Save Money on Mini Cooper Insurance in Lincoln

Surprisingly, a recent survey revealed that a large majority of drivers kept buying from the same company for well over three years, and nearly the majority have never compared quotes from other companies. The average driver in Nebraska could cut their rates by $400 a year by just shopping around, but they just feel it’s too hard to compare rates.

If saving money is your primary concern, then the best way to find affordable quotes for Mini Cooper insurance in Lincoln is to compare quotes annually from insurance carriers in Nebraska. Price quotes can be compared by following these steps.

1. Take a little time to learn about how insurance companies determine prices and the modifications you can make to prevent expensive coverage. Many things that result in higher rates like at-fault accidents, speeding tickets, and a poor credit score can be rectified by making minor changes to your lifestyle.
2. Request rate estimates from direct, independent, and exclusive agents. Direct and exclusive agents can provide rates from a single company like GEICO and Allstate, while independent agents can quote rates from multiple insurance companies.
3. Compare the new rates to your existing policy to determine if switching companies saves money. If you find a better price, make sure there is no coverage gap between policies.
4. Provide notification to your current agent or company of your intention to cancel the current policy and submit a down payment and signed policy application to your new agent or company. Immediately upon receiving it, keep the new certificate verifying coverage in an easily accessible location in your vehicle.

An important note is to make sure you’re comparing the same level of coverage on every quote and and to get rates from every insurance company. Doing this ensures an accurate price comparison and a thorough selection of prices.

Reducing your insurance rates is actually quite simple. The only thing you need to do is spend a few minutes comparing free Lincoln car insurance quotes to discover which company has the cheapest Mini Cooper rate quotes.

The companies shown below can provide free rate quotes in Lincoln, NE. To find cheap car insurance in Lincoln, NE, we recommend you click on several of them to find the most competitive car insurance rates.

Rates and data analysis

The data table displayed next highlights a range of insurance rates for Mini Cooper models. Having a better understanding of how premiums are established can help guide drivers when making decisions on which insurance to purchase.

Prices above based on single male driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and Nebraska minimum liability limits. Discounts applied include claim-free, homeowner, safe-driver, multi-policy, and multi-vehicle. Prices do not factor in your specific Lincoln location which can affect premium rates significantly.

Policy deductible comparison

A question often asked by Lincoln drivers is which comprehensive and collision deductibles to buy. The tables below approximate the rate fluctuation when you select higher and lower policy deductibles. The first table uses a $100 physical damage deductible and the second set of prices uses a $1,000 deductible.

Prices based on married male driver age 30, no speeding tickets, no at-fault accidents, and Nebraska minimum liability limits. Discounts applied include safe-driver, claim-free, multi-policy, multi-vehicle, and homeowner. Premium costs do not factor in specific garaging location which can modify auto insurance rates greatly.

Based on the above data, using a $100 deductible could cost the average driver approximately $34 more each month or $408 annually than opting for the higher $1,000 deductible. Because you would be required to pay $900 more out of your own pocket with a $1,000 deductible as compared to a $100 deductible, if you normally average at least 26 months between claim filings, you would probably come out ahead if you decide on a higher deductible.

An important thing to remember is that a higher deductible level means you will have to pay more of your own money if you have a claim. You need to have enough savings in the event you need to pay the deductible.

The diagram below shows how choosing a deductible and can impact Mini Cooper insurance premiums for each age group. The data assumes a married male driver, comp and collision included, and no additional discounts are factored in.

Full coverage or liability only

The example below illustrates the difference between Mini Cooper insurance costs when comparing full coverage to liability only. The premiums assume no accidents or driving violations, $1,000 deductibles, drivers are not married, and no policy discounts are applied.

Are you wasting money paying for full coverage?

There is no clear-cut rule that works best for making the decision to drop full coverage on your policy, but there is a general guideline. If the annual cost of your full coverage insurance is 10% or more of the vehicle’s replacement cost less your deductible, then it might be time to consider dropping full coverage.

