Cheap Albuquerque Mazda MX-5 Miata Insurance

Want cheaper Mazda MX-5 Miata insurance in Albuquerque? Locating low-cost insurance for a Mazda MX-5 Miata in New Mexico can be an all-consuming task, but you can learn our car insurance buying tips to make it easier.

There are more efficient ways to find car insurance online so you’re going to learn the best way to compare rates for your Mazda and obtain the lowest possible price from both online companies and Albuquerque agents.

Insurance quote for Mazda MX-5 Miata in AlbuquerqueSad but true, the vast majority of drivers kept their policy with the same company for at least four years, and approximately 40% of consumers have never quoted rates to find affordable coverage. Albuquerque drivers could save an average of nearly $500 each year, but most undervalue the big savings they would realize if they moved their coverage to a different company.

It’s a good idea to compare prices as often as possible because car insurance prices fluctuate regularly. If you had the best price on Mazda MX-5 Miata insurance in Albuquerque at your last renewal there may be better deals available now. Forget anything you know (or think you know) about car insurance because we’re going to demonstrate one of the quickest ways to find better coverage on Mazda MX-5 Miata insurance in Albuquerque at a better price.

Locating cheaper car insurance in Albuquerque is simple if you know the tricks. If you’re already insured or just want cheaper coverage, use these cost-cutting techniques to lower your rates and still get good coverage. Smart buyers just have to understand the fastest way to find the lowest price over the internet.

The best way we recommend to compare insurance rates in your area is to know the fact all the major auto insurance companies provide online access to give rate comparisons. All you need to do is provide details including if a SR-22 is needed, if it has an alarm system, how many miles driven, and which vehicles you own. The rating information is then sent to multiple different insurance companies and you get price estimates quickly.

To compare lower-cost Mazda MX-5 Miata insurance rates now, click here and complete the form.

The providers in the list below offer quotes in Albuquerque, NM. In order to find the cheapest car insurance in NM, we suggest you click on several of them to find the cheapest auto insurance rates.

Mazda MX-5 Miata detailed coverage information

The data table below showcases estimates of policy rates for Mazda MX-5 Miata models. Having a better idea how policy rates are calculated can be valuable when making decisions on which insurance to purchase.

Mazda MX-5 Miata Insurance Rates in Albuquerque, NM
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
MX-5 Miata Sport 2-Dr Convertible $208 $424 $310 $18 $92 $1,052 $88
MX-5 Miata Touring 2-Dr Convertible $238 $516 $310 $18 $92 $1,174 $98
MX-5 Miata Grand Touring 2-Dr Convertible $238 $516 $310 $18 $92 $1,174 $98
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Premium data assumes single male driver age 50, no speeding tickets, no at-fault accidents, $100 deductibles, and New Mexico minimum liability limits. Discounts applied include multi-vehicle, safe-driver, homeowner, multi-policy, and claim-free. Table data does not factor in the specific area where the vehicle is garaged which can decrease or increase insurance rates significantly.

Higher deductibles save money

One frequently asked question is what deductibles to buy. The rates below help summarize the differences in premium rates when you choose different physical damage coverage deductibles. The first rate table uses a $250 deductible for physical damage and the second set of rates uses a $500 deductible.

Mazda MX-5 Miata insurance policy rates with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
MX-5 Miata Sport 2-Dr Convertible $216 $344 $274 $16 $82 $957 $80
MX-5 Miata Touring 2-Dr Convertible $248 $420 $274 $16 $82 $1,065 $89
MX-5 Miata Grand Touring 2-Dr Convertible $248 $420 $274 $16 $82 $1,065 $89
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Mazda MX-5 Miata insurance policy rates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
MX-5 Miata Sport 2-Dr Convertible $176 $278 $274 $16 $82 $826 $69
MX-5 Miata Touring 2-Dr Convertible $202 $338 $274 $16 $82 $912 $76
MX-5 Miata Grand Touring 2-Dr Convertible $202 $338 $274 $16 $82 $912 $76
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Data variables include married male driver age 30, no speeding tickets, no at-fault accidents, and New Mexico minimum liability limits. Discounts applied include safe-driver, multi-policy, homeowner, multi-vehicle, and claim-free. Rates do not factor in vehicle location which can increase or decrease coverage rates considerably.

