Trying to find low-cost insurance for a Lincoln MKT in Colorado could be an all-consuming task, but you can learn our insurance buying tips to make it easier.
There are more efficient ways to find insurance online and you need to know the absolute fastest way to compare rates for your Lincoln and get the cheapest rates from both online companies and Denver agents.
Unimaginable but true, most insurance buyers renewed their policy with the same company for at least the last four years, and virtually 40% of consumers have never compared rate quotes at all. Most drivers in Denver can cut their rates by about 35% a year just by shopping around, but they don't know how much money they would save if they swap their current policy for a cheaper one.
You should make it a habit to shop coverage around once or twice a year since prices are adjusted regularly by insurance companies. Just because you found the best rates on Lincoln MKT insurance in Denver a few years ago a different company probably has better premium rates today. Forget all the misinformation about insurance because you're going to learn the right way to save money, get proper coverage and the best rates.
Comparing quotes for the lowest-priced coverage in Denver is not that difficult. If you are already insured or just want a better rate, use these cost-cutting techniques to find the best rates without having to cut coverage. Comparison shoppers just need to use the quickest method to compare company rates from many different companies.
Lincoln MKT Insurance Cost Factors
Lots of factors are used when premium rates are determined. A few of the factors are predictable like an MVR report, although others are less obvious like your vehicle usage or how safe your car is.
The items below are just a few of the factors companies use to determine your prices.
High comp and collision deductibles equal low rates - Deductibles for physical damage state the amount of money you are required to pay if you file a covered claim. Physical damage protection, commonly called comprehensive (or other-than-collision) and collision coverage, protects your car from damage. Some instances where coverage would apply are collision with another vehicle, damage caused by hail, and damage from wind. The higher the amount you have to pay, the less your company will charge you for insurance.
Auto insurance policy lapses raise prices - Having an insurance coverage lapse is a guaranteed way to trigger a rate increase. In addition to paying higher rates, not being able to provide proof of insurance may earn you fines or a revoked license. You may then have to submit proof of financial responsibility or a SR-22 with the Colorado DMV.
Married drivers get better costs - Your spouse can actually save you money on your policy. Having a spouse translates into being more financially stable and statistics show drivers who are married are more cautious.
How credit rating affects auto insurance rates - Having a bad credit score is a big factor in calculating your auto insurance rates. Insureds with high credit scores tend to be more responsible and file fewer claims than drivers with bad credit. If your credit history could use some work, you could pay less to insure your Lincoln MKT by improving your rating.
Save money by having multiple policies - The majority of auto insurance companies give a discount for people who buy several policies from them in the form of a multi-policy discount. Even though this discount sounds good, it's always a smart idea to comparison shop to confirm you are receiving the best rates possible.
Employer stress can affect premiums - Did you know your auto insurance rates can be affected by your occupation? Jobs like lawyers, social workers and emergency personnel generally have higher premiums than the average policyholder due to high stress levels and incredibly demanding work hours. On the flip side, occupations such as actors, engineers and the unemployed get better rates.
Miles driven impacts rates - The more you drive your Lincoln every year the more you'll pay to insure it. The majority of insurers calculate rates based upon how much you drive. Vehicles not used for work or commuting receive lower rates as compared to vehicles used primarily for driving to work. It's a good idea to make sure your auto insurance policy shows the proper vehicle usage, because improper ratings can cost you money. An improperly rated MKT is just wasting money.
Does auto insurance cost more for men? - Over time, data shows that females tend to be a little less risky than males. It does not mean females are better drivers. Males and females have at-fault accidents at about the same rate, but the men get into accidents with more damage. In addition to higher claims, males also receive more costly citations like DWI (DUI) or reckless driving.
Lincoln MKT insurance loss statistics - Insurance companies include the past claim trends for vehicles to help calculate premium rates. Vehicles that the data determines to have higher frequency or amount of claims will be charged more to insure.
The table below illustrates the historical insurance loss data for Lincoln MKT vehicles. For each insurance policy coverage type, the statistical loss for all vehicles combined as an average is represented as 100. Numbers that are below 100 suggest losses that are better than average, while percentage numbers above 100 indicate a higher chance of having a claim or statistically larger claims.