For example, let’s say your Mini Cooper replacement value is $5,000 and you have $1,000 physical damage deductibles. If your vehicle is destroyed, you would only receive $4,000 after paying your deductible. If it’s costing you more than $400 annually for physical damage coverage, then it might be time to consider dropping full coverage.

There are a few cases where only buying liability is not in your best interest. If you still have a loan on your vehicle, you are required to maintain full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if your savings is not enough to buy a different vehicle if your current one is damaged, you should not drop full coverage.

How do Insurance Providers Determine Mini Cooper Insurance Costs?

Lots of factors are considered when you get your auto insurance bill. Some are pretty understandable such as traffic violations, although others are less apparent such as whether you are married or how safe your car is.

Shown below are a few of the things insurance companies consider when setting your prices.

• Avoid tickets and save – Even one moving violation could increase your next policy renewal forty percent or more. Drivers who don’t get tickets have lower premiums compared to drivers with tickets. Drivers unfortunate enough to have multiple citations like reckless driving or DUI may find they need to complete a SR-22 with their state’s department of motor vehicles in order to continue driving.

  The diagram below shows how traffic citations and at-fault fender-benders impact Mini Cooper insurance premiums for different ages of insureds. The rates are based on a single female driver, comp and collision included, $500 deductibles, and no other discounts are factored in.

• Increase physical damage deductibles to save – Your deductibles define how much you are willing to pay if a covered claim is submitted. Physical damage protection, also called comprehensive and collision insurance, covers damage that occurs to your car. Some coverage claims could be a windshield broken by a bird, fire damage, and damage caused by road hazards. The more of the claim the insured has to pay upfront, the lower your rates will be.
• Cars with good safety ratings means better premiums – Cars with five star safety ratings tend to have lower insurance rates. Vehicles built for safety reduce injuries and better occupant protection translates into savings for insurance companies and cheaper rates on your policy.

• Prices are impacted by vehicle performance – The type of car, truck or SUV you need to insure makes a substantial difference in your rates. Lower performance four cylinder passenger models normally have pretty low rates, but many other things help determine your insurance rates.

  The data below uses these assumptions: single female driver age 40, full coverage with $1000 deductibles, and no discounts or violations. The data compares Mini Cooper insurance rates compared to other vehicles that have a range of performance rating factors.

• Mini Cooper insurance loss probability – Companies study historical loss data to determine a price that will be profitable for them. Vehicles that historically have higher loss trends will have higher premium rates. The table below outlines the insurance loss data used by companies for Mini Cooper vehicles.

  For each policy coverage type, the loss probability for all vehicles, regardless of make or model, is represented as 100. Numbers under 100 indicate a favorable loss history, while numbers above 100 show a trend for more claims or an increased likelihood of larger losses.

  
  

  Mini Cooper Insurance Claim Statistics

  Specific Mini Model	Collision	Property Damage	Comp	Personal Injury	Medical Payment	Bodily Injury
  Mini Cooper	92	72	114	74	74	85
  Mini Cooper Convertible	80	72	100	57
  Mini Cooper Coupe	72	60
  Mini Cooper Roadster Convertible	57	50	78

  BETTER

  AVERAGE

  WORSE

  Empty fields indicate not enough data collected
  Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years

Insurance does more than just protect your car

Even though it can be expensive, buying insurance is mandatory in Nebraska but it also protects more than you think.

• Almost all states have minimum liability requirements which means you are required to buy a minimum amount of liability in order to drive the car. In Nebraska these limits are 25/50/25 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.
• If you bought your Mini with a loan, it’s guaranteed your bank will require that you have physical damage coverage to guarantee their interest in the vehicle. If you do not keep the policy in force, the bank may buy a policy for your Mini for a lot more money and force you to pay the higher premium.
• Insurance protects both your assets and your vehicle. It also can pay for medical transport and hospital expenses 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 cause an accident and are sued. If you receive damage to your vehicle caused by a storm or accident, collision and comprehensive coverages will pay to repair the damage minus the deductible amount.

The benefits of buying enough insurance more than offset the price you pay, especially with large liability claims. Today the average American driver overpays as much as $825 a year so you should quote and compare rates every year to ensure rates are inline.