Feel like you're a prisoner to an underperforming, overpriced auto insurance policy? Say no more because many Honolulu drivers have buyer's remorse.
A recent NerdWallet.com study revealed that the vast majority of auto insurance customers kept their coverage with the same auto insurance company for well over three years, and 38% of customers have never compared rate quotes at all. Honolulu consumers can cut their rates by about 40% a year by just comparing rate quotes, but they just assume it's a time-consuming process to compare rate quotes online. Numerous car insurance companies battle for your business, and because of this it can be hard to compare auto insurance companies and get the best coverage at the best rate on Lincoln MKX insurance in Honolulu.
It's a good habit to shop coverage around every six months because auto insurance prices are rarely the same from one policy term to another. Just because you found the best price on Lincoln MKX insurance in Honolulu a couple years back you can probably find a lower rate today. You can search a lot of MKX insurance on the web, but we're going to give you some of the best techniques to buy auto insurance cheaper in Honolulu.
If you have coverage now or just want cheaper coverage, use these tips to find the best rates while maintaining coverages. Buying the cheapest car insurance in Honolulu is really not that difficult. Drivers just have to understand the most time-saving way to compare rate quotes instantly.
Cut Insurance Costs with These Tips
Many factors are considered when you get your auto insurance bill. Some are pretty understandable such as your driving history, but some are more obscure such as your marital status or your vehicle rating. An important part of buying insurance is that you know some of the elements that aid in calculating your premiums. If you have a feel for what influences your rates, this helps enable you to make changes that can earn you lower auto insurance prices.
The items below are just a few of the factors auto insurance companies consider when setting your prices.
- Safer vehicles mean better premiums - Vehicles with high crash test scores tend to be cheaper to insure. The safest vehicles result in less severe injuries and reduced instances of injuries means less claims paid which can result in lower premiums.
- Drive less and get lower premiums - The more you drive your Lincoln each year the more you'll pay to insure your vehicle. The majority of insurers calculate rates based upon how much you drive. Cars and trucks that sit idle most of the time cost less to insure compared to those used for work or business. An improperly rated MKX can cost quite a bit. Double check that your auto insurance coverage is showing the correct usage, because it can save money.
- Does insurance coverage cost more for guys? - Statistics demonstrate women tend to be less risk to insure than men. However, don't assume that men are worse drivers. Both genders get in fender benders at a similar rate, but the male of the species have costlier accidents. Men also statistically have more aggressive citations such as reckless driving.
- Your address can modify premiums - Choosing to live in areas with lower population can be a good thing when buying auto insurance. Residents of big cities tend to have more auto accidents and a longer drive to work. Fewer drivers corresponds to lower accident rates in addition to lower liability claims
- File a insurance claims and pay more - Insurance companies in Hawaii provide lower rates to policyholders who do not rely on their insurance for small claims. If you file a lot of claims you can pretty much guarantee increased rates or even have your policy non-renewed. Your car insurance is designed for the bigger claims that can't be paid out-of-pocket.
- Theft deterrents save - Choosing to buy a car that has an advanced theft prevention system can help lower your rates. Theft deterrent systems like vehicle immobilizer systems, General Motors OnStar and LoJack tracking systems all hinder car theft and help bring rates down.
- Your liability limits - Your policy's liability coverage kicks in if ever you are found liable for damages caused by your negligence. It will provide for a legal defense to defend your case. It is affordable coverage compared to insuring for physical damage coverage, so insureds should have plenty of protection for their assets.
- Your credit score is important - Credit rating factor in determining premium rates. Insureds that have excellent credit scores tend to be more responsible and file fewer claims as compared to drivers with worse credit. If your credit history is lower than you'd like, you may save money insuring your Lincoln MKX by taking the time to improve your credit score.
