Lincoln MKZ Insurance Quotes in Durham

If saving the most money is your goal, then the best way to find cheaper quotes for Lincoln MKZ insurance is to compare prices regularly from insurers that insure vehicles in Durham. Price quotes can be compared by following these guidelines.

• First, gain an understanding of what coverages are included in your policy and the modifications you can make to prevent expensive coverage. Many policy risk factors that result in higher rates like accidents, traffic tickets, and a less-than-favorable credit score can be improved by making minor changes to your lifestyle.
• Second, compare price quotes from independent agents, exclusive agents, and direct companies. Direct companies and exclusive agencies can only give rate quotes from one company like Progressive or Farmers Insurance, while agents who are independent can provide prices for many different companies.
• Third, compare the new quotes to the premium of your current policy and see if you can save money. If you find a lower rate and buy the policy, ensure coverage does not lapse between policies.
• Fourth, notify your company or agent to cancel your current auto insurance policy and submit a down payment and signed policy application to your new agent or company. As soon as you receive it, place your new certificate verifying proof of insurance with your registration paperwork.

One piece of advice is to make sure you enter the same amount of coverage on every price quote and and to get price quotes from as many companies as you can. This helps ensure an apples-to-apples comparison and many rates to choose from.

A recent auto insurance study revealed that over 70% of consumers kept their policy with the same company for over three years, and just under half have never compared rates from other carriers. Many consumers in Durham could save themselves approximately $90 a year by just comparing rate quotes, but most undervalue how much savings they would realize if they bought a different policy.

How to compare Durham Lincoln MKZ insurance rate quotes

Just remember that obtaining a wide range of quotes provides better odds of finding the best rates.

The companies shown below can provide price quotes in Durham, NC. If you want to find cheap car insurance in Durham, it’s a good idea that you visit two to three different companies in order to get a fair rate comparison.

Lincoln MKZ insurance rates and statistics

The coverage table shown next showcases different insurance premium costs for Lincoln MKZ models. Learning how rates are formulated can be of help when making decisions when choosing a new policy provider.

Data based on married female driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and North Carolina minimum liability limits. Discounts applied include multi-policy, claim-free, safe-driver, homeowner, and multi-vehicle. Rate information does not factor in specific garaging location which can change auto insurance rates significantly.

Physical damage deductibles: Should you raise them?

When comparing car insurance rates, the most common question is which deductible level should you buy. The following tables help summarize the differences in price between high and low policy deductibles. The first set of prices uses a $100 deductible for physical damage and the second price grid uses a $500 deductible.

Above prices assume married male driver age 30, no speeding tickets, no at-fault accidents, and North Carolina minimum liability limits. Discounts applied include safe-driver, claim-free, multi-vehicle, multi-policy, and homeowner. Rate information does not factor in the specific area where the vehicle is garaged which can decrease or increase auto insurance rates noticeably.

Based on the data above, we can derive that using a $100 deductible costs roughly $22 more each month or $264 for a full year across all Lincoln MKZ models than requesting the higher $500 deductible. Due to the fact that you would have to pay $400 more if you file a claim with a $500 deductible as compared to a $100 deductible, if you go at a minimum 18 months between claims, you would more than likely save some money if you opt for a higher deductible.

The example below shows how choosing a deductible and can change Lincoln MKZ insurance rates for different age groups of insureds. Data assumes a single male driver, full physical damage coverage, and no discounts are applied.

Cost comparison with and without full coverage

The chart below compares Lincoln MKZ yearly insurance costs with and without physical damage coverage. The premium estimates are based on no violations or accidents, $100 deductibles, drivers are not married, and no discounts are applied.

When to drop comprehensive and collision

There is no set guideline of when to stop paying for comprehensive and collision coverage on your policy, but there is a general school of thought. If the annual cost of having full coverage is more than 10% of the settlement you would receive from your company, then you might want to think about dropping full coverage.

For example, let’s say your Lincoln MKZ replacement value is $4,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled, the most you would receive is $3,000 after you pay the deductible. If it’s costing in excess of $300 annually to have full coverage, then it might be time to consider dropping full coverage.

There are some conditions where only buying liability is not a good idea. If you still have a lienholder on your title, you have to maintain full coverage in order to satisfy the requirements of the loan. Also, if your emergency fund is not enough to purchase a different vehicle in case of an accident, you should maintain full coverage.

How do Car Insurance Companies Determine Lincoln MKZ Insurance Costs?

The best way to find cheaper auto insurance is to take a look at some of the factors that come into play when calculating your policy premiums. If you have some idea of what determines premiums, this allows you to make good choices that can help you get big savings.

• Save by driving safer vehicles – Vehicles with high crash test scores tend to be cheaper to insure. Safer cars reduce injuries and fewer injuries means less money paid by your insurance company and lower rates for you. If your Lincoln earned at least four stars on Safercar.gov or an “acceptable” rating on iihs.org you may qualify for a discount.

