Are you at wits end from wondering where the money will come from to pay your insurance bill each month? You are no different than most other vehicle owners in Hawaii.

Discount Mazda MX-5 Miata insuranceSurprisingly, a recent survey revealed that a large majority of drivers have stayed with the same insurance company for over three years, and almost half have never even compared quotes to find cheaper rates. Honolulu drivers could cut their rates by almost $360 a year by just comparing rate quotes, but they just don't want to shop around. Online insurance companies like Allstate, Liberty Mutual and State Farm constantly bombard you with TV and radio ads and it is difficult to ignore the promise of big savings and effectively compare rates to find the best deal.

You should take the time to shop coverage around quite often because prices are constantly changing. Just because you had the lowest rate on Mazda MX-5 Miata insurance in Honolulu at your last renewal the chances are good that you can find a lower premium rate today. Block out anything you think you know about insurance because you're about to find out the fastest way to find the best coverage while lowering your premiums.

If you are already insured or are looking for a new policy, use these cost-cutting techniques to reduce premiums without sacrificing coverage. Choosing the best insurance company for you in Honolulu can really be easy if you know what you're doing. You just have to understand the most efficient way to compare company rates from multiple carriers.

The companies shown below provide comparison quotes in Honolulu, HI. If multiple companies are shown, it's a good idea that you visit two to three different companies to get a more complete price comparison.

Mazda MX-5 Miata Insurance Rate Estimates in Honolulu, HI
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
MX-5 Miata Sport 2-Dr Convertible $124 $224 $236 $14 $70 $668 $56
MX-5 Miata Touring 2-Dr Convertible $152 $256 $232 $14 $70 $724 $60
MX-5 Miata Grand Touring 2-Dr Convertible $218 $464 $292 $18 $88 $1,080 $90
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Data variables include single female driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and Hawaii minimum liability limits. Discounts applied include safe-driver, multi-vehicle, homeowner, claim-free, and multi-policy. Rate information does not factor in vehicle location which can change coverage rates substantially.

Rate difference between full and liability-only coverage

The illustration below examines Mazda MX-5 Miata insurance costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The prices are based on no accidents or driving violations, $100 deductibles, married female driver, and no discounts are applied.

When to stop buying full coverage

There is no definitive rule that is best for determining when to drop full coverage, but there is a guideline you can consider. If the yearly cost for physical damage coverage is more than around 10% of the settlement you would receive from your company, then it may be the right time to buy liability only.

For example, let's assume your Mazda MX-5 Miata claim settlement value is $4,000 and you have $1,000 deductibles. If your vehicle is totaled in an accident, the most you would receive is $3,000 after the deductible is paid. If premiums are more than $300 annually to have full coverage, the it may be a good time to stop paying for full coverage.

There are some situations where dropping full coverage is not a good idea. If you still owe money on your vehicle, you have to maintain full coverage in order to satisfy the requirements of the loan. Also, if your savings is not enough to buy a different vehicle in the even your car is totaled, you should keep full coverage in place.

Why auto insurance is not optional

Even though it can be expensive, maintaining insurance is required by state law in Hawaii and it also provides benefits you may not be aware of.

First, almost all states have minimum liability requirements which means you are required to buy a minimum amount of liability protection if you drive a vehicle. In Hawaii these limits are 20/40/10 which means you must have $20,000 of bodily injury coverage per person, $40,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.

Second, if you have a loan on your car, almost every bank will make it a condition of the loan that you have full coverage to guarantee their interest in the vehicle. If you cancel or allow the policy to lapse, the lender may insure your Mazda at a more expensive rate and force you to reimburse them the higher price.

Third, insurance safeguards both your assets and your vehicle. It also can pay for medical expenses for both you and anyone you injure as the result of an accident. As part of your policy, liability insurance will also pay attorney fees in the event you are sued. If your vehicle suffers damage from an accident or hail, collision and comprehensive (also known as other-than-collision) coverage will cover the repair costs.

The benefits of buying enough insurance outweigh the cost, specifically if you ever have a liability claim. The average driver in Hawaii overpays more than $810 a year so it's very important to do a rate comparison each time the policy renews to help ensure money is not being wasted.

Determine discounts on Honolulu insurance

Not many people think insurance is cheap, but there may be some discounts that may help make it more affordable. A few discounts will be applied at the time of purchase, but less common discounts must be inquired about prior to receiving the credit.Cheaper insurance with discounts

Policy discounts save money, but most discount credits are not given to the whole policy. Most only apply to the price of certain insurance coverages like medical payments or collision. Despite the appearance that adding up those discounts means a free policy, it just doesn't work that way. But all discounts will definitely reduce the cost of your policy.

