Unimaginable but true, a large majority of drivers kept buying from the same company for at least four years, and just short of a majority have never even shopped around for lower-cost coverage. Texas insurance shoppers could cut their rates by approximately 70% a year, but they just assume it takes a lot of time to compare rates and save money.
The recommended way to find lower priced Lincoln MKT insurance is to compare prices regularly from different companies that insure vehicles in Lubbock. Drivers can shop around by completing these steps.
- First, take a few minutes and learn about car insurance and the steps you can take to lower rates. Many policy risk factors that increase rates such as at-fault accidents, careless driving, and bad credit can be controlled by paying attention to minor details. Later in this article we will cover more information to get lower rates and get bigger discounts.
- Second, request price quotes from independent agents, exclusive agents, and direct companies. Exclusive agents and direct companies can only give rate quotes from one company like Progressive or Farmers Insurance, while agents who are independent can quote prices from many different companies.
- Third, compare the quotes to your existing coverage to see if switching to a new carrier will save money. If you find a lower rate quote and buy the policy, make sure there is no lapse in coverage.
One important bit of advice is to try to use similar coverage information on each quote and and to look at as many companies as you can. Doing this ensures a level playing field and the most accurate and complete price analysis.
If you have coverage now or are just looking to switch companies, you can follow these tips to find better prices while maximizing coverage. This information will instruct you on the best methods to compare rates. Comparison shoppers just have to understand the most effective way to find the lowest price instantly.
Getting a cheaper price on insurance is not a difficult process. All that’s required is to take the time comparing rates to discover which company has affordable Lubbock auto insurance quotes.
The companies shown below can provide price comparisons in Lubbock, TX. If you want to find cheap auto insurance in Texas, we suggest you click on several of them in order to get a fair rate comparison.
Why you need quality insurance for your Lincoln MKT
Despite the high insurance cost for a Lincoln MKT in Lubbock, maintaining insurance is not optional due to several reasons.
First, the majority of states have minimum liability requirements which means it is punishable by state law to not carry a specific level of liability protection in order to get the vehicle licensed. In Texas these limits are 30/60/25 which means you must have $30,000 of bodily injury coverage per person, $60,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.
Second, if you have a loan on your Lincoln MKT, it’s most likely the lender will require that you have insurance to guarantee payment of the loan. If you default on your policy, the bank may insure your Lincoln at a much higher rate and force you to reimburse them the higher price.
Third, auto insurance protects both your car and your assets. It will also pay for all forms of medical expenses for yourself as well as anyone injured by you. Liability coverage also covers legal expenses if you cause an accident and are sued. If your car is damaged in a storm or accident, comprehensive and/or collision insurance will pay to restore your vehicle to like-new condition.
The benefits of insuring your MKT definitely exceed the cost, particularly if you ever have a claim. According to a survey of 1,000 drivers, the average driver is currently overpaying as much as $800 each year so smart consumers compare quotes each time the policy renews to make sure the price is not too high.
Lincoln MKT insurance analysis
The table displayed next covers estimates of insurance rates for Lincoln MKT models. Having knowledge of how premiums are determined can help guide drivers when making decisions on which insurance to purchase.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| MKT 3.7 2WD | $234 | $400 | $414 | $24 | $124 | $1,196 | $100 |
| MKT 3.7 AWD | $258 | $462 | $414 | $24 | $124 | $1,282 | $107 |
| Get Your Own Custom Quote Go | |||||||
Table data assumes married male driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and Texas minimum liability limits. Discounts applied include claim-free, multi-policy, multi-vehicle, safe-driver, and homeowner. Price information does not factor in specific Lubbock garaging location which can raise or lower coverage rates greatly.
Higher deductibles save money
One of the more difficult decisions when buying insurance is the level to set your comp and collision deductibles. The premium rates below determine the price difference when you select higher and lower physical damage deductibles. The first data set uses a $250 deductible for comprehensive and collision coverage and the second data table uses a $1,000 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| MKT 3.7 2WD | $370 | $584 | $430 | $26 | $128 | $1,563 | $130 |
| MKT 3.7 AWD | $408 | $672 | $430 | $26 | $128 | $1,689 | $141 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| MKT 3.7 2WD | $228 | $368 | $430 | $26 | $128 | $1,180 | $98 |
| MKT 3.7 AWD | $252 | $424 | $430 | $26 | $128 | $1,260 | $105 |
| Get Your Own Custom Quote Go | |||||||
Table data represents married male driver age 30, no speeding tickets, no at-fault accidents, and Texas minimum liability limits. Discounts applied include safe-driver, multi-vehicle, multi-policy, claim-free, and homeowner. Rate information does not factor in specific location information which can modify auto insurance rates considerably.
Using the data above, we can ascertain that using a $250 deductible will cost you about $34 more each month or $408 for a full year across all Lincoln MKT models than opting for the higher $1,000 deductible. Due to the fact that you would have to pay $750 more out of your own pocket with a $1,000 deductible as compared to a $250 deductible, if you tend to go at a minimum 22 months between claim filings, you would save money if you choose the higher deductible.
Calculation for raising deductibles
| Average monthly premium for $250 deductibles: | $136 |
| Average monthly premium for $1,000 deductibles (subtract): | – $102 |
| Monthly savings from raising deductible: | $34 |
| Difference between deductibles ($1,000 – $250): | $750 |
| Divide difference by monthly savings: | $750 / $34 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 22 months |
An important sidenote is that raising deductibles to get cheaper rates 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 a higher level of savings in order to pay the higher deductible.
Gender differences in insurance premiums
The information below shows the difference between Lincoln MKT annual premium costs for male and female drivers. The premium estimates are based on no claims or violations, comprehensive and collision coverage, $500 deductibles, single status, and no discounts are factored in.
