Save Money on Lincoln MKT Insurance in El Paso

Insurance for Lincoln MKTIf saving money is your primary concern, then the best way to find low-cost auto insurance rates in El Paso is to start comparing prices yearly from insurance carriers who sell insurance in Texas.

One key aspect when comparing rates is to make sure you’re comparing similar limits and deductibles on every quote and and to get prices from as many different companies as possible. This provides a fair price comparison and maximum price selection.

Statistics show that a large majority of drivers have remained with the same insurance company for a minimum of four years, and 38% of customers have never compared rates from other carriers. Drivers in Texas could save 70% a year just by shopping around, but they just don’t understand how easy it is to compare rate quotes online.

The auto insurance companies shown below are our best choices to provide free rate quotes in Texas. If multiple companies are shown, we recommend you visit several of them to get a more complete price comparison.

Lincoln MKT coverage analysis

The rate table displayed next outlines detailed analysis of insurance rates for Lincoln MKT models. Understanding more about how insurance policy rates are figured can be useful when making informed coverage decisions.

Lincoln MKT Insurance Rates in El Paso, TX
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
MKT 3.7 2WD $422 $584 $564 $34 $168 $1,772 $148
MKT 3.7 AWD $466 $672 $564 $34 $168 $1,904 $159
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Prices based on single male driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and Texas minimum liability limits. Discounts applied include safe-driver, multi-policy, claim-free, multi-vehicle, and homeowner. Premium costs do not factor in El Paso location which can revise auto insurance rates noticeably.

Physical damage deductible comparison

One common question asked by El Paso drivers is how high should the physical damage deductibles be. The rates below may help to illustrate the price difference when you choose different physical damage deductibles. The first rate table uses a $250 deductible for comp and collision and the second data table uses a $500 deductible.

Lincoln MKT insurance premium estimates with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
MKT 3.7 2WD $370 $584 $430 $26 $128 $1,563 $130
MKT 3.7 AWD $408 $672 $430 $26 $128 $1,689 $141
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Lincoln MKT insurance premium estimates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
MKT 3.7 2WD $300 $472 $430 $26 $128 $1,356 $113
MKT 3.7 AWD $332 $542 $430 $26 $128 $1,458 $122
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Prices based on married male driver age 30, no speeding tickets, no at-fault accidents, and Texas minimum liability limits. Discounts applied include multi-policy, homeowner, claim-free, multi-vehicle, and safe-driver. Prices do not factor in vehicle location which can affect coverage prices significantly.

We can derive from the above data that using a $250 deductible will cost in the ballpark of $18 more each month or $216 annually across all Lincoln MKT models than selecting the higher $500 deductible. Due to the fact that you would have to pay $250 more to settle a claim with a $500 deductible as compared to a $250 deductible, if you tend to have at a minimum 14 months between claim filings, you would more than likely save some money by selecting a higher deductible.

How to determine if higher deductibles are a good idea

Average monthly premium for $250 deductibles: $136
Average monthly premium for $500 deductibles (subtract): – $118
Monthly savings from raising deductible: $18
Difference between deductibles ($500 – $250): $250
Divide difference by monthly savings: $250 / $18
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 14 months

Careless driving habits raise car insurance rates

The information below shows how violations and at-fault fender-benders increase Lincoln MKT auto insurance costs for each different age category. The data is based on a married male driver, comprehensive and collision coverage, $500 deductibles, and no discounts are applied.

Cost comparison with and without full coverage

The information below illustrates the difference between Lincoln MKT auto insurance costs with full coverage compared to only the Texas minimum liability coverage. The prices are based on no tickets, no at-fault accidents, $250 deductibles, drivers are single, and no policy discounts are applied.

Are you wasting money paying for full coverage?

There is no exact rule to exclude full coverage on your policy, but there is a guideline you can consider. If the annual cost of comprehensive and collision coverage is more than 10% of any settlement you would receive from your insurance company, then you might consider buying liability only.

For example, let’s assume your Lincoln MKT claim settlement value is $6,000 and you have $1,000 policy deductibles. If your vehicle is severely damaged, the most your company would pay you is $5,000 after paying the physical damage deductible. If you are paying over $500 a year for your policy with full coverage, then it might be time to buy liability only.

There are a few situations where removing full coverage is not advised. If you still owe a portion of the original loan, you have to carry full coverage in order to prevent your loan from defaulting. Also, if you cannot afford to purchase a different vehicle in the event your current vehicle is totaled, you should keep full coverage.

