Locating low-cost insurance for your Mazda MX-5 Miata in Michigan can normally be an all-consuming task, but you can learn our insurance buying tips to find lower rates. There are both good and bad ways to compare insurance rates so you’re going to learn the absolute fastest way to compare rates for your Mazda and find the lowest price either online or from Detroit insurance agents.
It’s important to shop coverage around before your policy renews because prices change frequently. Despite the fact that you may have had the best deal on Mazda MX-5 Miata insurance in Detroit a few years ago there is a good chance you can find better rate quotes now. Forget all the misinformation about insurance because I’m going to let you in on the secrets to one of the easiest ways to save money, get proper deductibles and limits, all at the lowest rate.
Rates and data analysis
The premium table shown below outlines detailed analysis of insurance prices for Mazda MX-5 Miata models. Learning how insurance prices are calculated can assist in making decisions on which insurance to purchase.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| MX-5 Miata Sport 2-Dr Convertible | $282 | $534 | $710 | $42 | $212 | $1,780 | $148 |
| MX-5 Miata Touring 2-Dr Convertible | $324 | $650 | $710 | $42 | $212 | $1,938 | $162 |
| MX-5 Miata Grand Touring 2-Dr Convertible | $324 | $650 | $710 | $42 | $212 | $1,938 | $162 |
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Price data assumes single male driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and Michigan minimum liability limits. Discounts applied include multi-vehicle, homeowner, multi-policy, safe-driver, and claim-free. Table data does not factor in specific location which can alter prices greatly.
Policy deductibles
One frequently asked question is how low should you set your deductibles. The rates shown below may aid in understanding the price difference between high and low insurance deductibles. The first set of rates uses a $250 physical damage deductible and the second set of prices uses a $1,000 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| MX-5 Miata Sport 2-Dr Convertible | $464 | $738 | $586 | $34 | $176 | $2,023 | $169 |
| MX-5 Miata Touring 2-Dr Convertible | $534 | $900 | $586 | $34 | $176 | $2,255 | $188 |
| MX-5 Miata Grand Touring 2-Dr Convertible | $534 | $900 | $586 | $34 | $176 | $2,255 | $188 |
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| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| MX-5 Miata Sport 2-Dr Convertible | $288 | $464 | $586 | $34 | $176 | $1,548 | $129 |
| MX-5 Miata Touring 2-Dr Convertible | $330 | $566 | $586 | $34 | $176 | $1,692 | $141 |
| MX-5 Miata Grand Touring 2-Dr Convertible | $330 | $566 | $586 | $34 | $176 | $1,692 | $141 |
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Data rating is based on married male driver age 30, no speeding tickets, no at-fault accidents, and Michigan minimum liability limits. Discounts applied include multi-vehicle, multi-policy, claim-free, homeowner, and safe-driver. Rate information does not factor in specific Detroit garaging location which can alter coverage rates substantially.
Using the premium rates above, we can conclude that using a $250 deductible costs an average of $45 more each month or $540 a year than buying the higher $1,000 deductible. Due to the fact that you would have to pay $750 more out of your own pocket with a $1,000 deductible as compared to a $250 deductible, if you tend to have at least 17 months between claims, you would probably come out ahead if you elect the higher deductible.
How to determine when to raise deductibles
| Average monthly premium for $250 deductibles: | $182 |
| Average monthly premium for $1,000 deductibles (subtract): | – $137 |
| Monthly savings from raising deductible: | $45 |
| Difference between deductibles ($1,000 – $250): | $750 |
| Divide difference by monthly savings: | $750 / $45 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 17 months |
One important caveat is that raising deductibles to get cheaper rates results in more money out-of-pocket when you do file a claim. You need enough extra money in the event you have to pay the higher deductible in order to repair your vehicle.
Components of Your Mazda MX-5 Miata Insurance Rates
Lots of things are taken into consideration when pricing auto insurance. Some are pretty understandable like an MVR report, but some are less obvious like your vehicle usage or your commute time. One of the most helpful ways to save on car insurance is to to have a grasp of some of the things that aid in calculating your policy premiums. If you have a feel for what positively or negatively impacts your premiums, this enables you to make decisions that could help you find much lower annual insurance costs.
The factors shown below are just a few of the factors used by companies to determine rates.
Get married and get better costs – Having a wife or husband can get you a discount when shopping for car insurance. Having a spouse is viewed as being more responsible and insurance companies like that drivers who are married are more cautious.
Big cities mean more claims – Living in a rural area can be a good thing if you are looking for the lowest rates. People in densely populated areas regularly have congested traffic and longer commutes to work. Fewer drivers and short commutes means reduced accidents and lower theft and vandalism rates.
