Cheapest 2007 Mazda MX-5 Miata Insurance Rates in 2023
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UPDATED: Mar 23, 2020
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Nobody cherishes buying auto insurance, especially knowing they are paying too much.
Companies like Progressive, GEICO and Farmers Insurance all claim big savings with catchy ads and it can be hard to ignore the propoganda and effectively compare rates to find the best deal.
Don’t overlook these discounts
Auto insurance companies don’t necessarily list all available discounts very well, so here is a list some of the more common and also the lesser-known ways to save on insurance.
- Service Members Pay Less – Being deployed with a military unit can result in better rates.
- Discount for Good Grades – A discount for being a good student can earn a discount of 20% or more. The good student discount can last up to age 25.
- Low Mileage – Low mileage vehicles could be rewarded with lower rates on the low mileage vehicles.
- Safe Driver Discount – Drivers who avoid accidents can get discounts for up to 45% lower rates on MX-5 Miata coverage than drivers with accident claims.
- Government Employees – Active or retired federal employment can earn a discount up to 10% on MX-5 Miata coverage depending on your company.
- Theft Prevention Discount – Anti-theft and alarm systems help deter theft and therefore earn up to a 10% discount.
- Paperwork-free – A handful of insurance companies will give a small break for buying your policy digitally online.
Drivers should understand that most credits do not apply to the entire cost. Most only reduce the price of certain insurance coverages like physical damage coverage or medical payments. Even though it may seem like you could get a free insurance policy, companies wouldn’t make money that way.
For a list of companies with the best insurance discounts, click here.
Is my situation unique?
When choosing proper insurance coverage for your personal vehicles, there really is not a one size fits all plan. Coverage needs to be tailored to your specific needs so this has to be addressed. For example, these questions might help in determining whether your personal situation might need professional guidance.
- Does my liability insurance cover pulling a trailer or camper?
- Will my vehicle be repaired with OEM or aftermarket parts?
- Are there companies who specialize in insuring high-risk drivers?
- Do I need added coverage for expensive stereo equipment?
- Should I carry comprehensive and collision coverage?
- How can I find cheaper teen driver insurance?
- Am I covered when renting a car or should I buy coverage from the car rental agency?
- Why am I required to buy high-risk coverage?
If you can’t answer these questions but one or more may apply to you, then you may want to think about talking to a licensed insurance agent. To find lower rates from a local agent, simply complete this short form or you can go here for a list of companies in your area.
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Are insurance companies telling the truth?
Insurance providers like State Farm, GEICO and Progressive regularly use television and radio advertisements. They all make an identical promise that you can save if you move to them. How do they all make the same claim?
Insurance companies are able to cherry pick for the right customer that earns them a profit. An example of a desirable insured might be a mature driver, has no tickets, and has a short commute. Any new insured who fits that profile is entitled to the best price and as a result will probably cut their rates substantially.
Potential customers who don’t qualify for the requirements must pay higher premiums and ends up with the customer not buying. Company advertisements say “customers that switch” but not “drivers who get quotes” save money. This is how companies can make the claims of big savings. This illustrates why drivers must get quotes from several different companies. It’s impossible to know which company will give you the biggest savings on Mazda MX-5 Miata insurance.
Understanding the coverages of your policy aids in choosing the right coverages for your vehicles. Policy terminology can be ambiguous and coverage can change by endorsement. Below you’ll find the normal coverages found on the average insurance policy.
Med pay and Personal Injury Protection (PIP) – Personal Injury Protection (PIP) and medical payments coverage provide coverage for expenses such as ambulance fees, rehabilitation expenses, nursing services and dental work. They are often used to fill the gap from your health insurance program or if you do not have health coverage. It covers all vehicle occupants and will also cover being hit by a car walking across the street. PIP is not an option in every state and gives slightly broader coverage than med pay
Uninsured/Underinsured Motorist (UM/UIM) – This provides protection from other drivers when they do not carry enough liability coverage. Covered claims include medical payments for you and your occupants as well as damage to your Mazda MX-5 Miata.
Due to the fact that many drivers carry very low liability coverage limits, their limits can quickly be used up. So UM/UIM coverage is important protection for you and your family.
Comprehensive insurance – Comprehensive insurance coverage will pay to fix damage that is not covered by collision coverage. You need to pay your deductible first and then insurance will cover the rest of the damage.
Comprehensive coverage protects against claims like rock chips in glass, a tree branch falling on your vehicle and theft. The highest amount a insurance company will pay at claim time is the market value of your vehicle, so if the vehicle’s value is low consider dropping full coverage.
Liability coverage – Liability insurance protects you from damages or injuries you inflict on other people or property that is your fault. It protects you against other people’s claims. Liability doesn’t cover damage sustained by your vehicle in an accident.
Coverage consists of three different limits, per person bodily injury, per accident bodily injury, and a property damage limit. As an example, you may have limits of 25/50/25 that means you have a limit of $25,000 per injured person, $50,000 for the entire accident, and property damage coverage for $25,000.
Liability can pay for things such as loss of income, funeral expenses, structural damage, emergency aid and repair costs for stationary objects. The amount of liability coverage you purchase is up to you, but it’s cheap coverage so purchase as large an amount as possible.
Collision coverage – Collision insurance covers damage to your MX-5 Miata from colliding with an object or car. You first must pay a deductible and then insurance will cover the remainder.
Collision can pay for claims like driving through your garage door, rolling your car and hitting a parking meter. Paying for collision coverage can be pricey, so consider removing coverage from vehicles that are 8 years or older. It’s also possible to choose a higher deductible to save money on collision insurance.
Save your cold hard cash
Cheaper 2007 Mazda MX-5 Miata insurance is attainable on the web in addition to many insurance agents, so compare prices from both so you have a total pricing picture. Some insurance providers do not provide online quoting and most of the time these smaller companies sell through independent agents.
As you restructure your insurance plan, it’s not a good idea to buy poor coverage just to save money. There have been many situations where drivers have reduced liability limits or collision coverage and found out when filing a claim that it was a big error on their part. The aim is to buy a smart amount of coverage at an affordable rate.
For more information, feel free to visit the following helpful articles:
- What is a Telematics Device? (Allstate)
- Teen Driving Statistics (iihs.org)
- Safety Belts FAQ (iihs.org)
- Steps to Take After an Auto Accident (Insurance Information Insitute)
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