Affordable Mitsubishi Lancer Insurance in Newark

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If saving money is your primary concern, then the best way to find better pricing on auto insurance rates is to annually compare prices from insurance carriers in Newark.

  1. Try to learn a little about the different coverages in a policy and the things you can control to prevent expensive coverage. Many rating factors that drive up the price like speeding tickets, careless driving and a substandard credit score can be controlled by improving your driving habits or financial responsibility. Later in this article we will cover the details to help keep prices low and get additional discounts that may be available.
  2. Request rate estimates from direct carriers, independent agents, and exclusive agents. Direct companies and exclusive agencies can provide rates from a single company like GEICO or Allstate, while independent agents can quote prices from many different companies. Compare rates
  3. Compare the new rates to your existing rates and determine if cheaper Lancer coverage is available. If you find a better price and make a switch, make sure there is no lapse between the expiration of your current policy and the new one.

One key aspect when comparing rates is that you use the same liability limits and deductibles on every quote and and to get prices from as many different insurance providers as possible. This helps ensure a level playing field and a complete price analysis.

Insurance for Mitsubishi LancerSmart shoppers know that car insurance companies don't want you shop around. Insureds who compare rates at least once a year will presumably switch companies because there is a great chance of finding lower rate quotes. A study discovered that drivers who shopped around annually saved approximately $865 a year compared to those who never shopped for cheaper rates.

If finding the best rates on insurance is why you're here, then having a good understanding how to get rate quotes and compare coverage rates can help simplify the process.

Newark insurance discounts for a Mitsubishi Lancer

Car insurance companies don't always list all possible discounts very clearly, so the next list breaks down both well-publicized and also the lesser-known discounts that you can inquire about if you buy Newark car insurance online.

  • Anti-lock Brake System - Cars and trucks with anti-lock braking systems are much safer to drive and will save you 10% or more on Lancer insurance in Newark.
  • Active Service Discounts - Having a family member in the military may lower your prices slightly.
  • One Accident Forgiven - This isn't a discount exactly, but a handful of insurance companies will allow you to have one accident before they charge you more for coverage if your claims history is clear for a set time period.
  • Full Payment Discount - If you pay your entire premium ahead of time as opposed to paying monthly you may have a lower total premium amount.
  • Telematics Data - Drivers who elect to allow their company to track driving habits through the use of a telematics system such as Progressive's Snapshot and State Farm's In-Drive could see a rate decrease if they have good driving habits.
  • Home Ownership Discount - Just owning your own home can get you a discount due to the fact that maintaining a home is proof of financial responsibility.

As a sidenote, some credits don't apply to the entire cost. Most only apply to individual premiums such as collision or personal injury protection. Even though it appears all the discounts add up to a free policy, you aren't that lucky. Any amount of discount will definitely reduce the cost of coverage.

The diagram below shows the comparison of Mitsubishi Lancer auto insurance costs with and without policy discounts. The data assumes a female driver, a clean driving record, no at-fault accidents, New Jersey 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 multi-policy, marriage, homeowner, claim-free, multi-car, and safe-driver discounts applied.

Popular auto insurance companies and a summarized list of policyholder discounts are outlined below.

  • The Hartford discounts include air bag, anti-theft, good student, bundle, driver training, and defensive driver.
  • American Family offers premium reductions for defensive driver, multi-vehicle, mySafetyValet, air bags, accident-free, and good student.
  • Progressive offers discounts for multi-policy, homeowner, continuous coverage, online signing, multi-vehicle, and good student.
  • Travelers may offer discounts for save driver, continuous insurance, multi-car, driver training, early quote, and multi-policy.
  • Farmers Insurance may have discounts that include teen driver, pay in full, electronic funds transfer, youthful driver, and multi-car.
  • USAA offers discounts including family discount, driver training, multi-vehicle, annual mileage, defensive driver, and safe driver.
  • Liberty Mutual has savings for new move discount, preferred payment discount, newly married, newly retired, new vehicle discount, and hybrid vehicle.

When getting free Newark car insurance quotes, it's a good idea to each company or agent which discounts you may be entitled to. Some of the discounts discussed earlier might not apply in Newark. To find companies who offer discounts in New Jersey, click here to view.

