Best Rate Quotes for Mazda 5 Insurance in Miami

If your goal is the lowest price, then the best way to get budget Mazda 5 insurance in Miami is to regularly compare quotes from providers who can sell car insurance in Florida.

A good tip to remember is that you’ll want to compare identical deductibles and limits on each quote and and to get rate quotes from as many carriers as you can. Doing this guarantees an accurate price comparison and a complete rate analysis.

Discount Mazda 5 insuranceUnthinkable but true, most auto insurance policyholders in Florida have been with the same company for a minimum of four years, and almost 40% of drivers have never even shopped around for cheap coverage. U.S. insurance shoppers could save $859 a year by just comparing rate quotes, but they don’t want to take the time to compare rate quotes online.

Coverage analysis

The coverage information below covers estimates of insurance prices for Mazda 5 models. Having knowledge of how car insurance prices are established can aid in making smart choices when purchasing an insurance policy.

Mazda 5 Insurance Rates in Miami, FL
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
5 Sport Station Wagon $284 $490 $366 $22 $110 $1,272 $106
5 Touring Station Wagon $326 $596 $366 $22 $110 $1,420 $118
5 Grand Touring Station Wagon $326 $596 $366 $22 $110 $1,420 $118
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Prices based on married male driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and Florida minimum liability limits. Discounts applied include multi-policy, multi-vehicle, homeowner, safe-driver, and claim-free. Rates do not factor in specific location information which can modify price quotes substantially.

Deductible analysis

One of the more difficult decisions when buying car insurance is how low should you set your deductibles. The data tables below show the price difference when you choose different physical damage deductibles. The first set of rates uses a $100 physical damage deductible and the second price table uses a $1,000 deductible.

Mazda 5 insurance prices with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
5 Sport Station Wagon $312 $532 $354 $20 $106 $1,349 $112
5 Touring Station Wagon $358 $648 $354 $20 $106 $1,511 $126
5 Grand Touring Station Wagon $358 $648 $354 $20 $106 $1,511 $126
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Mazda 5 insurance prices with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
5 Sport Station Wagon $174 $280 $354 $20 $106 $934 $78
5 Touring Station Wagon $200 $342 $354 $20 $106 $1,022 $85
5 Grand Touring Station Wagon $200 $342 $354 $20 $106 $1,022 $85
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Table data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Florida minimum liability limits. Discounts applied include safe-driver, homeowner, multi-policy, multi-vehicle, and claim-free. Price information does not factor in specific location which can affect coverage rates greatly.

Based on this data, using a $100 deductible costs approximately $38 more each month or $456 every year than requesting the higher $1,000 deductible. Since you would pay $900 more if you turn in a claim with a $1,000 deductible as compared to a $100 deductible, if you tend to go at a minimum 24 months between claims, you would come out ahead if you choose a higher deductible. The table below illustrates the way you can come to your own conclusion.

Average monthly premium for $100 deductibles: $121
Average monthly premium for $1,000 deductibles (subtract): – $83
Monthly savings from raising deductible: $38
Difference between deductibles ($1,000 – $100): $900
Divide difference by monthly savings: $900 / $38
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 24 months

The chart below illustrates how your choice of deductibles and can change Mazda 5 insurance premiums for different categories of driver ages. The costs are based on a single male driver, full coverage, and no additional discounts are factored in.

Safe drivers pay less for car insurance

The diagram below illustrates how violations and at-fault collisions increase Mazda 5 yearly insurance costs for different insured age categories. The costs are based on a married male driver, comprehensive and collision coverage, $100 deductibles, and no discounts are factored in.

Rate comparison of full coverage and liability-only

The diagram below shows the comparison of Mazda 5 insurance prices when comparing full coverage to liability only. The premium estimates are based on no claims or violations, $500 deductibles, drivers are not married, and no discounts are applied to the premium.

Should you buy full coverage or liability only?

There is no definitive rule that is best for determining when to drop full coverage on your policy, but there is a guideline you can consider. If the yearly cost of full coverage is more than about 10% of the replacement cost of your vehicle minus the policy deductible, the it may be a good time to stop paying for full coverage.

For example, let’s pretend your Mazda 5 settlement value is $6,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled, the most your company will settle for is $5,000 after paying the physical damage deductible. If you are paying more than $500 annually for full coverage, then it might be time to consider dropping full coverage.

There are a few situations where eliminating full coverage is not advised. If you still owe a portion of the original loan, you have to keep full coverage as part of the loan requirements. Also, if you can’t afford to buy a different vehicle in the even your car is totaled, you should keep full coverage.

