Cheap Mazda MX-5 Miata Insurance in Miami

Insurance for Mazda MX-5 MiataThe best way we recommend to get cheaper Mazda MX-5 Miata insurance in Miami is to make a habit of regularly comparing prices from insurers in Florida.

The most important part of shopping around is to use the same coverage limits and deductibles on each price quote and and to get rates from as many different companies as possible. This provides an accurate price comparison and the best rate selection.

A recent survey discovered that the vast majority of consumers have purchased from the same company for at least four years, and roughly 40% of drivers have never compared quotes from other companies. Drivers in Miami could pocket almost $1,126 a year by just shopping around, but most undervalue the actual amount they would save if they changed companies.

Cutting your Miami car insurance rates is a great way to save money. Consumers just need to take time getting comparison quotes from different insurance companies.

The auto insurance companies shown below offer price comparisons in Florida. If you want cheap car insurance in Miami, we recommend you compare several of them in order to get a fair rate comparison.

Rates and data analysis

The premium table shown below covers detailed analysis of coverage prices for Mazda MX-5 Miata models. Learning how rates are formulated can be of help when making informed decisions when comparing rate quotes.

Mazda MX-5 Miata Insurance Rates in Miami, FL
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
MX-5 Miata Sport 2-Dr Convertible $220 $406 $460 $28 $138 $1,252 $104
MX-5 Miata Touring 2-Dr Convertible $252 $494 $460 $28 $138 $1,372 $114
MX-5 Miata Grand Touring 2-Dr Convertible $252 $494 $460 $28 $138 $1,372 $114
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Cost estimates assume single female driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Florida minimum liability limits. Discounts applied include homeowner, safe-driver, multi-vehicle, claim-free, and multi-policy. Rate information does not factor in garaging location in Miami which can affect coverage rates considerably.

Raise deductibles and save

A question often asked by Miami drivers is how high should the deductibles for physical damage be. The tables below may help to illustrate the rate differences when you choose different physical damage coverage deductibles. The first pricing table uses a $100 deductible and the second set of rates uses a $500 deductible.

Mazda MX-5 Miata insurance policy rates with $100 deductibles
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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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 $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
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Cost estimates assume married male driver age 30, no speeding tickets, no at-fault accidents, and Florida minimum liability limits. Discounts applied include multi-policy, safe-driver, multi-vehicle, homeowner, and claim-free. Information does not factor in zip code location which can modify coverage rates significantly.

Using the data above, we can ascertain that using a $100 deductible will cost you about $26 more each month or $312 each year across all Mazda MX-5 Miata models than requesting the higher $500 deductible. Because you would pay $400 more if you file a claim with a $500 deductible as compared to a $100 deductible, if you tend to go at a minimum 15 months between claims, you would save money if you decide on a higher deductible. The illustration below shows the way you can perform this determination yourself.

Average monthly premium for $100 deductibles: $121
Average monthly premium for $500 deductibles (subtract): – $95
Monthly savings from raising deductible: $26
Difference between deductibles ($500 – $100): $400
Divide difference by monthly savings: $400 / $26
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 15 months

One thing to be aware of is that increasing deductibles to save money means you will have to pay more when you do file a claim. It will be required that you have access to more funds in the event you need to pay more for the deductible.

Irresponsible driving raises your rates

The chart below demonstrates how speeding tickets and fender-benders influence Mazda MX-5 Miata premium costs for different age categories. The prices are based on a married female driver, comprehensive and collision coverage, $1,000 deductibles, and no policy discounts are applied.

Difference between full coverage and liability only rates

The information below illustrates the difference between Mazda MX-5 Miata insurance premiums when comparing full coverage to state minimum liability only. Data assumes no violations or accidents, $1,000 deductibles, drivers are single, and no discounts are factored in.