We can estimate from the data above that using a $250 deductible could cost the average driver approximately $12 more each month or $144 each year than selecting the higher $500 deductible. Because you would pay $250 more if you turn in a claim with a $500 deductible as compared to a $250 deductible, if you tend to have more than 21 months between claim filings, you would most likely save money if you choose the higher deductible.

How much more does full coverage cost in Albuquerque?

The information below compares Mazda MX-5 Miata auto insurance rates with liability coverage only compared to full coverage. The information is based on no claims or driving citations, $500 deductibles, drivers are not married, and no discounts are applied.

When to drop comprehensive and collision coverage

There is no set guideline to drop comprehensive and collision coverage on your policy, but there is a general guideline. If the annual cost of coverage is 10% or more of replacement cost minus your deductible, then it could be time to drop full coverage.

For example, let’s assume your Mazda MX-5 Miata settlement value is $8,000 and you have $1,000 full coverage deductibles. If your vehicle is damaged in an accident, the most you would get paid by your company is $7,000 after the deductible is paid. If you are paying more than $700 a year for comprehensive and collision coverage, then you might consider buying liability only.

There are some scenarios where eliminating full coverage is not in your best interest. If you haven’t satisfied your loan, you are required to maintain full coverage in order to satisfy the requirements of the loan. Also, if your savings is not enough to buy a different vehicle in the even your car is totaled, you should maintain full coverage.

Three reasons auto insurance is important

Despite the high cost, auto insurance serves a purpose in several ways.

First, almost all states have mandatory insurance requirements which means the state requires specific limits of liability coverage if you want to drive legally. In New Mexico 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 your vehicle has a lienholder, it’s most likely the lender will make it a condition of the loan that you have physical damage coverage to guarantee payment of the loan. If you default on your policy, the lender will be forced to insure your Mazda at a much higher rate and require you to fork over much more than you were paying before.

Third, auto insurance preserves not only your vehicle but also your financial assets. It will also reimburse you for medical transport and hospital expenses incurred in an accident. Liability coverage also covers legal expenses if someone files suit against you as the result of an accident. If your car is damaged in a storm or accident, your policy will pay all costs to repair after the deductible has been paid.

The benefits of carrying adequate insurance are definitely more than the cost, especially when you need to use it. An average driver in America overpays more than $850 per year so shop around at every policy renewal to ensure rates are competitive.

Six Tips to Get Cheaper Albuquerque Insurance Prices

It’s important that you understand the factors that help calculate your auto insurance rates. When you know what positively or negatively controls the rates you pay, this allows you to make good choices that could result in lower rates. Many factors are part of the equation when quoting car insurance. Some are pretty understandable such as your driving history, but some are not as apparent like your vehicle usage or how financially stable you are.

The following are just a few of the factors companies use to determine prices.

Pay more if you have a long commute – Choosing to live in less populated areas is a good thing when insuring your vehicles. Fewer drivers means a lower chance of having an accident and a lower car theft rate. Drivers who live in large New Mexico cities have more auto accidents and longer commutes to work. Longer commute distances means more chance of being in an accident.

Driving citations inflate rates – A bad driving record impacts your car insurance rates tremendously. Drivers who don’t get tickets tend to pay less for car insurance as compared to those with violations. Even a single chargeable violation could increase your next policy renewal substantially. Drivers who have gotten dangerous citations such as DUI, reckless driving or excessive speeding might be required by their state to submit a SR-22 or proof of financial responsibility with their state’s licensing department in order to legally drive a vehicle.

The information below highlights how speeding tickets and at-fault accidents can drive up Mazda MX-5 Miata insurance rates for each different age category. The information is based on a single female driver, comprehensive and collision coverage, $100 deductibles, and no discounts are applied to the premium.

