How to Save on New Orleans Mitsubishi Lancer Insurance

Discount Mitsubishi Lancer insuranceTo save the most money, the best way to get discount Mitsubishi Lancer insurance is to do a yearly price comparison from companies who sell insurance in New Orleans. Drivers can shop around by completing these steps.

A good tip to remember is to try to compare identical deductibles and limits on every quote and and to analyze every insurance company. This guarantees a fair price comparison and the best price quote selection.

Statistics show that a large majority of drivers in Louisiana kept their coverage with the same insurance company for well over three years, and nearly 40% of drivers have never shopped around. American drivers can save hundreds of dollars each year just by comparing rates, but they don’t believe the big savings they would realize if they switched to a more affordable policy.

Save Money with These Tips

Many things are used in the calculation when quoting car insurance. A few of the factors are predictable such as your driving record, although some other factors are not as apparent such as whether you are married and annual miles driven. A large part of saving on auto insurance is knowing some of the factors that go into determining auto insurance rates. If you know what determines base rates, this allows you to make good choices that could result in lower rates.

Discounts for auto and home policies – Some insurers apply lower prices for people that have more than one policy, otherwise known as a multi-policy discount. This can amount to 10 percent or more. Even though this discount sounds good, drivers will still want to check prices from other companies to help guarantee you have the best rates.

Single drivers take more risk – Having a wife or husband may earn you lower rates on your auto insurance policy. Having a spouse generally demonstrates drivers are more mature and responsible and statistics show married drivers tend to file fewer claims.

Careless drivers pay higher premiums – Your driving record can have a huge impact on auto insurance premiums. Getting just one citation may increase your cost twenty percent or more. Attentive drivers get better prices compared to bad drivers. People who have multiple violations like DUI or willful reckless driving may be required to submit a SR-22 form with their state DMV in order to drive a vehicle legally.

The example below shows how speeding tickets and at-fault fender-benders increase Mitsubishi Lancer auto insurance rates for different ages of insureds. The premiums assume a single female driver, full physical damage coverage, $500 deductibles, and no other discounts are factored in.

Do you really need roadside assistance? – Insurance companies have many additional coverages that can waste your money on your auto insurance policy. Coverages like personal injury protection, towing coverage, and term life insurance are probably not needed. They may seem like a good idea when talking to your agent, but if you have no use for them consider taking them off your policy.

Mitsubishi Lancer claim data – Car insurance companies use claims history to calculate a price that will offset any claims. Vehicles that tend to have a trend towards higher claim severity or frequency will have higher premium rates. The table below shows the insurance loss data used by companies for Mitsubishi Lancer vehicles.

For each coverage category, the claim amount for all vehicles averaged together is set at 100. Percentages below 100 indicate a favorable loss history, while percentage numbers above 100 indicate a higher chance of having a claim or statistically larger claims.

Mitsubishi Lancer Insurance Claim Statistics
Vehicle Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
Mitsubishi Lancer 2WD 153 146 127 192 218 172
Mitsubishi Lancer 4WD 149 131 148 135
Mitsubishi Lancer Evolution 4WD 225 123 221

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

Rates and information analytics

The coverage table below showcases estimates of rate quotes for Mitsubishi Lancer models. Learning a little about how policy premiums are determined can help customers make decisions on the best policy coverages.

Mitsubishi Lancer Insurance Rates in New Orleans, LA
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Lancer DE $434 $962 $604 $36 $180 $2,216 $185
Lancer ES $434 $962 $604 $36 $180 $2,216 $185
Lancer GTS $482 $1106 $604 $36 $180 $2,408 $201
Lancer Sportback GTS $482 $1106 $604 $36 $180 $2,408 $201
Lancer RALLIART $532 $1252 $604 $36 $180 $2,604 $217
Lancer Sportback Ralliart $532 $1252 $604 $36 $180 $2,604 $217
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Prices based on single female driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and Louisiana minimum liability limits. Discounts applied include multi-policy, safe-driver, homeowner, multi-vehicle, and claim-free. Price information does not factor in vehicle garaging location which can decrease or increase coverage rates noticeably.

How high should deductibles be?

When shopping for insurance, a common question is at what level do you set your deductibles. The data tables below help summarize the differences in premium rates when you select higher and lower physical damage coverage deductibles. The first rate comparisons uses a $250 physical damage deductible and the second set of rates uses a $500 deductible.

Mitsubishi Lancer insurance prices with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Lancer DE $406 $712 $464 $28 $140 $1,775 $148
Lancer ES $406 $712 $464 $28 $140 $1,775 $148
Lancer GTS $452 $820 $464 $28 $140 $1,929 $161
Lancer Sportback GTS $452 $820 $464 $28 $140 $1,929 $161
Lancer RALLIART $498 $928 $464 $28 $140 $2,083 $174
Lancer Sportback Ralliart $498 $928 $464 $28 $140 $2,083 $174
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Mitsubishi Lancer insurance prices with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Lancer DE $330 $574 $464 $28 $140 $1,536 $128
Lancer ES $330 $574 $464 $28 $140 $1,536 $128
Lancer GTS $366 $662 $464 $28 $140 $1,660 $138
Lancer Sportback GTS $366 $662 $464 $28 $140 $1,660 $138
Lancer RALLIART $404 $748 $464 $28 $140 $1,784 $149
Lancer Sportback Ralliart $404 $748 $464 $28 $140 $1,784 $149
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Data variables include married male driver age 30, no speeding tickets, no at-fault accidents, and Louisiana minimum liability limits. Discounts applied include multi-vehicle, multi-policy, homeowner, safe-driver, and claim-free. Estimates do not factor in garaging location in New Orleans which can revise price quotes noticeably.

Based on the data above, we can derive that using a $250 deductible costs an average of $23 more each month or $276 every year averaged for all Lancer models than buying the higher $500 deductible. Because you would pay $250 more if you file a claim with a $500 deductible as compared to a $250 deductible, if you usually have at least 11 months between claim filings, you would save more money if you opt for a higher deductible. The illustration below shows the way you can do this calculation yourself.

Average monthly premium for $250 deductibles: $161
Average monthly premium for $500 deductibles (subtract): – $138
Monthly savings from raising deductible: $23
Difference between deductibles ($500 – $250): $250
Divide difference by monthly savings: $250 / $23
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 11 months

One important issue to know is that raising deductibles to save money means you will have to pay more of your own money when you file a claim. You need to make sure you have some extra savings in the event you have to pay the deductible for vehicle repair.

The diagram below demonstrates how deductibles and can influence Mitsubishi Lancer yearly insurance costs for different ages of insureds. The premiums assume a married male driver, full coverage, and no additional discounts are factored in.

Comparison of insurance rates by gender and age

The example below compares Mitsubishi Lancer annual premium costs for male and female drivers. The price estimates are based on no claims or driving citations, comp and collision included, $100 deductibles, marital status is single, and no discounts are factored in.

Should you buy full coverage?

The example below shows the difference between Mitsubishi Lancer insurance rates with full coverage compared to only the Louisiana minimum liability coverage. The premium estimates are based on a clean driving record, no at-fault accidents, $100 deductibles, drivers are not married, and no discounts are applied.

Should you pay for full coverage or liability only?

There is no set guideline that is best for determining when to drop comprehensive and collision coverage on your policy, but there is a guideline you can use. If the annual cost of your full coverage insurance is more than around 10% of the vehicle’s replacement cost less your deductible, then you may need to consider dropping full coverage.

For example, let’s assume your Mitsubishi Lancer replacement cost is $5,000 and you have $1,000 physical damage deductibles. If your vehicle is damaged in an accident, you would only receive $4,000 after the policy deductible has been paid. If it’s costing in excess of $400 annually for comprehensive and collision coverage, then you might consider buying liability only.

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

These discounts can lower Mitsubishi Lancer insurance rates

Insurance can cost an arm and a leg, but you might already qualify for some discounts to help offset the cost. Many discounts should be triggered when you complete an application, but once in a while a discount must be asked about in order for you to get them. If you do not check that you are getting every discount possible, you are not getting the best rate possible.Discount insurance

Don’t be surprised that most of the big mark downs will not be given to the entire policy premium. Some only reduce the cost of specific coverages such as liability and collision coverage. So even though you would think all the discounts add up to a free policy, nobody gets a free ride.

The illustration below illustrates the difference between Mitsubishi Lancer insurance rates with and without discounts applied to the policy premium. The data is based on a male driver, no accidents, no driving violations, Louisiana 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 multi-car, homeowner, marriage, multi-policy, claim-free, and safe-driver discounts applied.

A list of companies and a summarized list of policyholder discounts are shown below.

If you need lower rates, check with each insurance company to give you their best rates. Some credits may not apply to policies in every state. To see providers who offer free Mitsubishi Lancer insurance quotes in New Orleans, follow this link.

Best car insurance company in New Orleans

Buying coverage from the highest-rated insurance provider can be challenging considering how many choices drivers have in Louisiana. The rank data in the lists below can help you decide which insurers you want to consider purchasing a policy from.

Top 10 New Orleans Car Insurance Companies Ranked by Claims Service

  1. Travelers
  2. Nationwide
  3. Allstate
  4. State Farm
  5. Liberty Mutual
  6. GEICO
  7. American Family
  8. Esurance
  9. Titan Insurance
  10. AAA Insurance

Top 10 New Orleans Car Insurance Companies by A.M. Best Rank

  1. Travelers – A++
  2. USAA – A++
  3. GEICO – A++
  4. State Farm – A++
  5. Titan Insurance – A+
  6. Esurance – A+
  7. Progressive – A+
  8. The Hartford – A+
  9. Allstate – A+
  10. Nationwide – A+

You can find cheap coverage

Consumers change insurance companies for many reasons like high prices, delays in paying claims, policy cancellation and even not issuing a premium refund. It doesn’t matter what your reason, finding a new insurance company is less work than it seems.

The cheapest Mitsubishi Lancer insurance in New Orleans is definitely available both online and also from your neighborhood New Orleans agents, so get free New Orleans auto insurance quotes from both of them to have the best rate selection. Some companies don’t offer online rate quotes and many times these small, regional companies work with independent agents.

We just covered many ways to find affordable Mitsubishi Lancer insurance in New Orleans. The key concept to understand is the more you quote New Orleans auto insurance, the higher the chance of saving money. Consumers could even find that the biggest savings come from a smaller regional carrier.

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