When to stop buying physical damage coverage

There is no definitive rule to stop buying physical damage insurance, but there is a broad guideline. If the yearly cost for physical damage coverage is more than about 10% of the vehicle’s replacement cost less your deductible, the it may be a good time to stop paying for full coverage.

For example, let’s say your Mazda MX-5 Miata replacement cost is $9,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled, the most your company would pay you is $8,000 after paying your deductible. If you are currently paying more than $800 a year for comprehensive and collision coverage, then it may be the right time to buy liability only.

There are some conditions where eliminating full coverage is not a good idea. If you still have a loan on your vehicle, you have to carry full coverage to protect the lienholder’s interest in the vehicle. Also, if you don’t have enough money to buy a different vehicle in the event your current vehicle is totaled, you should keep full coverage in place.

Auto insurance in Florida serves several purposes

Even though it’s not necessarily cheap to insure a Mazda in Miami, auto insurance may be required for several reasons.

First, the majority of states have mandatory insurance requirements which means it is punishable by state law to not carry specific limits of liability coverage in order to drive the car legally. In Florida these limits are 10/20/10 which means you must have $10,000 of bodily injury coverage per person, $20,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.

Second, if your car has a loan, it’s most likely the lender will stipulate that you have insurance to protect their interest in the vehicle. If you cancel or allow the policy to lapse, the bank may insure your Mazda for a lot more money and require you to fork over a much higher amount than you were paying before.

Third, insurance safeguards not only your Mazda MX-5 Miata but also your financial assets. It also can pay for all forms of medical expenses incurred in an accident. As part of your policy, liability insurance will also pay to defend you if anyone sues you for causing an accident. If damage is caused by hail or an accident, your policy will pay to restore your vehicle to like-new condition.

The benefits of carrying enough insurance more than cancel out the cost, specifically if you ever have a liability claim. On average, a vehicle owner in Miami overpays as much as $855 a year so compare rates at every policy renewal to make sure the price is not too high.

Save a ton with these eight discounts

Car insurance can cost a lot, but you may be missing some discounts that you may not know about. Some of these discounts will be visible when you complete an application, but some need to be specifically requested prior to receiving the credit. If you are not receiving all the discounts possible, you are not getting the best rate possible.Save money with discounts

You should keep in mind that many deductions do not apply to the overall cost of the policy. Most only reduce individual premiums such as collision or personal injury protection. So even though it sounds like having all the discounts means you get insurance for free, it’s just not the way it works. Any amount of discount will positively reduce your policy cost.

The information below shows the difference between Mazda MX-5 Miata insurance costs with and without discounts. The premium estimates are based on a female driver, no tickets, no at-fault accidents, Florida state minimum liability limits, full coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-policy, safe-driver, marriage, homeowner, claim-free, and multi-car discounts applied.

To locate auto insurance companies with the best discounts in Florida, follow this link.

Local Miami auto insurance agents and auto insurance

A small number of people prefer to buy from a licensed agent and that is a personal choice. Most agents can make sure you are properly covered and help file insurance claims. The biggest benefit of price shopping on the web is that you can find lower rates and still have an agent to talk to.

Miami insurance agentsOnce you complete this simple form, the coverage information is submitted to companies in Miami who will return price quotes to get your business. It simplifies rate comparisons since you won’t have to contact an agency as quotes are delivered to your email. If you want to quote rates from a specific company, feel free to go to their quote page and fill out the quote form the provide.

Choosing the best insurer is decision based upon more than just a cheap price. The questions below may impact your decision as well.

If you are wanting to purchase auto insurance from a reputable insurance agent or broker, there are two types of agencies and how they can write your policy. Insurance agencies in Miami can either be independent agents or exclusive agents depending on their employer. Both types can insure your vehicles properly, but it’s good to learn the difference in how they write coverage because it can impact which type of agent you select.

Exclusive Auto Insurance Agencies

Agents that choose to be exclusive have only one company to place business with such as Farmers Insurance or State Farm. Exclusive agents are unable to compare rates from other companies so always compare other rates. Exclusive agents are trained well on the products they sell which helps them sell insurance even at higher premiums. Some insured continue to use the same agent mainly due to the brand name and the convenience of having all coverages with one company.

Below are exclusive insurance agencies in Miami willing to provide rate quotes.

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Independent Agents

Agents of this type do not work for one specific company so they can write business with a variety of different insurance companies and find the cheapest auto insurance rates. If your premiums go up, an independent agent can move your coverage and you can keep the same agent. When comparing rates, we recommend you include rate quotes from at a minimum one independent agency to ensure the widest selection of prices. Most can insure with mutual insurance companies that many times have cheaper rates.

Listed below is a short list of independent insurance agencies in Miami who can help you get price quotes.

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Insurance coverage basics

Learning about specific coverages of your policy helps when choosing the best coverages for your vehicles. The coverage terms in a policy can be difficult to understand and coverage can change by endorsement.

Coverage for liability

This coverage can cover damages or injuries you inflict on other’s property or people in an accident. It consists of three limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You might see values of 10/20/10 that translate to $10,000 bodily injury coverage, a limit of $20,000 in injury protection per accident, and property damage coverage for $10,000.

Liability coverage protects against things like court costs, pain and suffering, loss of income and attorney fees. The amount of liability coverage you purchase is a personal decision, but you should buy higher limits if possible. Florida state minimum liability requirements are 10/20/10 but it’s recommended drivers buy better liability coverage.

The chart below shows why low liability limits may not be high enough to adequately cover claims.

Med pay and Personal Injury Protection (PIP)

Personal Injury Protection (PIP) and medical payments coverage provide coverage for immediate expenses like dental work, EMT expenses, nursing services and pain medications. The coverages can be used to cover expenses not covered by your health insurance program or if you lack health insurance entirely. Medical payments and PIP cover both the driver and occupants in addition to any family member struck as a pedestrian. PIP coverage is only offered in select states and may carry a deductible

Uninsured/Underinsured Motorist (UM/UIM)

Your UM/UIM coverage protects you and your vehicle’s occupants when other motorists are uninsured or don’t have enough coverage. Covered losses include injuries to you and your family as well as your vehicle’s damage.

Because many people only purchase the least amount of liability that is required (10/20/10), it only takes a small accident to exceed their coverage. For this reason, having high UM/UIM coverages is a good idea.

Collision coverage

This pays to fix your vehicle from damage from colliding with a stationary object or other vehicle. You will need to pay your deductible then your collision coverage will kick in.

Collision coverage protects against things such as hitting a mailbox, damaging your car on a curb and hitting a parking meter. Collision coverage makes up a good portion of your premium, so analyze the benefit of dropping coverage from vehicles that are older. It’s also possible to bump up the deductible on your MX-5 Miata to bring the cost down.

Comprehensive insurance

Comprehensive insurance pays to fix your vehicle from 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 coverage protects against claims like hail damage, a broken windshield, damage from getting keyed and a tree branch falling on your vehicle. The most you’ll receive from a claim is the ACV or actual cash value, so if your deductible is as high as the vehicle’s value consider removing comprehensive coverage.

In conclusion

There are still a few companies who may not have internet price quotes and many times these small insurance companies work with independent agencies. Affordable Mazda MX-5 Miata insurance in Miami is possible online in addition to many Miami insurance agents, and you need to price shop both to have the best rate selection.

As you quote Miami car insurance, you should never reduce needed coverages to save money. There are a lot of situations where an accident victim reduced liability coverage limits only to discover later that they should have had better coverage. Your goal is to find the BEST coverage at the lowest possible cost, but do not skimp to save money.

In this article, we presented a lot of information how to find lower-cost Mazda MX-5 Miata insurance in Miami. The key concept to understand is the more you quote Miami car insurance, the better your chances of lowering your rates. You may even discover the best prices are with a lesser-known regional company.

Even more information can be read by following these links: