To save the most money, the best way to save on Mazda 5 insurance in Lexington is to make a habit of regularly comparing prices from providers who provide auto insurance in Kentucky.
- Try to learn a little about individual coverages and the things you can control to keep rates down. Many factors that cause rate increases like accidents, careless driving, and an imperfect credit history can be controlled by making minor changes to your lifestyle.
- Compare rates from direct, independent, and exclusive agents. Exclusive and direct companies can only provide price estimates from a single company like Progressive or Allstate, while independent agents can provide price quotes for a wide range of insurance providers.
- Compare the new rates to the price on your current policy to see if switching to a new carrier will save money. If you find a lower rate quote, make sure there is no lapse in coverage.
- Provide written notification to your current company of your decision to cancel your existing policy. Submit payment and a completed application to your new insurance company. Make sure you safely store the certificate verifying proof of insurance in an easily accessible location.
An important bit of advice to remember is to use similar deductibles and liability limits on every price quote and and to get rate quotes from all possible companies. This provides the most accurate price comparison and a better comparison of the market.
We don’t have to point out that fact that auto insurance companies want to keep you from comparing prices. Insureds who shop around for the cheapest price are very likely to switch to a new company because they stand a good chance of finding lower prices. A recent car insurance study discovered that people who made a habit of comparing rates saved over $865 annually compared to policyholders who never shopped for cheaper rates.
If finding budget-friendly Mazda 5 insurance in Lexington is the reason you’re here, then having an understanding of how to get price quotes and compare insurance premiums can save time and make the process easier.
The best way to compare insurance rates in your area is to know the fact auto insurance companies actually pay money for the chance to compare their rates. To start a quote, the only thing you need to do is provide a small amount of information such as deductibles desired, which vehicles you own, if you lease or own, and how you use your vehicles. Your rating data is sent automatically to many different companies and they return cost estimate instantly to find the best rate.
To compare rates for your Mazda 5 now, click here then complete the form.
The following companies have been selected to offer free quotes in Lexington, KY. If you want cheap car insurance in Lexington, we suggest you visit several of them to get a more complete price comparison.
Statistics and details
The coverage information shown next covers a range of rate quotes for Mazda 5 models. Having a good grasp of how rate quotes are determined can assist in making smart choices when selecting a policy.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| 5 Sport Station Wagon | $200 | $322 | $286 | $16 | $86 | $910 | $76 |
| 5 Touring Station Wagon | $230 | $392 | $286 | $16 | $86 | $1,010 | $84 |
| 5 Grand Touring Station Wagon | $230 | $392 | $286 | $16 | $86 | $1,010 | $84 |
| Get Your Own Custom Quote Go | |||||||
Data based on married male driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and Kentucky minimum liability limits. Discounts applied include homeowner, claim-free, multi-vehicle, safe-driver, and multi-policy. Rate quotes do not factor in specific location information which can revise premiums considerably.
Rate comparison for different deductibles
One of the hardest decisions when shopping for insurance is which deductibles should you choose. The data tables below may help to illustrate the cost difference when you select higher and lower insurance deductibles. The first price estimate table uses a $250 deductible and the second price table uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| 5 Sport Station Wagon | $220 | $350 | $278 | $16 | $84 | $973 | $81 |
| 5 Touring Station Wagon | $252 | $426 | $278 | $16 | $84 | $1,081 | $90 |
| 5 Grand Touring Station Wagon | $252 | $426 | $278 | $16 | $84 | $1,081 | $90 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| 5 Sport Station Wagon | $178 | $282 | $278 | $16 | $84 | $838 | $70 |
| 5 Touring Station Wagon | $206 | $342 | $278 | $16 | $84 | $926 | $77 |
| 5 Grand Touring Station Wagon | $206 | $342 | $278 | $16 | $84 | $926 | $77 |
| Get Your Own Custom Quote Go | |||||||
Cost estimates assume married male driver age 30, no speeding tickets, no at-fault accidents, and Kentucky minimum liability limits. Discounts applied include safe-driver, multi-vehicle, multi-policy, claim-free, and homeowner. Estimates do not factor in specific Lexington garaging location which can increase or decrease coverage prices considerably.
