It’s an obvious statement that car insurance companies don’t want their customers to go rate shopping. Drivers who shop around for cheaper price quotes will presumably switch to a new company because of the good chance of finding a lower-cost company. A recent insurance study discovered that drivers who routinely shopped around saved $3,500 over four years as compared to drivers who never compared prices.
If saving money on Mazda MX-5 Miata insurance is your ultimate goal, then understanding the best way to quote and compare coverage rates can make it easier for you to save money.
The preferred way to save on Mazda MX-5 Miata insurance in Orlando is to compare quotes once a year from providers who provide auto insurance in Florida.
- First, try to understand how insurance works and the measures you can take to keep rates low. Many risk factors that are responsible for high rates such as distracted driving and your credit history can be rectified by making small lifestyle or driving habit changes.
- Second, get rate quotes from independent agents, exclusive agents, and direct companies. Direct and exclusive agents can provide rates from a single company like GEICO or Farmers Insurance, while independent agencies can provide price quotes from multiple companies.
- Third, compare the quotes to the premium of your current policy and see if you can save money. If you can save some money, verify that coverage does not lapse between policies.
- Fourth, notify your agent or company of your decision to cancel the current policy. Submit the application along with any required down payment to your new insurance company. Once the paperwork is finalized, put the new certificate verifying coverage with your registration paperwork.
The key thing to remember is to try to compare identical limits and deductibles on every quote and and to analyze as many companies as feasibly possible. Doing this guarantees an apples-to-apples comparison and a complete price analysis.
Informed Decisions Result in Lower Insurance Costs
Multiple criteria are part of the equation when pricing auto insurance. A few of the factors are predictable such as your driving record, although others are less obvious such as your credit history or your vehicle rating. A large part of saving on auto insurance is knowing some of the elements that help determine your auto insurance rates. When consumers understand what influences your rates, this enables informed choices that will entitle you to much lower annual insurance costs.
The following are a few of the “ingredients” auto insurance companies consider when setting premiums.
Save money with high credit – Credit score is a big factor in determining your rates. So if your credit history can be improved, you could be paying less to insure your Mazda MX-5 Miata if you improve your credit rating. People with good credit tend to be better drivers and file fewer claims than drivers with worse credit.
Careless drivers pay higher prices – Your driving citation history has a lot to do with how much you pay for insurance. Even a single citation may increase your cost by twenty percent. Careful drivers tend to pay less for car insurance than bad drivers. Drivers with multiple violations like reckless driving, hit and run or driving under the influence may find they need to submit a SR-22 form to the state department of motor vehicles in order to keep their license.
The diagram below demonstrates how speeding tickets and at-fault claims impact Mazda MX-5 Miata auto insurance rates for each different age group. The rate quotes are based on a single male driver, full coverage, $250 deductibles, and no additional discounts are factored in.
Reserve policy claims for larger damages – Car insurance companies in Florida give most affordable rates to drivers who do not rely on their insurance for small claims. If you file a lot of claims you can expect either higher rates or even cancellation. Your car insurance is meant to be used in the event of major claims that would cause financial hardship.
Know your vehicle’s IIHS safety rating – Safe vehicles get lower rates. Vehicles built for safety have better occupant injury protection and lower injury rates means less money paid by your insurance company and cheaper rates on your policy.
Commute or pleasure use – The higher the miles on your Mazda annually the more you’ll pay to insure your vehicle. Most companies charge to insure your cars based upon how much you drive. Vehicles that have low annual miles receive lower rates than those that get driven frequently. Ask your agent if your auto insurance policy states the right rating data, because improper ratings can cost you money. An improperly rated MX-5 Miata can cost quite a bit.
Mazda MX-5 Miata insurance loss statistics – Auto insurance companies analyze past claim statistics as a tool for profitable underwriting. Vehicles that historically have a trend towards higher claim severity or frequency will have higher rates for specific coverages.
The table below shows the historical insurance loss data for Mazda MX-5 Miata vehicles. For each insurance policy coverage type, the statistical loss for all vehicles, without regard to make or model, is set at 100. Numbers that are below 100 mean the vehicle has better than average losses, while percentages above 100 point to more losses or a tendency for claims to be larger.
| 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
Mazda MX-5 Miata coverage analysis
The rate information shown next showcases estimates of policy rates for Mazda MX-5 Miata models. Being able to understand how insurance policy premiums are established can assist in making smart choices when selecting a coverage provider.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| MX-5 Miata Sport 2-Dr Convertible | $166 | $318 | $460 | $28 | $138 | $1,110 | $93 |
| MX-5 Miata Touring 2-Dr Convertible | $192 | $386 | $460 | $28 | $138 | $1,204 | $100 |
| MX-5 Miata Grand Touring 2-Dr Convertible | $192 | $386 | $460 | $28 | $138 | $1,204 | $100 |
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Price data assumes single female driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and Florida minimum liability limits. Discounts applied include homeowner, multi-policy, safe-driver, claim-free, and multi-vehicle. Information does not factor in specific location information which can affect premiums noticeably.
Policy deductible comparison
One common question asked by Orlando drivers is where should you set your physical damage deductibles. The following insurance rates may help you to understand the cost difference when you buy lower versus higher physical damage coverage deductibles. The first rate estimation uses a $100 comprehensive and collision deductible and the second set of prices uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| MX-5 Miata Sport 2-Dr Convertible | $312 | $532 | $354 | $20 | $106 | $1,349 | $112 |
| MX-5 Miata Touring 2-Dr Convertible | $358 | $648 | $354 | $20 | $106 | $1,511 | $126 |
| MX-5 Miata Grand Touring 2-Dr Convertible | $358 | $648 | $354 | $20 | $106 | $1,511 | $126 |
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| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| MX-5 Miata Sport 2-Dr Convertible | $228 | $360 | $354 | $20 | $106 | $1,068 | $89 |
| MX-5 Miata Touring 2-Dr Convertible | $262 | $438 | $354 | $20 | $106 | $1,180 | $98 |
| MX-5 Miata Grand Touring 2-Dr Convertible | $262 | $438 | $354 | $20 | $106 | $1,180 | $98 |
| Get Your Own Custom Quote Go | |||||||
Price data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Florida minimum liability limits. Discounts applied include safe-driver, multi-vehicle, multi-policy, claim-free, and homeowner. Rates do not factor in specific garaging location which can decrease or increase coverage rates significantly.
Using the data above, we can ascertain that using a $100 deductible would cost the average driver about $26 more each month or $312 annually than opting for the higher $500 deductible. Since you would pay $400 more out of your own pocket with a $500 deductible as compared to a $100 deductible, if you have at least 15 months between claims, you would probably come out ahead if you decide on a higher deductible.
Male drivers compared to female drivers
The illustration below visualizes the comparison of Mazda MX-5 Miata insurance costs for male and female drivers. The data is based on no accidents, no driving violations, comprehensive and collision coverage, $1,000 deductibles, marital status is single, and no other discounts are factored in.
These discounts can lower your insurance rates
Companies offering auto insurance don’t always advertise every available discount very well, so here is a list both well-publicized and also the more inconspicuous savings tricks you should be using when you buy Orlando auto insurance online.
- Employee of Federal Government – Federal government employees could provide a small rate reduction with a few insurance companies.
- Drivers Education – Have your child take driver’s ed class in school or through a local driver safety program.
- Senior Discount – Drivers that qualify as senior citizens may be able to get better insurance rates.
- Theft Deterrent – Vehicles that have factory alarm systems and tracking devices are stolen less frequently and therefore earn up to a 10% discount.
- Discount for Passive Restraints – Factory air bags and/or automatic seat belt systems can qualify for discounts of more than 20%.
- Multi-policy Discount – If you combine your home and auto policies with the same company you could save 10% to 20% off each policy.
