Save on 2023 Mazda MX-5 Miata Insurance Rates in 2024

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Jeffrey Johnson

Insurance Lawyer

Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

Insurance Lawyer

UPDATED: May 9, 2024

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Trying to find cheaper insurance rates? Buyers have lots of choices when searching for the best price on Mazda MX-5 Miata insurance. You can either waste hours calling around getting price quotes or save time using the internet to make rate comparisons. There are more efficient ways to compare insurance rates so we’re going to tell you the proper way to quote coverages for a new or used Mazda and locate the cheapest rates from both online companies and local agents.

Smart consumers take time to price shop coverage once or twice a year because prices tend to go up over time. Just because you had the best deal on MX-5 Miata coverage a year ago other companies may now be cheaper. There are a lot of ways to save on insurance online, but you can learn a lot of great tips on how to lower your insurance premiums.

The quickest method we recommend to compare rate quotes is to take advantage of the fact almost all companies pay for the opportunity to provide you with free rate quotes. The one thing you need to do is give them rating details such as driver details, distance driven, how much school you completed, and if it has an alarm system. The rating information is submitted instantly to many of the top insurers and you will receive price estimates within a short period of time.

Take policy discounts and save

Car insurance companies don’t always advertise all their discounts very well, so we break down a few of the more common as well as some of the hidden discounts you could be receiving when you buy auto insurance online.

  • Use Seat Belts – Forcing all vehicle occupants to buckle up can save 10% or more on medical payment and PIP coverage.
  • Government Employee Discount – Being employed by or retired from a federal job could qualify for a slight premium decrease on MX-5 Miata coverage depending on your insurance coverage provider.
  • Active Military Service – Being deployed with a military unit may lower your premium rates slightly.
  • Drive Less and Save – Driving less can earn better rates on cars that stay parked.
  • Student Discounts – Being a good student can get you a discount of up to 25%. Many companies even apply the discount to college students up to age 25.
  • Senior Citizens – Older drivers could receive a small decrease in premiums on MX-5 Miata coverage.
  • Discount for New Cars – Putting insurance coverage on a new car can get you a discount because newer models keep occupants safer.
  • Distant Student – College-age children living away from home attending college without a vehicle on campus could get you a discount.
  • Safety Course Discount – Passing a course in defensive driving could earn you a small percentage discount if your company offers it.
  • Multiple Policy Discount – If you insure your home and vehicles with the same company you may earn 10% to 20% off each policy.

You can save money using discounts, but most of the big mark downs will not be given to your bottom line cost. Most only cut the price of certain insurance coverages like medical payments or collision. Just because it seems like it’s possible to get free car insurance, that’s just not realistic.

The best insurance coverage companies and some of the discounts are included below.

  • State Farm discounts include Drive Safe & Save, passive restraint, multiple autos, safe vehicle, and good student.
  • GEICO includes discounts for anti-theft, anti-lock brakes, military active duty, good student, and driver training.
  • Liberty Mutual may have discounts that include new move discount, multi-car, hybrid vehicle, new graduate, exclusive group savings, and newly retired.
  • The Hartford has savings for bundle, defensive driver, driver training, air bag, anti-theft, vehicle fuel type, and good student.
  • MetLife offers discounts including claim-free, good student, good driver, accident-free, and defensive driver.
  • Progressive offers premium reductions for homeowner, multi-vehicle, continuous coverage, online signing, multi-policy, good student, and online quote discount.

If you need lower rates, check with every prospective company how you can save money. Some discounts may not apply to policyholders in every state.

Six things that determine your insurance prices

Lots of things are taken into consideration when you quote your car insurance policy. Some factors are common sense such as your driving history, but other factors are not as apparent like your vehicle usage or how financially stable you are. When buying car insurance it’s important to understand some of the things that help calculate car insurance rates. If you have some idea of what influences your rates, this helps enable you to make changes that may reward you with lower car insurance prices.

  • Marriage discount – Getting married can actually save you money when buying car insurance. Having a spouse may mean you are more stable financially and statistics prove married drivers tend to have fewer serious accidents.
  • Bad driving leads to higher premiums – A bad driving record has a big impact on rates. Having just one citation can increase rates substantially. Attentive drivers pay less for auto insurance than their less careful counterparts. Drivers unfortunate enough to have multiple tickets such as hit and run, DWI or reckless driving convictions may need to submit a SR-22 form with their state’s licensing department in order to drive a vehicle legally.
  • Vehicle features that lower premiums – Choosing a vehicle with a theft deterrent system can save you a little every year. Systems that thwart theives such as vehicle immobilizer systems, General Motors OnStar and LoJack tracking systems all hinder your car from being stolen.
  • Your employer may affect prices – Occupational choices like real estate brokers, executives and emergency personnel are shown to have higher average rates due to stressful work requirements and lots of time spent at work. On the flip side, jobs such as professors, engineers and retirees have the lowest average rates on MX-5 Miata coverage.
  • Higher comp and collision deductibles reduce costs – Comprehensive and collision coverage deductibles state the amount of money you are willing to pay before your car insurance pays a claim. Physical damage protection, commonly called comprehensive (or other-than-collision) and collision coverage, insures against damage to your car. Some examples of claims that would be covered could be collision with another vehicle, damage caused by hail, and having a roll-over accident. The more expense you pay before a claim is paid (deductible), the lower your rates will be on MX-5 Miata coverage.
  • Age of drivers – Teen drivers are proven to get distracted easily in a vehicle therefore car insurance rates are much higher. Parents adding a young driver to your car insurance policy can really hurt. Older people are more cautious drivers, are lower risk to insure .

Which policy gives me the best coverage?

When it comes to choosing the best auto insurance coverage for your vehicles, there really is not a “perfect” insurance plan. Your needs are not the same as everyone else’s.

These are some specific questions could help you determine if your insurance needs would benefit from an agent’s advice.

  • Does car insurance cover theft of personal property?
  • Is my trailer covered?
  • What happens if I owe more than my 2023 Mazda MX-5 Miata is worth?
  • What is PIP insurance?
  • Am I insured when driving a different vehicle?
  • Is my Mazda MX-5 Miata covered if I use it for business?
  • What discounts do I qualify for?
  • Is other people’s property covered if stolen from my vehicle?
  • Should I buy only the required minimum liability coverage?
  • Should I waive the damage coverage when renting a car?

If it’s difficult to answer those questions but you know they apply to you then you might want to talk to a licensed insurance agent. To find an agent in your area, complete your zip code. It only takes a few minutes and you can get the answers you need.

Auto insurance 101

Knowing the specifics of your policy can be of help when determining the right coverages and the correct deductibles and limits. Auto insurance terms can be impossible to understand and reading a policy is terribly boring.

Collision insurance

Collision coverage will pay to fix damage to your MX-5 Miata resulting from colliding with another car or object. You have to pay a deductible and the rest of the damage will be paid by collision coverage.

Collision can pay for things like backing into a parked car, sideswiping another vehicle, colliding with another moving vehicle, crashing into a building and driving through your garage door. Collision is rather expensive coverage, so analyze the benefit of dropping coverage from vehicles that are 8 years or older. Another option is to choose a higher deductible to get cheaper collision coverage.

Liability insurance

This protects you from damage that occurs to people or other property that is your fault. It protects YOU against other people’s claims, and doesn’t cover your own vehicle damage or injuries.

Split limit liability has three limits of coverage: bodily injury per person, bodily injury per accident and property damage. As an example, you may have liability limits of 50/100/50 that translate to a $50,000 limit per person for injuries, a limit of $100,000 in injury protection per accident, and property damage coverage for $50,000.

Liability can pay for claims like structural damage, court costs and emergency aid. How much liability coverage do you need? That is a personal decision, but consider buying as much as you can afford.

UM/UIM Coverage

This provides protection from other motorists when they are uninsured or don’t have enough coverage. Covered claims include hospital bills for your injuries as well as your vehicle’s damage.

Since a lot of drivers carry very low liability coverage limits, it only takes a small accident to exceed their coverage. So UM/UIM coverage should not be overlooked.

Medical costs insurance

Medical payments and Personal Injury Protection insurance reimburse you for immediate expenses such as doctor visits, prosthetic devices, hospital visits, chiropractic care and rehabilitation expenses. They are often used to cover expenses not covered by your health insurance plan or if there is no health insurance coverage. They cover all vehicle occupants in addition to if you are hit as a while walking down the street. PIP is not universally available and gives slightly broader coverage than med pay

Comprehensive or Other Than Collision

This pays to fix your vehicle from damage that is not covered by collision coverage. You first have to pay a deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive can pay for things like theft, hail damage and damage from flooding. The maximum amount a auto insurance company will pay at claim time is the market value of your vehicle, so if your deductible is as high as the vehicle’s value it’s probably time to drop comprehensive insurance.

Have the Midas touch

People leave their current company for many reasons like lack of trust in their agent, high prices, not issuing a premium refund and delays in responding to claim requests. Whatever your reason, finding a great new company is not as difficult as it may seem.

We covered a lot of tips how to shop for 2023 Mazda MX-5 Miata insurance online. It’s most important to understand that the more quotes you get, the higher your chance of finding cheap auto insurance. You may be surprised to find that the lowest priced car insurance comes from a smaller regional carrier.

Cheaper 2023 Mazda MX-5 Miata insurance is available on the web as well as from independent agents, so you need to quote auto insurance with both in order to have the best chance of saving money. Some insurance companies don’t offer price quotes online and most of the time these small, regional companies only sell coverage through independent insurance agents.

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