Best Mitsubishi Lancer Insurance in Las Vegas

Discount Mitsubishi Lancer insuranceSmart shoppers know that insurance companies want to keep your business as long as possible. Consumers who get price quotes annually will most likely switch companies because there are good odds of finding coverage at a cheaper rate. A study showed that consumers who routinely shopped around saved an average of $860 a year as compared to drivers who never shopped around.

If finding the lowest price on Mitsubishi Lancer insurance in Las Vegas is your target objective, then having an understanding of how to get price quotes and compare insurance premiums can make the process less intimidating.

Truthfully, the best way to get discount Mitsubishi Lancer insurance is to begin comparing prices regularly from different companies who sell insurance in Las Vegas.

The key aspect of shopping around is that you’ll want to compare the same amount of coverage on every price quote and and to compare as many car insurance companies as possible. Doing this helps ensure a fair price comparison and and a good selection of different prices.

Locating the best rates in Las Vegas is easy if you know what you’re doing. If you currently have a car insurance policy, you will most likely be able to get lower rates using these techniques. But Nevada drivers need to learn how the larger insurance companies determine how much to charge because it varies considerably.

Mitsubishi Lancer insurance rate analysis

The table below highlights a range of insurance prices for Mitsubishi Lancer models. Understanding more about how policy premiums are figured is important for you to make informed decisions when shopping around for a new policy.

Mitsubishi Lancer Insurance Rates in Las Vegas, NV
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Lancer DE $210 $402 $296 $18 $88 $1,014 $85
Lancer ES $210 $402 $296 $18 $88 $1,014 $85
Lancer GTS $234 $462 $296 $18 $88 $1,098 $92
Lancer Sportback GTS $234 $462 $296 $18 $88 $1,098 $92
Lancer RALLIART $258 $524 $296 $18 $88 $1,184 $99
Lancer Sportback Ralliart $258 $524 $296 $18 $88 $1,184 $99
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Cost estimates assume married male driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and Nevada minimum liability limits. Discounts applied include safe-driver, claim-free, multi-policy, homeowner, and multi-vehicle. Table data does not factor in Las Vegas location which can modify insurance rates greatly.

Insurance deductibles

When shopping for insurance, a common question is where should you set your physical damage deductibles. The tables below may help to illustrate the rate differences when you select higher and lower physical damage deductibles. The first pricing table uses a $250 deductible for comprehensive and collision coverage and the second rate table uses a $500 deductible.

Mitsubishi Lancer insurance prices with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Lancer DE $268 $472 $308 $18 $92 $1,183 $99
Lancer ES $268 $472 $308 $18 $92 $1,183 $99
Lancer GTS $300 $544 $308 $18 $92 $1,287 $107
Lancer Sportback GTS $300 $544 $308 $18 $92 $1,287 $107
Lancer RALLIART $330 $616 $308 $18 $92 $1,389 $116
Lancer Sportback Ralliart $330 $616 $308 $18 $92 $1,389 $116
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Mitsubishi Lancer insurance prices with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Lancer DE $218 $382 $308 $18 $92 $1,018 $85
Lancer ES $218 $382 $308 $18 $92 $1,018 $85
Lancer GTS $244 $438 $308 $18 $92 $1,100 $92
Lancer Sportback GTS $244 $438 $308 $18 $92 $1,100 $92
Lancer RALLIART $268 $496 $308 $18 $92 $1,182 $99
Lancer Sportback Ralliart $268 $496 $308 $18 $92 $1,182 $99
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Price data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Nevada minimum liability limits. Discounts applied include multi-policy, claim-free, homeowner, multi-vehicle, and safe-driver. Price information does not factor in specific garaging location which can affect rates substantially.

Based on the above data, using a $250 deductible would cost the average driver about $15 more each month or $180 a year than choosing the higher $500 deductible. Since the policyholder would be required to pay $250 more if you file a claim with a $500 deductible as compared to a $250 deductible, if you have more than 17 months between claim filings, you would most likely save money if you opt for a higher deductible.

How to calculate if higher deductibles make sense

Average monthly premium for $250 deductibles: $107
Average monthly premium for $500 deductibles (subtract): – $92
Monthly savings from raising deductible: $15
Difference between deductibles ($500 – $250): $250
Divide difference by monthly savings: $250 / $15
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 17 months

One big caveat is that increasing deductibles to save money results in a higher out-of-pocket expense if you have a claim. That will require some savings in the bank in order to pay the higher deductible.

The diagram below demonstrates how choosing different deductibles and can impact Mitsubishi Lancer insurance costs for different age groups. The price estimates are based on a married female driver, full physical damage coverage, and no policy discounts are applied.

