Amazingly, almost 70% of insureds have stayed with the same insurance company for at least the last four years, and virtually 40% of consumers have never shopped around. Many consumers in Maryland could cut their rates by roughly $750 a year, but they won’t spend time to compare rates.
The most effective way to get the cheapest auto insurance rates is to make a habit of comparing prices annually from insurance carriers who provide car insurance in Baltimore. Price quotes can be compared by following these guidelines.
- First, try to comprehend how insurance works and the changes you can make to prevent rate increases. Many policy risk factors that drive up the price like traffic tickets, fender benders, and a bad credit score can be controlled by being financially responsible and driving safely.
- Second, request price quotes from independent agents, exclusive agents, and direct companies. Exclusive agents and direct companies can give quotes from one company like Progressive or Farmers Insurance, while independent agents can provide prices from multiple companies. View companies
- Third, compare the new rates to the price on your current policy to see if you can save by switching companies. If you can save some money and decide to switch, ensure there is no coverage lapse between policies.
- Fourth, tell your current company of your intent to cancel the current policy and submit the required down payment along with the signed application to your new company or agent. Immediately safely store the certificate verifying coverage in an accessible location in your vehicle.
The key thing to know about shopping around is to use identical coverages on each price quote and and to get price estimates from every insurance company. Doing this helps ensure the most accurate price comparison and a good representation of prices.
Baltimore Insurance Rates are Influenced by These Factors
It’s important that you understand the different types of things that help calculate your auto insurance rates. When you know what positively or negatively determines base rates, this helps enable you to make changes that may result in much lower annual insurance costs.
The list below includes some of the most rate-impacting factors auto insurance companies consider when setting rates.
Don’t skimp on liability coverage – Your auto insurance policy’s liability coverage kicks in if ever a court rules you are at fault for physical damage or personal injury to other. This coverage provides legal defense to defend your case. It is affordable coverage when compared to the cost of physical damage coverage, so drivers should buy more than the minimum limits required by law.
Costs and your address – Living in a small town is a good thing when talking about auto insurance. City drivers tend to have congested traffic and longer commutes to work. Fewer people means less chance of accidents and lower theft and vandalism rates.
Get hitched and get cheaper prices – Having a wife or husband may save some money on your auto insurance policy. It demonstrates that you tend to be more responsible and it’s statistically proven that married drivers get in fewer accidents.
The type of car you drive affects your prices – The performance level of the vehicle you need insurance for makes a substantial difference in your car insurance bill. The lowest premiums will normally be found when insuring smaller low performance passenger models, but other factors influence the final cost greatly.
The following data uses these assumptions: married male driver age 50, full coverage with $100 deductibles, and no discounts or violations. The chart compares Mazda RX-8 policy rates compared to other vehicles that have different risk factors.
Higher auto insurance rates for auto insurance lapses – Driving without insurance can get your license suspended and as a result your rates will increase for letting your coverage lapse. In addition to paying higher rates, not being able to provide proof of insurance may result in a license revocation or jail time.
Mature drivers pay less – Inexperience drivers are proven to be inattentive with other occupants in the car so auto insurance rates are higher. If you’ve ever had to add a beginning driver onto a policy can be very expensive. Older insureds are shown to be more cautious, file fewer claims, and receive fewer citations.
The following chart uses these assumptions: single driver, full coverage with $250 deductibles, and no discounts or violations.
Save money by eliminating extra coverages – There are many add-on coverages that sound like a good idea at the time when buying auto insurance. Coverages for rental car coverage, accident forgiveness, and membership fees may be costing you every month. They may sound like good ideas initially, but if they’re wasting money eliminate the coverages to reduce your premium.
To get affordable Mazda RX-8 insurance quotes, there a variety of ways to compare rate quotes from many different Maryland insurance companies. The best way to compare Mazda RX-8 insurance prices is to get quotes online.
When comparison shopping, quoting more increases the chance that you will find better pricing.
The companies shown below provide free quotes in Baltimore, MD. If your goal is to find the best cheap auto insurance in Maryland, we suggest you visit as many as you can to find the cheapest auto insurance rates.
Analysis of Mazda RX-8 rates
The information below covers detailed analysis of insurance rates for Mazda RX-8 models. Being more informed about how auto insurance premiums are determined can be of help when making decisions when shopping your coverage around.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|RX-8 Sport 4-Dr Coupe||$250||$428||$390||$24||$116||$1,208||$101|
|RX-8 Grand Touring 4-Dr Coupe||$250||$492||$390||$24||$116||$1,272||$106|
|RX-8 R3 4-Dr Coupe||$250||$492||$390||$24||$116||$1,272||$106|
|Get Your Own Custom Quote Go|
Price data assumes married male driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and Maryland minimum liability limits. Discounts applied include multi-policy, homeowner, claim-free, multi-vehicle, and safe-driver. Prices do not factor in garaging location in Baltimore which can impact prices noticeably.
