It goes without saying that insurance companies want to keep you from comparing prices. Drivers who perform rate comparisons are likely to switch insurance companies because there is a good chance of finding a more affordable policy premium. A recent study showed that drivers who compared prices once a year saved $70 a month compared to policyholders who don’t make a habit of comparing rates.
If finding the best rates on car insurance in Miami is the reason for your visit, then having a good understanding how to get free comparison quotes and analyze coverages can help make the process easier and more efficient.
The preferred way to get affordable car insurance rates is to make a habit of regularly comparing prices from insurers in Miami.
First, try to learn a little about what coverages are included in your policy and the steps you can take to prevent high rates. Many risk factors that result in higher rates like at-fault accidents, careless driving, and a negative credit score can be amended by making minor driving habit or lifestyle changes. This article provides the details to find cheap rates and find possible discounts that are available.
Second, request rate estimates from independent agents, exclusive agents, and direct companies. Exclusive and direct companies can only give prices from one company like Progressive or Allstate, while agents who are independent can quote rates from multiple companies.
Third, compare the quotes to your current policy and see if there is a cheaper rate in Miami. If you can save money and make a switch, verify that coverage does not lapse between policies.
Fourth, provide adequate notice to your current company of your intention to cancel your current car insurance policy and submit a down payment and signed policy application to the new company. Once received, place the new certificate verifying coverage with your registration paperwork.
An important part of this process is to make sure you’re comparing identical coverages on every quote request and and to get price estimates from as many different companies as possible. Doing this enables an apples-to-apples comparison and the best price selection.
Analysis of Chevy Cobalt rates
The premium information below highlights different insurance prices for Chevy Cobalt models. Having a better understanding of how auto insurance premiums are established can be useful when making decisions on which insurance to purchase.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Cobalt LS 4-Dr Sedan | $224 | $594 | $570 | $34 | $170 | $1,592 | $133 |
| Cobalt XFE 4-Dr Sedan | $224 | $594 | $570 | $34 | $170 | $1,592 | $133 |
| Cobalt LS 2-Dr Coupe | $256 | $594 | $630 | $38 | $188 | $1,706 | $142 |
| Cobalt XFE 2-Dr Coupe | $256 | $594 | $630 | $38 | $188 | $1,706 | $142 |
| Cobalt LT 4-Dr Sedan | $256 | $594 | $570 | $34 | $170 | $1,624 | $135 |
| Cobalt LT 2-Dr Coupe | $290 | $594 | $630 | $38 | $188 | $1,740 | $145 |
| Cobalt SS Turbo 2-Dr Coupe | $322 | $774 | $630 | $38 | $188 | $1,952 | $163 |
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Cost estimates assume single male driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Florida minimum liability limits. Discounts applied include homeowner, multi-vehicle, claim-free, safe-driver, and multi-policy. Price information does not factor in specific location which can impact insurance rates noticeably.
Policy deductibles
When comparing insurance rates, the most common question is which deductible level should you buy. The tables below can help you understand the differences in premium rates when you buy lower versus higher deductibles. The first pricing table uses a $100 deductible for physical damage and the second pricing table uses a $1,000 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Cobalt LS 4-Dr Sedan | $312 | $764 | $472 | $28 | $142 | $1,743 | $145 |
| Cobalt XFE 4-Dr Sedan | $312 | $764 | $472 | $28 | $142 | $1,743 | $145 |
| Cobalt LS 2-Dr Coupe | $358 | $764 | $522 | $30 | $156 | $1,855 | $155 |
| Cobalt XFE 2-Dr Coupe | $358 | $764 | $522 | $30 | $156 | $1,855 | $155 |
| Cobalt LT 4-Dr Sedan | $358 | $764 | $472 | $28 | $142 | $1,789 | $149 |
| Cobalt LT 2-Dr Coupe | $406 | $764 | $522 | $30 | $156 | $1,903 | $159 |
| Cobalt SS Turbo 2-Dr Coupe | $452 | $994 | $522 | $30 | $156 | $2,179 | $182 |
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| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Cobalt LS 4-Dr Sedan | $174 | $402 | $472 | $28 | $142 | $1,218 | $102 |
| Cobalt XFE 4-Dr Sedan | $174 | $402 | $472 | $28 | $142 | $1,218 | $102 |
| Cobalt LS 2-Dr Coupe | $200 | $402 | $522 | $30 | $156 | $1,310 | $109 |
| Cobalt XFE 2-Dr Coupe | $200 | $402 | $522 | $30 | $156 | $1,310 | $109 |
| Cobalt LT 4-Dr Sedan | $200 | $402 | $472 | $28 | $142 | $1,244 | $104 |
| Cobalt LT 2-Dr Coupe | $224 | $402 | $522 | $30 | $156 | $1,334 | $111 |
| Cobalt SS Turbo 2-Dr Coupe | $250 | $524 | $522 | $30 | $156 | $1,482 | $124 |
| Get Your Own Custom Quote Go | |||||||
Above prices assume married male driver age 30, no speeding tickets, no at-fault accidents, and Florida minimum liability limits. Discounts applied include multi-policy, homeowner, claim-free, multi-vehicle, and safe-driver. Prices do not factor in the specific area where the vehicle is garaged which can change rates considerably.
Based on the above data, using a $100 deductible costs roughly $47 more each month or $564 annually than selecting the higher $1,000 deductible. Because you would pay $900 more to file a claim with a $1,000 deductible as compared to a $100 deductible, if you normally go at least 19 months between claims, you would probably be better off by selecting a higher deductible.