Safe drivers pay less for insurance

The chart below highlights how traffic violations and at-fault fender-benders can influence Mitsubishi Lancer yearly insurance costs for each age group. The prices are based on a single male driver, comp and collision included, $100 deductibles, and no policy discounts are applied.

Age-based insurance rates by gender in Las Vegas

The information below illustrates the difference between Mitsubishi Lancer insurance premiums for male and female drivers. The price estimates are based on no claims, a clean driving record, comp and collision included, $500 deductibles, single marital status, and no policy discounts are applied.

Liability only or full coverage

The chart below shows the comparison of Mitsubishi Lancer car insurance costs with full coverage and liability only. The premiums are based on no claims or driving citations, $250 deductibles, drivers are not married, and no policy discounts are applied.

When to stop buying full coverage

There is no exact formula of when to eliminate physical damage insurance, but there is a general school of thought. If the annual cost of comprehensive and collision coverage is 10% or more of any settlement you would receive from your insurance company, then you might want to think about dropping full coverage.

For example, let’s say your Mitsubishi Lancer replacement cost is $4,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled in an accident, you would only receive $3,000 after you pay the deductible. If you are paying over $300 a year for full coverage, then it may be the right time to buy liability only.

There are some circumstances where only buying liability is not in your best interest. If you still owe a portion of the original loan, you are required to maintain full coverage as part of the loan conditions. Also, if you don’t have enough money to buy a different vehicle if your current one is damaged, you should maintain full coverage.

Insurance coverage options for a Mitsubishi Lancer

Having a good grasp of your policy can help you determine the right coverages and the correct deductibles and limits. The coverage terms in a policy can be ambiguous and coverage can change by endorsement. Below you’ll find typical coverages available from insurance companies.

Medical payments coverage and PIP – Medical payments and Personal Injury Protection insurance kick in for expenses for things like rehabilitation expenses, ambulance fees, hospital visits and dental work. They are often used to fill the gap from your health insurance policy or if you do not have health coverage. They cover you and your occupants and will also cover if you are hit as a while walking down the street. Personal injury protection coverage is only offered in select states and gives slightly broader coverage than med pay

Collision – Collision coverage covers damage to your Lancer from colliding with another car or object. You have to pay a deductible then your collision coverage will kick in.

Collision coverage pays for claims such as rolling your car, sideswiping another vehicle, damaging your car on a curb and driving through your garage door. Collision coverage makes up a good portion of your premium, so you might think about dropping it from older vehicles. Another option is to increase the deductible on your Lancer to get cheaper collision coverage.

Comprehensive coverage – This coverage will pay to fix damage that is not covered by collision coverage. You need to pay your deductible first then your comprehensive coverage will pay.

Comprehensive coverage protects against things such as a broken windshield, hitting a bird and rock chips in glass. The maximum payout you’ll receive from a claim is the market value of your vehicle, so if it’s not worth much more than your deductible consider dropping full coverage.

Liability car insurance – Liability coverage protects you from damage or injury you incur to other people or property in an accident. This coverage protects you against other people’s claims. It does not cover damage to your own property or vehicle.

Coverage consists of three different limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. As an example, you may have policy limits of 15/30/10 which means $15,000 in coverage for each person’s injuries, a total of $30,000 of bodily injury coverage per accident, and $10,000 of coverage for damaged property.

Liability coverage pays for things such as loss of income, pain and suffering and bail bonds. How much liability coverage do you need? That is a decision to put some thought into, but consider buying as much as you can afford. Nevada state minimum liability requirements are 15/30/10 but you should think about purchasing higher limits.

The illustration below demonstrates why low liability limits may not be enough coverage.

Uninsured/Underinsured Motorist coverage – This coverage gives you protection from other motorists when they do not carry enough liability coverage. It can pay for injuries to you and your family as well as your vehicle’s damage.

Since a lot of drivers only purchase the least amount of liability that is required (which is 15/30/10), it doesn’t take a major accident to exceed their coverage limits. For this reason, having high UM/UIM coverages is a good idea.

Affordable coverage is out there

We’ve covered some good ideas how to get a better price on Mitsubishi Lancer insurance in Las Vegas. The key concept to understand is the more you quote Las Vegas auto insurance, the better your comparison will be. You may even find the biggest savings come from a lesser-known regional company. These companies may often insure only within specific states and give better rates as compared to the big name companies such as State Farm and Allstate.

More affordable insurance in Las Vegas is attainable on the web and from local insurance agents, so get free Las Vegas auto insurance quotes from both of them to have the best selection. Some insurance providers don’t offer internet price quotes and usually these regional carriers only sell coverage through independent insurance agencies.

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