A few companies that may have some of the discounts shown above may include but are not limited to:

It's a good idea to ask every prospective company how many discounts you can get. Some credits may not apply everywhere. If you would like to see a list of companies who offer discounts in Honolulu, follow this link.

Do I need an insurance agency?

Some consumers would rather sit down with an agent and that is not a bad decision Professional agents can help you build your policy and give you someone to call. The best thing about getting online price quotes is that drivers can save money and get better rates and still have a local agent.

Insurance agents in HonoluluTo find an agent, once you fill out this quick form, your information gets sent to local insurance agents in Honolulu who will give competitive quotes for your car insurance coverage. There is no reason to leave your house because prices are sent directly to you. If you have a need to get a price quote from a specific car insurance provider, don't hesitate to navigate to their website and fill out the quote form the provide.

Finding a good provider requires you to look at more than just a cheap price quote. Any agent in Honolulu should have no problem answering these questions:

Shown below are agents in Honolulu that can give you comparison quotes for Mazda MX-5 Miata insurance in Honolulu.

841 Bishop St #203 - Honolulu, HI 96813 - (808) 531-9918 - View Map

2038 S King St - Honolulu, HI 96826 - (808) 952-5353 - View Map

1088 Bishop St #2210 - Honolulu, HI 96813 - (808) 841-5915 - View Map

1130 N Nimitz Hwy Rm A260 - Honolulu, HI 96817 - (808) 664-0970 - View Map

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Auto insurance coverage information

Knowing the specifics of your insurance policy can help you determine the right coverages and the correct deductibles and limits. Insurance terms can be ambiguous and even agents have difficulty translating policy wording. These are the normal coverages available from insurance companies.

Uninsured/Underinsured Motorist coverage - This coverage provides protection when other motorists are uninsured or don't have enough coverage. Covered claims include hospital bills for your injuries as well as your vehicle's damage.

Since many Hawaii drivers only carry the minimum required liability limits (20/40/10), their liability coverage can quickly be exhausted. That's why carrying high Uninsured/Underinsured Motorist coverage is a good idea.

Liability car insurance - Liability coverage protects you from damage or injury you incur to a person or their property that is your fault. It protects YOU from legal claims by others. Liability doesn't cover damage sustained by your vehicle in an accident.

Coverage consists of three different limits, bodily injury per person, bodily injury per accident and property damage. You commonly see limits of 20/40/10 that translate to $20,000 in coverage for each person's injuries, a limit of $40,000 in injury protection per accident, and a limit of $10,000 paid for damaged property.

Liability can pay for claims like structural damage, medical services, bail bonds and court costs. The amount of liability coverage you purchase is a personal decision, but buy as large an amount as possible. Hawaii state law requires minimum liability limits of 20/40/10 but drivers should carry more coverage.

Collision coverages - Collision coverage will pay to fix damage to your MX-5 Miata resulting from a collision with an object or car. You first must pay a deductible then the remaining damage will be paid by your insurance company.

Collision can pay for things such as colliding with a tree, sustaining damage from a pot hole, backing into a parked car, crashing into a building and damaging your car on a curb. Collision coverage makes up a good portion of your premium, so consider removing coverage from older vehicles. It's also possible to bump up the deductible on your MX-5 Miata in order to get cheaper collision rates.

Comprehensive coverage - This covers damage from a wide range of events other than collision. You need to pay your deductible first and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive coverage protects against claims like damage from flooding, a tree branch falling on your vehicle, rock chips in glass, hitting a deer and fire damage. The maximum amount your insurance company will pay is the cash value of the vehicle, so if your deductible is as high as the vehicle's value consider dropping full coverage.

Medical payments coverage and PIP - Medical payments and Personal Injury Protection insurance pay for short-term medical expenses for chiropractic care, hospital visits, dental work, nursing services and pain medications. The coverages can be utilized in addition to your health insurance policy or if you do not have health coverage. Medical payments and PIP cover not only the driver but also the vehicle occupants as well as getting struck while a pedestrian. PIP coverage is not available in all states and may carry a deductible

Smart consumers save more

Budget-conscious Mazda MX-5 Miata insurance is attainable both online as well as from insurance agents, so you need to shop Honolulu auto insurance with both in order to have the best price selection to choose from. A few companies may not have price quotes online and usually these small insurance companies sell through independent agents.

As you restructure your insurance plan, it's a bad idea to reduce needed coverages to save money. There have been many cases where drivers have reduced full coverage and discovered at claim time that the few dollars in savings costed them thousands. Your objective should be to find the BEST coverage at a price you can afford while still protecting your assets.

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