Based on the data above, we can derive that using a $250 deductible costs an average of $12 more each month or $144 for a full year across all Mazda 5 models than requesting the higher $500 deductible. Due to the fact that you would have to pay $250 more out of your own pocket with a $500 deductible as compared to a $250 deductible, if you tend to go at a minimum 21 months between claims, you would probably save some money if you choose the higher deductible. Below is the way this calculation is made.
| Average monthly premium for $250 deductibles: | $87 |
| Average monthly premium for $500 deductibles (subtract): | – $75 |
| Monthly savings from raising deductible: | $12 |
| Difference between deductibles ($500 – $250): | $250 |
| Divide difference by monthly savings: | $250 / $12 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 21 months |
One thing to be aware of is that a higher deductible level means you will have to pay more of your own money at claim time. That will require some available funds in the event you have to pay the deductible to have repairs made.
The example below illustrates how your deductible choice and can impact Mazda 5 yearly insurance costs for different age groups of insureds. The premiums are based on a married female driver, full physical damage coverage, and no other discounts are factored in.
Annual premiums for males versus females
The example below compares Mazda 5 auto insurance costs for male and female drivers. The data is based on no claims, a clean driving record, comp and collision included, $100 deductibles, drivers are not married, and no discounts are factored in.
Difference between full coverage and liability only rates
The illustration below shows the comparison of Mazda 5 insurance prices with liability coverage only compared to full coverage. The rate quotes are based on no claims or driving violations, $250 deductibles, marital status is single, and no discounts are taken into consideration.
When to drop comprehensive and collision coverage
There is no exact formula that works best for making the decision to drop comprehensive and collision coverage on your policy, but there is a general school of thought. If the annual cost of your full coverage insurance is 10% or more of any settlement you would receive from your insurance company, then it’s probably a good time to buy liability coverage only.
For example, let’s assume your Mazda 5 settlement value is $7,000 and you have $1,000 full coverage deductibles. If your vehicle is damaged in an accident, the most you would receive is $6,000 after the policy deductible has been paid. If it’s costing you more than $600 annually for comprehensive and collision coverage, then you may need to consider dropping full coverage.
There are some scenarios where eliminating full coverage is not advised. If you still owe a portion of the original loan, you must maintain physical damage coverage in order to satisfy the requirements of the loan. Also, if you cannot afford to purchase a different vehicle in the even your car is totaled, you should maintain full coverage.
Auto insurance is not optional
Despite the high insurance cost for a Mazda 5 in Lexington, buying auto insurance may be required for several reasons.
- Most states have mandatory liability insurance requirements which means it is punishable by state law to not carry a minimum amount of liability in order to drive the car legally. In Kentucky these limits are 25/50/10 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
- If you have a loan on your Mazda 5, almost every bank will force you to have comprehensive coverage to ensure they get paid if you total the vehicle. If you do not pay your insurance premiums, the lender may insure your Mazda for a lot more money and require you to reimburse them the higher premium.
- Insurance protects your car and your assets. Insurance will pay for many types of medical costs for yourself as well as anyone injured by you. Liability coverage will also pay for a defense attorney if you are sued as the result of an accident. If you have damage to your Mazda as the result of the weather or an accident, comprehensive and collision coverage will pay to have it repaired.
The benefits of carrying adequate insurance more than offset the price you pay, particularly when you have a large claim. According to a recent study, the average American driver is currently overpaying as much as $869 every year so smart consumers compare quotes at every renewal to help ensure money is not being wasted.
Buy Mazda 5 Insurance More Affordably
Many factors are used in the calculation when quoting car insurance. Some are obvious like a motor vehicle report, but other criteria are more transparent such as your credit history or how safe your car is.
Optional features that cut prices – Driving a car with an alarm system can get you a discount on your insurance. Anti-theft features like OnStar found on GM vehicles, advanced tracking like LoJack, and vehicle immobilization systems all help stop car theft and help bring rates down.
Cheaper rates after marriage – Walking down the aisle can actually save you money on your policy. Having a significant other is viewed as being more mature and it’s proven that married drivers tend to have fewer serious accidents.
Influences performance influences auto insurance premiums – The make and model of the car, truck or SUV you are insuring makes a huge difference in the rate you pay. The best insurance prices are usually found on economy passenger models, but the cost you end up paying is determined by many additional factors.
The next chart assumes a married male driver age 50, full coverage with $250 deductibles, and no discounts or violations. It illustrates Mazda 5 car insurance rates compared to other vehicles that have a range of performance rating factors.
High coverage deductibles reduce premiums – Deductibles for physical damage define how much you are required to spend before a claim is paid by your company. Physical damage insurance, termed comprehensive and collision coverage on your policy, protects your car from damage. Some examples of claims that would be covered are collision with another vehicle, hail damage, and damage from wind. The more expense the insured is willing to pay, the less money you will pay for insurance.
