Inconceivable but true, almost 70% of drivers have been with the same company for a minimum of four years, and just under half have never compared car insurance rates at all. El Paso drivers could save approximately $1,800 a year just by shopping around, but most tend to underestimate how much savings they would realize if they switched.
If your goal is the lowest price, then the best way to find cheaper car insurance rates is to regularly compare quotes from insurance carriers in El Paso.
- Try to understand how companies set rates and the modifications you can make to prevent expensive coverage. Many things that increase rates such as distracted driving and an unacceptable credit rating can be rectified by making small lifestyle or driving habit changes.
- Quote rates from direct, independent, and exclusive agents. Direct companies and exclusive agencies can only quote rates from a single company like GEICO and State Farm, while independent agents can give you price quotes from many different companies.
- Compare the quotes to your current policy premium and see if there is a cheaper rate. If you find better rates, make sure there is no lapse in coverage.
The key thing to know about shopping around is to try to use the same level of coverage on each quote and and to analyze as many different companies as possible. This helps ensure a fair price comparison and a thorough price selection.
Smart Consumers Can Reduce Insurance Rates
Smart consumers have a good feel for some of the things that are used to determine the rates you pay for insurance. When you know what positively or negatively determines premiums, this empowers consumers to make smart changes that could result in lower rates.
The following are just a few of the factors used by insurance companies to determine premiums.
- Safer occupants lowers insurance rates – Vehicles with good safety scores tend to be cheaper to insure. The safest vehicles protect occupants better and any reduction in injury severity means lower claim amounts which can result in lower premiums.
- What are good liability limits? – Liability coverage is the protection when you are found liable for damages caused by your negligence. It will provide you with a defense in court up to the limits shown on your policy. Liability is cheap compared to physical damage coverage, so buy as much as you can afford.
- GPS tracking and theft deterrents reduce rates – Buying a car with an alarm system can help bring down rates. Theft prevention devices like OnStar, LoJack tracking, and tamper alarms all hinder vehicle theft.
- Adjust deductibles and save – Deductibles for physical damage define how much you are willing to pay if a claim is determined to be covered. Protection for physical damage, termed comprehensive and collision coverage on your policy, is used to repair damage to your car. Examples of covered claims are colliding with a stationary object, vandalism, and damage from wind. The more the insured is willing to pay, the better rate you will receive.
- Marriage is a good thing – Having a significant other may earn you lower rates on your insurance bill. Marriage may mean you are more financially stable and statistics prove married drivers tend to have fewer serious accidents.
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Men pay higher rates – Over time, data shows that men are more aggressive behind the wheel. However, don’t assume that males are worse at driving than females. Both genders cause auto accidents at a similar rate, but the males get into accidents with more damage. Men also get higher numbers of serious violations such as DWI and reckless driving. Young men ages 16 to 20 cause the most accidents and therefore are the most expensive to insure.
The diagram below illustrates the difference between Lincoln MKZ annual premium costs for male and female drivers. The data assumes no claims or violations, full physical damage coverage, $1,000 deductibles, drivers are single, and no discounts are applied to the premium.
- Poor credit decisions can cost you – Your credit score can be a huge factor in determining your rates. If your credit score leaves room for improvement, you could potentially save money when insuring your Lincoln MKZ by repairing your credit. People that have high credit ratings tend to be less risk to insure than those with worse credit.
- You might want pay the minor insurance claims yourself – Insurance companies in Texas award the best rates to drivers who only file infrequent claims. If you file claims often, you can expect increased rates or even have your policy non-renewed. Your car insurance is meant to be used in the event of claims that pose a financial burden.
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Lincoln MKZ insurance loss probability – Insurance companies use past loss statistics for each vehicle to help calculate a profitable premium price. Vehicles that the data determines to have higher claim frequency or loss amount will cost more for coverage. The table below shows the insurance loss data for Lincoln MKZ vehicles.
For each coverage category, the claim amount for all vehicles averaged together is set at 100. Numbers shown that are under 100 imply a favorable loss record, while numbers that are greater than 100 indicate a higher chance of having a claim or an increased chance of a larger loss.
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 BETTERAVERAGEWORSEEmpty fields indicate not enough data collected
Statistics from IIHS.org for 2013-2015 Model Years
Lincoln MKZ insurance rate analysis
The premium information shown next showcases estimates of insurance coverage prices for Lincoln MKZ models. Having insight into how insurance policy rates are established helps drivers make smart choices when selecting a coverage provider.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| MKZ 4-Dr Sedan | $262 | $532 | $440 | $26 | $132 | $1,392 | $116 |
| MKZ AWD 4-Dr Sedan | $262 | $532 | $440 | $26 | $132 | $1,392 | $116 |
| Get Your Own Custom Quote Go | |||||||
Data assumes married female driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and Texas minimum liability limits. Discounts applied include safe-driver, multi-vehicle, claim-free, homeowner, and multi-policy. Rate quotes do not factor in specific location which can influence prices substantially.
