If saving the most money is your goal, then the best way to get affordable Mazda 5 insurance in Raleigh is to start doing an annual price comparison from different companies who provide car insurance in North Carolina.
Step 1: Spend a few minutes and learn about policy coverages and the things you can control to keep rates in check. Many policy risk factors that result in higher prices such as getting speeding tickets and poor credit rating can be amended by making minor changes in your lifestyle.
Step 2: Get rate quotes from direct carriers, independent agents, and exclusive agents. Direct and exclusive agents can only provide price estimates from a single company like Progressive or Farmers Insurance, while independent agents can give you price quotes from multiple sources. Start a quote
Step 3: Compare the quotes to the premium of your current policy to see if switching to a new carrier will save money. If you can save money and make a switch, make sure the effective date of the new policy is the same as the expiration date of the old one.
The most important part of shopping around is to make sure you enter the same deductibles and limits on every quote request and and to get price estimates from as many carriers as you can. This enables an accurate price comparison and a better comparison of the market.
Unfortunately, the vast majority of drivers kept their coverage with the same auto insurance company for over three years, and just under half have never even compared rates from other companies. Many consumers in America can save hundreds of dollars each year just by getting comparison quotes, but they don’t believe the amount of savings they would get if they changed companies.
Finding the cheapest coverage in Raleigh is quite easy. Essentially everyone who is required to buy auto insurance will probably find a cheaper policy. But North Carolina vehicle owners do need to know how big insurance companies market insurance on the web because it can help you find the best coverage.
Components of Your Mazda 5 Insurance Rates
Many different elements are part of the equation when you get your auto insurance bill. Some are pretty understandable like a motor vehicle report, but other factors are not as apparent such as whether you are married or how safe your car is. Consumers need to have an understanding of the rating factors that help calculate the level of your policy premiums. If you have a feel for what influences your rates, this helps enable you to make changes that could result in cheaper rates.
Do you qualify for a multi-policy discount? – Most major insurers provide better rates for people who have multiple policies with them such as combining an auto and homeowners policy. The discount can be ten or even up to twenty percent in some cases. Even with this discount applied, drivers will still want to comparison shop to help guarantee you have the best rates. It’s possible to still find lower rates even if you have your coverage with different companies
More traffic means higher claims – Being located in areas with lower population can save you money if you are looking for the lowest rates. Less people living in that area means a lower chance of having an accident and a lower car theft rate. People in densely populated areas tend to have more road rage incidents and a longer drive to work. Longer commute distances means higher likelihood of an accident.
Never let your auto insurance lapse – Going without insurance is a sure-fire way to increase your renewal premiums. And not only will insurance be more expensive, not being able to provide proof of insurance may earn you a license revocation or jail time.
Cheaper auto insurance rates with safer cars – Cars with high safety ratings can get you lower premiums. Vehicles engineered for safety help reduce the chance of injuries in an accident and reduced instances of injuries translates into fewer and smaller insurance claims passed on to you as lower rates.
High coverage deductibles lower prices – The deductibles you choose define how much you are willing to pay if a claim is determined to be covered. Physical damage protection, also called comprehensive and collision insurance, insures against damage to your car. Some examples of claims that would be covered are rear-ending another vehicle, vandalism, and having a roll-over accident. The more the insured has to pay upfront, the lower your rates will be.
Lower performance equals lower insurance prices – The make and model of the car you need to insure makes a significant difference in your auto insurance rates. Lower performance four cylinder passenger cars generally receive the lowest base rates, but the final cost of insurance is determined by many other factors.
The next chart uses these variables: single female driver age 30, full coverage with $500 deductibles, and no discounts or violations. The chart compares Mazda 5 policy rates compared to other models that have a range of performance rating factors.
Having a spouse can save on auto insurance – Having a spouse can actually save you money when buying auto insurance. It demonstrates that you tend to be more mature and statistics show drivers who are married are more cautious.
Do you work long hours in a tough employer? – Did you know your career choice can influence rates? Jobs such as fire fighters, architects, and miners generally pay higher average rates due to intense work-related stress and long work hours. Conversely, careers like actors, athletes and retirees pay lower than average rates.
Mazda 5 claim probability – Insurance companies include the past claim trends for vehicles as a way to help calculate a profitable premium price. Vehicles that statistically have a higher amount or frequency of claims will cost more to insure. The table below demonstrates the actual insurance loss data for Mazda 5 vehicles.
For each type of coverage, the claim probability for all vehicles, regardless of manufacturer or model, is considered to be 100. Values that are under 100 suggest losses that are better than average, while values over 100 show a trend for more claims or a tendency for losses to be larger than average.
| Vehicle Make and Model | Collision | Property Damage | Comp | Personal Injury | Medical Payment | Bodily Injury |
|---|---|---|---|---|---|---|
| Mazda 5 | 86 | 86 | 73 | 103 | 95 | 91 |
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Mazda 5 detailed coverage information
The coverage table shown below outlines estimates of insurance premium costs for Mazda 5 models. Being aware of how auto insurance policy rates are figured can be valuable when making smart policy decisions.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| 5 Sport Station Wagon | $80 | $142 | $204 | $12 | $60 | $498 | $42 |
| 5 Touring Station Wagon | $92 | $174 | $204 | $12 | $60 | $542 | $45 |
| 5 Grand Touring Station Wagon | $92 | $174 | $204 | $12 | $60 | $542 | $45 |
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Data based on married male driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and North Carolina minimum liability limits. Discounts applied include claim-free, safe-driver, multi-policy, multi-vehicle, and homeowner. Rate quotes do not factor in garaging location in Raleigh which can revise coverage prices significantly.
Choosing deductibles
One of the more difficult decisions when buying car insurance is how high or low should comp and collision deductibles be. The following tables may aid in understanding the price difference when you select higher and lower insurance deductibles. The first data set uses a $100 deductible for physical damage and the second data table uses a $1,000 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| 5 Sport Station Wagon | $186 | $318 | $212 | $12 | $64 | $817 | $68 |
| 5 Touring Station Wagon | $214 | $386 | $212 | $12 | $64 | $913 | $76 |
| 5 Grand Touring Station Wagon | $214 | $386 | $212 | $12 | $64 | $913 | $76 |
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| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| 5 Sport Station Wagon | $104 | $168 | $212 | $12 | $64 | $560 | $47 |
| 5 Touring Station Wagon | $118 | $204 | $212 | $12 | $64 | $610 | $51 |
| 5 Grand Touring Station Wagon | $118 | $204 | $212 | $12 | $64 | $610 | $51 |
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Data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and North Carolina minimum liability limits. Discounts applied include safe-driver, multi-policy, claim-free, multi-vehicle, and homeowner. Price estimates do not factor in your specific Raleigh location which can increase or decrease price quotes significantly.
Based on this data, using a $100 deductible could cost the average driver approximately $23 more each month or $276 every year than quoting the higher $1,000 deductible. Due to the fact that you would have to pay $900 more out-of-pocket with a $1,000 deductible as compared to a $100 deductible, if you normally go at least 39 months between claim filings, you would come out ahead if you decide on a higher deductible.
The illustration below shows how choosing a deductible and can affect Mazda 5 insurance costs for each different age category. The data assumes a single female driver, comp and collision included, and no policy discounts are applied.
Yearly car insurance costs for men versus women
The diagram below shows the difference between Mazda 5 premium costs for male and female drivers. The data is based on no violations or claims, comprehensive and collision coverage, $100 deductibles, drivers are not married, and no discounts are factored in.
Liability only or full coverage
The information below illustrates the difference between Mazda 5 yearly insurance costs with and without physical damage coverage. The price estimates are based on no claims, a clean driving record, $1,000 deductibles, single marital status, and no discounts are factored in.
Should you buy full coverage or liability only?
There is no specific rule to stop buying physical damage insurance, but there is a general guideline. If the yearly cost of full coverage is 10% or more of the replacement cost minus the deductible, the it may be a good time to stop paying for full coverage.
For example, let’s pretend your Mazda 5 settlement value is $7,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled, the most your company will settle for is $6,000 after you pay the deductible. If you are paying more than $600 annually for comprehensive and collision coverage, then you may need to consider dropping full coverage.
There are some cases where removing full coverage is not in your best interest. If you haven’t satisfied your loan, you have to carry full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if you can’t afford to buy a different vehicle if your current one is totaled, you should keep full coverage.
Earn discounts to get lower-cost Raleigh insurance rates
Companies don’t always advertise the complete list of policy discounts very clearly, so the list below contains both well-publicized as well as some of the hidden discounts that you can inquire about if you buy Raleigh car insurance online.
- Claim-Free Discount – Claim-free drivers have much lower rates as compared to insureds who have frequent claims or accidents.
- Save with More Vehicles Insured – Drivers who insure all your vehicles on one policy may reduce the rate for each vehicle.
- Use Seat Belts – Drivers who always wear seat belts and also require passengers to wear their seat belts can save a little on medical payment and PIP coverage.
- Student in College – Kids who live away from home to go to college and do not have a car may be insured at a cheaper rate.
- Membership in Organizations – Being in qualifying clubs or civic groups is a good way to get lower rates on your policy.
- Pay Early and Save – If you pay your bill all at once instead of paying each month you can avoid the installment charge.
- Drive Safe and Save – Drivers who don’t get into accidents could pay up to 40% less as compared to drivers with claims.
One thing to note about discounts is that most discounts do not apply to all coverage premiums. Most only reduce the price of certain insurance coverages like comprehensive or collision. Just because you may think adding up those discounts means a free policy, you’re out of luck.
The illustration below illustrates the comparison of Mazda 5 insurance rates with and without discounts applied. The price estimates are based on a male driver, no claims or driving citations, North Carolina state minimum liability limits, comprehensive and collision coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with marriage, claim-free, multi-policy, homeowner, safe-driver, and multi-car discounts applied.
Popular insurance companies and their possible discounts are shown below.
- GEICO may include discounts for seat belt use, military active duty, air bags, daytime running lights, driver training, anti-theft, and multi-vehicle.
- Travelers offers discounts including save driver, multi-policy, multi-car, early quote, home ownership, IntelliDrive, and driver training.
- Nationwide has savings for good student, Farm Bureau membership, anti-theft, defensive driving, and multi-policy.
- Farmers Insurance offers premium reductions for distant student, business and professional, pay in full, electronic funds transfer, and good student.
- Esurance offers discounts for homeowner, paid-in-full, DriveSense, defensive driver, and emergency road assistance.
- State Farm has discounts for anti-theft, good student, passive restraint, accident-free, multiple autos, driver’s education, and safe vehicle.
- Progressive discounts include homeowner, online signing, good student, online quote discount, continuous coverage, multi-vehicle, and multi-policy.
- Mercury Insurance may have discounts that include professional/association, anti-theft, multi-car, location of vehicle, and good driver.
Before purchasing a policy, check with each insurance company what discounts are available to you. Some discounts may not apply in your area. To see insurance companies with discount rates in Raleigh, click here to view.
Cheaper insurance rates are out there
When shopping online for insurance, make sure you don’t skimp on critical coverages to save a buck or two. There are too many instances where someone sacrificed liability limits or collision coverage only to regret that they should have had better coverage. Your objective should be to buy the best coverage you can find at a price you can afford.
Low-cost Mazda 5 insurance in Raleigh is attainable from both online companies as well as from independent agents in Raleigh, so you need to quote Raleigh car insurance with both to get a complete price analysis. There are still a few companies who may not have price quotes online and these smaller providers provide coverage only through independent agents.
To learn more, feel free to browse these articles:
- Rollover Crash FAQ (iihs.org)
- Who Has Cheap Raleigh Auto Insurance for High School Students? (FAQ)
- Who Has Cheap Auto Insurance Rates for a Jeep Grand Cherokee in Raleigh? (FAQ)
- Who Has Cheap Auto Insurance for a Dodge Ram in Raleigh? (FAQ)
- Shopping for a Safe Car (Insurance Information Institute)
- Hybrid vehicles cost insurers more (Insurance Institute for Highway Safety)
- Auto Insurance Facts and Statistics (Insurance Information Institute)