Cars with good safety ratings save money – Vehicles that have high safety ratings tend to be cheaper to insure. Safe vehicles result in less severe injuries and better occupant protection translates into fewer and smaller insurance claims and more competitive rates for policyholders.
Only buy coverage you need – Policies have extra add-on coverages that you can get tricked into buying on your 5 policy. Coverages like vanishing deductibles, death and dismemberment, and additional equipment coverage are examples of these. You may think they are a good idea when you first buy your policy, but your money might be better spent on other coverage so remove them from your policy.
How much liability protection – The liability section of your policy will afford coverage in the event that a jury decides you are liable for damages from an accident. It will provide for a legal defense which can be incredibly expensive. Carrying liability coverage is mandatory and cheap compared to physical damage coverage, so drivers should make sure they buy enough to cover all assets.
Mazda 5 insurance loss data – Insurers use past loss statistics for each vehicle to calculate a rate that will offset losses. Models that are shown to have higher number or severity of losses will have a higher cost to insure.
The table shown below demonstrates the compiled insurance loss statistics for Mazda 5 vehicles. For each insurance policy coverage type, the claim probability for all vehicles, as a total average, is represented as 100. Values that are below 100 are indicative of better than average losses, while percentage numbers above 100 indicate higher probability of having a loss or an increased probability of a larger loss.
| Vehicle Make and Model | Collision | Property Damage | Comp | Personal Injury | Medical Payment | Bodily Injury |
|---|---|---|---|---|---|---|
| Mazda 5 | 86 | 86 | 73 | 103 | 95 | 91 |
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Take policy discounts and save on Mazda 5 insurance in Lexington
Car insurance companies do not list every available discount in a way that’s easy to find, so here is a list both well-publicized as well as some of the hidden credits available to bring down your rates.
- College Student Discount – Youth drivers who are enrolled in higher education away from home and do not have a car can be insured at a reduced rate.
- Multi-car Discount – Drivers who insure all your vehicles on one policy may reduce the rate for each vehicle.
- No Accidents – Drivers with accident-free driving histories get the best insurance rates as opposed to frequent claim filers.
- Mature Driver Discount – Drivers that qualify as senior citizens may qualify for reduced rates.
- Multi-policy Discount – When you have multiple policies with the same insurance company you could get a discount of up to 20% and get you inexpensive Mazda 5 insurance in Lexington.
- Service Members Pay Less – Having a family member in the military may lower your premium rates slightly.
Don’t be shocked that some of the credits will not apply to all coverage premiums. Most cut specific coverage prices like collision or personal injury protection. Just because it seems like you would end up receiving a 100% discount, insurance companies wouldn’t stay in business.
The chart below shows the difference between Mazda 5 yearly insurance costs with and without discounts applied to the rates. The costs are based on a male driver, no claims or driving violations, Kentucky state minimum liability limits, comp and collision included, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with marriage, homeowner, safe-driver, claim-free, multi-policy, and multi-car discounts applied.
Companies and a partial list of their discounts can be found below.
- Farm Bureau policyholders can earn discounts including renewal discount, driver training, safe driver, good student, multi-policy, youthful driver, and multi-vehicle.
- State Farm offers premium reductions for driver’s education, multiple policy, student away at school, good driver, safe vehicle, and passive restraint.
- Progressive may include discounts for continuous coverage, online quote discount, homeowner, multi-policy, online signing, and good student.
- Allstate offers discounts for farm vehicle, FullPay discount, new car, economy car, utility vehicle, and passive restraint.
- Nationwide has discounts for easy pay, business or organization, family plan, Farm Bureau membership, defensive driving, anti-theft, and accident-free.
- MetLife may offer discounts for defensive driver, claim-free, multi-policy, accident-free, and good student.
If you need lower rates, check with each company or agent which discounts you may be entitled to. Some discounts may not apply in Lexington. To view companies that offer many of these discounts in Lexington, click here.
There’s no such thing as the perfect auto insurance policy
Always remember that when buying the right insurance coverage for your personal vehicles, there is no one size fits all plan. Your financial needs are unique so your insurance needs to address that.
Here are some questions about coverages that can aid in determining if your insurance needs may require specific advice.
- Do I have coverage if I rent a car in Mexico?
- Can I cancel at any time?
- Are my tools covered if they get stolen from my vehicle?
- How long can I keep a teen driver on my policy?
