Do you need a fast way to compare more competitive Mazda RX-8 insurance in Newark? Are you burned out from being strong-armed to pay insurance each month? You are no different than many other New Jersey drivers.
Astonishing but true according to a recent study, most New Jersey insurance customers have bought insurance from the same company for more than four years, and 38% of customers have never taken the time to shop around. American consumers could save an average of almost $850 each year by just comparing rate quotes, but they don’t want to spend time to compare rate quotes.
Popular companies such as State Farm and GEICO all claim big savings with catchy ads and it can be hard to separate fact from fiction and do the work needed to find the best deal.
Just remember that comparing more quotes helps you find a better price.
The following companies have been selected to offer quotes in Newark, NJ. To find the cheapest auto insurance in Newark, we suggest you get rate quotes from several of them in order to find the cheapest rates.
Three good reasons to insure your Mazda vehicle
Even though it’s not necessarily cheap to insure a Mazda in Newark, insurance serves several important purposes.
First, almost all states have minimum mandated liability insurance limits which means state laws require specific limits of liability insurance coverage in order to get the vehicle licensed. In New Jersey these limits are 15/30/5 which means you must have $15,000 of bodily injury coverage per person, $30,000 of bodily injury coverage per accident, and $5,000 of property damage coverage.
Second, if your RX-8 has a loan, it’s guaranteed your bank will have a requirement that you buy full coverage to ensure the loan is repaid in case of a total loss. If you cancel or allow the policy to lapse, the lender may insure your Mazda at an extremely high rate and make you pay for the expensive policy.
Third, insurance safeguards both your assets and your Mazda. It also can pay for hospital and medical expenses for yourself as well as anyone injured by you. As part of your policy, liability insurance also covers all legal expenses up to the policy limit if you are sued as the result of an accident. If your vehicle suffers damage from an accident or hail, comprehensive and collision coverage will pay all costs to repair after the deductible has been paid.
The benefits of insuring your RX-8 are without a doubt worth the cost, especially with large liability claims. According to a 2015 survey, the average American driver is overpaying more than $820 a year so you should quote rates at every policy renewal to ensure rates are competitive.
Rates and data analysis
The coverage table displayed next outlines estimates of insurance policy prices for Mazda RX-8 models. Having knowledge of how prices are established is important for you to make smart choices when comparing insurance rates.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| RX-8 Sport 4-Dr Coupe | $520 | $880 | $480 | $28 | $144 | $2,052 | $171 |
| RX-8 Grand Touring 4-Dr Coupe | $520 | $1014 | $480 | $28 | $144 | $2,186 | $182 |
| RX-8 R3 4-Dr Coupe | $520 | $1014 | $480 | $28 | $144 | $2,186 | $182 |
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Data assumes married male driver age 30, no speeding tickets, no at-fault accidents, $100 deductibles, and New Jersey minimum liability limits. Discounts applied include homeowner, safe-driver, multi-vehicle, multi-policy, and claim-free. Estimates do not factor in zip code location which can modify auto insurance rates noticeably.
Full coverage rates vs. liability-only
The example below shows the comparison of Mazda RX-8 insurance rates with and without full coverage. The premiums are based on no accidents, no driving violations, $100 deductibles, marital status is single, and no discounts are taken into consideration.
When to drop comp and collision
There is no set guideline to eliminate physical damage insurance, but there is a general guideline you can use. If the annual cost of having full coverage is about 10% or more of the vehicle’s replacement cost less your deductible, then it’s probably a good time to buy liability coverage only.
For example, let’s say your Mazda RX-8 book value is $6,000 and you have $1,000 full coverage deductibles. If your vehicle is damaged in an accident, the most you would get paid by your company is $5,000 after the policy deductible has been paid. If premium cost is more than $500 annually to have full coverage, then you might want to consider buying only liability coverage.
There are some scenarios where dropping full coverage is not financially feasible. If you haven’t paid off your loan, you must maintain physical damage coverage as part of the loan requirements. Also, if your emergency fund is not enough to purchase a different vehicle in case of an accident, you should keep full coverage on your policy.
Verify you’re earning every discount
Auto insurance companies don’t always list every available discount in an easy-to-find place, so the list below contains some of the best known as well as some of the hidden discounts that you can inquire about if you buy Newark auto insurance online.
- Telematics Data – Drivers who elect to allow companies to study where and when they drive through the use of a telematics system such as In-Drive from State Farm or Allstate’s Drivewise system may see discounts if their driving habits are good.
- Multi-line Discount – If the company offers life insurance, you could get a small discount if you purchase some life insurance in addition to your auto policy.
- Active Military Service – Being deployed in the military could qualify you for better prices.
- Seat Belts Save – Drivers who always wear seat belts and also require passengers to use their safety belts could save 15% off the personal injury premium cost.
- Pay Early and Save – If paying your policy premium upfront rather than spreading payments over time you can actually save on your bill.
- Drive Safe and Save – Safe drivers can pay as much as 50% less than less cautious drivers.
- Savings for New Vehicles – Buying a new car model can save up to 30% since new vehicles have better safety ratings.
- Discounts for Federal Employees – Employees or retirees of the government may reduce rates when you quote Newark auto insurance depending on your insurance provider.
- Multi-policy Discount – If you have multiple policies and insure them both with the same insurance company you could save over 10 percent off each policy depending on the company.
- Discount for Home Ownership – Being a homeowner can save you money because of the fact that having a home requires personal responsibility.
You can save money using discounts, but most discounts do not apply to the whole policy. Some only reduce the cost of specific coverages such as physical damage coverage or medical payments. So when the math indicates it’s possible to get free car insurance, company stockholders wouldn’t be very happy. Any qualifying discounts will definitely lower your insurance premiums.
The chart below visualizes the comparison of Mazda RX-8 insurance costs with and without discounts applied to the rates. The premiums assume a female driver, no violations or claims, New Jersey 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 multi-policy, homeowner, multi-car, safe-driver, claim-free, and marriage discounts applied.
If you would like to view insurers that can offer you the previously mentioned discounts in Newark, click this link.