It’s hard to fathom, but most car insurance buyers kept their policy with the same company for over three years, and almost 40% of drivers have never compared rate quotes at all. Las Vegas consumers could pocket nearly 35% a year just by shopping around, but most tend to underestimate how much money they would save if they swap their current policy for a cheaper one.
If saving money is your primary concern, then the best way to get low-cost auto insurance rates is to make a habit of regularly comparing prices from providers who sell auto insurance in Las Vegas. You can shop around by following these guidelines.
First, get a basic knowledge of how your policy works and the measures you can take to prevent expensive coverage. Many factors that result in higher rates like speeding tickets, accidents and your credit history can be eliminated by making lifestyle changes or driving safer.
Second, request rate estimates from direct carriers, independent agents, and exclusive agents. Exclusive and direct companies can only give prices from one company like GEICO and Allstate, while agents who are independent can quote prices for many different companies.
Third, compare the price quotes to your existing policy to see if you can save by switching companies. If you find a lower rate quote and change companies, make sure there is no coverage gap between policies.
One key aspect when comparing rates is to make sure you enter the same level of coverage on every quote request and and to analyze as many auto insurance providers as possible. Doing this provides a level playing field and many rates to choose from.
This article will help you learn the best methods to compare rates. If you are insured now, you will most likely be able to save money using the concepts covered in this article. Consumers just need to know how to shop their coverage around online.
What Determines Lincoln MKT Insurance Premiums?
The best way to find cheaper car insurance is to take a look at the different types of things that are used to determine your policy premiums. If you have a feel for what influences your rates, this allows you to make good choices that may reward you with lower car insurance prices. Many different elements are taken into consideration when you get your auto insurance bill. Some factors are common sense such as your driving history, but other factors are more obscure like where you live or how financially stable you are.
Listed below are a partial list of the pieces that factor into your premiums.
- Insurance rates in urban areas – Residing in a small town may provide you with better prices when shopping for auto insurance. People in densely populated areas have to deal with much more traffic and more time behind the wheel. Fewer drivers on the road corresponds to lower accident rates and also fewer theft and vandalism claims.
Careless drivers pay higher prices – Drivers who don’t get tickets receive lower rates as compared to careless drivers. Having just one ticket can increase the cost of insurance by as much as twenty percent. Drivers who have careless violations like DUI or reckless driving may need to file a proof of financial responsibility form (SR-22) with their state DMV in order to keep their license.
The example below shows how violations and at-fault accidents can affect Lincoln MKT insurance prices for different age groups. The premiums are based on a single male driver, comp and collision included, $1,000 deductibles, and no additional discounts are factored in.
Older drivers pay less – Drivers with little experience are statistically shown to be easily distracted when at the wheel of a vehicle so they pay higher car insurance rates. Mature drivers tend to be more responsible, are lower risk to insure, and get fewer tickets.
The data below is based on a single driver, full coverage with $250 deductibles, and no discounts or violations.
Guys tend to take more risk – Over the last 30 years, statistics show that females tend to be a little less risky than males. However, this does not mean females are better at driving than males. Both genders cause fender benders in similar percentages, but males tend to have more serious accidents. In addition to higher claims, males also get higher numbers of serious violations such as DWI and reckless driving. Male teenagers are several times more likely to be in an accident and are penalized with high car insurance rates.
The diagram below shows the difference between Lincoln MKT insurance premiums for male and female drivers. The premiums are based on no claims or violations, comprehensive and collision coverage, $1,000 deductibles, drivers are not married, and no other discounts are factored in.
- Raise physical damage deductibles and save – Comp and collision deductibles define how much you are willing to pay if the claim is covered. Insurance for physical damage, termed comprehensive and collision coverage on your policy, protects your car from damage. Examples of some claims that would be covered are rear-ending another vehicle, hail damage, and having a roll-over accident. The larger the amount the insured is willing to pay, the bigger discount you will receive.
- How many miles do you drive? – Driving more miles in a year the higher your rates will be. A lot of insurance companies rate vehicles based on how the vehicle is used. Cars that do not get driven very much get more affordable rates than cars that get driven a lot. Incorrect rating for your MKT may be costing you higher rates. Verify your vehicle rating is rated on how each vehicle is driven.
Insurance loss data for a Lincoln MKT – Auto insurance companies take into consideration historical loss data for every vehicle when setting rates for each model. Vehicles that the data determines to have a higher amount or frequency of claims will cost more to insure.
The table shown below demonstrates the loss history for Lincoln MKT vehicles. For each policy coverage, the statistical loss for all vehicles, as an average, is considered to be 100. Percentage numbers below 100 imply a favorable loss record, while numbers above 100 indicate more frequent losses or an increased chance of a larger loss.
