The preferred way to get discount car insurance rates is to compare prices once a year from providers who provide car insurance in Lexington.
- Spend a few minutes and learn about how insurance works and the measures you can take to drop your rates. Many things that increase rates like tickets, at-fault accidents, and poor credit history can be controlled by improving your driving habits or financial responsibility. Keep reading for tips to get low prices and find discounts that may have been missed.
- Request price quotes from direct, independent, and exclusive agents. Exclusive agents and direct companies can only give rate quotes from a single company like GEICO or Farmers Insurance, while agents who are independent can provide price quotes for a wide range of companies.
- Compare the quotes to your existing coverage and determine if cheaper RX-8 coverage is available. If you find a lower rate, make sure there is no lapse in coverage.
- Give notification to your current company to cancel your current car insurance policy. Submit a down payment along with a signed application for the new policy. Once coverage is bound, keep the new certificate verifying proof of insurance in your glove compartment.
One bit of advice is that you’ll want to compare the same liability limits and deductibles on every price quote and and to analyze every company you can. Doing this ensures the most accurate price comparison and and a good selection of different prices.
Amazingly, the vast majority of drivers have purchased from the same company for over three years, and nearly half have never shopped around. With the average premium in America being $1,847, drivers can save hundreds of dollars each year by just shopping around, but they don’t invest the time required to compare other rate quotes.
Low cost Mazda RX-8 insurance prices in Lexington, Kentucky
Finding cheaper Lexington car insurance rates is a great way to save money. The only requirement is to invest a little time comparing price quotes from online providers.
Comparison shopping rate quotes online is easy and it takes the place of having to actually drive to and from local Lexington insurance agencies. The ability to get quotes online eliminates the middleman unless you prefer the peace of mind that can only be provided by a licensed insurance agent. It is possible to get the lowest quotes online but have a local agent actually write the policy.
The car insurance companies shown below provide free rate quotes in Lexington, KY. To get the cheapest car insurance in Lexington, KY, we suggest you get rates from several of them to get a more complete price comparison.
Facts and figures for Mazda RX-8 insurance
The coverage table displayed below covers estimates of policy rates for Mazda RX-8 models. Understanding more about how prices are calculated can help you make smart buying decisions.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| RX-8 Sport 4-Dr Coupe | $224 | $316 | $428 | $26 | $128 | $1,122 | $94 |
| RX-8 Grand Touring 4-Dr Coupe | $224 | $362 | $428 | $26 | $128 | $1,168 | $97 |
| RX-8 R3 4-Dr Coupe | $224 | $362 | $428 | $26 | $128 | $1,168 | $97 |
| Get Your Own Custom Quote Go | |||||||
Data based on single male driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and Kentucky minimum liability limits. Discounts applied include safe-driver, claim-free, multi-policy, homeowner, and multi-vehicle. Table data does not factor in specific Lexington garaging location which can lower or raise rates noticeably.
An analysis of deductible level
One frequently asked question is how low should you set your deductibles. The comparisons below may help to conceptualize the rate fluctuation when you choose different deductibles. The first set of rates uses a $100 deductible for comp and collision and the second rate table uses a $1,000 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| RX-8 Sport 4-Dr Coupe | $354 | $598 | $326 | $20 | $98 | $1,421 | $118 |
| RX-8 Grand Touring 4-Dr Coupe | $354 | $688 | $326 | $20 | $98 | $1,511 | $126 |
| RX-8 R3 4-Dr Coupe | $354 | $688 | $326 | $20 | $98 | $1,511 | $126 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| RX-8 Sport 4-Dr Coupe | $196 | $316 | $326 | $20 | $98 | $956 | $80 |
| RX-8 Grand Touring 4-Dr Coupe | $196 | $362 | $326 | $20 | $98 | $1,002 | $84 |
| RX-8 R3 4-Dr Coupe | $196 | $362 | $326 | $20 | $98 | $1,002 | $84 |
| Get Your Own Custom Quote Go | |||||||
Data variables include married male driver age 30, no speeding tickets, no at-fault accidents, and Kentucky minimum liability limits. Discounts applied include multi-policy, homeowner, multi-vehicle, claim-free, and safe-driver. Premium amounts do not factor in garaging location in Lexington which can change coverage prices substantially.
Based on these figures, using a $100 deductible will cost you approximately $40 more each month or $480 for a full year than opting for the higher $1,000 deductible. Since you would pay $900 more if you file a claim with a $1,000 deductible as compared to a $100 deductible, if you tend to go at a minimum 23 months between claim filings, you would most likely save money if you elect the higher deductible.
The example below shows how choosing a deductible and can influence Mazda RX-8 annual premium costs for different insured age categories. The premiums assume a married female driver, comprehensive and collision coverage, and no discounts are taken into consideration.
Mazda RX-8 insurance rates: Men versus women
The example below visualizes the comparison of Mazda RX-8 yearly insurance costs for male and female drivers. The rate quotes are based on a clean driving record, no claims, comp and collision included, $250 deductibles, drivers are single, and no other discounts are factored in.
Should you buy full coverage?
The chart below illustrates the comparison of Mazda RX-8 insurance prices when comparing full coverage to state minimum liability only. The price estimates are based on no violations or accidents, $1,000 deductibles, drivers are not married, and no additional discounts are factored in.
When to drop comp and collision
There is no specific rule of when to phase out physical damage coverage, but there is a general school of thought. If the annual cost of coverage is 10% or more of the vehicle’s replacement cost less your deductible, then you might want to think about dropping full coverage.
For example, let’s pretend your Mazda RX-8 replacement value is $8,000 and you have $1,000 deductibles. If your vehicle is severely damaged, the most your company would pay you is $7,000 after paying the physical damage deductible. If you are paying more than $700 a year for your policy with full coverage, then you might want to consider buying only liability coverage.
There are a few situations where dropping physical damage coverage is not financially feasible. If you still have a loan on your vehicle, you have to maintain full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if you don’t have enough money to buy a different vehicle in the even your car is totaled, you should not eliminate full coverage.
Why do I need car insurance?
Even though it can be expensive, auto insurance is required in Kentucky but it also protects you in many ways.
First, just about all states have minimum liability requirements which means the state requires specific limits of liability protection in order to get the vehicle licensed. 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.
Second, if you have a lien on your Mazda RX-8, almost every bank will force you to have insurance to protect their interest in the vehicle. If you cancel or allow the policy to lapse, the bank will be required to insure your Mazda for a lot more money and force you to reimburse them the higher price.
Third, insurance safeguards both your car and your personal assets. It will also provide coverage for medical bills for you, your passengers, and anyone else injured in an accident. Liability coverage, the one required by state law, also covers all legal expenses up to the policy limit if you are named as a defendant in an auto accident. If your vehicle suffers damage from an accident or hail, comprehensive (other-than-collision) and collision coverage will pay to restore your vehicle to like-new condition.
The benefits of insuring your RX-8 greatly outweigh the cost, especially for larger claims. The average driver in America is overpaying more than $850 per year so you should quote rates at every policy renewal to ensure rates are inline.
Quote Mazda RX-8 Insurance at a Discount
A large part of saving on car insurance is knowing a few of the rating criteria that play a part in calculating your car insurance rates. When you understand what influences your rates, this enables you to make decisions that will entitle you to lower car insurance prices.
- Where do you drive? – The more you drive your Mazda annually the higher your rates will be. Most companies charge to insure your cars based on how the vehicle is used. Autos that have low annual miles can be on a lower rate level than vehicles that have high annual mileage. It’s always a good idea to double check that your car insurance coverage correctly shows the correct driver usage. A policy that improperly rates your RX-8 may be costing you.
- Where you live plays a part – Choosing to live in areas with lower population can be a good thing when buying car insurance. People in densely populated areas have congested traffic and a longer drive to work. Fewer drivers on the road translates into fewer accident claims in addition to fewer liability claims.
- Never let your car insurance policy lapse – Going without insurance will be a fast way to increase your car insurance rates. Not only will you pay more, not being able to provide proof of insurance will get you a steep fine or even jail time.
- High deductibles reduce costs – The deductibles you choose represent how much money you are required to pay before a claim is paid by your company. Insurance for physical damage, commonly called comprehensive (or other-than-collision) and collision coverage, protects your car from damage. Examples of covered claims are a windshield broken by a bird, damage caused by hail, and having a roll-over accident. The higher the amount you have to pay, the less money you will pay for car insurance.
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Responsible drivers pay less – Even a single speeding ticket or other violation can boost insurance rates forty percent or more. Drivers who don’t get tickets get better prices as compared to those with violations. Drivers unfortunate enough to have multiple violations like DUI or reckless driving are required to submit a SR-22 or proof of financial responsibility to the state department of motor vehicles in order to drive a vehicle legally.
The information below shows how speeding tickets and at-fault collisions increase Mazda RX-8 annual premium costs for each age group. The premiums are based on a married male driver, full physical damage coverage, $1,000 deductibles, and no discounts are taken into consideration.
- Marriage is a factor – Your spouse may save some money when buying car insurance. Having a spouse translates into being more stable financially and insurance companies reward insureds because married drivers tend to file fewer claims.
More quotes mean more insurance savings
In this article, we presented a lot of tips how to shop for Mazda RX-8 insurance online. The key concept to understand is the more quotes you get, the better likelihood of getting affordable Lexington auto insurance quotes. You may even find the lowest premium rates are with some of the lesser-known companies. Smaller companies may only write in your state and offer lower prices as compared to the big name companies such as State Farm or Progressive.
Budget-conscious Mazda RX-8 insurance can be sourced online as well as from insurance agents, so you should compare both to get a complete price analysis. Some insurance providers do not provide online price quotes and usually these smaller companies work with independent agents.
As you quote Lexington auto insurance, it’s very important that you do not sacrifice coverage to reduce premiums. There have been many situations where an accident victim reduced physical damage coverage and discovered at claim time that their decision to reduce coverage ended up costing them more. Your focus should be to buy the best coverage you can find at a price you can afford, but don’t skip important coverages to save money.
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