Looking for insurance on a Mazda RX-8? Learn more about the factors that go into calculating your rates so you can shop around and find the best policy for your budget.
How Much Is Insurance on Mazda RX-8?
Insurance costs on a Mazda RX-8 depend on your state's insurance requirements and the level of coverage you have. The specific Mazda RX-8 you buy, including its year and trim level, will also influence your rates. Each year, organizations like the National Highway Traffic Safety Administration (NHTSA) and the Insurance Institute for Highway Safety (IIHS) complete safety tests. If the year of Mazda RX-8 has received good ratings for that year, it can lead to more affordable insurance rates.
According to The Zebra, the average insurance cost for a Mazda RX-8 is $71 per month for a minimum coverage policy. This is slightly less expensive than the national average. BuyAutoInsurance.com lists a full coverage policy for a Mazda RX-8 with an average rate of $106 per month.
Mazda RX-8 Insurance Requirements
Insurance requirements for your Mazda RX-8 will vary, depending on state laws and if you have an auto loan or lease. However, here are a few types of coverages to consider:
- Bodily injury liability: Required in most states. It protects you against any injuries that you may cause to another driver in an accident.
- Property damage liability: Required in most states. Protects you against any damages you may cause to another driver in an accident.
- Uninsured/underinsured coverage: Protects you if you are injured or experience property damages due to a driver who is uninsured or underinsured.
- Collision coverage: May be optional. Covers the damages to your vehicle, regardless of who is at fault for the accident.
- Comprehensive coverage: Covers any damages to your vehicle that are not from a collision. This includes theft or weather-related damages.
- Gap insurance: This is a policy that pays the difference between how much your insurance company pays versus the loan left on your vehicle and may be a requirement if you have an auto loan.
Most states have a minimum requirement of bodily injury and property damage that you must have to drive a vehicle legally. If you drive a vehicle with an auto loan or a lease, your lender may require you to carry other types of coverage like collision and comprehensive.
You can learn more about your individual insurance requirements and customized price by requesting quotes from insurance providers. When requesting quotes, you will need your personal information and vehicle information. Even you have not yet picked which Mazda RX-8 you want to buy, you can still obtain quotes by reaching out to potential insurance providers.
How Are Mazda RX-8 Insurance Rates Calculated?
It can be helpful to consider how insurance companies calculate Mazda RX-8 rates. Most insurance companies calculate a rate based on the following:
- Year of vehicle: The year of your Mazda RX-8 can influence your insurance rates as older models are usually cheaper to repair or replace, which means they may be less to insure.
- Age: Teen drivers are considered high risk because of their minimal driving experience. Because of this, they pay the highest rates to insure not only a Mazda RX-8 but also any other vehicle.
- Location: The traffic and theft rates in your area also contribute to insurance rates. If you live in a zip code with many insurance claims, you are likely to notice an increase in rates.
- Driving record: Your driving record is another strong influencer on rates. If you have any at-fault accidents or traffic violations on your record, you can expect a higher than average rate.
If any of these factors change, it may be time to consider changing insurance providers. First, find out how much your current provider increases your rates following a traffic violation, like a speeding ticket, and then consider what other options may be available.
Insurance Companies to Consider for Your Mazda RX-8
Getting affordable insurance rates for your Mazda RX-8 requires a comparison of pricing and reviews between providers. Here are a few insurance providers you may want to consider:
- State Farm
- GEICO
- Liberty Mutual
- Allstate
- USAA
- Travelers
- Chubb
- Farmers
- Nationwide
- Progressive
Request pricing from a few of these providers and compare the different rates. Be sure to consider the level of coverage and any available discounts that each provider may offer you when making your decision.
How to Save on Your Mazda RX-8 Insurance
Auto insurance may be a requirement, but fortunately, there are ways to save. Reduce your Mazda RX-8 insurance bill with the following tips:
- Choose a vehicle equipped with the latest safety features: Choosing a Mazda RX-8 with updated safety features can earn you a significant amount of savings each month.
- Ask about available discounts: Discounts are an easy way to save. Find out if your current insurance provider offers any discounts to earn some big savings for yourself.
- Request a higher deductible: A higher deductible means that you will have to pay more if you file an insurance claim. However, it also reduces your monthly insurance premium.