Lincoln MKT Insurance Loss Statistics Specific Lincoln Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Lincoln MKT 4dr 2WD 128 133 Lincoln MKT 4dr 4WD 118 85 138 85BETTERAVERAGEWORSE
Empty fields indicate not enough data collected
Statistics from IIHS.org for 2013-2015 Model Years
The most recommended method to get policy rate comparisons for Lincoln MKT insurance in Las Vegas is to know the trick most larger insurance companies pay for the opportunity to compare rate quotes. The only thing you need to do is provide the companies a bit of rating information such as whether the vehicles are used for commuting, if the car is leased, how many miles driven, and any included safety features. That rating information is instantly provided to all major companies and they provide comparison quotes with very little delay.
If you would like to compare rates now, click here and complete the quick form.
The companies shown below offer free rate quotes in Nevada. If your goal is to find cheap car insurance in Las Vegas, we recommend you visit several of them to get a more complete price comparison.
Insurance coverage details
The table below outlines different coverage costs for Lincoln MKT models. Having a better understanding of how insurance prices are figured can be useful when making smart choices when purchasing an auto insurance policy.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|MKT 3.7 2WD||$258||$464||$366||$22||$110||$1,220||$102|
|MKT 3.7 AWD||$284||$534||$366||$22||$110||$1,316||$110|
|Get Your Own Custom Quote Go|
Data assumes married female driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and Nevada minimum liability limits. Discounts applied include homeowner, safe-driver, claim-free, multi-policy, and multi-vehicle. Information does not factor in specific zip code location which can modify auto insurance rates noticeably.
The example below highlights how deductible selection and can raise or lower Lincoln MKT premium costs for different insured age categories. The premium estimates are based on a married female driver, comp and collision included, and no other discounts are factored in.
Should you buy full coverage?
The diagram below shows the difference between Lincoln MKT car insurance rates with full physical damage coverage and with liability coverage only. The rate quotes are based on no violations or claims, $500 deductibles, marital status is single, and no discounts are taken into consideration.
When to drop comprehensive and collision
There is no clear-cut rule for eliminating full coverage on your policy, but there is a general guideline you can use. If the yearly cost for physical damage coverage is 10% or more of the vehicle’s replacement cost less your deductible, then it may be the right time to buy liability only.
For example, let’s pretend your Lincoln MKT claim settlement value is $7,000 and you have $1,000 deductibles. If your vehicle is totaled, the most your company will settle for is $6,000 after paying your policy deductible. If you are currently paying more than $600 annually for your policy with full coverage, then it might be time to consider dropping full coverage.
There are a few cases where removing full coverage is not in your best interest. If you still have a loan on your vehicle, you have to maintain full coverage in order to prevent your loan from defaulting. Also, if your finances do not allow you to purchase a different vehicle in case of an accident, you should maintain full coverage.
Insurance is not optional
Even though Las Vegas MKT insurance rates can get expensive, insurance is a good idea for several reasons.
- Just about all states have mandatory liability insurance requirements which means you are required to carry specific limits of liability insurance in order to license the vehicle. In Nevada these limits are 15/30/10 which means you must have $15,000 of bodily injury coverage per person, $30,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
- If your MKT has a loan, it’s guaranteed your bank will force you to have insurance to protect their interest in the vehicle. If coverage lapses or is canceled, the lender will be forced to insure your Lincoln for a much higher rate and force you to reimburse them much more than you were paying before.
- Insurance safeguards both your assets and your vehicle. It also can pay for many types of medical costs for yourself as well as anyone injured by you. Liability insurance, one of your policy coverages, also covers all legal expenses up to the policy limit if you are named as a defendant in an auto accident. If your Lincoln gets damaged, your insurance policy will cover the damage repairs after a deductible is paid.
The benefits of carrying adequate insurance are without a doubt worth the cost, especially when you need to use it. Today the average American driver is overpaying over $865 each year so it’s very important to do a rate comparison every year to save money.
These discounts can lower your auto insurance quotes
Not too many consumers would say auto insurance is affordable, but there’s a good chance there are discounts that could help you make your next renewal payment. A few discounts will be applied when you quote, but some need to be specifically requested prior to getting the savings.
- No Accidents – Las Vegas drivers who stay claim-free can earn big discounts compared to policyholders that have many claims.
- Life Insurance Discount – If the company offers life insurance, you could get a break if you buy some life insurance in addition to your auto policy.
- Discount for Low Mileage – Driving less could earn discounted premium rates on garaged vehicles.
- Memberships – Joining a qualifying organization is a good way to get lower rates on your bill.
- Discount for Good Grades – Performing well in school can earn a discount of 20% or more. Earning this discount can benefit you until age 25.
- Buy New and Save – Insuring a vehicle that is new can save you some money since newer models have better safety ratings.
- Auto/Home Discount – If you can bundle your auto and homeowners insurance with one company you will save at least 10% off all policies.
- Discounts for Seat Belt Usage – Drivers who require all vehicle occupants to wear their seat belts can save up to 15% off the PIP or medical payment premium.
- Early Signing – A few larger companies give discounts for switching companies prior to your current MKT insurance policy expiring. It’s a savings of about 10%.
It’s important to understand that some of the credits will not apply to your bottom line cost. The majority will only reduce the cost of specific coverages such as liability, collision or medical payments. So even though it sounds like all those discounts means the company will pay you, you won’t be that lucky. But all discounts will cut your auto insurance premiums.
The diagram below shows the comparison of Lincoln MKT insurance prices with and without discounts applied to the policy rates. The premiums are based on a female driver, a clean driving record, no at-fault accidents, Nevada state minimum liability limits, comp and collision included, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with safe-driver, homeowner, multi-policy, multi-car, claim-free, and marriage discounts applied.
The best auto insurance companies and some of the discounts include:
- GEICO may offer discounts for seat belt use, multi-vehicle, driver training, membership and employees, and multi-policy.
- USAA offers discounts including good student, multi-vehicle, driver training, multi-policy, annual mileage, military installation, and safe driver.
- Progressive offers premium reductions for homeowner, continuous coverage, online quote discount, multi-policy, online signing, and good student.
- American Family offers discounts for good student, TimeAway discount, accident-free, Steer into Savings, multi-vehicle, and mySafetyValet.
- Esurance has discounts for homeowner, anti-theft, emergency road assistance, anti-lock brakes, defensive driver, safety device, and good driver.
- Farmers Insurance policyholders can earn discounts including youthful driver, bundle discounts, teen driver, electronic funds transfer, and pay in full.
- State Farm has savings for good student, passive restraint, good driver, safe vehicle, defensive driving training, and Drive Safe & Save.
If you need inexpensive Las Vegas auto insurance quotes, ask every prospective company how many discounts you can get. All car insurance discounts may not be available in your area. To choose companies who offer free Lincoln MKT insurance quotes in Las Vegas, follow this link.
Compare prices but work with a local Las Vegas insurance agency
Many people prefer to have an agent’s advice and doing so can bring peace of mind Agents can answer important questions and help file insurance claims. A good thing about getting free rate quotes online is that you can obtain the best rates and still have an agent to talk to. Buying from and supporting local agents is still important in Las Vegas.
For easy comparison, once you complete this simple form, your insurance data gets sent to agents in your area who will gladly provide quotes for your business. It makes it easy because there is no need to drive around as quotes are delivered directly to you. If for some reason you want to compare rates from one company in particular, just search and find their rate quote page and fill out their quote form.
Picking an insurer requires more thought than just a cheap quote. The answers to these questions are important, too.
- What insurance company do they write the most business with?
- Which members of your family are coverage by the policy?
- Are they actively involved in the community?
- Does the agent have professional designations like CIC, CPCU or AIC?
- Is there a 24/7 contact number?
- Is the agent properly licensed in Nevada?
What is YOUR best insurance company?
Affordable Lincoln MKT insurance in Las Vegas can be sourced from both online companies and also from your neighborhood Las Vegas agents, and you should compare rates from both to get a complete price analysis. There are still a few companies who may not have the ability to get quotes online and most of the time these small, regional companies work with local independent agencies.
When buying insurance coverage, it’s a bad idea to reduce needed coverages to save money. There are too many instances where an insured dropped liability coverage limits only to discover later that the savings was not a smart move. Your objective should be to buy the best coverage you can find at the best cost, not the least amount of coverage.
Consumers change insurance companies for a number of reasons such as policy non-renewal, delays in responding to claim requests, being labeled a high risk driver or even extreme rates for teen drivers. Whatever your reason, finding a new car insurance company is not as difficult as it may seem.
More tips and info about car insurance can be found at these sites:
- Electronic Stability Control FAQ (iihs.org)
- How Much are Car Insurance Quotes for Uninsured Drivers in Las Vegas? (FAQ)
- Who Has Affordable Las Vegas Auto Insurance Rates with Multiple Speeding Tickets? (FAQ)
- Things to Know Before you Cancel Insurance (Allstate)
- Honda warning system reduces insurance claims (Insurance Institute for Highway Safety)
- Choosing an Insurance Company (Insurance Information Institute)
- Five Steps to Filing an Auto Insurance Claim (Insurance Information Institute)