Lincoln MKT Insurance Loss Statistics
|Make and Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
|Lincoln MKT 4dr 2WD||128||133|
|Lincoln MKT 4dr 4WD||118||85||138||85|
Empty fields indicate not enough data collected
Statistics from IIHS.org for 2013-2015 Model Years
The companies in the list below can provide comparison quotes in Denver, CO. If multiple companies are listed, we recommend you visit several of them in order to get a fair rate comparison.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|MKT 3.7 2WD||$380||$644||$396||$24||$118||$1,562||$130|
|MKT 3.7 AWD||$364||$608||$404||$24||$122||$1,522||$127|
|Get Your Own Custom Quote Go|
Prices based on married female driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and Colorado minimum liability limits. Discounts applied include multi-vehicle, homeowner, multi-policy, safe-driver, and claim-free. Price information does not factor in specific location information which can decrease or increase auto insurance rates greatly.
Difference between full coverage and liability only rates
The illustration below illustrates the difference between Lincoln MKT insurance rates with liability coverage only compared to full coverage. The premiums are based on no accidents, no driving violations, $500 deductibles, single male driver, and no discounts are factored in.
When to stop buying full coverage
There is no written rule for excluding comp and collision coverage, but there is a broad guideline. If the yearly cost of full coverage is more than about 10% of any settlement you would receive from your insurance company, then it could be time to drop full coverage.
For example, let's pretend your Lincoln MKT replacement cost is $9,000 and you have $1,000 full coverage deductibles. If your vehicle is severely damaged, you would only receive $8,000 after paying your deductible. If you are paying over $800 a year to have full coverage, then you might consider buying liability only.
There are a few situations where buying only liability insurance is not advised. If you have an outstanding loan on your vehicle, you have to carry full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if you can't afford to buy a different vehicle in the event your current vehicle is totaled, you should not consider dropping full coverage.
Physical damage deductibles
The information below demonstrates how deductible levels and can impact Lincoln MKT insurance costs for different age groups. The rates are based on a single male driver, full coverage, and no policy discounts are applied.
Ads can be misleading
Consumers in Colorado can't get away from ads for auto insurance savings by GEICO, State Farm and Progressive. All the ads advertise the message that people will save if you change to their company.
How does each company lower your car insurance rates? Here is how they do it.
Auto insurance companies provide the lowest rates for a prospective insured that will not have excessive claims. For instance, a preferred risk should be over the age of 50, has no prior claims, and drives newer vehicles. Any person who fits those characteristics will get low car insurance rates and is almost guaranteed to cut their Lincoln MKT insurance rates if they switch.
Potential insureds who don't meet those criteria may be required to pay a higher premium and this results in the customer not purchasing. The trick is to say "customers that switch" not "all people who quote" can save as much as they claim. That is how insurance companies can confidently state the savings.
Because of these techniques, you really should do a quote comparison often. You cannot predict with any certainty which company will fit your personal profile best.
Why you need quality insurance for your Lincoln vehicle
Despite the high cost of buying insurance for a Lincoln MKT in Denver, car insurance serves a purpose in several ways.
- The majority of states have compulsory liability insurance requirements which means it is punishable by state law to not carry specific minimum amounts of liability in order to drive the car. In Colorado these limits are 25/50/15 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $15,000 of property damage coverage.
- If your Lincoln MKT has a loan, almost every bank will require you to have full coverage to guarantee their interest in the vehicle. If the policy lapses, the bank will be required to insure your Lincoln at an extremely high rate and force you to pay the higher price.
- Insurance safeguards both your assets and your Lincoln. Insurance will also pay for medical transport and hospital expenses for both you and anyone you injure as the result of an accident. Liability insurance also covers all legal expenses up to the policy limit in the event you are sued. If your car is damaged in a storm or accident, comprehensive and/or collision insurance will pay to repair the damage.
The benefits of buying car insurance definitely exceed the cost, specifically if you ever have a liability claim. On average, a vehicle owner in Denver is wasting up to $825 a year so it's recommended you shop around at every renewal to ensure rates are inline.
Auto insurance quotes and discounts
Car insurance companies do not list the complete list of policy discounts in an easy-to-find place, so the list below details both the well known as well as some of the hidden discounts that may be available.
