Mazda MX-5 Miata Insurance Quotes in Memphis

Discount Mazda MX-5 Miata insuranceIt’s well known that auto insurance companies don’t want their customers to go rate shopping. Consumers who get price quotes annually will probably move their business because they have good chances of finding coverage at a more affordable price. Surprisingly, a recent survey revealed that people who compared rates regularly saved approximately $3,450 over four years compared to drivers who never shopped for cheaper rates.

If saving money on Mazda MX-5 Miata insurance is your ultimate target, learning how to shop and compare auto insurance can make it simple to find affordable coverage.

Truthfully, the best way to get discount auto insurance rates is to compare prices at least once a year from different companies who provide car insurance in Memphis. Rates can be compared by following these steps.

A good tip to remember is that you use identical limits and deductibles on each quote and and to get rates from all possible companies. This provides a fair price comparison and and a good selection of different prices.

The quickest method we recommend to compare rates for Mazda MX-5 Miata insurance in Memphis is to understand car insurance companies pay for the opportunity to quote your coverage. To begin a comparison, all you need to do is provide details including the year, make and model of vehicles, deductibles desired, how old drivers are, and whether or not you need a SR-22. That information is instantly sent to multiple different insurance companies and they return quotes with very little delay.

To get price quotes for your car now, click here and find out if you can get cheaper insurance in Memphis.

The providers in the list below are ready to provide quotes in Memphis, TN. If multiple companies are listed, it’s a good idea that you visit several of them to get a more complete price comparison.

Verify you’re getting every discount

Companies offering auto insurance do not list their entire list of discounts very clearly, so below is a list both the well known as well as some of the hidden discounts that you can inquire about if you buy Memphis car insurance online.Discount car insurance

Don’t be shocked that some credits don’t apply to all coverage premiums. The majority will only reduce the price of certain insurance coverages like comp or med pay. Despite the appearance that you could get a free car insurance policy, it just doesn’t work that way.

The information below illustrates the difference between Mazda MX-5 Miata insurance costs with and without discounts applied. The premium estimates are based on a male driver, no claims, a clean driving record, Tennessee 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 multi-car, safe-driver, marriage, homeowner, multi-policy, and claim-free discounts applied.

The best car insurance companies and a summarized list of policyholder discounts are shown below.

Double check with all companies you are considering how you can save money. All car insurance discounts may not apply to policies in Memphis. To see a list of insurers that offer discounts in Memphis, click this link.

Mazda MX-5 Miata coverage analysis

The coverage table shown next outlines different insurance coverage prices for Mazda MX-5 Miata models. Understanding how prices are determined can help drivers make informed decisions when comparing rates.

Mazda MX-5 Miata Insurance Rates in Memphis, TN
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
MX-5 Miata Sport 2-Dr Convertible $152 $282 $320 $18 $96 $868 $72
MX-5 Miata Touring 2-Dr Convertible $174 $342 $320 $18 $96 $950 $79
MX-5 Miata Grand Touring 2-Dr Convertible $174 $342 $320 $18 $96 $950 $79
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Cost estimates assume single female driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Tennessee minimum liability limits. Discounts applied include homeowner, claim-free, multi-policy, safe-driver, and multi-vehicle. Rates do not factor in Memphis location which can impact insurance rates noticeably.

Deductible analysis

A question often asked by Memphis drivers is the level to set your comp and collision deductibles. The rates shown below may help to illustrate the difference in cost between high and low physical damage coverage deductibles. The first price estimate table uses a $250 deductible and the second rate chart uses a $1,000 deductible.