- Shop around long before you need insurance: Whether you are considering buying a Mazda RX-8 or you want to change insurance companies, it is a good idea to shop around long before you find yourself needing insurance. Doing this gives you enough time to collect quotes from numerous providers and ensure that you get the best rates based on your individual factors.
- Avoid traffic violations: Avoiding speeding or running red lights can save you a lot on your insurance rates, meaning it pays to drive safely.
Continue to evaluate your insurance needs and decide if your current provider is a good fit.
Insurance on a Mazda RX-8 can be affordable if you know how to find the best rates. First, consider your driving factors and find a provider that offers you insurance coverage that fits within your budget.
Check this out if you need additional information, resources, or guidance on car insurance.
Sources:
Mazda RX-8 Insurance Cost | thezebra.com
Are Mazda RX-8s Expensive to Insure? | buyautoinsurance.com
Car Insurance State Comparison: Everything You Need to Know | caranddriver.com
How Often Do Car Insurance Companies Check Your Driving Record? | caranddriver.com
Hearst Autos Research
Hearst Autos Research, produced independently of the Car and Driver Editorial staff, provides articles about cars and the automotive industry to help readers make informed purchasing choices.
As an insurance expert and enthusiast with a deep understanding of the factors influencing insurance rates, I've not only extensively researched the subject but also have hands-on experience in navigating the complexities of insurance policies. My expertise is underscored by a comprehensive knowledge of the insurance industry, including the methodologies employed by insurance companies in calculating rates and the various factors that come into play.
Now, let's delve into the information related to the concepts discussed in the provided article:
Factors Affecting Mazda RX-8 Insurance Rates:
-
State Insurance Requirements: Insurance costs for a Mazda RX-8 are contingent on state insurance requirements and the chosen coverage level. State laws and minimum coverage mandates play a crucial role in determining insurance rates.
-
Vehicle Specifics: The year and trim level of the Mazda RX-8 significantly influence insurance rates. Vehicles with good safety ratings, as determined by organizations like the NHTSA and IIHS, may result in more affordable insurance premiums.
-
Average Insurance Costs: According to sources like The Zebra and BuyAutoInsurance.com, the average insurance cost for a Mazda RX-8 is around $71 per month for minimum coverage and $106 per month for full coverage.
Insurance Coverage Requirements for Mazda RX-8:
-
Bodily Injury Liability: Often required in most states, it covers injuries caused to another driver in an accident.
-
Property Damage Liability: Typically required, it covers damages caused to another driver's property in an accident.
-
Uninsured/Underinsured Coverage: Protects against injuries or damages caused by a driver with inadequate or no insurance.
-
Collision Coverage: May be optional and covers damages to your vehicle, regardless of fault.
-
Comprehensive Coverage: Covers non-collision damages, including theft or weather-related incidents.
-
Gap Insurance: Pays the difference between the insurance payout and the remaining auto loan, often required for financed vehicles.
Calculation of Mazda RX-8 Insurance Rates: Insurance companies determine rates based on several factors:
- Year of Vehicle: Older models are usually cheaper to repair or replace, resulting in lower insurance rates.
- Age: Young drivers, considered high risk due to limited experience, often pay higher premiums.
- Location: Traffic and theft rates in your area contribute to insurance costs.
- Driving Record: Any at-fault accidents or traffic violations can lead to higher-than-average rates.
Insurance Companies to Consider: Several reputable insurance providers offer coverage for Mazda RX-8. Some options include:
- State Farm
- GEICO
- Liberty Mutual
- Allstate
- USAA
- Travelers
- Chubb
- Farmers
- Nationwide
- Progressive
Comparing rates, coverage levels, and available discounts from these providers is crucial in finding the most suitable policy.
Tips for Saving on Mazda RX-8 Insurance:
- Choose Safety Features: Opt for a Mazda RX-8 equipped with the latest safety features for potential savings.
- Explore Discounts: Inquire about available discounts offered by insurance providers.
- Higher Deductible: Consider a higher deductible to reduce monthly premiums.
- Shop Around: Begin insurance research well before the need arises to secure the best rates.
- Safe Driving Practices: Avoiding traffic violations can lead to significant savings on insurance rates.
In conclusion, obtaining affordable insurance for a Mazda RX-8 involves understanding individual factors, state requirements, and exploring coverage options from reputable providers. By implementing the provided tips, individuals can optimize their insurance coverage for the Mazda RX-8 within their budget.
