Cheapest 2007 Chevrolet Malibu Insurance Rates in 2023
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UPDATED: Aug 23, 2022
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Searching for better insurance rates for your Chevrolet Malibu? Shopping for affordable insurance on the internet can seem to be somewhat difficult for people who are new to comparing rates online. With so many insurance companies available, how can consumers even start to compare them all to find the best pricing?
It’s a great practice to compare rates quite often due to the fact that insurance rates change regularly. Even if you think you had the best price for Malibu coverage on your last policy you will most likely find a better rate today. Starting right now, forget all the misinformation about insurance because you’re about to learn the fastest and easiest way to save money, get proper coverage and the best rates.
If you currently have a car insurance policy, you will be able to cut costs considerably using these methods. Locating affordable coverage is simple if you know the tricks. Although vehicle owners must learn how insurance companies price online insurance.
What factors are used to determine Chevy Malibu insurance rates?
An important part of buying insurance is that you know some of the elements that come into play when calculating the rates you pay for insurance coverage. Take for example the value of a 2007 Chevy Malibu. That is going to affect what you pay, plus your age, location, and sometimes even your marital status. When you know what positively or negatively determines base rates enables informed choices that may reward you with big savings. Below we have a list of other factors sometimes used to determine the price of a 2007 Chevy Malibu insurance policy.
- Safer cars cost less to insure – Safer cars get lower rates. These vehicles have better occupant injury protection and any reduction in injury severity translates into fewer and smaller insurance claims and more competitive rates for policyholders. If the Chevy Malibu earned at least an “acceptable” rating on the Insurance Institute for Highway Safety website you are probably receiving a discount.
- Battle of the sexes – Statistics show that men are more aggressive behind the wheel. However, this does not mean women are better drivers. Men and women tend to get into accidents at a similar rate, but the males have costlier accidents. They also have more aggressive citations such as DWI and reckless driving. Male drivers age 16 to 19 are the most expensive to insure and therefore are the most expensive to insure.
- One company can mean more discounts – Many insurance companies will award you with lower prices to policyholders who carry more than one policy such as combining an auto and homeowners policy. Discounts can amount to 10 percent or more. If you currently are using one company, you still need to shop around to confirm you are receiving the best rates possible.
- Special features that cut premiums – Driving a car with a theft deterrent system can help bring down rates. Anti-theft features such as tamper alarm systems, vehicle immobilizer technology and General Motors OnStar all hinder auto theft.
- Liability insurance protects assets – Liability insurance is the coverage that protects you in the event that you are found to be at fault for damages from an accident. It provides legal defense coverage starting from day one. Liability is cheap compared to physical damage coverage, so do not skimp.
- Never allow your policy to lapse – Driving with no insurance is illegal and insurance coverage companies will penalize you for letting your coverage have a gap. And not only will your rates increase, but being ticketed for driving with no insurance may earn you a license revocation or jail time.
What discounts can help you save money on your auto insurance?
Insuring your fleet can be pricey, but you can get discounts that can drop the cost substantially. Some trigger automatically at the time of quoting, but some must be requested specifically before they will apply.
- Early Signing – Select companies give a discount for switching to them prior to your current policy expiration. This can save 10% or more.
- Passive Restraints and Air Bags – Cars that have air bags and/or automatic seat belt systems can receive discounts up to 30%.
- Fewer Miles Equal More Savings – Low mileage vehicles could be rewarded with a substantially lower rate.
- Drivers Education – Have your child take driver’s education class if it’s offered in school.
- Lower Rates for Military – Having a family member in the military can result in better rates.
Keep in mind that most discount credits are not given to your bottom line cost. Most only reduce specific coverage prices like collision or personal injury protection. So even though it sounds like it’s possible to get free car insurance, companies wouldn’t make money that way. Any qualifying discounts will cut the amount you have to pay.
Insurance companies that possibly offer these benefits include:
- American Family
- Farm Bureau
- State Farm
- The Hartford
Check with each insurance company which discounts you may be entitled to. All car insurance discounts may not apply everywhere.
Is there deception in advertising?
Insurance companies such as State Farm, Allstate and GEICO constantly bombard you with ads on TV and radio. They all seem to have a common claim of big savings if you switch your coverage to them. How do they all claim to save you money?
All the different companies can use profiling for the right customer that is profitable for them. For instance, a preferred risk might be profiled as between 25 and 40, owns a home, and drives less than 10,000 miles a year. A customer getting a price quote that hits that “sweet spot” gets the lowest rates and as a result will probably save when they switch companies.
Drivers who don’t measure up to this ideal profile will have to pay higher premiums which usually ends up with the customer not buying. The ad wording is “people who switch” not “everybody who quotes” save that much. That’s the way insurance companies can confidently advertise the savings.
