Save Money on Lincoln MKX Insurance in El Paso

Are you drained from scraping the payment together each month for insurance? You’re in the same situation as millions of other drivers.

Regrettably, most insurance customers have stayed with the same insurance company for well over three years, and approximately 40% of consumers have never compared rates with other companies. With the average insurance premium being $2,680, Texas drivers could save as much as $1,766 each year, but they don’t know the amount of money they would save if they changed companies.

Drivers have multiple car insurance companies to purchase coverage from, and although it’s a good thing to be able to choose, it makes it harder to compare company pricing for Lincoln MKX insurance in El Paso.

How Your MKX Insurance Costs are Determined

Consumers need to have an understanding of the rating factors that come into play when calculating the price you pay for car insurance. If you have some idea of what determines base rates, this enables informed choices that may reward you with lower premium levels. Many different elements are part of the calculation when you quote your car insurance policy. A few of the factors are predictable such as traffic violations, although some other factors are not quite as obvious such as your credit history or your financial responsibility.

The itemized list below are a few of the “ingredients” used by insurance companies to determine rates.

Safer occupants lowers rates – Safe vehicles get lower rates. Safe vehicles reduce occupant injuries and lower injury rates means lower claim amounts and thus lower rates.

Pay more out-of-pocket – Physical damage deductibles represent how much money you are willing to pay out-of-pocket if the claim is covered. Protection for physical damage, also known as collision and other-than-collision, insures against damage to your car. Some examples of covered claims are colliding with a stationary object, animal collisions, and damage from wind. The more you are required to pay out-of-pocket, the less your car insurance will be.

Don’t let your car insurance policy lapse – Letting your insurance expire will be a sure-fire way to increase your renewal premiums. Not only will you pay more, failure to provide proof of insurance may earn you fines and jail time. You could then be forced to provide proof of insurance in the form of an SR-22 filing with the Texas motor vehicle department to get your license reinstated.

Having a spouse brings a discount – Being married can actually save you money on your car insurance policy. Marriage usually means you are more stable financially and statistics show married couples file fewer claims.

Females tend to be lower risk – Over time, data shows females are less aggressive when driving. However, this does not mean men are worse drivers. Females and males are in accidents at about the same rate, but men have costlier accidents. They also receive more major tickets such as DWI and reckless driving.

The chart below illustrates the comparison of Lincoln MKX insurance rates for male and female drivers. The premiums assume no accidents, no driving violations, full physical damage coverage, $500 deductibles, drivers are single, and no policy discounts are applied.

Avoid unnecessary extra coverages – Policies have extra coverages that can add up if you don’t pay attention. Coverage for things like personal injury protection, towing, and term life insurance are some examples. You may think they are a good idea initially, but your money might be better spent on other coverage so think about removing them and cutting costs.

Use one insurance company and save – Most major companies afford discounts to clients who buy several policies from them, otherwise known as a multi-policy discount. Even with this discount applied, it’s still a good idea to compare other El Paso MKX insurance rates to help guarantee you have the best rates. It’s possible to still save money by splitting coverages up.

High performance equals high prices – The performance level of the car you need insurance for makes a substantial difference in how high your rates are. Lower cost passenger vehicles generally have the cheapest insurance rates, but other factors influence the final cost greatly.

The following chart uses these assumptions: single female driver age 30, full coverage with $1000 deductibles, and no discounts or violations. It compares Lincoln MKX policy rates compared to other makes and models that have a range of risk factors.

Insurance losses for a Lincoln MKX – Car insurance companies take into consideration historical loss data for every vehicle to help determine the rate you pay. Vehicles that are shown to have higher frequency or amount of claims will cost more for specific coverages.

The table below illustrates the loss history for Lincoln MKX vehicles. For each insurance policy coverage type, the loss probability for all vehicles as a whole is a value of 100. Numbers that are below 100 suggest a positive loss record, while values that are above 100 indicate a higher chance of having a claim or larger claims.

Insurance data for a Lincoln MKX

The table below covers a range of insurance coverage prices for Lincoln MKX models. Having insight into how insurance premiums are established can be useful when making smart choices when comparing insurance quotes.

Cost estimates assume single male driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and Texas minimum liability limits. Discounts applied include multi-vehicle, safe-driver, multi-policy, homeowner, and claim-free. Rate quotes do not factor in your specific El Paso location which can change rates noticeably.

Physical damage deductibles

When buying insurance, a common question is where should you set your physical damage deductibles. The following insurance rates may help to illustrate the premium difference when you select higher and lower physical damage deductibles. The first rate table uses a $250 deductible for comp and collision and the second rate chart uses a $500 deductible.

Table data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Texas minimum liability limits. Discounts applied include homeowner, multi-policy, safe-driver, claim-free, and multi-vehicle. Table data does not factor in specific garaging location which can alter price quotes considerably.

We can derive from the above data that using a $250 deductible could cost the average driver approximately $16 more each month or $192 annually than opting for the higher $500 deductible. Since you would pay $250 more out-of-pocket with a $500 deductible as compared to a $250 deductible, if you normally average more than 16 months between claims, you would save more money if you choose the higher deductible.

An important thing to remember is that a higher deductible level results in having to pay to pay more out-of-pocket when you have a claim. That will force you to have some non-essential savings in the event you need to pay the deductible to have repairs made.