Car insurance policy lapses increase rates – Driving without insurance coverage in place can get your license suspended and you will pay a penalty because you let your insurance lapse. Not only will rates go up, not being able to provide proof of insurance could earn you a license revocation or jail time. You may have to submit proof of financial responsibility or a SR-22 with the Michigan motor vehicle department to get your license reinstated.
Accidents mean higher premiums – Whether or not you get tickets has a big impact on rates. Getting just one citation can boost insurance rates by as much as thirty percent. Drivers who don’t get tickets pay less for auto insurance than people who have multiple driving citations. Drivers with flagrant citations like DUI or willful reckless driving might be required by their state to complete a SR-22 with their state in order to prevent their license from being revoked.
The example below shows how violations and at-fault accidents influence Mazda MX-5 Miata car insurance costs for different categories of driver ages. The costs are based on a married female driver, comp and collision included, $250 deductibles, and no discounts are factored in.
Raise your physical damage deductibles for better costs – Insurance for physical damage to your car, also known as collision and other-than-collision, is used to repair damage to your vehicle. Some examples of covered claims are a windshield shattered by a rock, damage from fire, and rolling your vehicle. Comp and collision deductibles represent how much money you are required to pay if you file a covered claim. The higher the amount you are required to pay out-of-pocket, the better rate you will receive.
Insurance losses for a Mazda MX-5 Miata – Insurance companies use historical loss data to help calculate premium rates. Models that are shown to have higher number or severity of losses will be charged more to insure.
The table below demonstrates the historical insurance loss data for Mazda MX-5 Miata vehicles. For each policy coverage, the claim amount for all vehicles compiled together is set at 100. Values that are 100 or less indicate better than average losses, while percentage values above 100 point to more losses or tendency to have larger claims.
| Specific Mazda Model | Collision | Property Damage | Comp | Personal Injury | Medical Payment | Bodily Injury |
|---|---|---|---|---|---|---|
| Mazda MX-5 Miata Convertible | 76 | 61 | 74 | 72 |
Empty fields indicate not enough data collected
Statistics from IIHS.org for 2013-2015 Model Years
Quote. Compare. Save.
As you restructure your insurance plan, it’s very important that you do not skimp on coverage in order to save money. There are many occasions where an insured dropped liability limits or collision coverage and discovered at claim time that saving that couple of dollars actually costed them tens of thousands. Your goal is to purchase plenty of coverage at the best cost, but don’t skip important coverages to save money.
There are still a few companies who don’t offer online price quotes and many times these small, regional companies work with local independent agencies. Budget-conscious Mazda MX-5 Miata insurance is available online in addition to local insurance agencies, so compare prices from both to have the best chance of lowering rates.
We’ve covered quite a bit of information on how to compare Mazda MX-5 Miata insurance car insurance rates in Detroit. The most important thing to understand is the more companies you get premium rates for, the better your comparison will be. Drivers may even discover the best price on auto insurance is with a small local company.
How to find affordable quotes for Mazda MX-5 Miata insurance in Detroit
The easiest way to get discount Mazda MX-5 Miata insurance in Detroit is to regularly compare price quotes from different companies who provide car insurance in Michigan. You can shop around by following these steps.
- First, it will benefit you to learn about policy coverages and the changes you can make to keep rates down. Many things that cause rate increases like your driving record and a bad credit score can be controlled by improving your driving habits or financial responsibility.
- Second, request rate estimates from direct carriers, independent agents, and exclusive agents. Exclusive and direct companies can only quote rates from one company like Progressive or State Farm, while agents who are independent can quote prices for a wide range of companies.
- Third, compare the new rate quotes to the premium of your current policy to determine if you can save on MX-5 Miata insurance in Detroit. If you find a better price and make a switch, make sure coverage does not lapse between policies.
An essential thing to point out is to compare identical deductibles and limits on each price quote and and to look at as many different insurance providers as possible. This helps ensure a fair price comparison and the best price selection.
Helpful resources
- Auto Insurance 101 (About.com)
- Who Has the Cheapest Detroit Auto Insurance for High Mileage Drivers? (FAQ)
- What Car Insurance is Cheapest for High Risk Drivers in Detroit? (FAQ)
- What Insurance is Cheapest for 19 Year Olds in Detroit? (FAQ)
- Cellphones, Texting and Driving (iihs.org)
- Neck Injury FAQ (iihs.org)
- Driving in Bad Weather (Insurance Information Institute)
- Rearview cameras reduce backing crashes (Insurance Institute for Highway Safety)