- Insurance losses for a Lincoln MKX - Insurance companies take into consideration insurance loss statistics for every vehicle when they calculate premium rates for each model. Models that historically have higher frequency or amount of claims will have higher rates. The table shown below demonstrates the collected loss data for Lincoln MKX vehicles.
For each policy coverage, the loss probability for all vehicles, regardless of make or model, is represented as 100. Percentage numbers below 100 indicate better than average losses, while percentages above 100 indicate higher probability of having a loss or an increased chance of a larger loss.
Car Insurance Loss Data for Lincoln MKX Models
Specific Lincoln Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Lincoln MKX 4dr 2WD 77 80 67 66 81 78 Lincoln MKX 4dr 4WD 86 91 92 76 79 87
Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
The companies in the list below are ready to provide free rate quotes in Honolulu, HI. If multiple companies are listed, we suggest you visit several of them in order to find the most competitive rates.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Get Your Own Custom Quote Go|
Prices based on married female driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Hawaii minimum liability limits. Discounts applied include multi-vehicle, claim-free, safe-driver, homeowner, and multi-policy. Premium costs do not factor in your specific Honolulu location which can alter premium rates substantially.
Lincoln MKX liability rates compared to full coverage
The information below shows the comparison of Lincoln MKX insurance costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The rate quotes are based on no driving violations, no at-fault accidents, $500 deductibles, single female driver, and no discounts are applied.
Deciding between full coverage and liability only
There is no clear-cut formula for dropping full coverage on your policy, but there is a guideline you can use. If the annual cost of your full coverage insurance is more than about 10% of the replacement cost of your vehicle minus the policy deductible, then it's probably a good time to buy liability coverage only.
For example, let's assume your Lincoln MKX settlement value is $3,000 and you have $1,000 policy deductibles. If your vehicle is totaled in an accident, the most you would get paid by your company is $2,000 after paying the physical damage deductible. If it's costing in excess of $200 a year to have full coverage, then it could be time to drop full coverage.
There are some situations where buying only liability insurance is not a good plan. If you still have a lienholder on your title, you have to keep full coverage in order to prevent your loan from defaulting. Also, if your emergency fund is not enough to purchase a different vehicle in case of an accident, you should not eliminate full coverage.
An analysis of deductible level
The information below illustrates how your deductible choice and can affect Lincoln MKX insurance costs for different age groups of insureds. The costs are based on a single female driver, comp and collision included, and no discounts are taken into consideration.
Safe drivers pay cheaper rates
The diagram below highlights how speeding tickets and at-fault collisions can drive up Lincoln MKX car insurance costs for different categories of driver ages. Data assumes a married male driver, comp and collision included, $250 deductibles, and no discounts are factored in.
Choosing Lincoln vehicle insurance is an important decision
Even though it's not necessarily cheap to insure a Lincoln in Honolulu, buying insurance is mandatory in Hawaii but it also protects more than you think.
- Most states have compulsory liability insurance requirements which means state laws require specific minimum amounts of liability insurance if you don't want to risk a ticket. 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.
- If you bought your vehicle with a loan, almost all lenders will make it a condition of the loan that you carry insurance to ensure the loan is repaid in case of a total loss. If the policy lapses, the lender may have to buy a policy to insure your Lincoln at a more expensive rate and require you to fork over a much higher amount than you were paying before.
- Insurance protects not only your Lincoln but also your assets. It will also cover medical transport and hospital expenses for both you and anyone you injure as the result of an accident. Liability coverage, the one required by state law, also covers all legal expenses up to the policy limit if you are sued as the result of an accident. If you have damage to your Lincoln as the result of the weather or an accident, comprehensive and/or collision insurance will pay to repair the damage minus the deductible amount.
The benefits of carrying adequate insurance are definitely more than the cost, especially for larger claims. But the average driver in Hawaii is currently overpaying as much as $820 a year so compare rate quotes at least once a year to help ensure money is not being wasted.
