Save Money on Lincoln MKX Insurance in Cleveland

If you want to save money, the best way to find more affordable car insurance rates is to regularly compare prices from insurance carriers who can sell car insurance in Cleveland.

• Step 1: Try to learn a little about the different coverages in a policy and the measures you can control to prevent high rates. Many policy risk factors that result in higher rates like tickets, at-fault accidents, and a low credit rating can be rectified by making minor driving habit or lifestyle changes.
• Step 2: Request rate estimates from direct, independent, and exclusive agents. Direct companies and exclusive agencies can provide rates from a single company like GEICO or State Farm, while independent agencies can give you price quotes from multiple sources.
• Step 3: Compare the new quotes to your existing rates and see if there is a cheaper rate. If you can save some money and decide to switch, verify that coverage does not lapse between policies.

A valuable tip to remember is that you use the same liability limits and deductibles on every price quote and and to get prices from all possible companies. Doing this guarantees a fair price comparison and maximum price selection.

A recent survey discovered that nearly 70% of customers renewed their policy with the same company for a minimum of four years, and just under half have never taken the time to shop around. Drivers in Ohio could pocket up to 55% a year just by comparing rates, but most undervalue the actual amount they would save if they switch to a new company.

Insurance statistics for a Lincoln MKX

The data table displayed below showcases a range of insurance costs for Lincoln MKX models. Having a good grasp of how prices are calculated can be of help when making informed purchases.

Price data assumes married female driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Ohio minimum liability limits. Discounts applied include multi-policy, claim-free, homeowner, multi-vehicle, and safe-driver. Rates do not factor in garaging location in Cleveland which can influence prices noticeably.

Should you raise deductibles?

When shopping for insurance, a common question is how high should the physical damage deductibles be. The comparisons below may aid in understanding the rate differences between low and high physical damage deductibles. The first table uses a $250 deductible for physical damage and the second data table uses a $1,000 deductible.

Data rating is based on married male driver age 30, no speeding tickets, no at-fault accidents, and Ohio minimum liability limits. Discounts applied include safe-driver, multi-policy, homeowner, claim-free, and multi-vehicle. Price information does not factor in specific location which can change coverage rates significantly.

Based on the data above, we can derive that using a $250 deductible would cost the average driver about $18 more each month or $216 for a full year than buying the higher $1,000 deductible. Because you would be required to pay $750 more if you turn in a claim with a $1,000 deductible as compared to a $250 deductible, if you tend to go more than 42 months between claim filings, you would most likely save money going with the higher deductible. The table below shows how this determination is made.

The illustration below demonstrates how deductibles and can affect Lincoln MKX premium costs for each different age group. The information is based on a married female driver, full physical damage coverage, and no policy discounts are applied.

Full coverage rates compared to liability-only

The example below shows the comparison of Lincoln MKX car insurance costs with and without physical damage coverage. The costs are based on no violations or claims, $500 deductibles, single status, and no additional discounts are factored in.

When to drop comprehensive and collision coverage

There is no exact formula of when to drop physical damage coverage on your policy, but there is a general guideline. If the annual cost of coverage is 10% or more of the settlement you would receive from your company, then you may need to consider dropping full coverage.

For example, let’s pretend your Lincoln MKX book value is $3,000 and you have $1,000 policy deductibles. If your vehicle is totaled in an accident, the most your company will settle for is $2,000 after the policy deductible has been paid. If it’s costing you more than $200 a year to have full coverage, then you may need to consider dropping full coverage.

There are some circumstances where dropping physical damage coverage is not advised. If you haven’t satisfied your loan, you must maintain physical damage coverage in order to keep the loan. Also, if your emergency fund is not enough to purchase a different vehicle in the even your car is totaled, you should not remove full coverage.

These five discounts can lower your insurance rates

Car insurance can cost a lot, but there’s a good chance there are discounts to help offset the cost. Some discounts will apply when you purchase, but once in a while a discount must be specially asked for prior to getting the savings. If you do not check that you are getting every discount possible, you are paying more than you should be.

• Drive Safe and Save – Drivers without accidents can save up to 40% or more on their Cleveland car insurance quote than less cautious drivers.
• Accident Forgiveness – Not a discount per se, but companies like Liberty Mutual and GEICO may permit one accident before raising your premiums as long as you don’t have any claims for a certain period of time.
• Onboard Data Collection – Drivers who elect to allow driving data submission to spy on driving manner by using a telematics device such as State Farm’s In-Drive could save a few bucks if they are good drivers.
• ABS Braking Discount – Cars with ABS braking systems or traction control have fewer accidents and qualify for as much as a 10% discount.
• Defensive Driving Course – Passing a safe driver course could possibly earn you a 5% discount depending on where you live.

We need to note that some of the credits will not apply to all coverage premiums. Most cut specific coverage prices like liability and collision coverage. So despite the fact that it appears having all the discounts means you get insurance for free, companies wouldn’t make money that way.

The example below illustrates the difference between Lincoln MKX car insurance costs with and without discounts applied. The rates are based on a female driver, no accidents, no driving violations, Ohio state minimum liability limits, comprehensive and collision coverage, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with safe-driver, claim-free, marriage, multi-car, multi-policy, and homeowner discounts applied.

Large insurance companies and some of their more popular discounts can be found below.