Just remember that obtaining a wide range of quotes helps increase your odds of locating more affordable rates. Not every company provides online rate quotes, so it's important to compare rates from them as well.

The providers in the list below are ready to provide free rate quotes in Newark, NJ. To locate cheap auto insurance in Newark, NJ, we suggest you compare several of them to get the best price comparison.

Analysis of coverages

The premium information shown below showcases estimates of coverage costs for Mitsubishi Lancer models. Knowing how insurance policy rates are formulated can be of help when making smart choices when selecting a coverage provider.

Mitsubishi Lancer Insurance Rates in Newark, NJ
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Lancer DE $248 $524 $624 $36 $188 $1,620 $135
Lancer ES $248 $524 $624 $36 $188 $1,620 $135
Lancer GTS $276 $604 $624 $36 $188 $1,728 $144
Lancer Sportback GTS $276 $604 $624 $36 $188 $1,728 $144
Lancer RALLIART $306 $682 $624 $36 $188 $1,836 $153
Lancer Sportback Ralliart $306 $682 $624 $36 $188 $1,836 $153
Get Your Own Custom Quote Go

Above prices assume single female driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and New Jersey minimum liability limits. Discounts applied include safe-driver, homeowner, multi-policy, claim-free, and multi-vehicle. Information does not factor in garaging location in Newark which can alter coverage prices significantly.

How high should deductibles be?

One common question asked by Newark drivers is how high should the deductibles for physical damage be. The comparison tables below show the rate difference between low and high coverage deductibles. The first set of rates uses a $100 physical damage coverage deductible and the second set of rates uses a $1,000 deductible.

Mitsubishi Lancer insurance with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Lancer DE $466 $880 $480 $28 $144 $2,023 $169
Lancer ES $466 $880 $480 $28 $144 $2,023 $169
Lancer GTS $520 $1014 $480 $28 $144 $2,211 $184
Lancer Sportback GTS $520 $1014 $480 $28 $144 $2,211 $184
Lancer RALLIART $574 $1146 $480 $28 $144 $2,397 $200
Lancer Sportback Ralliart $574 $1146 $480 $28 $144 $2,397 $200
Get Your Own Custom Quote Go
Mitsubishi Lancer insurance with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Lancer DE $258 $464 $480 $28 $144 $1,374 $115
Lancer ES $258 $464 $480 $28 $144 $1,374 $115
Lancer GTS $288 $534 $480 $28 $144 $1,474 $123
Lancer Sportback GTS $288 $534 $480 $28 $144 $1,474 $123
Lancer RALLIART $318 $604 $480 $28 $144 $1,574 $131
Lancer Sportback Ralliart $318 $604 $480 $28 $144 $1,574 $131
Get Your Own Custom Quote Go

Table data represents married male driver age 30, no speeding tickets, no at-fault accidents, and New Jersey minimum liability limits. Discounts applied include homeowner, safe-driver, multi-vehicle, multi-policy, and claim-free. Information does not factor in specific Newark garaging location which can modify rates noticeably.

Based on the data above, we can derive that using a $100 deductible will cost you approximately $61 more each month or $732 a year averaged for all Lancer models than opting for the higher $1,000 deductible. Because you would be required to pay $900 more to settle a claim with a $1,000 deductible as compared to a $100 deductible, if you tend to go more than 15 months between claim filings, you would probably be better off if you choose a higher deductible.

Calculate deductible break even point

Average monthly premium for $100 deductibles: $184
Average monthly premium for $1,000 deductibles (subtract): - $123
Monthly savings from raising deductible: $61
Difference between deductibles ($1,000 - $100): $900
Divide difference by monthly savings: $900 / $61
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 15 months

An important sidenote is that raising deductibles means you will have to pay more of your own money when you have to file a claim. You need to make sure you have some savings in the event you need to pay the higher deductible.

The example below demonstrates how deductible levels and can impact Mitsubishi Lancer insurance rates for different ages of insureds. The information is based on a single male driver, comprehensive and collision coverage, and no discounts are applied to the premium.

