Cheapest 1993 Mazda MX-5 Miata Insurance Rates in 2023
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UPDATED: Jun 27, 2022
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Looking for the cheapest car insurance rates for your Mazda MX-5 Miata? Are you sick and tired of being strong-armed to insure your Mazda every month? You are in the same boat as most other car owners. Many insurance companies compete for your hard-earned dollar, and because of this it can be hard to compare insurance companies and uncover the absolute lowest rate possible.
If you have a policy now or are looking for a new policy, you can follow these tips to get lower rates while maximizing coverage. Buying car insurance is easy if you know what you’re doing. Vehicle owners only need an understanding of the most efficient way to shop their coverage around online.
Verify you’re getting all your discounts
Insurance can cost an arm and a leg, buy you may qualify for discounts to help offset the cost. Certain discounts will be triggered automatically at quote time, but some may not be applied and must be manually applied in order for you to get them. If you’re not getting every credit you deserve, you are throwing money away.
- Life Insurance Discount – Some companies give lower rates if you buy a life insurance policy as well.
- Student in College – Any of your kids who attend school more than 100 miles from home and don’t have a car can be insured at a reduced rate.
- Good Student – This discount can get you a discount of up to 25%. Earning this discount can benefit you until age 25.
- Multiple Cars – Buying coverage for all your vehicles on one policy can get a discount on all vehicles.
- Lower Rates for Military – Having a family member in the military could mean lower rates.
- Driver Safety – Taking a driver safety course could save 5% or more and easily recoup the cost of the course.
- Anti-lock Brakes – Vehicles with anti-lock braking systems are safer to drive and qualify for as much as a 10% discount.
- Memberships – Being a member of a qualifying organization could qualify you for a break when shopping for insurance on MX-5 Miata insurance.
- Homeowners Pay Less – Simply owning a home may earn you a small savings due to the fact that maintaining a home is proof that your finances are in order.
- Senior Citizens – Mature drivers may be able to get a small decrease in premiums on MX-5 Miata insurance.
Drivers should understand that most credits do not apply to the entire policy premium. Most only reduce the price of certain insurance coverages like comp or med pay. So even though they make it sound like it’s possible to get free car insurance, insurance companies aren’t that generous. Any amount of discount will bring down the cost of coverage.
Car insurance companies that possibly offer these benefits may include but are not limited to:
- State Farm
Before buying, ask each insurance company which discounts they offer. All car insurance discounts might not be offered everywhere.
When should I talk to an agent?
When it comes to choosing the right insurance coverage for your vehicles, there really is not a perfect coverage plan. Coverage needs to be tailored to your specific needs and your policy should reflect that. These are some specific questions can aid in determining whether your personal situation would benefit from professional advice.
- How much liability insurance is required?
- How can I get my company to pay me more for my totalled car?
- What discounts do I qualify for?
- Do I need an umbrella policy?
- Do I have coverage when using my vehicle for my home business?
- If my 1993 Mazda MX-5 Miata is totaled, can I afford another vehicle?
- Can I afford to pay high deductible claims out of pocket?
- Do I really need UM/UIM coverage?
- I have health insurance so do I need medical payments coverage?
- Do I have newly-aquired coverage?
If you’re not sure about those questions but you know they apply to you, you may need to chat with an insurance agent. To find an agent in your area, fill out this quick form or go to this page to view a list of companies. It only takes a few minutes and can help protect your family.
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Insurance ads bend the truth
Consumers constantly see and hear ads for cheaper car insurance from companies such as State Farm, Allstate and GEICO. All the ads have a common claim that you’ll save big if you switch your policy.
But how can every company make almost identical claims? This is how they do it.
Insurance companies are able to cherry pick for the driver they prefer to insure. A good example of a driver they prefer could be between 30 and 50, has no prior claims, and has a short commute. Any new insured that hits that “sweet spot” gets the lowest rates and as a result will probably cut their rates substantially.
Potential customers who are not a match for the requirements will be quoted more money which usually ends up with business going elsewhere. The ad wording is “customers who switch” but not “drivers who get quotes” save that much. This is how insurance companies can make the claims of big savings.
This emphasizes why it’s extremely important to get a wide range of price quotes. You cannot predict which insurance companies will have the lowest Mazda MX-5 Miata insurance rates.
Information about specific coverages
Knowing the specifics of your insurance policy helps when choosing which coverages you need and proper limits and deductibles. The coverage terms in a policy can be confusing and nobody wants to actually read their policy. Below you’ll find typical coverages found on most insurance policies.
Coverage for collisions
This coverage pays to fix your vehicle from damage from colliding with a stationary object or other vehicle. A deductible applies then the remaining damage will be paid by your insurance company.
Collision coverage protects against things like crashing into a ditch, scraping a guard rail, backing into a parked car and colliding with another moving vehicle. Collision is rather expensive coverage, so consider dropping it from older vehicles. Drivers also have the option to increase the deductible to bring the cost down.
Protection from uninsured/underinsured drivers
Your UM/UIM coverage protects you and your vehicle from other motorists when they either have no liability insurance or not enough. It can pay for injuries to you and your family and also any damage incurred to your 1993 Mazda MX-5 Miata.
Due to the fact that many drivers have only the minimum liability required by law, their limits can quickly be used up. That’s why carrying high Uninsured/Underinsured Motorist coverage is a good idea. Most of the time your uninsured/underinsured motorist coverages do not exceed the liability coverage limits.
Medical expense insurance
Medical payments and Personal Injury Protection insurance provide coverage for immediate expenses such as rehabilitation expenses, doctor visits, hospital visits, funeral costs and EMT expenses. They can be used in conjunction with a health insurance plan or if there is no health insurance coverage. It covers not only the driver but also the vehicle occupants and will also cover any family member struck as a pedestrian. PIP is not universally available and may carry a deductible
Liability insurance will cover damage or injury you incur to other’s property or people by causing an accident. This coverage protects you against claims from other people, and does not provide coverage for your injuries or vehicle damage.
Split limit liability has three limits of coverage: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. Your policy might show limits of 50/100/50 which means a $50,000 limit per person for injuries, a total of $100,000 of bodily injury coverage per accident, and property damage coverage for $50,000. Occasionally you may see one number which is a combined single limit that pays claims from the same limit with no separate limits for injury or property damage.
Liability insurance covers claims like medical services, structural damage, pain and suffering, emergency aid and attorney fees. How much liability should you purchase? That is your choice, but you should buy higher limits if possible.
Comprehensive (Other than Collision)
Comprehensive insurance coverage covers damage caused by mother nature, theft, vandalism and other events. You need to pay your deductible first and the remainder of the damage will be paid by comprehensive coverage.
Comprehensive insurance covers things such as rock chips in glass, fire damage and hail damage. The most your insurance company will pay is the market value of your vehicle, so if your deductible is as high as the vehicle’s value it’s not worth carrying full coverage.
Coverage on a shoestring budget
We covered some good ideas how you can get a better price on 1993 Mazda MX-5 Miata insurance. The most important thing to understand is the more rate quotes you have, the better likelihood of reducing your rate. Consumers may even find the best prices are with a smaller regional carrier. Regional companies can often insure niche markets at a lower cost as compared to the big name companies such as Allstate, GEICO and Progressive.
As you restructure your insurance plan, you should never reduce coverage to reduce premium. In too many instances, someone dropped collision coverage only to discover later they didn’t purchase enough coverage. Your focus should be to purchase plenty of coverage for the lowest price.
- Drunk Driving Statistics (Insurance Information Insitute)
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