Because of the profiling, drivers must quote coverage with many companies. It’s impossible to know which insurance companies will fit your personal profile best.
All Insurance Policies Are Not Created Equal
When it comes to buying coverage, there isn’t really a cookie cutter policy. Each situation is unique.
Here are some questions about coverages that can help discover if your insurance needs will benefit from professional help.
- Do all my vehicles need collision coverage?
- I have health insurance so do I need medical payments coverage?
- Should I have a commercial auto policy?
- Am I covered if I hit a deer?
- Am I better off with higher deductibles on my 2007 Chevy Malibu?
- What is medical payments coverage?
- Are all vehicle passengers covered by medical payments coverage?
- Does my car insurance cover rental cars?
- Are rental cars covered under my policy?
- Do I need higher collision deductibles?
If you’re not sure about those questions but you know they apply to you, you might consider talking to an insurance agent. To find an agent in your area, complete this form.
Why The Value of a 2007 Chevy Malibu Matters When Buying Insurance
Understanding the coverages of insurance can help you determine which coverages you need and proper limits and deductibles. Policy terminology can be impossible to understand and reading a policy is terribly boring. However, you need to know the correlation between what type of vehicle you own, and what type of coverage you should be purchasing.
UM/UIM (Uninsured/Underinsured Motorist) Coverage
Uninsured or Underinsured Motorist coverage protects you and your vehicle’s occupants when the “other guys” either have no liability insurance or not enough. This coverage pays for injuries sustained by your vehicle’s occupants and also any damage incurred to your Chevy Malibu.
Since many drivers only carry the minimum required liability limits, it only takes a small accident to exceed their coverage. For this reason, having high UM/UIM coverages is a good idea. Usually the UM/UIM limits do not exceed the liability coverage limits.
Comprehensive Auto Coverage
This pays to fix your vehicle from damage that is not covered by collision coverage. You need to pay your deductible first and the remainder of the damage will be paid by comprehensive coverage.
Comprehensive insurance covers claims such as fire damage, damage from flooding, a broken windshield, rock chips in glass and hitting a bird. The highest amount you can receive from a comprehensive claim is the cash value of the vehicle, so if the vehicle is not worth much it’s not worth carrying full coverage.
Collision insurance will pay to fix damage to your Malibu resulting from colliding with another vehicle or an object, but not an animal. You will need to pay your deductible then your collision coverage will kick in.
Collision insurance covers claims like crashing into a ditch, damaging your car on a curb, scraping a guard rail, backing into a parked car and rolling your car. Paying for collision coverage can be pricey, so consider dropping it from older vehicles. You can also bump up the deductible to bring the cost down.
Medical payments and PIP Coverage
Personal Injury Protection (PIP) and medical payments coverage provide coverage for short-term medical expenses for ambulance fees, pain medications and doctor visits. They are utilized in addition to your health insurance plan or if you do not have health coverage. Coverage applies to not only the driver but also the vehicle occupants and will also cover being hit by a car walking across the street. PIP is not available in all states but it provides additional coverages not offered by medical payments coverage
This coverage can cover damage or injury you incur to a person or their property. This coverage protects you against other people’s claims. It does not cover damage sustained by your vehicle in an accident.
Liability coverage has three limits: per person bodily injury, per accident bodily injury, and a property damage limit. You might see values of 100/300/100 which means $100,000 bodily injury coverage, a per accident bodily injury limit of $300,000, and $100,000 of coverage for damaged property. Occasionally you may see a combined limit that pays claims from the same limit and claims can be made without the split limit restrictions.
Liability coverage protects against claims like loss of income, pain and suffering and medical expenses. How much liability should you purchase? That is up to you, but buy as much as you can afford.
The Value of a 2007 Chevy Malibu Insurance Policy: Summary
Drivers who switch companies do it for a variety of reasons including policy cancellation, being labeled a high risk driver, unfair underwriting practices and even policy non-renewal. Regardless of your reason, choosing a new insurance company can be easy and end up saving you some money.
We covered many ideas to reduce 2007 Chevy Malibu insurance prices online. The most important thing to understand is the more price quotes you have, the better likelihood of reducing your rate. You may even discover the lowest rates come from a smaller regional carrier.
When you buy insurance online, it’s not a good idea to reduce coverage to reduce what you pay for your premium. There are many occasions where someone sacrificed full coverage and discovered at claim time that a couple dollars of savings turned into a financial nightmare. The ultimate goal is to purchase a proper amount of coverage for the lowest price while not skimping on critical coverages.
More Helpful Information:
- What is Covered by an Auto Insurance Policy? (Insurance Information Institute)
- Understanding Car Crashes Video (iihs.org)
- Understanding Your Insurance Deductible (Insurance Information Institute)
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