Tickets and at-fault accidents raise rates

The information below highlights how speeding tickets and accident claims can impact Mitsubishi Lancer auto insurance costs for each different age category. The premiums are based on a single female driver, comprehensive and collision coverage, $100 deductibles, and no discounts are taken into consideration.

Mitsubishi Lancer insurance rates by gender

The diagram below compares Mitsubishi Lancer yearly insurance costs for male and female drivers. The prices are based on a clean driving record, no claims, comp and collision included, $100 deductibles, single status, and no discounts are factored in.

Full coverage versus liability-only in Newark

The information below shows the difference between Mitsubishi Lancer auto insurance rates with liability coverage only compared to full coverage. The data is based on no claims, a clean driving record, $100 deductibles, drivers are not married, and no discounts are taken into consideration.

When to drop full coverage

There is no exact rule of when to stop paying for full coverage, but there is a general guideline. If the annual cost of coverage is about 10% or more of the settlement you would receive from your company, then you might want to think about dropping full coverage.

For example, let's pretend your Mitsubishi Lancer settlement value is $6,000 and you have $1,000 full coverage deductibles. If your vehicle is severely damaged, the most your company would pay you is $5,000 after the deductible is paid. If premiums are more than $500 annually for comprehensive and collision coverage, then it could be time to drop full coverage.

There are a few cases where removing full coverage is not a good plan. If you haven't paid off your loan, you have to maintain full coverage in order to satisfy the requirements of the loan. Also, if your savings is not enough to buy a different vehicle in case of an accident, you should not consider dropping full coverage.

You Can Change Your Insurance Costs

Consumers need to have an understanding of some of the factors that go into determining your policy premiums. If you have some idea of what impacts premium levels, this helps enable you to make changes that can earn you big savings. Many factors are taken into consideration when you get a price on insurance. Some are pretty understandable such as your driving history, but some are less apparent such as your credit history and annual miles driven.

  • More performance means more cost - The type of car or truck you drive makes a significant difference in how high your rates are. Lower performance four cylinder passenger cars usually are quite affordable to insure, but that's not the only thing that factors into the final price.

    The next chart is based on a married male driver age 40, full coverage with $100 deductibles, and no discounts or violations. It illustrates Mitsubishi Lancer car insurance rates compared to other vehicles that have different performances.

  • Raise your coverage deductibles for better costs - Comprehensive and collision coverage deductibles define the amount the insured will be required to pay in the event of a claim. Physical damage coverage, aka comp and collision, protects your car from damage. A few examples of covered claims are colliding with a stationary object, damage caused by hail, or theft of your vehicle. The more of the claim you pay before a claim is paid (deductible), the bigger discount you will receive.
  • Never allow your auto insurance policy to lapse - Having a gap between insurance policy dates can be a fast way to increase your renewal premiums. And not only will your rates increase, not being able to provide proof of insurance may result in fines or a revoked license. You may have to file a SR-22 with the New Jersey motor vehicle department.
  • Your spouse saves you money - Having a spouse may save some money on your policy. Having a spouse demonstrates that you tend to be more stable financially and insurance companies reward insureds because being married results in fewer claims.
  • Filing claims can increase rates - If you're an insured who likes to file claims you can definitely plan on increased rates or even have your policy non-renewed. Insurance companies in New Jersey provide the lowest premiums to insureds who do not rely on their insurance for small claims. Insurance coverage is meant to be used in the event of major claims that would cause financial hardship.
  • Mitsubishi Lancer insurance loss data - Insurance companies analyze the history of losses when setting premium prices. Vehicles that have a higher amount or frequency of claims will have a higher premium rate.

    The next table shows the historical insurance loss data for Mitsubishi Lancer vehicles. For each policy coverage type, the statistical loss for all vehicles, regardless of make, model or trim level, is considered to be 100. Numbers under 100 represent a good loss history, while values that are 100 or greater indicate more frequent claims or larger claims.

    Mitsubishi Lancer Insurance Claim Statistics
    Vehicle Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
    Mitsubishi Lancer 2WD 153 146 127 192 218 172
    Mitsubishi Lancer 4WD 149 131 148 135
    Mitsubishi Lancer Evolution 4WD 225 123 221
    BETTER
    AVERAGE
    WORSE

    Empty fields indicate not enough data collected
    Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years

What is the best car insurance coverage?

