Unimaginable but true, nearly 70% of customers kept their policy with the same company for over three years, and virtually 40% of consumers have never taken the time to shop around. Miami drivers could cut their rates by as much as $1,100 a year by just comparing rate quotes, but they just assume it’s a time-consuming process to shop around.
To save the most money, the best way to find affordable auto insurance rates in Miami is to start doing an annual price comparison from companies who can sell car insurance in Florida. Price quotes can be compared by completing these steps.
- First, try to learn a little about the different coverages in a policy and the measures you can control to prevent expensive coverage. Many policy risk factors that result in higher rates like multiple speeding tickets and a poor credit score can be controlled by making minor changes to your lifestyle.
- Second, obtain price quotes from direct, independent, and exclusive agents. Direct companies and exclusive agencies can only quote rates from a single company like GEICO or Farmers Insurance, while independent agents can quote prices for a wide range of companies.
- Third, compare the new rate quotes to your existing rates to see if you can save by switching companies. If you can save some money and change companies, make sure the effective date of the new policy is the same as the expiration date of the old one.
- Fourth, tell your current agent or company to cancel your current car insurance policy. Submit a signed application and payment for your new policy. Make sure you safely store the certificate verifying proof of insurance in your vehicle’s glove compartment or console.
A tip to remember is to make sure you enter identical coverage information on each quote and and to get rates from every insurance company. Doing this enables the most accurate price comparison and a good representation of prices.
How to lower your Mitsubishi Lancer insurance cost in Miami, Florida
The companies shown below provide price quotes in Florida. To find cheaper auto insurance in Miami, it’s a good idea that you visit several of them to get the most competitive price.
Discounts mean cheaper rates for Mitsubishi Lancer insurance in Miami
Car insurance companies don’t list every available discount very well, so the below list has some of the best known in addition to some of the lesser obvious credits available to you.
- ABS Braking Discount – Cars, trucks, and SUVs that have anti-lock braking systems can stop better under adverse conditions so you can save 10 percent or more.
- Early Signing – A few larger companies offer discounts for signing up early. The savings is around 10%.
- Life Insurance Discount – Larger insurance carriers have a break if you buy life insurance from them.
- Driver Education Discount – Teen drivers should successfully take a driver’s education course in high school.
- Sign Online – Many larger companies will give a small break for buying a policy and signing up on the web.
- Multiple Policy Discount – When you combine your homeowners and auto insurance with one company you may earn over 10 percent off each policy depending on the company.
- Onboard Data Collection – Miami drivers who agree to allow driving data collection to look at driving habits by using a telematics device such as Allstate’s Drivewise and State Farm’s In-Drive system may get a rate reduction as long as the data is positive.
- Payment Discounts – If you pay your entire premium ahead of time rather than paying in monthly installments you can avoid the installment charge.
- Accident Forgiveness Coverage – This one isn’t a discount, but some companies like GEICO, State Farm, and Progressive allow you one accident before they charge you more for coverage if your claims history is clear before the accident.
- Own a Home – Just being a homeowner may trigger a policy discount on auto insurance because of the fact that having a home shows financial diligence.
One thing to note about discounts is that some of the credits will not apply to all coverage premiums. Most only apply to the price of certain insurance coverages like liability, collision or medical payments. So even though you would think you could get a free auto insurance policy, you won’t be that lucky. But any discount will cut the cost of your policy.
The information below shows the difference between Mitsubishi Lancer premium costs with and without discounts. The costs are based on a female driver, no claims or violations, 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-policy, multi-car, safe-driver, claim-free, marriage, and homeowner discounts applied.
To see a list of insurance companies that offer some of these discounts in Florida, follow this link.
Analysis of coverages
The coverage table below covers different insurance rates for Mitsubishi Lancer models. Being able to understand how insurance policy rates are calculated is important for you to make smart choices when selecting a policy.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Lancer Sportback GTS||$250||$464||$418||$24||$124||$1,280||$107|
|Lancer Sportback Ralliart||$276||$524||$418||$24||$124||$1,366||$114|
|Get Your Own Custom Quote Go|
Cost estimates assume married male driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and Florida minimum liability limits. Discounts applied include homeowner, multi-vehicle, claim-free, multi-policy, and safe-driver. Rates do not factor in vehicle location which can change premiums considerably.
Gender-based insurance rates by age
The illustration below illustrates the comparison of Mitsubishi Lancer car insurance rates for male and female drivers. The information is based on no claims or driving violations, comp and collision included, $500 deductibles, drivers are not married, and no discounts are applied to the premium.
Difference between liability only and full coverage rates
The illustration below shows the comparison of Mitsubishi Lancer car insurance rates with full physical damage coverage compared to only buying the minimum liability limits required in Florida. The costs are based on a clean driving record, no at-fault accidents, $500 deductibles, marital status is single, and no policy discounts are applied.
When to drop full coverage
There is no exact rule to eliminate full coverage on your policy, but there is a general school of thought. If the annual cost of comprehensive and collision coverage is more than about 10% of any settlement you would receive from your insurance company, then you might consider buying liability only.
For example, let’s pretend your Mitsubishi Lancer replacement cost is $5,000 and you have $1,000 deductibles. If your vehicle is totaled, the most your company would pay you is $4,000 after the policy deductible has been paid. If it’s costing you more than $400 a year for full coverage, then it could be time to drop full coverage.
There are some scenarios where eliminating full coverage is not financially feasible. If you still have a lienholder on your title, you have to keep full coverage in order to satisfy the requirements of the loan. Also, if your savings is not enough to buy a different vehicle if your current one is totaled, you should maintain full coverage.
Save Money with These Tips
A large part of saving on auto insurance is knowing the different types of things that go into determining your auto insurance rates. If you have a feel for what impacts premium levels, this helps enable you to make changes that may result in lower premium levels. Lots of things are used when you quote your car insurance policy. Some of the criteria are obvious like your driving record, although some other factors are not quite as obvious like your vehicle usage and annual miles driven.
Stress out and pay more – Careers like fire fighters, architects, and financial analysts generally have higher premium rates due to intense work situations and lots of time spent at work. Conversely, occupations like actors, students and homemakers pay the least.
Impacts performance impacts auto insurance costs – The make and model of the vehicle you need to insure makes a huge difference in your premium level. The most favorable rates will normally be found when insuring economy passenger vehicles, but there are many factors that impact the final cost.
The next chart uses these variables: married female driver age 30, full coverage with $500 deductibles, and no discounts or violations. It illustrates Mitsubishi Lancer insurance rates compared to other models that have different performance risks.
Do you really need to file those insurance claims? – Auto insurance companies in Florida generally give lower rates to policyholders who are claim-free. If you frequently file small claims, you can definitely plan on either a policy non-renewal or much higher rates. Your insurance policy is intended for major claims that would cause financial hardship.
High premiums for teenage drivers – Teenage drivers in Florida are proven to be less responsible when at the wheel of a vehicle and because of this, their auto insurance rates are much higher. Mature drivers are proven to be safer behind the wheel, tend to file fewer claims, and receive fewer citations.
The following data is based on a single driver, full coverage with $500 deductibles, and no discounts or violations.
Lower auto insurance rates with alarms and GPS tracking – Buying a car with advanced anti-theft systems can help lower your premiums. Anti-theft devices such as OnStar found on GM vehicles, advanced tracking like LoJack, and vehicle immobilization systems all help stop auto theft and help lower rates.
Cheaper rates by consolidating – Lots of auto insurance companies will award a discount for people that have more than one policy. It’s known as a multi-policy discount. Even if you’re getting this discount consumers should still comparison shop to ensure the best deal.
More traffic equals higher rates – Being located in less populated areas of the country has definite advantages when talking about auto insurance. Fewer drivers on the road means less chance of accidents in addition to lower liability claims. People in densely populated areas tend to have much more traffic and longer commutes to work. More time commuting means more chance of being in an accident.
Insurance losses for a Mitsubishi Lancer – Companies factor in historical loss data in order to profitably underwrite each model. Vehicles that the data shows to have a higher amount or frequency of claims will cost more for specific coverages.
The data below shows the insurance loss data used by companies for Mitsubishi Lancer vehicles. For each coverage category, the statistical loss for all vehicles, without regard to make or model, is represented as 100. Values that are 100 or less mean the vehicle has better than average losses, while values that are 100 or greater indicate a higher chance of having a claim or a tendency for claims to be larger.
|Vehicle Make and Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
|Mitsubishi Lancer 2WD||153||146||127||192||218||172|
|Mitsubishi Lancer 4WD||149||131||148||135|
|Mitsubishi Lancer Evolution 4WD||225||123||221|
Empty fields indicate not enough data collected
Statistics from IIHS.org for 2013-2015 Model Years
Local neighborhood agents and car insurance
Some consumers just want to buy from a local agent and that is a personal choice. Good agents are highly skilled in risk management and help file insurance claims. One of the best bonuses of getting free rate quotes online is that you can obtain cheaper prices and still choose a local agent.
