Car Insurance Rates for a Mazda RX-8 in Colorado Springs

A recent insurance study discovered that a large majority of drivers have stayed with the same insurance company for a minimum of four years, and roughly 40% of drivers have never compared rate quotes at all. Colorado Springs drivers can save hundreds of dollars each year just by getting comparison quotes, but they just don’t understand the large savings they would see if they moved their coverage to a different company.

If saving money is your primary concern, then the best way to save money on Mazda RX-8 insurance is to compare prices annually from insurers in Colorado Springs. You can shop around by following these guidelines.

1. Learn about how car insurance works and the changes you can make to prevent rate increases. Many things that drive up the price such as accidents, careless driving, and an unacceptable credit score can be eliminated by improving your driving habits or financial responsibility. This article provides more details to get cheaper coverage and find possible discounts that are available.
2. Request rate estimates from exclusive agents, independent agents, and direct providers. Exclusive and direct companies can give quotes from one company like GEICO or State Farm, while independent agencies can provide prices from multiple insurance companies.
3. Compare the quotes to your existing rates to determine if you can save on RX-8 insurance in Colorado Springs. If you can save money, make sure coverage does not lapse between policies.
4. Provide notification to your current company to cancel your current coverage and submit the signed application along with the required initial payment for your new policy. As soon as you have the new policy, place the new proof of insurance paperwork in an easily accessible location.

The most important part of shopping around is to try to use the same deductibles and limits on every quote request and and to look at every insurance company. Doing this provides an accurate price comparison and the most accurate and complete price analysis.

We hope to help you learn the best way to buy inexpensive auto insurance and how you can save the most money. If you have auto insurance now, you will definitely be able to buy cheaper auto insurance using these tips. Consumers only need an understanding of how to compare rate quotes from many companies at once.

The cheapest Colorado Springs Mazda RX-8 insurance price quotes online

The companies in the list below have been selected to offer free rate quotes in Colorado Springs, CO. If multiple companies are listed, it’s highly recommended you visit as many as you can in order to get a fair rate comparison.

Auto insurance is not optional in Colorado

Even though it’s not necessarily cheap to insure a Mazda in Colorado Springs, auto insurance may not be optional for several reasons.

• Just about all states have minimum mandated liability insurance limits which means you are required to carry a specific level of liability insurance in order to drive the car. In Colorado these limits are 25/50/15 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $15,000 of property damage coverage.
• If your RX-8 has a lienholder, it’s most likely the lender will make it mandatory that you have full coverage to guarantee their interest in the vehicle. If you do not keep the policy in force, the bank will be required to insure your Mazda at a much higher premium rate and make you pay much more than you were paying before.
• Auto insurance preserves both your vehicle and your assets. It also can pay for all forms of medical expenses that are the result of an accident. Liability coverage also covers all legal expenses up to the policy limit in the event you are sued. If mother nature or an accident damages your car, comprehensive and collision coverage will pay to restore your vehicle to like-new condition.

The benefits of insuring your RX-8 outweigh the cost, especially for larger claims. According to a 2015 survey, the average American driver is wasting up to $855 a year so shop around each time the policy renews to ensure rates are competitive.

Mazda RX-8 detailed coverage information

The price information displayed next showcases detailed analysis of policy rates for Mazda RX-8 models. Learning more about how insurance quotes are formulated can help customers make informed decisions.

Above prices assume married male driver age 30, no speeding tickets, no at-fault accidents, $100 deductibles, and Colorado minimum liability limits. Discounts applied include multi-policy, safe-driver, claim-free, multi-vehicle, and homeowner. Price estimates do not factor in specific zip code location which can increase or decrease rates noticeably.

Choosing deductibles

A question often asked by Colorado Springs drivers is how high should the physical damage deductibles be. The following insurance rates highlight the differences in premium rates of buying low and high deductibles. The first set of rates uses a $250 deductible for comprehensive and collision coverage and the second rate chart uses a $1,000 deductible.

Cost estimates assume married male driver age 30, no speeding tickets, no at-fault accidents, and Colorado minimum liability limits. Discounts applied include safe-driver, multi-policy, homeowner, multi-vehicle, and claim-free. Estimates do not factor in the specific area where the vehicle is garaged which can change auto insurance rates noticeably.

We can derive from the above data that using a $250 deductible costs about $31 more each month or $372 a year than opting for the higher $1,000 deductible. Since the policyholder would be required to pay $750 more out-of-pocket with a $1,000 deductible as compared to a $250 deductible, if you tend to go at a minimum 24 months between claims, you would save more money by selecting a higher deductible. Below is the way you can come to your own conclusion.

One thing to be aware of is that increasing deductibles to save money means you will have to pay more out-of-pocket when you have to file a claim. It will be required that you have enough money in the bank in the event you need to pay the deductible for vehicle repair.