Performance affects insurance costs – The type of car, truck or SUV you are buying insurance for makes a big difference in the rate you pay. Smaller low performance passenger cars usually have the lowest premiums, but that’s not the only thing that factors into the final price.

The data below uses these variables: single male driver age 40, full coverage with $250 deductibles, and no discounts or violations. It compares Mazda MX-5 Miata rates compared to other vehicles that have different performances.

Policy add-ons could be costing you – Insurance policies have a lot of extra coverages that you can buy on your auto insurance policy. Coverages like replacement cost coverage, death and dismemberment, and motor club memberships may not be needed and are just wasting money. You may think they are a good idea when deciding what coverages you need, but if you have no use for them get rid of them and save.

Is auto insurance cheaper for women or men? – Statistics show that women are safer drivers than men. That doesn’t necessarily mean that women are BETTER drivers than men. Women and men are responsible for auto accidents at a similar rate, but men cause more damage. Men also statistically receive more costly citations like DUI and reckless driving.

The information below compares Mazda MX-5 Miata premium costs for male and female drivers. The information is based on no claims or driving violations, full coverage, $1,000 deductibles, marital status is single, and no discounts are applied to the premium.

How many miles do you drive? – The higher the miles on your Mazda in a year’s time the more you’ll pay to insure your vehicle. Most insurance companies rate vehicles based on how the vehicle is used. Cars and trucks that do not get driven very much cost less to insure than those that get driven frequently. Having the wrong rating on your MX-5 Miata is throwing money out the window. It’s a smart idea to ensure your policy is rated on the right rating data.

Insurance loss statistics a Mazda MX-5 Miata – Insurance companies use claims history in order to profitably underwrite each model. Models that the statistics show to have a trend towards higher claim severity or frequency will have higher premium rates.

The table below outlines the insurance loss data used by companies for Mazda MX-5 Miata vehicles. For each coverage category, the claim probability for all vehicles compiled together is set at 100. Values that are 100 or less suggest losses that are better than average, while numbers above 100 indicate higher probability of having a loss or tendency to have larger claims.

Mazda MX-5 Miata Insurance Claim Statistics
Specific Mazda 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
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years

In Summary

Budget-conscious Mazda MX-5 Miata insurance is attainable online as well as from independent agents in Albuquerque, and you need to comparison shop both to have the best rate selection. Some insurance companies do not offer price quotes online and these small insurance companies provide coverage only through local independent agents.

When buying insurance coverage, don’t be tempted to skimp on coverage in order to save money. There have been many situations where someone dropped comprehensive coverage or liability limits only to discover later that saving that couple of dollars actually costed them tens of thousands. Your goal is to get the best coverage possible for the lowest price.

Throughout this article, we presented many tips how you can lower your Mazda MX-5 Miata insurance premium rates in Albuquerque. It’s most important to understand that the more rate comparisons you have, the higher your chance of finding affordable Mazda MX-5 Miata insurance quotes. Drivers may even discover the lowest priced car insurance comes from a small local company.

How to find the cheapest rates for Mazda MX-5 Miata insurance in Albuquerque

If you want to save money, the best way to get budget Mazda MX-5 Miata insurance in Albuquerque is to annually compare prices from different companies who can sell car insurance in New Mexico. Prices can be compared by completing these steps.

  1. Spend a few minutes and learn about the coverage provided by your policy and the factors you can control to prevent high rates. Many things that cause high rates such as high-risk driving behaviors and a less-than-favorable credit history can be rectified by improving your driving habits or financial responsibility.
  2. Obtain price quotes from exclusive agents, independent agents, and direct providers. Exclusive and direct companies can only provide price estimates from one company like GEICO or Farmers Insurance, while independent agencies can give you price quotes from multiple insurance companies.
  3. Compare the new rates to your existing policy to see if a cheaper price is available in Albuquerque. If you can save some money and change companies, make sure there is no lapse between the expiration of your current policy and the new one.

One thing to point out is to make sure you’re comparing identical limits and deductibles on every quote and and to get rate quotes from as many companies as you can. This enables a level playing field and maximum price selection.

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