After completing this simple form, the quote information is instantly submitted to participating agents in Miami who will give you bids and help you find cheaper coverage. It simplifies rate comparisons since you won’t have to contact any insurance agencies because quoted prices will be sent directly to your email. If you wish to compare prices from a particular provider, don’t hesitate to go to their quote page and submit a quote form there.
Picking the best provider should depend on more than just the price. The questions below may impact your decision as well.
- Is coverage determined by price?
- Which insurance companies are they affiliated with?
- Is the agent properly licensed in Florida?
- If you raise deductibles, how much can you save?
- Do they assist clients in filing claims?
- Does the company have a local claim office in Miami?
- Do they offer accident forgiveness?
When searching for a reputable agency, it’s important to understand the types of insurance agents that differ in how they can insure your vehicles. Agents in Miami are considered either exclusive agents or independent agents. Either type can handle car insurance, but it’s worth mentioning the differences because it can factor into buying decisions.
Exclusive Insurance Agents
Agents that choose to be exclusive can usually just insure with one company such as State Farm, AAA, and Liberty Mutual. Exclusive agents cannot compare other company’s rates so keep that in mind. These agents are very knowledgeable on their company’s products and that enables them to sell even at higher rates.
Shown below is a list of exclusive insurance agencies in Miami that are able to give comparison quotes.
Independent Agents (or Brokers)
Agents that choose to be independent are appointed with more than one company and that enables them to quote your coverage through many companies and find the cheapest rate. If your premiums go up, your policy is moved internally and you won’t have to switch agencies.
If you are comparing car insurance prices, you need to contact at a minimum one independent agency for maximum quote selection.
Below are independent agents in Miami that can give you price quote information.
Upon getting good responses to any questions you have in addition to an acceptable price estimate, you’ve probably found an insurance agency that is reputable and can provide car insurance coverage. It’s important to know that you can cancel your coverage at any point so don’t think you’re contractually obligated to a specific agent for any length of time.
Florida auto insurance company ratings
Buying coverage from the best car insurance company can be difficult considering how many different companies insure vehicles in Miami. The company rank data in the next section may help you pick which insurers to look at putting your business with.
|Company||Value||Customer Service||Claims||Customer Satisfaction||A.M Best Rating||Overall Score|
|Compare Rates Now Go|
Data Source: Insure.com Best Car Insurance Companies
Smart consumers save more
Discount Mitsubishi Lancer insurance in Miami can be bought both online and from local agencies, so get free Miami car insurance quotes from both of them in order to have the best chance of saving money. Some companies do not provide price quotes online and these small, regional companies sell through independent agencies.
As you prepare to switch companies, make sure you don’t skimp on coverage in order to save money. In too many instances, someone dropped full coverage only to discover later they didn’t purchase enough coverage. Your goal is to buy the best coverage you can find at the best price while not skimping on critical coverages.
We just covered a lot of techniques to get a better price on Mitsubishi Lancer insurance in Miami. The most important thing to understand is the more providers you compare, the better chance you’ll have of finding inexpensive Miami car insurance quotes. Consumers may even find the biggest savings come from a small local company. They may cover specific market segments cheaper as compared to the big name companies such as GEICO and State Farm.
Additional insurance information is available at these links:
- Bodily Injury Coverage (Liberty Mutual)
- Who Has the Cheapest Miami Auto Insurance for Good Drivers? (FAQ)
- How Much are Car Insurance Quotes for Drivers with Accidents in Miami? (FAQ)
- Who Has Affordable Miami Auto Insurance for Felons? (FAQ)
- What Insurance is Cheapest for State Employees in Miami? (FAQ)
- Who Has Affordable Miami Auto Insurance for 17 Year Olds? (FAQ)
- Electronic Stability Control FAQ (iihs.org)
- Understanding Rental Car Insurance (Insurance Information Institute)
- Vehicle Size and Weight FAQ (iihs.org)
- Auto Insurance 101 (About.com)