Chevy Malibu insurance image courtesy of QuoteInspector.com
It's a known fact that insurance companies don't want their customers to go rate shopping. People who do rate comparisons will probably switch to a new company because they have good chances of finding lower prices. Remarkably, a study showed that consumers who made a habit of comparing rate quotes saved an average of $3,500 over four years compared to people who never compared prices.
If finding the best price on car insurance is the reason for your visit, then having an understanding of how to quote and compare car insurance can make shopping around easier.
If you want to save the most money, the best way to get more affordable Chevy Malibu insurance is to regularly compare quotes from insurers that insure vehicles in Minneapolis.
- Read and learn about what is in your policy and the modifications you can make to keep rates in check. Many things that cause high rates like careless driving and a bad credit rating can be improved by making minor changes in your lifestyle.
- Compare prices from exclusive agents, independent agents, and direct providers. Direct companies and exclusive agencies can give quotes from one company like GEICO and Allstate, while independent agents can provide prices from many different companies.
- Compare the new rate quotes to your existing policy and see if there is a cheaper rate in Minneapolis. If you can save some money and change companies, make sure there is no lapse between the expiration of your current policy and the new one.
- Tell your current agent or company to cancel the current policy. Submit the required down payment along with the signed application for the new policy. Make sure you put the certificate verifying coverage along with your vehicle registration.
The most important part of this process is to use the same liability limits and deductibles on each quote and and to get price quotes from every company you can. This enables an accurate price comparison and maximum price selection.
The car insurance companies shown below can provide price comparisons in Minnesota. If your goal is to find the best cheap car insurance in Minneapolis, MN, we suggest you get price quotes from several of them to get the lowest price.
Chevy Malibu insurance coverage information
The coverage information below outlines estimates of policy rates for Chevy Malibu models. Having a good grasp of how rate quotes are determined can aid in making informed purchases.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Get Your Own Custom Quote Go|
Data rating is based on married male driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Minnesota minimum liability limits. Discounts applied include multi-vehicle, homeowner, claim-free, multi-policy, and safe-driver. Table data does not factor in specific location information which can lower or raise auto insurance rates greatly.
Rate increases following a ticket or accident
The diagram below demonstrates how speeding tickets and at-fault collisions drive up Chevy Malibu insurance costs for each age group. The premiums are based on a single female driver, comp and collision included, $250 deductibles, and no additional discounts are factored in.
Should you buy full coverage?
The example below shows the comparison of Chevy Malibu insurance costs with full physical damage coverage and with liability coverage only. The data assumes no claims, a clean driving record, $1,000 deductibles, drivers are single, and no other discounts are factored in.
Should you buy full coverage or liability only?
There is no definitive rule for excluding full coverage on your policy, but there is a broad guideline. If the annual cost of coverage is more than 10% of the replacement cost minus the deductible, then you might want to think about dropping full coverage.
For example, let's assume your Chevy Malibu replacement cost is $9,000 and you have $1,000 deductibles. If your vehicle is totaled in an accident, the most your company will settle for is $8,000 after the deductible is paid. If you are currently paying more than $800 a year for your policy with full coverage, then it might be time to buy liability only.
There are some cases where removing full coverage is not financially feasible. If you haven't satisfied your loan, you must maintain physical damage coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if you don't have enough money to buy a different vehicle if your current one is in an accident, you should not opt for liability only.
Insurance is not optional in Minnesota
Despite the fact that insurance is not cheap in Minneapolis, insurance may be required for several reasons.
- Just about all states have minimum liability requirements which means you are required to buy specific minimum amounts of liability coverage in order to get the vehicle licensed. In Minnesota these limits are 30/60/10 which means you must have $30,000 of bodily injury coverage per person, $60,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
- If your Malibu has a lienholder, more than likely the lender will make it mandatory that you have full coverage to guarantee loan repayment. If you cancel or allow the policy to lapse, the bank or lender will purchase a policy for your Chevy at a much higher premium rate and require you to pay for it.
- Insurance preserves both your assets and your car. It also can pay for medical expenses for both you and anyone you injure as the result of an accident. Liability insurance also pays for attorney fees and expenses if you cause an accident and are sued. If your car is damaged in a storm or accident, comprehensive (other-than-collision) and collision coverage will pay to have it repaired.
The benefits of carrying enough insurance more than cancel out the cost, particularly for liability claims. According to a survey of 1,000 drivers, the average driver is wasting up to $830 a year so shop around at every renewal to be sure current rates are still competitive.
Reduce Insurance Rates with These Tips
One of the most helpful ways to save on insurance is to to have a grasp of the factors that help calculate the level of your policy premiums. When consumers understand what determines base rates, this enables informed choices that will entitle you to lower insurance prices.
The following are a few of the "ingredients" used by insurance companies to determine premiums.
- Where you live can impact prices - Living in a rural area has definite advantages when shopping for auto insurance. City drivers have to deal with more road rage incidents and a longer drive to work. Fewer drivers means a lower chance of having an accident in addition to lower liability claims.
- Continuous coverage lowers prices - Having a lapse in insurance coverage will be a sure-fire way to trigger a rate increase. And not only will your rates increase, failure to provide proof of insurance can result in a hefty fine and possibly a revoked license.
- Lower coverage deductibles cost more - Your deductibles define the amount you are required to spend out-of-pocket if a claim is determined to be covered. Physical damage protection, also known as collision and other-than-collision, covers damage that occurs to your car. Some examples of covered claims could be collision with another vehicle, damage caused by hail, and damage from wind. The more damage repair cost you are required to pay out-of-pocket, the better rate you will receive.
- Cheaper rates using alarm systems - Purchasing a vehicle with an alarm system can earn a premium discount. Advanced theft deterrents such as OnStar, LoJack tracking, and tamper alarms all help prevent auto theft and help lower rates.
- Rates impacted by vehicle usage - The more you drive your Chevy in a year's time the more you'll pay to insure your vehicle. Most insurance companies price each vehicle's coverage based upon how the vehicle is primarily used. Vehicles that do not get driven very much receive lower rates than vehicles that are driven to work every day. Improper usage on your Malibu is throwing money out the window. It's always a good idea to double check that your policy is rated on how each vehicle is driven, because improper ratings can cost you money.
- Excellent credit scores equal low costs - Your credit score can be an important factor in your rate calculation. People with good credit tend to be more responsible and file fewer claims than drivers with bad credit. Therefore, if your credit score can use some improvement, you could be paying less to insure your Chevrolet Malibu by repairing your credit.
- Use one insurance company and save - Some companies afford discounts to clients that buy multiple policies, otherwise known as a multi-policy discount. The discount can add up to anywhere from five to ten percent in most cases. Even though this discount sounds good, you still need to compare other company rates to make sure you are getting the best deal. It's possible to still find lower rates by buying from different companies
- Safer occupants lowers insurance rates - Cars with high safety ratings are cheaper to insure. Vehicles built for safety have better occupant injury protection and fewer injuries translates into savings for insurance companies and thus lower rates.
Insurance losses for a Chevy Malibu - Insurers use historical loss data to help determine the price you pay. Models that the data shows to have a trend towards higher claims will have higher rates.
The data below shows the compiled insurance loss statistics for Chevy Malibu vehicles. For each policy coverage type, the claim probability for all vehicles, as a total average, equals 100. Numbers below 100 imply a favorable loss record, while numbers shown that are more than 100 indicate higher probability of having a loss or an increased likelihood of larger losses.
Insurance Loss Ratings for Chevrolet Malibu Vehicles Specific Chevrolet Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Chevrolet Malibu 94 100 109 139 145 120BETTERAVERAGEWORSE
Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Compare car insurance rates regularly to save
Lower-priced Chevy Malibu insurance in Minneapolis can be found online as well as from independent agents in Minneapolis, and you need to comparison shop both to get a complete price analysis. There are still a few companies who may not offer rate quotes online and usually these small, regional companies provide coverage only through independent insurance agencies.
When buying insurance coverage, do not reduce coverage to reduce premium. In many instances, someone sacrificed comprehensive coverage or liability limits and found out when filing a claim that they should have had better coverage. The ultimate goal is to find the BEST coverage at an affordable rate.
Drivers switch companies for a number of reasons such as policy non-renewal, extreme rates for teen drivers, delays in responding to claim requests or even an unsatisfactory settlement offer. Regardless of your reason for switching companies, choosing a new company is actually quite simple.
To learn more, take a look at the resources below:
- Should I Buy a New or Used Car? (Allstate)
- Who Has the Cheapest Car Insurance Quotes for Teenagers in Minneapolis? (FAQ)
- What Auto Insurance is Cheapest for Ride Shares in Minneapolis? (FAQ)
- Who Has Affordable Minneapolis Auto Insurance for a Honda Civic? (FAQ)
- Who Has the Cheapest Minneapolis Car Insurance for State Employees? (FAQ)
- How Much are Minneapolis Auto Insurance Rates for a Ford Fusion? (FAQ)
- Distracted Driving (Insurance Information Institute)
- Red Light Cameras (State Farm)
- Young Drivers: The High Risk Years Video (iihs.org)
- Smart Auto Insurance Tips (Insurance Information Institute)