Difference between full coverage and liability only rates

The diagram below shows the comparison of Lincoln MKX auto insurance rates with full physical damage coverage compared to only buying liability only. The price estimates are based on no violations or claims, $1,000 deductibles, marital status is single, and no discounts are applied to the premium.

Are you wasting money on full coverage?

There is no written rule to eliminate physical damage coverage on your policy, but there is a general school of thought. If the annual cost of having full coverage is more than around 10% of the replacement cost of your vehicle minus the policy deductible, then you might consider buying liability only.

For example, let’s assume your Lincoln MKX settlement value is $7,000 and you have $1,000 policy deductibles. If your vehicle is totaled, the most you would receive is $6,000 after paying the physical damage deductible. If it’s costing you more than $600 a year to have full coverage, then you might want to think about dropping full coverage.

There are a few cases where buying only liability insurance is not advised. If you have an outstanding loan on your vehicle, you have to maintain full coverage to protect the lienholder’s interest. Also, if you can’t afford to buy a different vehicle if your current one is damaged, you should maintain full coverage.

Score discounts on El Paso insurance

Properly insuring your vehicles can get expensive, but you may find discounts that can drop the cost substantially. A few discounts will be applied when you purchase, but less common discounts must be manually applied in order for you to get them.

• Discount for Life Insurance – Select companies reward you with lower prices if you buy some life insurance in addition to your auto policy.
• Resident Student – Kids who are attending college without a vehicle on campus could get you a discount.
• Driver Safety – Completing a class that teaches driver safety techniques could save 5% or more and also improve your driving technique.
• Own a Home and Save – Simply owning a home can save a few bucks because it is proof of financial responsibility.
• Early Signing – Some larger companies provide a discount for switching policies before your current expiration date. This discount can save up to 10%.

It’s important to understand that most discount credits are not given to the whole policy. Some only reduce specific coverage prices like comprehensive or collision. Even though the math looks like you would end up receiving a 100% discount, you’re out of luck. Any amount of discount should help reduce your policy cost.

The illustration below compares Lincoln MKX yearly insurance costs with and without discounts. The information is based on a male driver, no claims or driving citations, Texas state minimum liability limits, comp and collision included, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with claim-free, multi-car, safe-driver, marriage, homeowner, and multi-policy discounts applied.

Companies and their offered discounts can be found below.

• Progressive discounts include online quote discount, multi-vehicle, continuous coverage, online signing, good student, homeowner, and multi-policy.
• The Hartford may include discounts for good student, bundle, anti-theft, air bag, driver training, vehicle fuel type, and defensive driver.
• Mercury Insurance offers discounts including location of vehicle, good driver, low natural disaster claims, good student, multi-policy, and type of vehicle.
• GEICO offers premium reductions for military active duty, air bags, good student, seat belt use, anti-theft, and multi-vehicle.
• AAA includes discounts for multi-car, multi-policy, good driver, education and occupation, good student, AAA membership discount, and pay-in-full.
• State Farm may offer discounts for safe vehicle, good driver, Drive Safe & Save, defensive driving training, and passive restraint.

When comparing rates, check with each company which discounts you may be entitled to. Some credits might not apply everywhere. For a list of insurers with significant discounts in Texas, click here.

Shop smart and save

We just showed you many ideas to shop for Lincoln MKX insurance online. The most important thing to understand is the more you quote El Paso auto insurance, the better your comparison will be. Consumers may even find the lowest premium rates come from a small local company. These smaller insurers may have significantly lower prices on certain market segments than their larger competitors like Allstate, GEICO and Progressive.

When searching for low cost El Paso auto insurance quotes, don’t be tempted to buy poor coverage just to save money. In many instances, an insured cut liability limits or collision coverage only to discover later that saving that couple of dollars actually costed them tens of thousands. Your aim should be to buy enough coverage at the best possible price and still be able to protect your assets.

Lower-priced car insurance in El Paso can be found on the web and with local El Paso insurance agents, so you should be comparing quotes from both to have the best selection. Some car insurance companies may not provide rates over the internet and these small, regional companies only sell coverage through independent insurance agents.

Steps to finding more affordable Lincoln MKX insurance in El Paso

The most effective way to get low-cost Lincoln MKX insurance in El Paso is to regularly compare quotes from insurance carriers who sell auto insurance in Texas. Rate comparisons can be done by following these guidelines.

Step 1: Gain an understanding of how companies set rates and the factors you can control to drop your rates. Many rating criteria that increase rates such as tickets, at-fault accidents, and a lousy credit rating can be eliminated by making minor changes in your lifestyle.

Step 2: Request price quotes from direct, independent, and exclusive agents. Direct and exclusive agents can only give prices from one company like GEICO and State Farm, while independent agencies can quote rates from multiple insurance companies.

Step 3: Compare the new rate quotes to the price on your current policy to see if a cheaper price is available. If you can save money and make a switch, make sure the effective date of the new policy is the same as the expiration date of the old one.

Step 4: Provide proper notification to your current company to cancel the current policy and submit the required down payment along with the signed application for the new policy. Make sure you safely store the certificate verifying proof of insurance in a readily accessible location in your vehicle.

A good tip to remember is to make sure you enter similar limits and deductibles on each quote and and to get rate quotes from as many different companies as possible. This ensures a level playing field and a thorough price selection.

Even more information can be found in the articles below:

• Older Driver Statistics (Insurance Information Institute)
• Distracted Driving Statistics (Insurance Information Institute)
• Information for Teen Drivers (GEICO)