How to determine when to raise your deductibles
| Average monthly premium for $100 deductibles: | $156 |
| Average monthly premium for $1,000 deductibles (subtract): | – $109 |
| Monthly savings from raising deductible: | $47 |
| Difference between deductibles ($1,000 – $100): | $900 |
| Divide difference by monthly savings: | $900 / $47 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 19 months |
The diagram below shows how choosing a deductible and can raise or lower Chevy Cobalt insurance premiums for each age group. The price estimates are based on a married female driver, comp and collision included, and no discounts are taken into consideration.
Impact of citations and accidents on insurance rates
The chart below illustrates how speeding tickets and accidents can raise Chevy Cobalt insurance prices for each age group. The premiums are based on a single female driver, full coverage, $500 deductibles, and no discounts are factored in.
Men versus women drivers and insurance cost
The information below shows the comparison of Chevy Cobalt insurance costs for male and female drivers. The rates are based on no accidents, no driving violations, full physical damage coverage, $100 deductibles, drivers are not married, and no discounts are taken into consideration.
Rate comparison of full coverage and liability-only
The example below visualizes the comparison of Chevy Cobalt insurance premiums when comparing full coverage to liability only. The prices are based on no tickets, no at-fault accidents, $250 deductibles, marital status is single, and no discounts are applied to the premium.
When to stop buying comprehensive and collision coverage
There is no exact formula that is best for determining when to drop physical damage insurance, but there is a guideline you can consider. If the annual cost of comprehensive and collision coverage is 10% or more of the replacement cost minus the deductible, then it might be time to buy liability only.
For example, let’s assume your Chevy Cobalt replacement cost is $4,000 and you have $1,000 policy deductibles. If your vehicle is damaged in an accident, the most your company will settle for is $3,000 after you pay the deductible. If you are paying more than $300 annually for your policy with full coverage, the it may be a good time to stop paying for full coverage.
There are a few situations where eliminating full coverage is not a good idea. If you still have a loan on your vehicle, you have to keep full coverage as part of the loan conditions. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is damaged, you should not opt for liability only.
Why Smart Consumers Pay Less for Chevy Cobalt Insurance
Many things are considered when you quote your car insurance policy. Some of the criteria are obvious like a motor vehicle report, but others are more obscure such as your credit history or your vehicle rating.
- Drive lots and pay more – Driving more miles in a year’s time the more you’ll pay to insure it. A lot of insurance companies apply a rate based upon how much you drive. Cars and trucks that do not get driven very much can get a lower rate than vehicles that are driven to work every day. An improperly rated Cobalt is just wasting money. Make sure your insurance declarations sheet is showing annual mileage.
- Urban areas may pay more – Choosing to live in less populated areas of the country can be a good thing when insuring your vehicles. Fewer drivers corresponds to lower accident rates. Residents of big cities tend to have more auto accidents and longer commute times. More time on the road can result in more accidents.
- Rental and towing coverage may not be needed – There are a ton of additional extra coverages that you can buy if you aren’t careful. Coverages like replacement cost coverage, high-cost glass coverage, and additional equipment coverage are some examples. You may think they are a good idea at first, but now you might not need them so eliminate the coverages to reduce your premium.
- High credit scores save money – Having a good credit rating can be an important factor in calculating your insurance rates. If your credit score leaves room for improvement, you could potentially save money when insuring your Chevrolet Cobalt if you improve your credit rating. Insureds that have very high credit ratings tend to be less risk to insure than drivers with lower credit ratings.
- Qualify for multi-policy discounts – The majority of insurers will give better rates for people that purchase more than one policy such as combining an auto and homeowners policy. Even if you’re getting this discount it’s always a smart idea to compare other Miami Cobalt insurance rates to guarantee you are still saving the most.
- Cheaper insurance rates using GPS tracking and theft deterrents – Purchasing a vehicle that has an advanced theft prevention system can help lower your premiums. Theft prevention features like LoJack tracking devices, vehicle tamper alarm systems or GM’s OnStar system help track and prevent car theft and help bring rates down.
- When should you not file insurance claims? – If you’re an insured who likes to file claims you can pretty much guarantee either policy cancellation or increased premiums. Companies in Florida give better rates to people who do not file claims often. Insurance coverage is designed for more catastrophic claims.
- Insurance policy lapses increase rates – Allowing your insurance policy to lapse can be a guaranteed way to increase your insurance rates. Not only will you pay higher rates, the inability to provide proof of insurance can result in a steep fine or even jail time. You may have to file a SR-22 with the Florida motor vehicle department.
Persistence pays off
People change insurance companies for a number of reasons such as high prices, delays in paying claims, denial of a claim or an unsatisfactory settlement offer. It doesn’t matter what your reason, switching auto insurance companies can be less work than you think.
The cheapest Chevy Cobalt insurance in Miami is definitely available both online and also from your neighborhood Miami agents, so get free Miami auto insurance quotes from both of them in order to have the best price selection to choose from. Some auto insurance companies may not provide internet price quotes and most of the time these regional insurance providers work with local independent agencies.
We’ve covered a lot of information how to find cheap Chevy Cobalt insurance in Miami. The key thing to remember is the more rate quotes you have, the better your chances of lowering your prices. Consumers may even find the best premium rates are with a lesser-known regional company.
For more information, take a look at the following helpful articles:
- Choosing a Car for Your Teen (State Farm)
- Who Has the Cheapest Auto Insurance for Ride Shares in Miami? (FAQ)
- What Insurance is Cheapest for High School Students in Miami? (FAQ)
- Who Has Cheap Miami Auto Insurance Quotes for Teachers? (FAQ)
- Who Has Cheap Miami Car Insurance Rates for Unemployed Drivers? (FAQ)
- Can I Drive Legally without Insurance? (Insurance Information Institute)
- Warning systems don’t curb driver distraction (Insurance Institute for Highway Safety)
- Uninsured Motorists: Threats on the Road (Insurance Information Institute)