- Switch and Save Discount - A few companies allow discounts for switching policies before your current expiration date. You can save around 10% with this discount.
- Multi-car Discount - Having more than one vehicle on one policy can get a discount for every vehicle.
- Active Military Service - Being deployed with a military unit could be rewarded with lower prices.
- Denver Homeowners Pay Less - Owning a house in Denver can save a few bucks due to the fact that maintaining a home means you have a higher level of financial diligence.
- Passive Restraint Discount - Factory air bags can qualify for discounts of more than 20%.
- Telematics Data Discounts - Policyholders that allow companies to monitor driving patterns remotely such as In-Drive from State Farm or Allstate's Drivewise system might see lower rates if they exhibit good driving behavior.
- Accident Waiver - This one is not really a discount per se, but some companies like Allstate and GEICO allow you one accident before raising your premiums if you are claim-free prior to the accident.
- Driver's Education for Students - Have your child successfully take a driver's education course in high school.
Please keep in mind that some credits don't apply to the entire cost. Some only reduce specific coverage prices like physical damage coverage or medical payments. Even though it appears all those discounts means the company will pay you, you won't be that lucky.
Large auto insurance companies and some of their more popular discounts are shown below.
- Progressive offers discounts including homeowner, continuous coverage, multi-vehicle, online quote discount, and online signing.
- AAA may include discounts for good student, multi-policy, education and occupation, multi-car, anti-theft, and good driver.
- Farmers Insurance has savings for teen driver, electronic funds transfer, homeowner, multi-car, switch companies, and pay in full.
- GEICO discounts include good student, driver training, defensive driver, membership and employees, anti-theft, multi-policy, and seat belt use.
- Esurance offers premium reductions for good driver, safety device, emergency road assistance, online shopper, defensive driver, and homeowner.
- SAFECO has discounts for anti-theft, teen safe driver, bundle discounts, homeowner, accident prevention training, and multi-car.
- State Farm includes discounts for good student, accident-free, passive restraint, multiple policy, and defensive driving training.
If you need lower rates, check with all companies you are considering how you can save money. A few discounts might not be available to policyholders in Denver. To locate providers who offer online Lincoln MKT insurance quotes in Colorado, click here to view.
What if I want to buy from local Denver insurance agents?
Some consumers still prefer to visit with an insurance agent and doing so can bring peace of mind Insurance agents are trained to spot inefficiencies and give you someone to call. The biggest benefit of price shopping on the web is you may find cheap insurance quotes and still buy from a local agent. Buying insurance from local insurance agents is important particularly in Denver.
To make it easy to find an agent, after completing this quick form, your insurance data is instantly submitted to companies in Denver that can provide free Denver auto insurance quotes to get your business. There is no need to leave your computer because quoted prices will be sent immediately to your email address. If you want to quote rates for a specific company, feel free to search and find their rate quote page and fill out their quote form.
Pick the best auto insurance agent in Denver for you
When narrowing the list to find a local insurance agency, it's important to understand the different types of agencies to choose from. Agencies in Denver can be described as either exclusive or independent agents depending on their company appointments. Both types of agents can write policy coverage, but we need to point out the differences since it can impact the selection process.
Independent Insurance Agencies or Brokers
Independent insurance agents can sell policies from many different companies so they have the ability to put coverage with multiple insurance companies and potentially find a lower price. To move your coverage to a new company, they simply move the coverage in-house and you stay with the same agent. When comparing insurance prices, we recommend you include rate quotes from a couple of independent agencies for the best price selection. Most independent agents also contract with different regional companies which could offer lower prices.
Listed below is a partial list of independent agents in Denver that may be able to provide price quotes.
- Henry Ham Agency, Inc
645 E Evans Ave - Denver, CO 80210 - (303) 744-1341 - View Map
- Sorhage and James Insurance
1660 S Albion St # 1005 - Denver, CO 80222 - (303) 759-4551 - View Map
- American Home Insurance Agency
7505 E Harvard Ave - Denver, CO 80231 - (888) 325-8108 - View Map
Exclusive insurance agents can only provide pricing for a single company and some examples include State Farm, AAA, Farmers Insurance or Allstate. Exclusive agents cannot provide rate quotes from other companies so keep that in mind. Exclusive agencies are well schooled on their products and sales techniques which helps overcome the inability to quote other rates. Some consumers prefer to buy from the same agent for years mainly due to high brand loyalty instead of buying on price only.