Drive responsibly or pay higher rates
The information below illustrates how speeding tickets and at-fault collisions can impact Lincoln MKZ yearly insurance costs for different age groups of insureds. The data assumes a married male driver, comp and collision included, $100 deductibles, and no additional discounts are factored in.
Comparison of full coverage and liability-only policies
The chart below illustrates the comparison of Lincoln MKZ car insurance rates with full physical damage coverage compared to only buying liability only. The rate quotes are based on no claims or driving citations, $250 deductibles, drivers are not married, and no policy discounts are applied.
Should you pay for full coverage?
There is no set guideline for excluding full coverage, but there is a guideline you can consider. If the yearly cost of full coverage is 10% or more of the settlement you would receive from your company, then it’s probably a good time to buy liability coverage only.
For example, let’s say your Lincoln MKZ replacement value is $8,000 and you have $1,000 full coverage deductibles. If your vehicle is severely damaged, you would only receive $7,000 after paying your deductible. If you are paying over $700 a year for comprehensive and collision coverage, then you may want to consider only buying liability coverage.
There are some scenarios where dropping full coverage is not advised. If you still have a lienholder on your title, you have to carry full coverage in order to keep the loan. Also, if your finances do not allow you to purchase a different vehicle in case of an accident, you should not eliminate full coverage.
Get cheaper Lincoln MKZ insurance in El Paso with discounts
Buying insurance is not cheap, but you may qualify for discounts that many consumers don’t even know exist. Certain discounts will be triggered automatically at the time of quoting, but less common discounts must be inquired about prior to getting the savings. If you do not double check each discount you deserve, you’re just leaving money on the table.
- Senior Citizen Rates – Drivers over the age of 55 can get reduced rates.
- Discounts for Government Workers – Being employed by or retired from a federal job may qualify for a discount when you quote El Paso car insurance depending on your company.
- Theft Prevention System – Cars, trucks, and SUVs equipped with tracking devices and advanced anti-theft systems help deter theft and qualify for as much as a 10% discount.
- Include Life Insurance and Save – Larger insurance companies have a lower price if you buy life insurance.
- Telematics Discount – Policyholders that allow their insurance company to scrutinize their driving habits by using a small device installed in their vehicle like In-Drive from State Farm and Progressive’s Snapshot could possibly reduce rates if they are good drivers.
- More Vehicles More Savings – Having all your vehicles with the same company can reduce rates for all insured vehicles.
- Professional Memberships – Having an affiliation with a qualifying organization could qualify you for a break when shopping for insurance.
- Low Mileage Discounts – Keeping the miles down on your Lincoln may enable drivers to earn substantially lower rates.
- Discount for Good Grades – Being a good student can get you a discount of up to 25%. The discount lasts well after school through age 25.
It’s important to note that most discount credits are not given to the overall cost of the policy. Most only cut the cost of specific coverages such as liability, collision or medical payments. So even though it sounds like you could get a free insurance policy, company stockholders wouldn’t be very happy.
The diagram below shows the difference between Lincoln MKZ insurance costs with and without discounts applied. The information is based on a female driver, no accidents or driving violations, Texas state minimum liability limits, comprehensive and collision coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with claim-free, safe-driver, homeowner, multi-policy, marriage, and multi-car discounts applied.
Some of the insurance companies that have most of these discounts include:
It’s a good idea to ask every company to give you their best rates. Some credits might not apply in your area. If you would like to choose from a list of providers that have a full spectrum of discounts in Texas, click here to view.
How to find a good El Paso auto insurance company
Buying coverage from the highest-rated insurance provider is difficult considering how many choices drivers have in Texas. The information shown below may help you choose which companies you want to consider when comparing rate quotes.
Top 10 El Paso Car Insurance Companies Ranked by Customer Satisfaction
- USAA – 91%
- AAA Insurance – 90%
- Esurance – 90%
- Mercury Insurance – 89%
- Nationwide – 89%
- Travelers – 88%
- Progressive – 88%
- Safeco Insurance – 88%
- State Farm – 88%
- Allstate – 88%
Top 10 El Paso Car Insurance Companies Overall
- Travelers
- USAA
- Mercury Insurance
- AAA Insurance
- Nationwide
- Allstate
- State Farm
- The Hartford
- Safeco Insurance
- Progressive
Quote more and you will save more
We just presented a lot of ways to lower your Lincoln MKZ insurance premium rates in El Paso. The key thing to remember is the more times you quote, the higher the chance of saving money. You may even discover the best price on insurance is with a small local company. Smaller companies may often insure only within specific states and give better rates as compared to the big name companies such as State Farm or Progressive.
When buying insurance coverage, you should never sacrifice coverage to reduce premiums. In too many instances, an insured dropped collision coverage only to regret they didn’t purchase enough coverage. Your focus should be to find the BEST coverage for the lowest cost while still protecting your assets.
More learning opportunities
- Liability Insurance Coverage (Nationwide)
- Steps to Take After an Auto Accident (Insurance Information Institute)
- Understanding Car Crashes Video (iihs.org)
- Teen Driving and Texting (State Farm)