Do you need full coverage?
The illustration below visualizes the comparison of Lincoln MKT car insurance costs with liability coverage only compared to full coverage. Data assumes no claims or driving violations, $100 deductibles, single status, and no additional discounts are factored in.
Deciding between full coverage and liability only
There isn’t a steadfast formula of when to phase out full coverage, but there is a general guideline you can use. If the annual cost of having full coverage is more than about 10% of any settlement you would receive from your insurance company, then you might want to think about dropping full coverage.
For example, let’s say your Lincoln MKT settlement value is $7,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled, the most your company will settle for is $6,000 after paying your policy deductible. If you are paying more than $600 annually for physical damage coverage, then you might consider buying liability only.
There are a few situations where only buying liability is not in your best interest. If you still have a lienholder on your title, you are required to maintain full coverage as part of the loan requirements. Also, if you cannot afford to purchase a different vehicle in the event your current vehicle is totaled, you should not consider dropping full coverage.
Lower-cost Lincoln MKT insurance in Lubbock
The price of auto insurance can be rather high, but you might find some hidden discounts to help offset the cost. Most are applied when you purchase, but some must be specially asked for before you will receive the discount.
- Student in College – Youth drivers who are enrolled in a college that is more than 100 miles from Lubbock and do not have access to a covered vehicle may qualify for this discount.
- Homeowners Savings – Owning a house in Lubbock can help you save on auto insurance since owning and maintaining a home demonstrates responsibility.
- More Vehicles More Savings – Buying a policy with multiple cars with one company can get a discount for every vehicle.
- Braking Control Discount – Cars and trucks that have steering control and anti-lock brakes can avoid accidents so companies give up to a 10% discount.
- Renewal Discounts – Some insurance companies provide a discount for renewing your policy prior to the expiration date on your current MKT insurance policy. It could save around 10% when you buy Lubbock auto insurance online.
- Good Students Pay Less – Excelling in school can get you a discount of up to 25%. This discount can apply until age 25.
A quick disclaimer, most of the big mark downs will not be given to the entire policy premium. Some only reduce individual premiums such as liability and collision coverage. If you do the math and it seems like all those discounts means the company will pay you, companies wouldn’t make money that way. Any amount of discount will definitely lower the amount you have to pay.
The chart below shows the difference between Lincoln MKT insurance costs with and without discounts being applied to the rates. The prices are based on a female driver, no claims or driving citations, Texas state minimum liability limits, full physical damage coverage, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with safe-driver, claim-free, multi-policy, multi-car, marriage, and homeowner discounts applied.
A few companies that may include some of the above discounts possibly include:
When quoting, ask all companies you are considering to apply every possible discount. Some credits may not be available in Lubbock. To find insurance companies that offer the discounts shown above in Lubbock, click here.
Buying from insurance agencies
Some people still prefer to sit down with an agent and doing that can be a smart decision Licensed agents can help you build your policy and help submit paperwork. The biggest benefit of comparing rate quotes online is that drivers can save money and get cheap auto insurance quotes but still work with a licensed agent. And supporting local agencies is especially important in Lubbock.
By using this quick form, your insurance coverage information is submitted to agents in your area who can give free rate quotes to get your business. It’s much easier because you don’t need to leave your computer because quoted prices will be sent to you instantly. If you need to compare prices from a specific insurance company, you just need to search and find their rate quote page to submit a rate quote request.
Shown below are agents in Lubbock who can help you get comparison quotes for Lincoln MKT insurance in Lubbock.
- Dick Phillips – State Farm® Insurance Agent
5740 82nd St – Lubbock, TX 79424 – (806) 799-4651 – View Map - Grimes Insurance Agency Inc
1651 Broadway St – Lubbock, TX 79401 – (806) 762-0544 – View Map - Butler Carson Tate Insurance
4505 82nd St # 10 – Lubbock, TX 79424 – (806) 798-7979 – View Map - Farmers Insurance – Rhett Richardson
13413 County Rd 1800 Unit D – Lubbock, TX 79424 – (806) 783-9998 – View Map
Choosing the best provider needs to be determined by more than just the quoted price. The following questions are important to ask.
- Does the company use OEM repair parts?
- Are there any discounts that you might be missing?
- Do they write coverage based solely on cost?
- Will they make sure you get an adequate claim settlement?
- Which members of your family are coverage by the policy?
Once you have received positive responses to these questions and locked in a price quote, chances are good that you have found an provider that will provide auto insurance coverage.
You can find cheap coverage
Lower-priced auto insurance in Lubbock can be found on the web and with local Lubbock insurance agents, so you should be comparing quotes from both so you have a total pricing picture. Some companies do not offer price quotes online and many times these smaller companies provide coverage only through independent agents.
When shopping online for auto insurance, never reduce needed coverages to save money. There have been many cases where an insured dropped liability limits or collision coverage and learned later that it was a big mistake. Your focus should be to get the best coverage possible at the best price and still be able to protect your assets.
You just read a lot of techniques to lower your Lincoln MKT insurance prices in Lubbock. The key concept to understand is the more companies you get rates for, the higher your chance of finding low cost Lubbock auto insurance quotes. You may even be surprised to find that the best price on auto insurance is with a lesser-known regional company.
Other learning opportunities
- How to shop for a safer car (Insurance Institute for Highway Safety)
- What is Covered by an Auto Insurance Policy? (Insurance Information Institute)
- Event Data Recorders FAQ (iihs.org)
- Avoiding Deer Collisions (Insurance Information Institute)
- Booster Seat Ratings (iihs.org)