Mazda MX-5 Miata insurance with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
MX-5 Miata Sport 2-Dr Convertible $194 $310 $246 $14 $74 $863 $72
MX-5 Miata Touring 2-Dr Convertible $224 $376 $246 $14 $74 $959 $80
MX-5 Miata Grand Touring 2-Dr Convertible $224 $376 $246 $14 $74 $959 $80
Get Your Own Custom Quote Go

Mazda MX-5 Miata insurance with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
MX-5 Miata Sport 2-Dr Convertible $120 $194 $246 $14 $74 $648 $54
MX-5 Miata Touring 2-Dr Convertible $138 $236 $246 $14 $74 $708 $59
MX-5 Miata Grand Touring 2-Dr Convertible $138 $236 $246 $14 $74 $708 $59
Get Your Own Custom Quote Go

Data based on married male driver age 30, no speeding tickets, no at-fault accidents, and Tennessee minimum liability limits. Discounts applied include multi-policy, homeowner, safe-driver, multi-vehicle, and claim-free. Price estimates do not factor in specific Memphis garaging location which can revise insurance rates greatly.

Based on the figures above, using a $250 deductible costs approximately $20 more each month or $240 for a full year averaged for all MX-5 Miata models than choosing the higher $1,000 deductible. Because you would pay $750 more out of your own pocket with a $1,000 deductible as compared to a $250 deductible, if you normally go at a minimum 38 months between claims, you would save money by selecting a higher deductible.

Comparison of full coverage and liability-only policies

The chart below visualizes the comparison of Mazda MX-5 Miata auto insurance costs with full physical damage coverage and with liability coverage only. The rate quotes are based on no violations or claims, $250 deductibles, drivers are not married, and no discounts are applied to the premium.

Are you wasting money paying for full coverage?

There isn’t a written rule of when to drop full coverage, but there is a guideline you can consider. If the annual cost of coverage is about 10% or more of the replacement cost of your vehicle minus the policy deductible, then it could be time to drop full coverage.

For example, let’s say your Mazda MX-5 Miata book value is $8,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled in an accident, you would only receive $7,000 after the policy deductible has been paid. If you are paying more than $700 a year for comprehensive and collision coverage, then you might want to consider buying only liability coverage.

There are a few situations where dropping physical damage coverage is not a good idea. If you still owe a portion of the original loan, you have to carry full coverage as part of the loan conditions. Also, if you can’t afford to buy a different vehicle if your current one is totaled, you should not buy liability only.

Shop online but buy locally

A small number of people just prefer to talk to an insurance agent and that is a smart decision Agents are very good at helping people manage risk and help submit paperwork. One of the benefits of comparing insurance prices online is you may find cheap insurance rates and still buy from a local agent. And supporting neighborhood insurance agencies is especially important in Memphis.

Insurance agency in MemphisTo make it easy to find an agent, after completing this simple form, the coverage information is instantly submitted to participating agents in Memphis who will give you bids for your insurance coverage. It makes it easy because there is no need to do any legwork because quoted prices will be sent to you instantly. If you need to quote rates for a specific company, you just need to visit that company’s website and complete a quote there.

If you are wanting to purchase insurance from a local Memphis insurance agency, it’s helpful to know the types of agencies and how they can write your policy. Insurance policy providers are considered either exclusive or independent (non-exclusive). Both types of agents can do a good job, but it’s good to learn the difference in how they write coverage since it could factor into the type of agent you choose.

Independent Insurance Agents (or Brokers)

These type of agents are not employed by one company so they can write business amongst many companies and help determine which has the cheapest rates. To transfer your coverage to a different company, they simply switch companies in-house and you don’t have to find a new agent. If you are trying to find cheaper rates, you will definitely want to compare prices from at least one independent agent to have the most options to choose from.

Below is a list of independent insurance agencies in Memphis that can give you comparison quotes.

606 S Mendenhall Rd #200Memphis, TN 38117(901) 529-2900View Map

5724 Mt Moriah RdMemphis, TN 38115(901) 432-5551View Map

5986 Knight Arnold RdMemphis, TN 38115(901) 362-0545View Map

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Exclusive Insurance Agents

These type of agents are contracted to one company such as Allstate, Farmers Insurance or State Farm. Exclusive agencies are unable to shop your coverage around so keep that in mind. They are very knowledgeable on their company’s products which can be an advantage.

Listed below is a list of exclusive insurance agencies in Memphis willing to provide price quote information.

