Unbelievably, over 70% of consumers kept their coverage with the same insurance company for at least the last four years, and approximately 38% of consumers have never compared rates with other companies. Drivers in Aurora can save approximately $605 each year by just comparing quotes, but most tend to underestimate the actual amount they would save if they bought a different policy.
If you want to save money, the best way to find lower priced Lincoln MKX insurance in Aurora is to do an annual price comparison from insurance carriers in Colorado. Drivers can shop around by following these steps.
- Step 1: Try to understand how companies price auto insurance and the changes you can make to keep rates down. Many rating factors that increase rates like at-fault accidents, careless driving, and a low credit rating can be remedied by making lifestyle changes or driving safer.
- Step 2: Compare rates from independent agents, exclusive agents, and direct companies. Direct companies and exclusive agencies can only quote rates from a single company like Progressive or State Farm, while independent agents can provide rate quotes for a wide range of companies. Click to view companies
- Step 3: Compare the price quotes to the premium of your current policy to see if cheaper MKX coverage is available. If you find better rates and change companies, make sure there is no coverage gap between policies.
The key aspect of shopping around is to try to compare the same level of coverage on every price quote and and to get quotes from as many carriers as you can. Doing this helps ensure a level playing field and a thorough price selection.
Finding the cheapest insurance coverage in Aurora is much easier if you have a good place to start. If you have a current insurance policy, you should be able to shop for the lowest rates using these methods. Nevertheless, Colorado consumers must learn how the larger insurance companies calculate their prices and apply this information to your search.
Insurance rate breakdown
The table below highlights different insurance premium costs for Lincoln MKX models. Having a better understanding of how insurance policy rates are determined helps drivers make decisions when shopping your coverage around.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Get Your Own Custom Quote Go|
Above prices assume single male driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and Colorado minimum liability limits. Discounts applied include multi-policy, claim-free, safe-driver, homeowner, and multi-vehicle. Premium amounts do not factor in specific location which can raise or lower coverage rates greatly.
The example below illustrates how choosing a deductible and can increase or decrease Lincoln MKX insurance rates for different categories of driver ages. Data assumes a married female driver, comprehensive and collision coverage, and no policy discounts are applied.
Annual premiums for males compared to females in Aurora
The chart below compares Lincoln MKX car insurance costs for male and female drivers. The information is based on no driving violations, no at-fault accidents, comprehensive and collision coverage, $100 deductibles, single marital status, and no policy discounts are applied.
Full coverage rates vs. liability-only in Aurora
The information below compares Lincoln MKX yearly insurance costs with liability coverage only compared to full coverage. The prices are based on no violations or claims, $100 deductibles, drivers are single, and no policy discounts are applied.
Should you buy full coverage or liability only?
There isn’t a steadfast formula of when to drop full coverage, but there is a general guideline. If the yearly cost of comp and collision coverage is 10% or more of the replacement cost minus the deductible, then it could be time to drop full coverage.
For example, let’s say your Lincoln MKX book value is $4,000 and you have $1,000 policy deductibles. If your vehicle is damaged in an accident, the most your company will settle for is $3,000 after paying your deductible. If it’s costing you more than $300 annually to have full coverage, then it might be time to buy liability only.
There are some circumstances where dropping full coverage is not recommended. If you still owe a portion of the original loan, you have to maintain full coverage in order to prevent your loan from defaulting. Also, if you can’t afford to buy a different vehicle if your current one is totaled, you should maintain full coverage.
Coverages available on your policy
Having a good grasp of your policy helps when choosing the right coverages for your vehicles. The coverage terms in a policy can be ambiguous and nobody wants to actually read their policy. These are the normal coverages found on most car insurance policies.
Coverage for uninsured or underinsured drivers
This provides protection from other drivers when they do not carry enough liability coverage. This coverage pays for injuries sustained by your vehicle’s occupants and damage to your Lincoln MKX.
Since many Colorado drivers have only the minimum liability required by law (25/50/15), it only takes a small accident to exceed their coverage. So UM/UIM coverage is important protection for you and your family.
Auto collision coverage
This coverage will pay to fix damage to your MKX caused by collision with another vehicle or an object, but not an animal. You will need to pay your deductible then your collision coverage will kick in.
Collision insurance covers things such as damaging your car on a curb, rolling your car, backing into a parked car and sustaining damage from a pot hole. Collision is rather expensive coverage, so analyze the benefit of dropping coverage from lower value vehicles. You can also increase the deductible on your MKX to save money on collision insurance.
Comprehensive car insurance
Comprehensive insurance pays for damage that is not covered by collision coverage. You first must pay your deductible then your comprehensive coverage will pay.
Comprehensive coverage pays for things such as damage from flooding, fire damage, falling objects, damage from a tornado or hurricane and a broken windshield. The maximum payout your car insurance company will pay is the actual cash value, so if it’s not worth much more than your deductible consider removing comprehensive coverage.
Auto liability insurance
Liability coverage provides protection from injuries or damage you cause to other people or property that is your fault. It protects you against other people’s claims. It does not cover your own vehicle damage or injuries.
Split limit liability has three limits of coverage: bodily injury per person, bodily injury per accident and property damage. Your policy might show policy limits of 25/50/15 which stand for $25,000 in coverage for each person’s injuries, a per accident bodily injury limit of $50,000, and property damage coverage for $15,000.
Liability coverage pays for things like medical services, funeral expenses, bail bonds and medical expenses. The amount of liability coverage you purchase is up to you, but buy as high a limit as you can afford. Colorado state law requires minimum liability limits of 25/50/15 but you should consider buying better liability coverage.
The chart below demonstrates why buying low liability limits may not be adequate coverage.
Coverage for medical expenses
Med pay and PIP coverage pay for short-term medical expenses for hospital visits, pain medications and prosthetic devices. They are often used in conjunction with a health insurance program or if you lack health insurance entirely. They cover all vehicle occupants in addition to getting struck while a pedestrian. Personal injury protection coverage is not universally available but can be used in place of medical payments coverage
Be persistent and save
As you quote Aurora auto insurance, you should never skimp on coverage in order to save money. In many cases, an accident victim reduced comprehensive coverage or liability limits only to regret that they should have had better coverage. The proper strategy is to purchase plenty of coverage at an affordable rate but still have enough coverage for asset protection.
We covered quite a bit of information on how to lower your Lincoln MKX insurance car insurance rates in Aurora. The most important thing to understand is the more quotes you get, the better your chances of lowering your premium rates. You may even be surprised to find that the lowest car insurance rates come from a lesser-known regional company. These smaller insurers can often insure niche markets at a lower cost than the large multi-state companies such as State Farm or Progressive.
To learn more, link through to these articles:
- Bodily Injury Coverage (Liberty Mutual)
- Who Has Affordable Auto Insurance Rates for a Jeep Wrangler in Aurora? (FAQ)
- How Much is Auto Insurance After a Speeding Ticket in Aurora? (FAQ)
- Who Has Affordable Aurora Auto Insurance for Teenagers? (FAQ)
- Who Has Cheap Auto Insurance for Retired Military in Aurora? (FAQ)
- Who Has Affordable Aurora Car Insurance Quotes for a School Permit? (FAQ)
- Who Has Affordable Auto Insurance for Ride Shares in Aurora? (FAQ)
- Who Has the Cheapest Aurora Auto Insurance Quotes for Drivers Over Age 70? (FAQ)
- Comprehensive Coverage (Liberty Mutual)
- Understanding your Policy (NAIC.org)
- Electronic Stability Control FAQ (iihs.org)
- Driving in Bad Weather (Insurance Information Institute)