Best car insurance company in Miami

Picking the right insurer is difficult considering how many companies sell insurance in Florida. The company ratings shown next can help you select which auto insurers you want to consider purchasing coverage from.

Top 10 Miami Car Insurance Companies Ranked by Customer Service

  1. USAA
  2. Travelers
  3. Mercury Insurance
  4. AAA Insurance
  5. Nationwide
  6. Safeco Insurance
  7. Progressive
  8. State Farm
  9. The Hartford
  10. The General

Top 10 Miami Car Insurance Companies Overall

  1. Travelers
  2. USAA
  3. Mercury Insurance
  4. AAA Insurance
  5. Nationwide
  6. Allstate
  7. State Farm
  8. The Hartford
  9. Safeco Insurance
  10. Progressive

Educate yourself about auto insurance coverages

Understanding the coverages of your auto insurance policy can help you determine which coverages you need and proper limits and deductibles. The terms used in a policy can be ambiguous and nobody wants to actually read their policy. Listed below are the usual coverages found on the average auto insurance policy.

Auto liability

This will cover damage that occurs to a person or their property that is your fault. Split limit liability has three limits of coverage: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. Your policy might show values of 10/20/10 which means $10,000 bodily injury coverage, a total of $20,000 of bodily injury coverage per accident, and property damage coverage for $10,000. Some companies may use a combined limit which combines the three limits into one amount rather than limiting it on a per person basis.

Liability coverage pays for claims such as court costs, bail bonds and repair bills for other people’s vehicles. How much liability coverage do you need? That is up to you, but it’s cheap coverage so purchase as high a limit as you can afford. Florida state law requires minimum liability limits of 10/20/10 but you should consider buying more coverage.

The chart below shows why the minimum limit may not be adequate.

Uninsured Motorist or Underinsured Motorist insurance

Uninsured or Underinsured Motorist coverage gives you protection when other motorists do not carry enough liability coverage. It can pay for hospital bills for your injuries and damage to your Mazda 5.

Because many people carry very low liability coverage limits (which is 10/20/10), their limits can quickly be used up. For this reason, having high UM/UIM coverages is a good idea. Most of the time these coverages are identical to your policy’s liability coverage.

Insurance for medical payments

Med pay and PIP coverage reimburse you for expenses for chiropractic care, nursing services, hospital visits, rehabilitation expenses and funeral costs. They can be used to fill the gap from your health insurance policy or if you do not have health coverage. They cover not only the driver but also the vehicle occupants in addition to getting struck while a pedestrian. PIP coverage is not available in all states but it provides additional coverages not offered by medical payments coverage

Comprehensive coverage (or Other than Collision)

Comprehensive insurance covers damage caused by mother nature, theft, vandalism and other events. A deductible will apply and then insurance will cover the rest of the damage.

Comprehensive insurance covers claims like damage from a tornado or hurricane, a tree branch falling on your vehicle, damage from getting keyed, damage from flooding and a broken windshield. The maximum payout a auto insurance company will pay at claim time is the actual cash value, so if your deductible is as high as the vehicle’s value consider removing comprehensive coverage.

Collision insurance

This pays to fix your vehicle from damage caused by collision with a stationary object or other vehicle. You will need to pay your deductible and then insurance will cover the remainder.

Collision insurance covers claims such as colliding with a tree, hitting a parking meter, crashing into a ditch and scraping a guard rail. Collision coverage makes up a good portion of your premium, so analyze the benefit of dropping coverage from older vehicles. It’s also possible to increase the deductible on your 5 to save money on collision insurance.

Persistence is the key to cheap rates

Throughout this article, we presented a lot of ways to get a better price on Mazda 5 insurance in Miami. The most important thing to understand is the more rate comparisons you have, the better likelihood of getting affordable Miami car insurance quotes. You may even be surprised to find that the lowest premium rates come from a company that doesn’t do a lot of advertising. They may cover specific market segments cheaper than their larger competitors like Progressive and GEICO.

As you shop your coverage around, it’s a bad idea to reduce needed coverages to save money. In many cases, an accident victim reduced collision coverage only to regret that it was a big error on their part. Your strategy should be to buy a smart amount of coverage for the lowest price while not skimping on critical coverages.

Some insurance providers may not have internet price quotes and most of the time these smaller providers work with independent insurance agencies. Budget-friendly insurance in Miami is available from both online companies and also from your neighborhood Miami agents, and you should compare price quotes from both to have the best chance of lowering rates.

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