• Females tend to cost less – The statistics show females are less aggressive when driving. That doesn’t necessarily mean that females are better at driving than males. Both genders get in at-fault accidents in similar numbers, but the males cause more damage. Men also receive more costly citations like DWI (DUI) or reckless driving. Male drivers age 16 to 19 are most likely to cause an accident and therefore have the most expensive auto insurance rates.

  The illustration below shows the comparison of Lincoln MKZ insurance prices for male and female drivers. The premium estimates are based on a clean driving record, no at-fault accidents, full coverage, $100 deductibles, drivers are not married, and no discounts are applied.

• Bundle policies and save money – The majority of insurers give discounts to customers who have multiple policies with them such as combining an auto and homeowners policy. The discount can be as much as ten percent or more Even if you qualify for this discount already, it’s always a smart idea to comparison shop to help guarantee you have the best rates. You may still be able to save even more than the discount even if you have your coverage with different companies
• Better rates for uninterrupted coverage – Having a gap between insurance policy dates is a quick way to drive up your policy premiums. Not only will you pay more, the inability to provide proof of insurance can result in fines and jail time.
• Drive fewer miles and save – The more miles you rack up on your Lincoln in a year the more you’ll pay to insure your vehicle. The majority of insurers rate vehicles based upon how you use the vehicle. Autos that do not get driven very much receive lower rates than vehicles that are driven to work every day. Having the wrong rating on your MKZ may be costing you. It’s a smart idea to ensure your policy is rated on annual mileage.

• Youthful drivers cost more – Older drivers are shown to be more cautious, are lower risk to insure, and receive fewer citations. Inexperience drivers are known to be more careless when driving with friends therefore auto insurance rates are much higher.

  The next chart assumes a single driver, full coverage with $500 deductibles, and no discounts or violations.

• Liability preserves assets – Your auto insurance policy’s liability coverage will afford coverage when you are responsible for damages from an accident. It provides legal defense coverage starting from day one. This coverage is very inexpensive compared to comp and collision, so do not cut corners here.

• What type of car do you drive? – The performance level of the car you need insurance for makes a substantial difference in determining your rates. Small economy passenger vehicles usually have the lowest premiums, but your final cost has many other factors.

  The data below uses these assumptions: married female driver age 40, full coverage with $100 deductibles, and no discounts or violations. The chart compares Lincoln MKZ policy rates compared to other models of vehicles that have different risk factors.

• Loss statistics for a Lincoln MKZ – Insurers factor in insurance loss information to help set a rate to offset losses. Vehicles that the data determines to have high amounts or severity of claims will have higher rates for specific coverages.

  The table below demonstrates the collected loss data for Lincoln MKZ vehicles. For each type of coverage, the loss probability for all vehicles averaged together is a value of 100. Values that are below 100 are indicative of better than average losses, while percentages above 100 point to more losses or a tendency for claims to be larger.

  
  

  Lincoln MKZ Insurance Loss Statistics

  Specific Lincoln Model	Collision	Property Damage	Comp	Personal Injury	Medical Payment	Bodily Injury
  Lincoln MKZ 4dr 2WD	137	85	107	95	89	75
  Lincoln MKZ 4dr 4WD	140	82	126	99
  Lincoln MKZ Hybrid 4dr	148	84	100	74	82	76

  BETTER

  AVERAGE

  WORSE

  Empty fields indicate not enough data collected
  Statistics from IIHS.org for 2013-2015 Model Years

Protect more than your Lincoln vehicle

Despite the high cost of buying insurance for a Lincoln MKZ in Durham, buying insurance may be mandatory for several reasons.

First, most states have compulsory liability insurance requirements which means the state requires a specific minimum amount of liability insurance in order to drive the car legally. In North Carolina these limits are 30/60/25 which means you must have $30,000 of bodily injury coverage per person, $60,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.

Second, if you took out a loan on your Lincoln MKZ, most lenders will make it mandatory that you buy full coverage to guarantee loan repayment. If you cancel or allow the policy to lapse, the lender may have to buy a policy to insure your Lincoln at a more expensive rate and require you to pay a much higher amount than you were paying before.

Third, insurance preserves your Lincoln MKZ and your assets. It will also cover most medical and hospital costs for you, any passengers, and anyone injured in an accident. One of the most valuable coverages, liability insurance, also covers all legal expenses up to the policy limit if anyone sues you for causing an accident. If your car is damaged in a storm or accident, collision and comprehensive (also known as other-than-collision) coverage will pay all costs to repair after the deductible has been paid.

The benefits of buying enough insurance definitely exceed the price paid, particularly when you have a large claim. Unknowingly, the average driver is overpaying over $850 per year so compare rate quotes every year to help ensure money is not being wasted.