How to Save on Mazda MX-5 Miata Insurance in Orlando

Discount Mazda MX-5 Miata insuranceIt’s an obvious statement that car insurance companies don’t want their customers to go rate shopping. Drivers who shop around for cheaper price quotes will presumably switch to a new company because of the good chance of finding a lower-cost company. A recent insurance study discovered that drivers who routinely shopped around saved $3,500 over four years as compared to drivers who never compared prices.

If saving money on Mazda MX-5 Miata insurance is your ultimate goal, then understanding the best way to quote and compare coverage rates can make it easier for you to save money.

The preferred way to save on Mazda MX-5 Miata insurance in Orlando is to compare quotes once a year from providers who provide auto insurance in Florida.

The key thing to remember is to try to compare identical limits and deductibles on every quote and and to analyze as many companies as feasibly possible. Doing this guarantees an apples-to-apples comparison and a complete price analysis.

Informed Decisions Result in Lower Insurance Costs

Multiple criteria are part of the equation when pricing auto insurance. A few of the factors are predictable such as your driving record, although others are less obvious such as your credit history or your vehicle rating. A large part of saving on auto insurance is knowing some of the elements that help determine your auto insurance rates. When consumers understand what influences your rates, this enables informed choices that will entitle you to much lower annual insurance costs.

The following are a few of the “ingredients” auto insurance companies consider when setting premiums.

Save money with high credit – Credit score is a big factor in determining your rates. So if your credit history can be improved, you could be paying less to insure your Mazda MX-5 Miata if you improve your credit rating. People with good credit tend to be better drivers and file fewer claims than drivers with worse credit.

Careless drivers pay higher prices – Your driving citation history has a lot to do with how much you pay for insurance. Even a single citation may increase your cost by twenty percent. Careful drivers tend to pay less for car insurance than bad drivers. Drivers with multiple violations like reckless driving, hit and run or driving under the influence may find they need to submit a SR-22 form to the state department of motor vehicles in order to keep their license.

The diagram below demonstrates how speeding tickets and at-fault claims impact Mazda MX-5 Miata auto insurance rates for each different age group. The rate quotes are based on a single male driver, full coverage, $250 deductibles, and no additional discounts are factored in.

Reserve policy claims for larger damages – Car insurance companies in Florida give most affordable rates to drivers who do not rely on their insurance for small claims. If you file a lot of claims you can expect either higher rates or even cancellation. Your car insurance is meant to be used in the event of major claims that would cause financial hardship.

Know your vehicle’s IIHS safety rating – Safe vehicles get lower rates. Vehicles built for safety have better occupant injury protection and lower injury rates means less money paid by your insurance company and cheaper rates on your policy.

Commute or pleasure use – The higher the miles on your Mazda annually the more you’ll pay to insure your vehicle. Most companies charge to insure your cars based upon how much you drive. Vehicles that have low annual miles receive lower rates than those that get driven frequently. Ask your agent if your auto insurance policy states the right rating data, because improper ratings can cost you money. An improperly rated MX-5 Miata can cost quite a bit.

Mazda MX-5 Miata insurance loss statistics – Auto insurance companies analyze past claim statistics as a tool for profitable underwriting. Vehicles that historically have a trend towards higher claim severity or frequency will have higher rates for specific coverages.

The table below shows the historical insurance loss data for Mazda MX-5 Miata vehicles. For each insurance policy coverage type, the statistical loss for all vehicles, without regard to make or model, is set at 100. Numbers that are below 100 mean the vehicle has better than average losses, while percentages above 100 point to more losses or a tendency for claims to be larger.

Mazda MX-5 Miata Insurance Claim Statistics
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 Source: Insurance Institute for Highway Safety for 2013-2015 Model Years

Mazda MX-5 Miata coverage analysis

The rate information shown next showcases estimates of policy rates for Mazda MX-5 Miata models. Being able to understand how insurance policy premiums are established can assist in making smart choices when selecting a coverage provider.

Mazda MX-5 Miata Insurance Rates in Orlando, FL
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
MX-5 Miata Sport 2-Dr Convertible $166 $318 $460 $28 $138 $1,110 $93
MX-5 Miata Touring 2-Dr Convertible $192 $386 $460 $28 $138 $1,204 $100
MX-5 Miata Grand Touring 2-Dr Convertible $192 $386 $460 $28 $138 $1,204 $100
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Price data assumes single female driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and Florida minimum liability limits. Discounts applied include homeowner, multi-policy, safe-driver, claim-free, and multi-vehicle. Information does not factor in specific location information which can affect premiums noticeably.

Policy deductible comparison

One common question asked by Orlando drivers is where should you set your physical damage deductibles. The following insurance rates may help you to understand the cost difference when you buy lower versus higher physical damage coverage deductibles. The first rate estimation uses a $100 comprehensive and collision deductible and the second set of prices uses a $500 deductible.

Mazda MX-5 Miata insurance premium estimates with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
MX-5 Miata Sport 2-Dr Convertible $312 $532 $354 $20 $106 $1,349 $112
MX-5 Miata Touring 2-Dr Convertible $358 $648 $354 $20 $106 $1,511 $126
MX-5 Miata Grand Touring 2-Dr Convertible $358 $648 $354 $20 $106 $1,511 $126
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Mazda MX-5 Miata insurance premium estimates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
MX-5 Miata Sport 2-Dr Convertible $228 $360 $354 $20 $106 $1,068 $89
MX-5 Miata Touring 2-Dr Convertible $262 $438 $354 $20 $106 $1,180 $98
MX-5 Miata Grand Touring 2-Dr Convertible $262 $438 $354 $20 $106 $1,180 $98
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Price data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Florida minimum liability limits. Discounts applied include safe-driver, multi-vehicle, multi-policy, claim-free, and homeowner. Rates do not factor in specific garaging location which can decrease or increase coverage rates significantly.

Using the data above, we can ascertain that using a $100 deductible would cost the average driver about $26 more each month or $312 annually than opting for the higher $500 deductible. Since you would pay $400 more out of your own pocket with a $500 deductible as compared to a $100 deductible, if you have at least 15 months between claims, you would probably come out ahead if you decide on a higher deductible.

Male drivers compared to female drivers

The illustration below visualizes the comparison of Mazda MX-5 Miata insurance costs for male and female drivers. The data is based on no accidents, no driving violations, comprehensive and collision coverage, $1,000 deductibles, marital status is single, and no other discounts are factored in.

These discounts can lower your insurance rates

Companies offering auto insurance don’t always advertise every available discount very well, so here is a list both well-publicized and also the more inconspicuous savings tricks you should be using when you buy Orlando auto insurance online.Cheaper insurance with discounts

You should keep in mind that most of the big mark downs will not be given to the entire cost. The majority will only reduce the price of certain insurance coverages like liability, collision or medical payments. So despite the fact that it appears you could get a free insurance policy, insurance companies aren’t that generous.

The example below shows the difference between Mazda MX-5 Miata insurance rates with and without policy discounts. The premiums are based on a female driver, a clean driving record, no claims, Florida state minimum liability limits, comprehensive and collision coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-car, marriage, claim-free, safe-driver, homeowner, and multi-policy discounts applied.

Some of the larger companies who might offer some of the discounts shown above are:

When getting a coverage quote, ask every prospective company how you can save money. Depending on the company, some discounts may not apply to policies in your state. To locate insurance companies that can offer you the previously mentioned discounts in Florida, click here.

Best auto insurance in Florida

Selecting a good quality auto insurance company can be a challenge considering how many different companies there are to choose from in Orlando. The company information shown below can help you decide which companies you want to consider comparing rates from.

Top Auto Insurance Companies in Florida
Company Value Customer Service Claims Customer Satisfaction A.M Best Rating Overall Score
Travelers 93 98 99 88% A++ 95.1
USAA 83 99 100 91% A++ 94.1
Mercury Insurance 97 96 88 89% A+ 93.4
AAA Insurance 91 95 92 90% A 93.3
Nationwide 85 95 97 89% A+ 92.4
Allstate 77 100 97 88% A+ 90.7
State Farm 80 94 96 88% A++ 90.6
The Hartford 88 93 91 87% A+ 90.4
Safeco Insurance 91 95 85 88% A 90.2
Progressive 88 94 83 88% A+ 90.1
American Family 91 86 95 83% A 89.7
Esurance 86 90 94 90% A+ 89.5
The General 86 93 89 84% A- 88.2
GEICO 79 89 95 87% A++ 87.8
Titan Insurance 86 82 92 86% A+ 86.5
21st Century 86 82 90 84% A 86.4
Liberty Mutual 79 87 95 78% A 85.3
Farmers Insurance 77 80 80 84% A 80.3
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Data Source: Best Car Insurance Companies

Don’t give up on cheap premiums

Drivers who switch companies do it for many reasons like extreme rates for teen drivers, questionable increases in premium, not issuing a premium refund or even policy non-renewal. It doesn’t matter what your reason, finding the right auto insurance provider is not as hard as you think.

We covered many tips how you can save on Mazda MX-5 Miata insurance in Orlando. The key thing to remember is the more times you quote, the better your chances of lowering your rates. Consumers could even find that the best prices are with some of the smallest insurance companies.

While you’re price shopping online, do not buy poor coverage just to save money. In many cases, consumers will sacrifice liability coverage limits only to find out that a couple dollars of savings turned into a financial nightmare. Your objective should be to buy the best coverage you can find for the lowest cost, but do not skimp to save money.

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