The diagram below demonstrates how deductible levels and can influence Mazda RX-8 annual premium costs for each age group. The premium estimates are based on a married female driver, full physical damage coverage, and no discounts are applied.

Violations and accidents raise rates

The example below shows how violations and at-fault claims can impact Mazda RX-8 car insurance rates for different age groups of insureds. The rates are based on a single female driver, comprehensive and collision coverage, $100 deductibles, and no discounts are applied.

Annual premiums comparing men and women

The chart below illustrates the comparison of Mazda RX-8 yearly insurance costs for male and female drivers. The rates are based on no tickets, no at-fault accidents, full physical damage coverage, $1,000 deductibles, single status, and no policy discounts are applied.

Price comparison of only insuring for liability

The chart below shows the difference between Mazda RX-8 auto insurance costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The data is based on no violations or accidents, $250 deductibles, drivers are single, and no discounts are factored in.

When to drop comp and collision

There is no exact rule for phasing out full coverage, but there is a general school of thought. If the yearly cost of comp and collision coverage is 10% or more of replacement cost minus your deductible, the it may be a good time to stop paying for full coverage.

For example, let’s say your Mazda RX-8 replacement value is $3,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled in an accident, you would only receive $2,000 after the deductible is paid. If you are paying over $200 annually for comprehensive and collision coverage, then it might be time to buy liability only.

There are some scenarios where eliminating full coverage is not a good idea. If you haven’t satisfied your loan, you have to keep full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if you cannot afford to purchase a different vehicle if your current one is in an accident, you should keep full coverage on your policy.

Verify you’re earning every discount

Buying car insurance is not cheap, but there may be some discounts to reduce the price significantly. Many discounts should be triggered at the time of quoting, but less common discounts must be specially asked for before being credited. If you aren’t receiving every discount you deserve, you’re paying more than you need to.

• Braking Control Discount – Cars, trucks, and SUVs with ABS and/or traction control prevent accidents and will save you 10% or more on RX-8 insurance in Colorado Springs.
• Government Employee Discount – Having worked for a branch of the government may qualify for a discount when you quote Colorado Springs car insurance with certain companies.
• Paper-free Discount – A few car insurance companies may give you up to $50 shop Colorado Springs car insurance on the web.
• Discounts for Cautious Drivers – Drivers who avoid accidents can save as much as half off their rates as compared to drivers with claims.
• Payment Method – By paying your entire bill at once rather than paying in monthly installments you can avoid monthly service charges.
• Defensive Driver Discounts – Participating in a defensive driving course could save 5% or more depending on where you live.
• Renewal Discounts – A few companies offer discounts for renewing your policy before your current RX-8 insurance policy expires. Ten percent is about the average savings.
• More Vehicles More Savings – Buying a policy with multiple vehicles with the same car insurance company can get a discount on all vehicles.

As a sidenote, most discounts do not apply to the entire cost. Some only reduce specific coverage prices like liability and collision coverage. So even though they make it sound like you would end up receiving a 100% discount, companies wouldn’t make money that way.

The diagram below shows the comparison of Mazda RX-8 annual premium costs with and without discounts being applied to the rates. The costs are based on a male driver, no violations or accidents, Colorado state minimum liability limits, comprehensive and collision coverage, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with safe-driver, claim-free, marriage, multi-car, multi-policy, and homeowner discounts applied.

Popular car insurance companies and some of the discounts can be found below.

• GEICO may include discounts for five-year accident-free, daytime running lights, anti-theft, military active duty, good student, and federal employee.
• Travelers includes discounts for good student, student away at school, multi-car, hybrid/electric vehicle, payment discounts, early quote, and home ownership.
• Nationwide policyholders can earn discounts including accident-free, multi-policy, easy pay, defensive driving, anti-theft, Farm Bureau membership, and good student.
• Farmers Insurance has discounts for bundle discounts, distant student, multi-car, homeowner, good student, and switch companies.
• Esurance may offer discounts for paid-in-full, anti-theft, renters, good student, DriveSense, Pac-12 alumni, and multi-car.
• State Farm offers premium reductions for multiple policy, Steer Clear safe driver discount, accident-free, student away at school, and safe vehicle.
• Progressive offers discounts for online signing, homeowner, multi-vehicle, online quote discount, multi-policy, and continuous coverage.
• Mercury Insurance discounts include anti-theft, age of vehicle, accident-free, location of vehicle, annual mileage, ease of repair, and multi-car.

It’s a good idea to ask every insurance company the best way to save money. A few discounts may not be available in your area. To view insurers who offer cheap Mazda RX-8 insurance quotes in Colorado Springs, click here to view.