• Progressive offers discounts including good student, continuous coverage, multi-vehicle, online signing, multi-policy, homeowner, and online quote discount.
• Farmers Insurance may have discounts that include teen driver, bundle discounts, good student, distant student, youthful driver, switch companies, and pay in full.
• Farm Bureau has discounts for good student, 55 and retired, multi-vehicle, youthful driver, and renewal discount.
• State Farm has savings for student away at school, passive restraint, good driver, Drive Safe & Save, accident-free, and defensive driving training.
• GEICO offers premium reductions for daytime running lights, federal employee, seat belt use, multi-policy, defensive driver, emergency military deployment, and military active duty.
• SAFECO may include discounts for accident prevention training, anti-theft, anti-lock brakes, bundle discounts, and homeowner.
• Liberty Mutual discounts include hybrid vehicle, newly married, new vehicle discount, safety features, teen driver discount, newly retired, and preferred payment discount.

It’s a good idea to ask each company or agent which credits you are entitled to. Discounts may not be available in Cleveland. For a list of companies offering insurance discounts in Cleveland, click here.

Specific coverage details

Knowing the specifics of your car insurance policy can be of help when determining the best coverages and proper limits and deductibles. Car insurance terms can be ambiguous and reading a policy is terribly boring. Listed below are the normal coverages available from car insurance companies.

Comprehensive or Other Than Collision – This pays for damage caused by mother nature, theft, vandalism and other events. You first have to pay a deductible then your comprehensive coverage will pay.

Comprehensive insurance covers claims like rock chips in glass, vandalism, hitting a deer, hail damage and damage from a tornado or hurricane. The most a car insurance company will pay at claim time is the cash value of the vehicle, so if your deductible is as high as the vehicle’s value consider dropping full coverage.

UM/UIM Coverage – Uninsured or Underinsured Motorist coverage provides protection when the “other guys” either have no liability insurance or not enough. Covered losses include medical payments for you and your occupants as well as damage to your Lincoln MKX.

Since a lot of drivers only carry the minimum required liability limits (Ohio limits are 25/50/25), it only takes a small accident to exceed their coverage. That’s why carrying high Uninsured/Underinsured Motorist coverage is very important. Normally your uninsured/underinsured motorist coverages are set the same as your liability limits.

Medical costs insurance – Med pay and PIP coverage pay for short-term medical expenses for things like EMT expenses, surgery, ambulance fees, rehabilitation expenses and prosthetic devices. They can be utilized in addition to your health insurance plan or if you do not have health coverage. They cover both the driver and occupants in addition to any family member struck as a pedestrian. Personal Injury Protection is only offered in select states and may carry a deductible

Collision coverage – Collision insurance covers damage to your MKX caused by collision with another car or object. You have to pay a deductible and the rest of the damage will be paid by collision coverage.

Collision insurance covers things such as hitting a mailbox, sideswiping another vehicle and scraping a guard rail. Collision coverage makes up a good portion of your premium, so you might think about dropping it from older vehicles. It’s also possible to choose a higher deductible on your MKX to bring the cost down.

Coverage for liability – This coverage protects you from injuries or damage you cause to other people or property in an accident. This insurance protects YOU against other people’s claims, and does not provide coverage for your own vehicle damage or injuries.

Coverage consists of three different limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. As an example, you may have policy limits of 25/50/25 which means a $25,000 limit per person for injuries, a total of $50,000 of bodily injury coverage per accident, and a limit of $25,000 paid for damaged property. Some companies may use one number which is a combined single limit that pays claims from the same limit and claims can be made without the split limit restrictions.

Liability coverage pays for claims like medical services, attorney fees, funeral expenses and loss of income. How much coverage you buy is a personal decision, but buy as high a limit as you can afford. Ohio requires drivers to carry at least 25/50/25 but it’s recommended drivers buy more liability than the minimum.

The illustration below shows why buying minimum limits may not be high enough to cover claims.

Don’t give up on cheap rates

Low-cost Lincoln MKX insurance in Cleveland is possible on the web as well as from insurance agents, and you need to price shop both to get a complete price analysis. There are still a few companies who may not have online rate quotes and many times these small insurance companies only sell coverage through independent insurance agents.

We just showed you many tips how you can get a better price on Lincoln MKX insurance in Cleveland. The key concept to understand is the more rate comparisons you have, the higher your chance of finding low cost Cleveland car insurance quotes. Consumers may even find the lowest car insurance rates are with some of the smallest insurance companies. Smaller companies may have significantly lower premium rates on certain market segments as compared to the big name companies such as Allstate and Progressive.

When buying insurance coverage, you should never buy lower coverage limits just to save a few bucks. There are many occasions where someone sacrificed comprehensive coverage or liability limits and found out when filing a claim they didn’t have enough coverage. The proper strategy is to purchase plenty of coverage for the lowest cost.

Additional detailed information can be found in these articles:

• What are my Rights when Filing a Claim? (Insurance Information Institute)
• Who Has the Cheapest Car Insurance Rates for Felons in Cleveland? (FAQ)
• Who Has Cheap Car Insurance for Teenage Females in Cleveland? (FAQ)
• How Much is Cleveland Auto Insurance for a Honda Pilot? (FAQ)
• Things to Know Before you Cancel Insurance (Allstate)
• Older Driver Statistics (Insurance Information Institute)
• Neck Injury FAQ (iihs.org)