The diagram below highlights how deductible selection and can increase or decrease Mazda RX-8 insurance costs for different age groups. The prices are based on a single female driver, comprehensive and collision coverage, and no discounts are factored in.
Should you buy full coverage?
The illustration below compares Mazda RX-8 insurance prices with full physical damage coverage compared to only buying liability only. The costs are based on no violations or accidents, $1,000 deductibles, drivers are single, and no discounts are taken into consideration.
When to drop comprehensive and collision
There is no set rule for phasing out physical damage coverage, but there is a general guideline you can use. If the yearly cost for physical damage coverage is more than around 10% of the replacement cost minus the deductible, then you might want to think about dropping full coverage.
For example, let’s say your Mazda RX-8 claim settlement value is $9,000 and you have $1,000 deductibles. If your vehicle is destroyed, the most you would receive is $8,000 after the deductible is paid. If you are currently paying more than $800 annually for comprehensive and collision coverage, then you might consider buying liability only.
There are some conditions where dropping physical damage coverage is not a good idea. If you still owe a portion of the original loan, you must maintain physical damage coverage in order to keep the loan. Also, if you cannot afford to purchase a different vehicle if your current one is in an accident, you should not drop full coverage.
Car insurance is an important decision
Despite the high insurance cost for a Mazda RX-8 in Baltimore, insuring your vehicle may be required for several reasons.
- Most states have mandatory liability insurance requirements which means you are required to carry specific minimum amounts of liability coverage if you want to drive legally. In Maryland these limits are 30/60/15 which means you must have $30,000 of bodily injury coverage per person, $60,000 of bodily injury coverage per accident, and $15,000 of property damage coverage.
- If you took out a loan on your vehicle, almost all lenders will make it mandatory that you have physical damage coverage to ensure they get paid if you total the vehicle. If you do not keep the policy in force, the bank will be required to insure your Mazda at a more expensive rate and force you to reimburse them the higher premium.
- Car insurance preserves your vehicle and your assets. It will also cover many types of medical costs for yourself as well as anyone injured by you. As part of your policy, liability insurance also covers all legal expenses up to the policy limit if you are sued as the result of an accident. If you have damage to your Mazda as the result of the weather or an accident, comprehensive (other-than-collision) and collision coverage will cover the repair costs.
The benefits of having car insurance more than offset the price you pay, especially with large liability claims. The average driver in America overpays as much as $869 every year so smart consumers compare quotes every year to ensure rates are inline.
Don’t overlook these Mazda RX-8 insurance discounts
Some insurers don’t necessarily list all possible discounts in an easy-to-find place, so the next list breaks down both the well known and the more hidden credits that you can use to lower your rates.
- Sign Online – Some of the larger companies will give a small break for buying a policy and signing up on your computer.
- Homeowners Savings – Just being a homeowner can save a few bucks because it demonstrates responsibility.
- Claim-Free Discount – Drivers who don’t have accidents pay much less as compared to policyholders that have many claims.
- Multiple Policy Discount – When you have multiple policies with one insurance company you may earn over 10 percent off each policy depending on the company.
- Driving Data Discount – Insureds who allow driving data submission to spy on driving patterns by using a telematic data system such as In-Drive from State Farm or Allstate’s Drivewise system may get a rate reduction if they exhibit good driving behavior.
- Discount for Life Insurance – Insurance carriers who offer life insurance give a small discount if you purchase some life insurance too.
- Savings for New Vehicles – Insuring a vehicle that is new is cheaper because new model year vehicles have to meet stringent safety requirements.
- Federal Government Employee – Active or retired federal employment may reduce rates when you quote Baltimore auto insurance but check with your company.
Don’t be shocked that many deductions do not apply to all coverage premiums. Most only cut the cost of specific coverages such as physical damage coverage or medical payments. Even though it appears it’s possible to get free car insurance, insurance companies wouldn’t stay in business.
The illustration below shows the difference between Mazda RX-8 insurance rates with and without discounts applied to the policy premium. The data is based on a male driver, a clean driving record, no at-fault accidents, Maryland state minimum liability limits, comp and collision included, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-policy, claim-free, multi-car, safe-driver, marriage, and homeowner discounts applied.