Discounts can help lower premiums on Lincoln MKX insurance in Honolulu
Some insurance providers don't necessarily list every available discount very clearly, so the list below contains a few of the more common and also the lesser-known ways to save on car insurance.
- Discount for Good Grades - Maintaining excellent grades can save 20 to 25%. Most companies allow this discount up until you turn 25.
- Pay Now and Pay Less - By making one initial payment rather than spreading payments over time you could save 5% or more.
- Discounts for Responsible Drivers - Drivers who avoid accidents may save up to 50% more than less cautious drivers.
- Defensive Driver - Participating in a safe driver class could earn you a small percentage discount depending on where you live.
- Anti-lock Brakes - Cars and trucks that have steering control and anti-lock brakes are safer to drive so you can save 10 percent or more.
- Anti-theft Discount - Vehicles equipped with anti-theft or alarm systems can help prevent theft and therefore earn up to a 10% discount.
- Policy Bundle Discount - If you combine your homeowners and auto policies with the same company you may save at least 10% off all policies.
As is typical with insurance, most credits do not apply to the entire policy premium. The majority will only reduce the price of certain insurance coverages like physical damage coverage or medical payments. Just because it seems like you would end up receiving a 100% discount, that's just not realistic. Any qualifying discounts will reduce your premiums.
To locate car insurance companies who offer discounts in Honolulu, follow this link.
Compare prices but work with a neighborhood Honolulu auto insurance agent
Many drivers still like to have an agent's advice. Insurance agents are trained risk managers and help in the event of a claim. The best thing about price shopping on the web is the fact that drivers can get cheaper rates and still have an agent to talk to.
Upon completion of this form (opens in new window), the quote information is instantly submitted to companies in Honolulu who will gladly provide quotes and help you find cheaper coverage. It makes it easy because there is no need to find an agent because quoted prices will be sent immediately to your email address. If you wish to get a price quote from one company in particular, don't hesitate to jump over to their website and fill out their quote form.
Picking a insurer should include more criteria than just a cheap quote. These are some questions your agent should answer.
- Does the agency support the community they serve?
- Do the companies they represent have a solid financial rating?
- Will their companies depreciate repairs to your car based on the mileage?
- Do clients work directly with the agent or are most inquiries handled by a CSR?
- Will the company cover a rental car if your car is getting fixed?
- Do the coverages you're quoting properly cover your vehicle?
- Do they have 24-hour customer assistance?
- Which family members are covered?
If you feel you receive reasonable responses to any questions you may have as well as a price you're happy with, you may have found an insurance company that can properly service your auto insurance policy.
One last note
You just read quite a bit of information on how to save on Lincoln MKX insurance in Honolulu. The key concept to understand is the more times you quote, the better likelihood of getting affordable Honolulu auto insurance quotes. Consumers may even find the biggest savings come from some of the lesser-known companies. Smaller companies can often provide lower rates in certain areas as compared to the big name companies such as State Farm, GEICO and Nationwide.
Lower-priced Lincoln MKX insurance in Honolulu can be bought online and with local Honolulu insurance agents, and you should compare rates from both so you have a total pricing picture. Some insurance providers do not offer online rate quotes and these smaller providers sell through local independent agents.
When buying insurance coverage, do not reduce coverage to reduce premium. There are too many instances where an insured cut full coverage and discovered at claim time that saving that couple of dollars actually costed them tens of thousands. The proper strategy is to buy the best coverage you can find at the best possible price, but do not sacrifice coverage to save money.
Additional detailed information is located in these articles:
- Safe Vehicles for Teens (iihs.org)
- Who Has Affordable Hawaii Car Insurance Rates for Seniors? (FAQ)
- Who Has the Cheapest Auto Insurance Quotes for a Toyota RAV4 in Hawaii? (FAQ)
- Your Car has been Stolen: Now What? (Allstate)
- Alcohol Impaired Driving FAQ (iihs.org)
- Understanding Limits and Deductibles (Allstate)