When selecting the best car insurance coverage for your vehicles, there really is not a cookie cutter policy. Your needs are unique to you and your car insurance should unique, too. For example, these questions might point out whether you might need an agent's assistance.

  • Can I use my car for my catering business?
  • What is no-fault insurance?
  • What are good deductibles for a Mitsubishi Lancer?
  • Am I covered if I hit my neighbor's mailbox?
  • Will my insurance pay for OEM parts?
  • Do I benefit by insuring my home with the same company?

If you can't answer these questions but you think they might apply to your situation, then you may want to think about talking to an agent. To find lower rates from a local agent, fill out this quick form or click here for a list of car insurance companies in your area.

When to get advice from an insurance agency

Some people would rather talk to an insurance agent and we recommend doing that The best thing about comparing rate quotes online is that drivers can save money and get cheap rate quotes and still have an agent to talk to.

Insurance agents in NewarkUpon completion of this simple form, the quote information is transmitted to local insurance agents in Newark that give free quotes for your business. You don't have to find an agent because quoted prices will be sent directly to your email. You can most likely find cheaper rates AND an agent nearby. If you want to compare rates from a particular provider, you can always jump over to their website and fill out the quote form the provide.

Finding the right insurer shouldn't rely on just a cheap price. These are some valid questions you should ask.

  • In the event of vehicle damage, can you pick the collision repair facility?
  • Do they assist clients in filing claims?
  • Did they already check your driving record and credit reports?
  • Which family members are covered?
  • Does the company use OEM repair parts?
  • Does the agency have a good rating with the Better Business Bureau?

Three reasons insurance is important

Despite the high cost, insuring your vehicle serves an important purpose.

  • Almost all states have mandatory insurance requirements which means you are required to carry specific minimum amounts of liability if you want to drive legally. 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.
  • If you have a loan on your vehicle, more than likely the lender will stipulate that you have insurance to protect their interest in the vehicle. If you let the policy lapse, the bank may buy a policy for your Mitsubishi at a more expensive rate and force you to reimburse them the higher premium.
  • Insurance protects both your assets and your vehicle. It will also cover many types of medical costs for you, any passengers, and anyone injured in an accident. Liability insurance, one of your policy coverages, also covers legal expenses in the event you are sued. If your vehicle suffers damage from an accident or hail, comprehensive (other-than-collision) and collision coverage will pay to have it repaired.

The benefits of carrying enough insurance greatly outweigh the cost, particularly when you have a large claim. In a recent study of 1,000 drivers, the average customer overpays as much as $830 a year so compare rates once a year at a minimum to help ensure money is not being wasted.

Best auto insurance in New Jersey

Choosing the best insurer is hard considering how many different companies sell coverage in Newark. The information shown next can help you pick which auto insurance companies to look at comparing prices from.

Top 10 Newark Car Insurance Companies Ranked by Value

  1. The Hartford
  2. Mercury Insurance
  3. Farmers Insurance
  4. Safeco Insurance
  5. AAA Insurance
  6. 21st Century
  7. Travelers
  8. State Farm
  9. Progressive
  10. American Family

Top 10 Newark Car Insurance Companies Ranked by Customer Service

  1. Mercury Insurance
  2. The Hartford
  3. American Family
  4. Progressive
  5. GEICO
  6. USAA
  7. State Farm
  8. Travelers
  9. Farmers Insurance
  10. Allstate

More effort can pay off

When trying to cut insurance costs, make sure you don't reduce coverage to reduce premium. In many cases, someone sacrificed full coverage and learned later that the savings was not a smart move. Your goal should be to buy a smart amount of coverage at the best possible price, but do not skimp to save money.

We just presented a lot of tips how to reduce Mitsubishi Lancer insurance premium rates online in Newark. The key concept to understand is the more rate quotes you have, the higher your chance of finding cheaper Newark car insurance quotes. Consumers may even find the most savings is with an unexpected company. These smaller insurers may have significantly lower prices on certain market segments than their larger competitors like State Farm, GEICO and Nationwide.

More detailed car insurance information can be read by following these links: