View 2007 Mazda RX-8 Insurance Cost

Nobody I know likes having to buy auto insurance, in particular when they are paying too much.

Big-name insurance companies like Geico and Progressive constantly bombard you with ads and it is challenging if not impossible to avoid their marketing magic and find the best price available.

It is always a good idea to shop coverage around on a regular basis because insurance rates are adjusted regularly by insurance companies. Even if you got the lowest rates on RX-8 insurance a couple years back you may be paying too much now. There is a lot of bad information regarding auto insurance online but we’re going to give you some guaranteed methods to reduce your auto insurance bill.

Impacting insurance rates for a Mazda RX-8

An important part of buying insurance is that you know the rating factors that help determine auto insurance rates. Understanding what influences your rates helps enable you to make changes that may reward you with lower auto insurance prices.

The following are some of the items that factor into rates.

  • Discounts for multiple policies – Most insurers will give a discount to customers who carry more than one policy such as combining an auto and homeowners policy. Discounts can amount to five, ten or even twenty percent. Even with this discount, it’s still a good idea to comparison shop to verify if the discount is saving money.
  • Better credit means lower rates – Your credit rating is a important factor in determining what you pay for auto insurance. Drivers who have excellent credit tend to be better drivers and file fewer claims than those with lower ratings. So if your credit rating can use some improvement, you could be paying less to insure your 2007 Mazda RX-8 by improving your credit score.
  • Women pay lower rates – The statistics show that men are more aggressive behind the wheel. However, don’t assume that men are worse drivers. They both tend to get into accidents at about the same rate, but the males cause more damage and cost insurance companies more money. They also get more serious tickets like reckless driving and DUI.
  • Your age impacts your rates – More mature drivers tend to be more responsible, statistically cause fewer accidents and receive fewer citations. Young drivers tend to get distracted easily when driving and because of this, their auto insurance rates are much higher.

The quickest method to compare car insurance company rates is to know most of the bigger providers have advanced systems to compare rate quotes. The only thing you need to do is give them rating details such as if you have a valid license, how your vehicles are used, how old drivers are, and how much you drive. Your information is instantly provided to multiple insurance coverage providers and you receive quotes very quickly.

Do drivers who switch really save $485 a year?

State Farm and Allstate consistently run television and radio advertisements. All the companies make the same claim that you can save if you change your coverage to them. How do they all say the same thing? This is how they do it.

Different companies are able to cherry pick for the type of driver that earns them a profit. An example of a profitable customer might be profiled as between 30 and 50, a clean driving record, and drives newer vehicles. Any driver that hits that “sweet spot” receives the best rates and therefore will save a lot of money.

Consumers who are not a match for the “perfect” profile will have to pay higher prices which leads to business not being written. Company advertisements say “drivers who switch” not “people who quote” save that kind of money. That is how insurance companies can make the claims of big savings.

Because of the profiling, it is so important to quote coverage with many companies. It’s impossible to know the company that will provide you with the cheapest Mazda RX-8 insurance rates.

Lower rates by qualifying for discounts

The cost of insuring your cars can be expensive, buy you may qualify for discounts that many people don’t even know exist. Larger premium reductions will be automatically applied when you purchase, but less common discounts must be asked about prior to receiving the credit.

  • Anti-lock Brake System – Anti-lock brake equipped vehicles can avoid accidents and earn discounts up to 10%.
  • Life Insurance Discount – Select insurance companies reward you with a discount if you purchase auto and life insurance together.
  • Early Switch Discount – Select companies give a discount for signing up before your current expiration date. It’s a savings of about 10%.
  • Passive Restraint Discount – Vehicles equipped with air bags can qualify for discounts up to 30%.
  • Multiple Policy Discount – If you insure your home and vehicles with the same insurance company you could get a discount of 10% to 20% off each policy.
  • Good Student – Getting good grades can be rewarded with saving of up to 25%. Earning this discount can benefit you until age 25.
  • Pay Now and Pay Less – If you pay your entire premium ahead of time instead of monthly or quarterly installments you could save up to 5%.
  • Use Seat Belts – Buckling up and requiring all passengers to use a seat belt could cut 10% or more off your PIP or medical payments premium.
  • Government Employees – Employees or retirees of the government could cut as much as 10% off on RX-8 insurance with a few auto insurance companies.

A little note about advertised discounts, some credits don’t apply to the entire cost. Most only apply to specific coverage prices like liability, collision or medical payments. So even though they make it sound like all those discounts means the company will pay you, companies don’t profit that way. But all discounts will cut the amount you have to pay.

To see a list of insurers who offer auto insurance discounts, follow this link.

Car insurance is unique, just like you

When buying the best car insurance coverage for your personal vehicles, there is no single plan that fits everyone. Every situation is different and your policy should reflect that. For example, these questions could help you determine whether you would benefit from professional advice.

  • How do I buy GAP insurance?
  • Is business property covered if stolen from my car?
  • Do I have coverage for damage caused while driving under the influence?
  • I have a DUI can I still get coverage?
  • Am I covered if I hit a deer?
  • Can I rate high risk drivers on liability-only vehicles?
  • Will my vehicle be repaired with OEM or aftermarket parts?
  • What is PIP insurance?
  • Will filing a claim cost me more?

If you don’t know the answers to these questions but a few of them apply, you might consider talking to a licensed insurance agent. If you don’t have a local agent, take a second and complete this form or you can go here for a list of companies in your area.

Specifics of your car insurance policy

Understanding the coverages of your policy can help you determine appropriate coverage and the correct deductibles and limits. Car insurance terms can be confusing and reading a policy is terribly boring. Shown next are the normal coverages found on most car insurance policies.

Auto collision coverage

Collision coverage will pay to fix damage to your RX-8 resulting from a collision with another vehicle or an object, but not an animal. A deductible applies and then insurance will cover the remainder.

Collision insurance covers claims like crashing into a ditch, sustaining damage from a pot hole, damaging your car on a curb, colliding with a tree and hitting a parking meter. Paying for collision coverage can be pricey, so consider removing coverage from vehicles that are 8 years or older. You can also increase the deductible to save money on collision insurance.

Medical expense coverage

Personal Injury Protection (PIP) and medical payments coverage reimburse you for immediate expenses for doctor visits, nursing services, dental work and hospital visits. They are often utilized in addition to your health insurance policy or if there is no health insurance coverage. Coverage applies to not only the driver but also the vehicle occupants as well as being hit by a car walking across the street. Personal injury protection coverage is not universally available and gives slightly broader coverage than med pay

Comprehensive protection

This coverage pays for damage OTHER than collision with another vehicle or object. You first have to pay a deductible and then insurance will cover the rest of the damage.

Comprehensive insurance covers claims like fire damage, hitting a bird, vandalism, a broken windshield and damage from getting keyed. The maximum payout you’ll receive from a claim is the cash value of the vehicle, so if the vehicle’s value is low consider dropping full coverage.

Auto liability

Liability insurance can cover damages or injuries you inflict on other’s property or people in an accident. It protects YOU against claims from other people, and doesn’t cover your injuries or vehicle damage.

It consists of three limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. Your policy might show limits of 25/50/25 that means you have $25,000 in coverage for each person’s injuries, a per accident bodily injury limit of $50,000, and property damage coverage for $25,000. Some companies may use a combined limit which limits claims to one amount with no separate limits for injury or property damage.

Liability insurance covers things such as medical expenses, funeral expenses, medical services, court costs and attorney fees. How much liability coverage do you need? That is your choice, but you should buy as high a limit as you can afford.

Uninsured or underinsured coverage

Your UM/UIM coverage protects you and your vehicle’s occupants from other motorists when they are uninsured or don’t have enough coverage. This coverage pays for injuries to you and your family and damage to your Mazda RX-8.

Since many drivers only carry the minimum required liability limits, their liability coverage can quickly be exhausted. That’s why carrying high Uninsured/Underinsured Motorist coverage is a good idea. Most of the time the UM/UIM limits are similar to your liability insurance amounts.

What is YOUR best insurance company?

Cheap 2007 Mazda RX-8 insurance is available online and with local insurance agents, so compare prices from both to have the best rate selection. There are still a few companies who do not offer you the ability to get quotes online and these small, regional companies work with independent agents.

When buying insurance coverage, never sacrifice coverage to reduce premiums. There have been many situations where someone dropped full coverage only to discover later that a couple dollars of savings turned into a financial nightmare. Your strategy should be to buy a smart amount of coverage at a price you can afford, not the least amount of coverage.

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