- Can I pay claims out-of-pocket if I buy high deductibles?
- How many claims can I have before being canceled?
- Can I make deliveries for my home business?
- Does my Mazda 5 need full coverage?
- Does having multiple vehicles earn me a discount?
If you don’t know the answers to these questions but one or more may apply to you, you might consider talking to a licensed agent. If you want to speak to an agent in your area, take a second and complete this form or you can also visit this page to select a carrier It only takes a few minutes and you can get the answers you need.
Shop online but buy locally
Certain consumers still prefer to go talk to an agent and that is not a bad decision Good agents can help you choose the best coverages and help you file claims. A good thing about comparing insurance online is you can get the best rates and still buy from a local agent. Buying from neighborhood agents is important especially in Lexington.
To find an agent, once you fill out this form (opens in new window), your coverage information is submitted to companies in Lexington who will give you bids for your business. You won’t need to search for any insurance agencies because prices are sent to you directly. In the event you want to compare prices from a specific company, feel free to navigate to their website and fill out the quote form the provide.
Independent or Exclusive: It’s your choice
When looking for a good Lexington insurance agent, it helps to know the two different agency structures and how they differ in how they can insure your vehicles. Agencies in Lexington are considered either exclusive agents or independent agents. Either type can provide insurance policies, but it’s good to learn the differences because it can influence the selection process.
Independent Insurance Agencies or Brokers
These type of agents are not restricted to one company and that enables them to quote your coverage through lots of different companies and get the cheapest rates. To move your coverage to a new company, they can switch companies in-house which is easy for the insured.
If you are trying to find cheaper rates, you definitely need to contact a couple of independent agencies so that you have a good selection of quotes to compare. Most can insure with lesser-known insurance companies that may provide cheaper insurance rates.
Featured below is a list of independent agents in Lexington that may be able to give competitive price quotes.
- Carroll and Stone Insurance Services
4384 Clearwater Way – Lexington, KY 40515 – (859) 269-1044 – View Map - Barnes Insurance Center
1202 Winchester Rd #100 – Lexington, KY 40505 – (859) 253-2728 – View Map - Carpenter-Warren Insurance Inc
271 W Short St # 304 – Lexington, KY 40507 – (859) 252-6691 – View Map
Exclusive Insurance Agents
Agents of this type normally can only provide a single company’s rates and some examples include Allstate and State Farm. Exclusive agents cannot provide prices from multiple companies so it’s a take it or leave it situation. They are well schooled on their products and sales techniques and that enables them to sell even at higher rates. Drivers often use the same agent mainly due to the prominent brand name rather than having the cheapest rates.
The following is a list of exclusive agents in Lexington who can help you get comparison quotes.
- Dwight McCarty – State Farm Insurance Agent
3620 Walden Dr #211 – Lexington, KY 40517 – (859) 971-0266 – View Map - State Farm: Mike Brownell
501 Darby Creek Rd – Lexington, KY 40509 – (859) 543-8454 – View Map - Allstate Insurance: Mike Ison
2121 Richmond Rd Ste 145 – Lexington, KY 40502 – (859) 268-8850 – View Map
Finding a good insurance agency requires more thought than just a cheap price quote. Here are some questions you should ask.
- Is there any savings for paying the full premium?
- How much training do they have in personal risk management?
- Can they help ensure a fair claim settlement?
- If independent agents, which companies do they recommend?
- Do the coverages you’re quoting properly cover your vehicle?
- Do the companies they represent have a solid financial rating?
- Will one accident increase rates?
One last thing about your coverage
Cheap Mazda 5 insurance in Lexington is possible on the web and from local insurance agents, so get free Lexington auto insurance quotes from both of them to have the best chance of lowering rates. Some insurance companies may not provide internet price quotes and many times these smaller companies work with independent insurance agencies.
You just read a lot of tips how to shop for Mazda 5 insurance online. It’s most important to understand that the more you quote Lexington auto insurance, the higher your chance of finding affordable Mazda 5 insurance quotes. Consumers could even find that the best price on car insurance is with an unexpected company. Regional companies can often insure niche markets at a lower cost compared to the large companies like Allstate, GEICO and Progressive.
More tips and info about car insurance is located at these sites:
- Auto Insurance for Teen Drivers (Insurance Information Institute)
- Who Has Cheap Car Insurance for Welfare Recipients in Lexington? (FAQ)
- All About Airbag Safety (State Farm)
- Drunk Driving Statistics (Insurance Information Institute)