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Purchasing a new car is a major decision but the next step can be even more daunting. Next, you have to choose who you are going to trust to insure this investment you have just made and how to obtain the best price for your insurance coverage.
Understanding the multiple elements that go into determining the cost of insuring the particular vehicle that you have purchased is crucial. For example, we will look at the average insurance cost for a Mazda 3.
The age of the driver will significantly affect the price. For example, a 20-year-old individual can expect to pay approximately $3,000 per year to insure a Mazda 3 while a 40-year-old could pay as little as $1,400.
The reasoning behind this is simple. Younger drivers have less experience and statistics show they are more likely to be involved in an accident. They are also more prone to engage in behavior that is considered dangerous such as texting, using a phone, or engaging with friends while driving. Because of their age, they have not had the experience or time to compile a safe driving history. Most importantly, it is imperative to maintain a clean driving record with no traffic violations or accidents, no matter your age.
One way to decrease the cost of insurance for a younger driver is to add it to a parent’s existing policy. A driver’s education certificate is also beneficial in finding the best insurance price.
In addition, your automobile insurance company will take into account the safety and crash ratings of the vehicle that you have purchased. If your car has safety features this will influence the price of your insurance as well. These features can include but are not limited to items such as airbags, anti-lock brakes, daytime running lights, electronic stability control, and tire sensors that detect your tire pressure.
Many newer cars will also have adaptive headlights which will adjust your lights based on your speed and lighting conditions, a rear-view camera, blind-spot detection, and collision warning capability.
There are various insurance companies that offer even more ways to save. These can include discounts for safe driving, low mileage, military members, senior discounts (drivers above the age of 55), and more.
If you are a parent who has a child that is away at a college that is more than 100 miles away from home without access to their car, some insurance companies will offer sometimes as much as a 25% discount.
Another way to save is by bundling your automobile insurance with your home insurance. You should also consider paying your policy in full when it is due versus making monthly payments and some insurers will offer an additional discount if you sign up for auto-pay or electronic payment options.
For the best price, you should take advantage of the various sites that allow you to enter your information and obtain quotes from several different vehicle insurers. It is always a good idea to do your research and get quotes from multiple companies. Enquire about any discounts they might offer and make your decision after taking into consideration all of the above recommendations.