You should keep in mind that most of the big mark downs will not be given to the entire cost. The majority will only reduce the price of certain insurance coverages like liability, collision or medical payments. So despite the fact that it appears you could get a free insurance policy, insurance companies aren’t that generous.
The example below shows the difference between Mazda MX-5 Miata insurance rates with and without policy discounts. The premiums are based on a female driver, a clean driving record, no claims, Florida state minimum liability limits, comprehensive and collision coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-car, marriage, claim-free, safe-driver, homeowner, and multi-policy discounts applied.
Some of the larger companies who might offer some of the discounts shown above are:
When getting a coverage quote, ask every prospective company how you can save money. Depending on the company, some discounts may not apply to policies in your state. To locate insurance companies that can offer you the previously mentioned discounts in Florida, click here.
Best auto insurance in Florida
Selecting a good quality auto insurance company can be a challenge considering how many different companies there are to choose from in Orlando. The company information shown below can help you decide which companies you want to consider comparing rates from.
| Company | Value | Customer Service | Claims | Customer Satisfaction | A.M Best Rating | Overall Score |
|---|---|---|---|---|---|---|
| Travelers | 93 | 98 | 99 | 88% | A++ | 95.1 |
| USAA | 83 | 99 | 100 | 91% | A++ | 94.1 |
| Mercury Insurance | 97 | 96 | 88 | 89% | A+ | 93.4 |
| AAA Insurance | 91 | 95 | 92 | 90% | A | 93.3 |
| Nationwide | 85 | 95 | 97 | 89% | A+ | 92.4 |
| Allstate | 77 | 100 | 97 | 88% | A+ | 90.7 |
| State Farm | 80 | 94 | 96 | 88% | A++ | 90.6 |
| The Hartford | 88 | 93 | 91 | 87% | A+ | 90.4 |
| Safeco Insurance | 91 | 95 | 85 | 88% | A | 90.2 |
| Progressive | 88 | 94 | 83 | 88% | A+ | 90.1 |
| American Family | 91 | 86 | 95 | 83% | A | 89.7 |
| Esurance | 86 | 90 | 94 | 90% | A+ | 89.5 |
| The General | 86 | 93 | 89 | 84% | A- | 88.2 |
| GEICO | 79 | 89 | 95 | 87% | A++ | 87.8 |
| Titan Insurance | 86 | 82 | 92 | 86% | A+ | 86.5 |
| 21st Century | 86 | 82 | 90 | 84% | A | 86.4 |
| Liberty Mutual | 79 | 87 | 95 | 78% | A | 85.3 |
| Farmers Insurance | 77 | 80 | 80 | 84% | A | 80.3 |
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Data Source: Insure.com Best Car Insurance Companies
Don’t give up on cheap premiums
Drivers who switch companies do it for many reasons like extreme rates for teen drivers, questionable increases in premium, not issuing a premium refund or even policy non-renewal. It doesn’t matter what your reason, finding the right auto insurance provider is not as hard as you think.
We covered many tips how you can save on Mazda MX-5 Miata insurance in Orlando. The key thing to remember is the more times you quote, the better your chances of lowering your rates. Consumers could even find that the best prices are with some of the smallest insurance companies.
While you’re price shopping online, do not buy poor coverage just to save money. In many cases, consumers will sacrifice liability coverage limits only to find out that a couple dollars of savings turned into a financial nightmare. Your objective should be to buy the best coverage you can find for the lowest cost, but do not skimp to save money.
Helpful information
- Insurance losses by make and model (Insurance Institute for Highway Safety)
- How Much are Auto Insurance Rates for a Toyota Tundra in Orlando? (FAQ)
- What Insurance is Cheapest for Drivers with Accidents in Orlando? (FAQ)
- Who Has the Cheapest Orlando Auto Insurance Quotes for a Ford F-150? (FAQ)
- Who Has Cheap Car Insurance Rates for Nurses in Orlando? (FAQ)
- Child Safety Seats (Insurance Information Institute)
- Teen Driver Licensing Information (iihs.org)
- Auto Insurance Basics (Insurance Information Institute)