Auto insurance is not optional but you don’t have to overpay

Despite the high cost, auto insurance serves several important purposes.

The benefits of insuring your car more than offset the price you pay, specifically if you ever have a liability claim. According to a 2015 survey, the average American driver is currently overpaying as much as $700 annually so compare quotes from several companies each time the policy renews to ensure rates are inline.

What insurance coverages do you need?

Having a good grasp of insurance can help you determine which coverages you need at the best deductibles and correct limits. Insurance terms can be ambiguous and nobody wants to actually read their policy. These are typical coverage types found on the average insurance policy.

Comprehensive insurance

Comprehensive insurance will pay to fix damage from a wide range of events other than collision. You first must pay your deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive insurance covers things like damage from getting keyed, theft, hail damage, fire damage and hitting a bird. The maximum amount a insurance company will pay at claim time is the ACV or actual cash value, so if the vehicle’s value is low it’s not worth carrying full coverage.

Collision insurance

Collision coverage covers damage to your MKT from colliding with another car or object. You first must pay a deductible and then insurance will cover the remainder.

Collision can pay for things like driving through your garage door, rolling your car, hitting a mailbox, colliding with a tree and crashing into a ditch. This coverage can be expensive, so consider removing coverage from vehicles that are older. You can also choose a higher deductible on your MKT to save money on collision insurance.

Med pay and Personal Injury Protection (PIP)

Med pay and PIP coverage reimburse you for bills for funeral costs, pain medications, doctor visits and surgery. They are often utilized in addition to your health insurance program or if you lack health insurance entirely. It covers not only the driver but also the vehicle occupants in addition to getting struck while a pedestrian. Personal injury protection coverage is only offered in select states and gives slightly broader coverage than med pay

Uninsured/Underinsured Motorist (UM/UIM)

Your UM/UIM coverage protects you and your vehicle’s occupants from other motorists when they either have no liability insurance or not enough. Covered claims include medical payments for you and your occupants and damage to your Lincoln MKT.

Because many people have only the minimum liability required by law (30/60/25), it only takes a small accident to exceed their coverage. So UM/UIM coverage is very important.

Coverage for liability

Liability insurance provides protection from damage that occurs to other people or property in an accident. Split limit liability has three limits of coverage: per person bodily injury, per accident bodily injury, and a property damage limit. As an example, you may have policy limits of 30/60/25 which stand for a $30,000 limit per person for injuries, a total of $60,000 of bodily injury coverage per accident, and $25,000 of coverage for damaged property.

Liability insurance covers things such as legal defense fees, repair bills for other people’s vehicles, loss of income and medical expenses. How much coverage you buy is your choice, but buy as high a limit as you can afford. Texas state law requires minimum liability limits of 30/60/25 but you should think about purchasing higher limits.

The next chart shows why buying low liability limits may not be high enough to cover claims.

Ratings for El Paso car insurance companies

Selecting the top company can be rather challenging considering how many companies are available to choose from in El Paso. The ranking information shown below could help you analyze which car insurance companies you want to consider when comparing rate quotes.

Top 10 El Paso Car Insurance Companies Ranked by Customer Service

  1. USAA
  2. Travelers
  3. Mercury Insurance
  4. AAA Insurance
  5. Nationwide
  6. Safeco Insurance
  7. Progressive
  8. State Farm
  9. The Hartford
  10. The General

Top 10 El Paso Car Insurance Companies by A.M. Best Rank

  1. Travelers – A++
  2. USAA – A++
  3. GEICO – A++
  4. State Farm – A++
  5. Titan Insurance – A+
  6. Esurance – A+
  7. Progressive – A+
  8. The Hartford – A+
  9. Allstate – A+
  10. Nationwide – A+

Compare. Compare. Compare.

We just showed you many tips how you can lower your Lincoln MKT insurance premium rates in El Paso. The key thing to remember is the more price quotes you have, the better your chances of lowering your prices. You may even find the most savings is with a small mutual company. These companies may often insure only within specific states and give better rates than their larger competitors like GEICO and State Farm.

When searching for affordable El Paso auto insurance quotes, it’s not a good idea to buy poor coverage just to save money. In too many instances, drivers have reduced comprehensive coverage or liability limits and discovered at claim time that the few dollars in savings costed them thousands. The goal is to buy enough coverage for the lowest price.

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