only quote rates from one company like GEICO and Allstate, while independent agents can give you price quotes from many different companies. Find a Durham insurance agent

Step 3: Compare the new rate quotes to your existing policy to see if a cheaper price is available in Durham. If you find a lower rate quote and decide to switch, make sure coverage does not lapse between policies.

Step 4: Notify your company or agent of your decision to cancel your current car insurance policy and submit any necessary down payment along with the completed application to your new carrier. Make sure you store the proof of insurance paperwork above your visor, in the console, or in the glove compartment.

A good piece of advice is to make sure you’re comparing identical coverage information on each quote and and to get price quotes from every insurance company. This enables an accurate price comparison and the most accurate and complete price analysis.

Insurance quote for Mini Cooper in DurhamAnyone knows that auto insurance companies don’t want you to compare rates. Drivers who shop around for cheaper prices are inclined to switch to a new company because of the good chance of finding a lower rate. A recent study showed that people who compared prices once a year saved on average $860 a year compared to other drivers who never shopped around for cheaper prices.

If finding the cheapest price on auto insurance is your intention, then learning a little about how to shop and compare insurance rates can help you succeed in saving money.

The most recommended method to compare insurance rates in your area takes advantage of the fact all the major auto insurance companies have advanced systems to give you rate quotes. All you need to do is provide a small amount of information including if a SR-22 is required, how old drivers are, if the vehicle is leased, and if it has an alarm system. Those rating factors is instantly submitted to multiple companies and they provide comparison quotes within a short period of time.

To compare multiple company cheaper Mini Cooper insurance rates now, click here and find out if you can get cheaper insurance in Durham.

The following companies are our best choices to provide quotes in North Carolina. In order to find cheap auto insurance in Durham, it’s highly recommended you click on several of them in order to find the most affordable rates.

Coverage statistics and figures

The rate information displayed next covers estimates of insurance premium costs for Mini Cooper models. Knowing how premiums are figured helps drivers make smart buying decisions.

Mini Cooper Insurance Rates in Durham, NC
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Cooper 2-Dr Hatchback $188 $372 $256 $16 $76 $908 $76
Cooper 2-Dr Convertible $188 $372 $198 $12 $60 $830 $69
Cooper S 2-Dr Hatchback $188 $440 $256 $16 $76 $976 $81
Cooper S 2-Dr Convertible $212 $440 $198 $12 $60 $922 $77
Cooper John Cooper Works 2-Dr Hatchback $212 $440 $256 $16 $76 $1,000 $83
Cooper John Cooper Works 2-Dr Convertible $238 $506 $198 $12 $60 $1,014 $85
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Data variables include single male driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and North Carolina minimum liability limits. Discounts applied include safe-driver, multi-policy, multi-vehicle, homeowner, and claim-free. Premium costs do not factor in specific location information which can modify rates greatly.

Policy deductible comparison

The hardest decision when buying coverage is what deductibles to buy. The rates below may aid in understanding the price difference between high and low physical damage deductibles. The first table uses a $100 comprehensive and collision deductible and the second pricing table uses a $1,000 deductible.

Mini Cooper insurance rates with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Cooper 2-Dr Hatchback $214 $386 $212 $12 $64 $913 $76
Cooper 2-Dr Convertible $214 $386 $164 $10 $50 $849 $71
Cooper S 2-Dr Hatchback $214 $456 $212 $12 $64 $983 $82
Cooper S 2-Dr Convertible $242 $456 $164 $10 $50 $947 $79
Cooper John Cooper Works 2-Dr Hatchback $242 $456 $212 $12 $64 $1,011 $84
Cooper John Cooper Works 2-Dr Convertible $270 $524 $164 $10 $50 $1,043 $87
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Mini Cooper insurance rates with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Cooper 2-Dr Hatchback $118 $204 $212 $12 $64 $610 $51
Cooper 2-Dr Convertible $118 $204 $164 $10 $50 $546 $46
Cooper S 2-Dr Hatchback $118 $240 $212 $12 $64 $646 $54
Cooper S 2-Dr Convertible $134 $240 $164 $10 $50 $598 $50
Cooper John Cooper Works 2-Dr Hatchback $134 $240 $212 $12 $64 $662 $55
Cooper John Cooper Works 2-Dr Convertible $150 $276 $164 $10 $50 $650 $54
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Price data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and North Carolina minimum liability limits. Discounts applied include homeowner, multi-vehicle, multi-policy, claim-free, and safe-driver. Table data does not factor in zip code location which can raise or lower insurance rates significantly.

Using the data above, we can ascertain that using a $100 deductible costs about $28 more each month or $336 a year across all Mini Cooper models than selecting the higher $1,000 deductible. Since you would have to pay $900 more to file a claim with a $1,000 deductible as compared to a $100 deductible, if you normally go at least 32 months between claim filings, you would come out ahead by selecting a higher deductible. Here is a better example of how you can do this calculation yourself.

Average monthly premium for $100 deductibles: $80
Average monthly premium for $1,000 deductibles (subtract): – $52
Monthly savings from raising deductible: $28
Difference between deductibles ($1,000 – $100): $900
Divide difference by monthly savings: $900 / $28
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 32 months

One thing to note is that increasing deductibles to lower your rates means you will have to pay more of your own money when you do file a claim. You need a higher level of savings in order to pay the deductible.

The example below highlights how deductible selection and can change Mini Cooper insurance premiums for different insured age categories. The rate quotes are based on a single male driver, full physical damage coverage, and no discounts are applied.

Full coverage rates compared to liability-only

The example below shows the difference between Mini Cooper insurance prices with and without physical damage coverage. The costs are based on a clean driving record, no at-fault accidents, $250 deductibles, drivers are single, and no discounts are taken into consideration.

Guidelines for eliminating full coverage

There isn’t a steadfast formula to exclude full coverage, but there is a general guideline you can use. If the annual cost of coverage is more than about 10% of replacement cost minus your deductible, then it’s probably a good time to buy liability coverage only.

For example, let’s pretend your Mini Cooper replacement value is $4,000 and you have $1,000 deductibles. If your vehicle is totaled in an accident, the most you would receive is $3,000 after you pay the deductible. If premium cost is more than $300 a year for your policy with full coverage, then it may be the right time to buy liability only.

There are some circumstances where dropping physical damage coverage is not a good plan. If you haven’t paid off your loan, you have to keep full coverage as part of the loan requirements. Also, if your finances do not allow you to purchase a different vehicle in case of an accident, you should not consider dropping full coverage.

Get Lower-cost Insurance Rates by Understanding These Factors

Lots of factors are part of the equation when you get a price on insurance. Some of the criteria are obvious such as traffic violations, but others are not as apparent like where you live or your vehicle rating. When buying car insurance it’s important to understand some of the factors that go into determining your car insurance rates. When consumers understand what influences your rates, this allows you to make good choices that can earn you big savings.

Shown below are some of the factors used by your company to calculate prices.

Always keep your car insurance in force – Driving any period of time without insurance is a big no-no and as a result your rates will increase for letting your coverage have a gap. Not only will you pay higher rates, not being able to provide proof of insurance could earn you fines and jail time. You may need to provide proof of insurance in the form of an SR-22 filing with the North Carolina department of motor vehicles.

Younger vs. experienced drivers – More mature drivers are viewed as being more responsible, file fewer claims, and tend to be get fewer driving tickets. Teenage drivers are known to be easily distracted in a vehicle so they pay higher car insurance rates.

The next chart uses these assumptions: single driver, full coverage with $500 deductibles, and no discounts or violations.

Your liability limits – Your car insurance policy’s liability coverage will provide protection if a jury decides you are liable for physical damage or personal injury to other. It will provide legal defense to attempt to prove you were not liable. This coverage is relatively inexpensive as compared to coverage for physical damage, so buy as much as you can afford.

Poor driving habits leads to higher costs – Having a single speeding ticket could increase your next policy renewal by twenty percent. Drivers who don’t get tickets get better rates compared to bad drivers. Drivers who have dangerous violations like DUI, reckless driving or excessive speeding are required to file a proof of financial responsibility form (SR-22) with their state motor vehicle department in order to legally drive.

The chart below demonstrates how citations and at-fault collisions influence Mini Cooper insurance costs for each different age group. The costs are based on a single female driver, comp and collision included, $100 deductibles, and no discounts are taken into consideration.

Insurance prices and driver gender – Statistics show that women are safer drivers than men. However, don’t assume that women are better drivers. Women and men are in fender benders at a similar rate, but guys tend to have more serious accidents. They also get more serious tickets like DWI (DUI) or reckless driving.

The illustration below illustrates the difference between Mini Cooper yearly insurance costs for male and female drivers. The premiums are based on no claims or violations, comp and collision included, $1,000 deductibles, single status, and no policy discounts are applied.

Mini Cooper claim data – Car insurance companies include the past claim history for a vehicle to help calculate a profitable premium price. Vehicles that tend to have higher number or severity of losses will cost more for coverage. The data below shows the compiled insurance loss statistics for Mini Cooper vehicles.

For each policy coverage type, the claim amount for all vehicles combined as an average is a value of 100. Numbers under 100 mean the vehicle has better than average losses, while percentage values above 100 show a trend for more claims or an increased probability of a larger loss.

Mini Cooper Insurance Claim Statistics
Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
Mini Cooper 92 72 114 74 74 85
Mini Cooper Convertible 80 72 100 57
Mini Cooper Coupe 72 60
Mini Cooper Roadster Convertible 57 50 78

Empty fields indicate not enough data collected
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years

Insurance is not optional

Despite the high insurance cost for a Mini Cooper in Durham, insurance serves a purpose in several ways.

The benefits of buying enough insurance are without a doubt worth the cost, particularly if you ever have a claim. But the average American driver is wasting up to $700 annually so compare rates once a year at a minimum to ensure rates are inline.