If you would like to see a list of insurance companies with the best discounts in Maryland, click here to view.
You may need help from a local insurance agent
Many drivers just want to go talk to an agent and that is a smart decision One of the best bonuses of comparing insurance online is that drivers can save money and get cheap insurance rates and also buy local.
Upon completion of this simple form, your coverage information is submitted to agents in your area that can provide free Baltimore auto insurance quotes for your insurance coverage. It’s much easier because you don’t need to visit any agencies as quotes are delivered immediately to you. You can find lower rates without the usual hassles of price shopping. If you have a need to get a price quote from a particular provider, don’t hesitate to navigate to their website and give them your coverage information.
Picking the best insurer should depend on more than just the quoted price. Get answers to these questions too.
- Will they give you a referral list?
- Is coverage determined by price?
- Is their price quote a firm figure or are their hidden costs?
- Does the agency have a current Errors and Omissions policy?
- If your car is totaled, how to they determine the replacement cost?
- Will a damage claim use OEM or aftermarket replacement parts?
- Does the agency have a positive business rating?
- Is vehicle mileage a factor when determining depreciation for repairs?
Exclusive agents vs. Independent agents
If you would like to find a local insurance agency, there are a couple of types of insurance agents and how they can write your policy. Insurance agents can be categorized as either independent or exclusive.
Exclusive Insurance Agents
Agents of this type can only quote rates from one company and examples are State Farm, AAA, and Liberty Mutual. Exclusive agents are unable to compare other company’s rates so you might not find the best rates. Exclusive agencies are highly trained on their products and sales techniques and that enables them to sell even at higher rates. Some consumers prefer to buy from the same agent for years partially due to the brand rather than having the cheapest rates.
Below are exclusive agents in Baltimore who can help you get price quote information.
- Vince Vanneman – State Farm Insurance Agent
1055 Taylor Ave Ste 112 – Baltimore, MD 21286 – (410) 321-0101 – View Map
- Allstate Insurance: Kent Schwab
401 Jefferson Ave – Towson, MD 21286 – (410) 433-4700 – View Map
- Allstate Insurance: Bennett-Carll Insurance Agency
7435 Baltimore Annapolis Blvd – Glen Burnie, MD 21061 – (410) 760-6651 – View Map
Independent insurance agents are appointed with more than one company and that gives them the ability to insure with an assortment of companies and find you cheaper rates. If they find a cheaper price, your policy is moved internally which is easy for the insured. When searching for an agent, you will want to get some free quotes from independent agents to maximize your price options. Most also write with companies you’ve never heard of that may have much lower rates than larger companies.
Below are Baltimore independent agents that are able to give price quote information.
- Kirby Insurance Agency, Inc.
14 W Saratoga St #100 – Baltimore, MD 21201 – (410) 837-2320 – View Map
- Luray Insurance of Baltimore
1726 Reisterstown Rd #220 – Baltimore, MD 21208 – (410) 602-2636 – View Map
- Mason and Carter Inc
23 South St – Baltimore, MD 21202 – (410) 539-6767 – View Map
If you get acceptable answers to these questions as well as an affordable premium quote, you may have found a car insurance agent that meets your needs to provide insurance coverage. Just be aware that once you purchase a policy you can terminate coverage any time you want so never feel that you’re stuck with any specific agency with no way to switch.
Insurance savings summarized
As you prepare to switch companies, make sure you don’t skimp on critical coverages to save a buck or two. In many instances, someone dropped liability limits or collision coverage and discovered at claim time that it was a big error on their part. Your goal is to buy the best coverage you can find for the lowest cost and still be able to protect your assets.
We covered some good ideas how you can find cheaper Mazda RX-8 insurance in Baltimore. The most important thing to understand is the more rate comparisons you have, the better chance you’ll have of finding the cheapest Mazda RX-8 rate quotes. You may even be surprised to find that the biggest savings come from an unexpected company.
Cheaper Mazda RX-8 insurance in Baltimore can be sourced both online and with local Baltimore insurance agents, so you need to shop Baltimore auto insurance with both to have the best rate selection. A few companies may not have internet price quotes and these small insurance companies work with independent agents.
Even more information can be read in these articles:
- Auto Crash Statistics (Insurance Information Institute)
- Who Has the Cheapest Car Insurance Rates for Infrequent Drivers in Baltimore? (FAQ)
- Protecting Teens from Drunk Driving (Insurance Information Institute)
- Parking Tips to Reduce Door Dings (State Farm)