5384 Knight Arnold RdMemphis, TN 38115(901) 362-6552View Map

848 Cooper StMemphis, TN 38104(901) 725-1919View Map

2657 Appling Rd #101Memphis, TN 38133(901) 372-2228View Map

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Choosing the best insurance agent needs to be determined by more than just the bottom line cost. Any good agent in Memphis should know the answers to these questions.

Upon getting good responses to all your questions and an affordable coverage quote, chances are good that you have found an insurance agency that is reliable enough to provide insurance coverage. It’s important to know that you have the power to cancel your coverage at any time so don’t feel that you’re stuck with a policy for a certain time period.

Why You Might Pay Increased Rates in Memphis

Multiple criteria are used when you quote your car insurance policy. Some are obvious such as your driving record, but other criteria are not quite as obvious such as your credit history or your commute time.

Shown below are a few of the things companies use to determine your rates.

Insurance rates in urban areas – Choosing to live in smaller towns and rural areas of the country is a positive aspect when trying to find low car insurance rates. Residents of big cities have to deal with traffic congestion and more severe claims. Fewer drivers on the road translates into fewer accidents in addition to lower liability claims.

Don’t cancel your policy without a new one in place – Having a lapse in insurance coverage is a guaranteed way to drive up your policy premiums. In addition to paying higher premiums, failure to provide proof of insurance could earn you a license revocation or jail time. You may have to prove you have insurance by filing a SR-22 with the Tennessee DMV.

Good drivers pay lower rates – Good drivers pay less for auto insurance compared to bad drivers. Just one citation may cause rates to rise forty percent or more. People who have multiple violations like DWI, reckless driving or hit and run convictions are required to file a SR-22 with their state DMV in order to continue driving.

The example below shows how violations and at-fault accidents influence Mazda MX-5 Miata car insurance costs for different categories of driver ages. The costs are based on a married female driver, comp and collision included, $250 deductibles, and no discounts are factored in.

Cheaper rates with high comp and collision deductibles – Comprehensive and collision coverage deductibles state the amount of money you are required to spend in the event of a claim. Insurance for physical damage to your car, also called comprehensive and collision insurance, covers damage that occurs to your car. A few examples of covered claims would be colliding with a stationary object, collision with a deer, and damage caused by road hazards. The larger the amount you’re willing to pay, the lower your rates will be.

Insurance loss probability for a Mazda MX-5 Miata – Auto insurance companies include the past claim trends for vehicles as a way to help calculate a profitable premium rate. Vehicles that statistically have increased losses will have higher rates.

The table shown below demonstrates the historical insurance loss data for Mazda MX-5 Miata vehicles. For each type of coverage, the loss probability for all vehicles, regardless of make or model, is set at 100. Numbers that are below 100 represent a good loss history, while values over 100 indicate more frequent claims or tendency to have higher losses.

Auto Insurance Loss Data for Mazda MX-5 Miata Models
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
Data Source: (Insurance Institute for Highway Safety) for 2013-2015 Model Years

Auto insurance does more than just repair your car

Despite the potentially high cost of Mazda MX-5 Miata insurance, insurance may be required for several reasons.

The benefits of carrying enough insurance definitely exceed the cost, especially when you need to use it. According to a survey of 1,000 drivers, the average driver is wasting up to $865 each year so compare rate quotes at every renewal to help ensure money is not being wasted.

More quotes mean more car insurance savings

As you go through the steps to switch your coverage, it’s very important that you do not skimp on coverage in order to save money. In many instances, an insured dropped uninsured motorist or liability limits only to discover later that saving that couple of dollars actually costed them tens of thousands. Your focus should be to get the best coverage possible for the lowest price while not skimping on critical coverages.

Throughout this article, we presented some good ideas how to shop for Mazda MX-5 Miata insurance online. The key concept to understand is the more rate comparisons you have, the higher your chance of finding the cheapest Mazda MX-5 Miata rate quotes. You may even be surprised to find that the best premium rates are with the smaller companies. Regional companies may often insure only within specific states and give better rates compared to the large companies like State Farm and Allstate.

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