Shown below are exclusive insurance agents in Denver that are able to give price quote information.
- American Family Insurance - Abbie Davis Tanner Agency Inc
2855 Speer Blvd Suite D - Denver, CO 80211 - (303) 333-0205 - View Map
- Allstate Insurance: Charles F. Simmons
797 S Pearl St - Denver, CO 80209 - (303) 722-0191 - View Map
- Allstate Insurance: Jack Sughrue
3401 Quebec St Ste 9400 - Denver, CO 80207 - (303) 377-4767 - View Map
Picking the best car insurance agent shouldn't rely on just a low price. Before buying a policy in Denver, get answers to these questions.
- Do you have coverage for a rental car if your vehicle is in the repair shop?
- Does the agent help file claims?
- How does the company pay claims for a total loss?
- Which companies can they place coverage with?
- Can glass claims be handled at your home?
- Did they already check your driving record and credit reports?
- Do they have adequate Errors and Omissions coverage? This protects you if they make a mistake.
After you get acceptable answers to any questions you may have and an affordable coverage quote, you have narrowed it down to an insurance agent that can properly service your insurance policy. Just remember it's your coverage and you can terminate coverage any time you want so don't think that you are permanently stuck with any particular company indefinitely.
How do I know if I need professional advice?
When it comes to choosing the best car insurance coverage for your personal vehicles, there really is no best way to insure your cars. Everyone's needs are different so this has to be addressed. For instance, these questions can aid in determining whether your personal situation would benefit from an agent's advice.
- Should I drop comprehensive coverage on older vehicles?
- How do I buy GAP insurance?
- Do I have coverage when pulling a U-Haul trailer?
- How much coverage applies to personal belongings?
- Why am I required to buy high-risk coverage?
- Why do I need rental car insurance?
- Do I have coverage when using my vehicle for my home business?
- Is my camper covered by my car insurance policy?
- Why am I be forced to buy a membership to get insurance from some companies?
If you can't answer these questions but a few of them apply, then you may want to think about talking to a licensed insurance agent. To find an agent in your area, simply complete this short form or you can go here for a list of companies in your area. It only takes a few minutes and you can get the answers you need.
Find cheaper rates by being thorough
Lower-priced car insurance in Denver can be found online in addition to local insurance agencies, and you should compare price quotes from both so you have a total pricing picture. Some companies don't offer price quotes online and most of the time these smaller providers work with local independent agencies.
You just learned many ideas to save on Lincoln MKT insurance in Denver. It's most important to understand that the more quotes you get, the better chance you'll have of finding affordable Denver auto insurance quotes. You may even be surprised to find that the most savings is with a small mutual company. Some small companies can often provide lower prices in certain areas compared to the large companies like State Farm and Allstate.
To read more, feel free to browse these articles:
- Front crash protection reduces rear-end crashes (Insurance Institute for Highway Safety)
- How Much are Colorado Auto Insurance Rates for Teenage Males? (FAQ)
- How Much are Auto Insurance Rates for Drivers Under 21 in Colorado? (FAQ)
- What is the Best Auto Insurance in Broomfield, Colorado? (FAQ)
- Who Has the Cheapest Colorado Car Insurance for Young Drivers? (FAQ)
- Who Has Affordable Colorado Auto Insurance Rates for a Toyota Tacoma? (FAQ)
- Who Has Affordable Auto Insurance Quotes for Inexperienced Drivers in Colorado? (FAQ)
- How Much are Colorado Car Insurance Quotes After a Speeding Ticket? (FAQ)
- Who Has Affordable Colorado Auto Insurance Rates for Drivers with a DUI? (FAQ)
- Car Insurance: When not to Skimp (BankRate.com)
- Dangers of fake or stolen airbags (Insurance Institute for Highway Safety)
- Should I Purchase an Umbrella Liability Policy? (Insurance Information Institute)
- Self-driving cars won't replace humans (Insurance Institute for Highway Safety)