Astonishing but true, most insurance customers kept their coverage with the same insurance company for more than four years, and nearly half have never even compared quotes to find cheap rates. Most drivers in Ohio can save 55% each year by just shopping around, but they underestimate the big savings they would realize if they replace their high priced policy.
If your goal is the lowest price, then the best way to get more affordable Lincoln MKZ insurance is to compare prices annually from companies who provide auto insurance in Toledo.
- Step 1: Read about how companies price auto insurance and the factors you can control to prevent rate increases. Many factors that are responsible for high rates like high-risk driving behaviors and an imperfect credit score can be rectified by paying attention to minor details.
- Step 2: Compare prices from direct carriers, independent agents, and exclusive agents. Direct and exclusive agents can provide rates from one company like GEICO or Allstate, while agents who are independent can quote prices from multiple insurance companies.
- Step 3: Compare the quotes to your existing policy and determine if there is any savings. If you find a lower rate quote and buy the policy, make sure there is no lapse between the expiration of your current policy and the new one.
- Step 4: Provide written notification to your current company of your decision to cancel your existing policy and submit payment along with a signed and completed policy application to your new carrier. As soon as you receive it, keep the new certificate of insurance in your glove compartment.
One thing to remember is to make sure you’re comparing the same physical damage deductibles and liability limits on every quote request and and to get price estimates from as many companies as you can. This helps ensure an apples-to-apples comparison and a complete rate analysis.
Why You Might Pay Lower Rates in Toledo
Consumers need to have an understanding of a few of the rating criteria that come into play when calculating auto insurance rates. When consumers understand what determines premiums, this allows you to make good choices that may result in better auto insurance rates. Many different elements are used in the calculation when premium rates are determined. Most are fairly basic like your driving record, but others are more transparent such as whether you are married or your commute time.
The items below are some of the factors used by insurance companies to determine premiums.
- Do you work long hours in a high stress employer? – Careers such as real estate brokers, architects, and financial analysts tend to pay higher rates than average due to high stress and long work days. On the other hand, jobs like scientists, athletes and homemakers receive lower rates.
- Pay more of a claim out-of-pocket – Physical damage insurance, commonly called comprehensive (or other-than-collision) and collision coverage, insures against damage to your Lincoln. Some examples of claims that would be covered are running into the backend of another car, hail damage, and rolling your vehicle. Deductibles for physical damage are how much you are required to spend in the event of a claim. The more expense you are required to pay out-of-pocket, the lower your rates will be.
- See if your company offers a multi-policy discount – Most companies provide a discount for people who consolidate policies with them. It’s known as a multi-policy discount. Discounts can add up to 10 percent or more. If you currently are using one company, it’s still a good idea to compare other Toledo MKZ insurance rates to verify if the discount is saving money. Consumers may find a better deal by buying from different companies
- You might get higher rates if you are single – Having a significant other can actually save you money on your auto insurance bill. It usually means you are more mature and insurance companies like that drivers who are married are more cautious.
- Avoid policy lapses – Not having insurance is not a good idea and your next policy will cost more because you let your coverage lapse. Not only will rates go up, the inability to provide proof of insurance may earn you a fine, jail time, or a revoked license. You may need to provide proof of insurance in the form of an SR-22 filing with the Ohio DMV.
- Commute or pleasure use – Driving more miles in a year the higher your rates will be. Almost all companies price each vehicle’s coverage based upon how much you drive. Autos not used for work or commuting can get a lower rate than those that get driven frequently. An improperly rated MKZ is throwing money out the window. It’s a smart idea to ensure your declarations sheet is showing annual mileage, because it can save money.
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Teen drivers are expensive to insure – Drivers with little experience have been known to be inattentive when at the wheel of a vehicle so auto insurance rates are higher. Parents adding a first-time driver to your auto insurance policy can really hurt. More mature drivers have been proven to be more responsible, cause fewer claims and accidents, and receive fewer citations.
The chart below assumes a single driver, full coverage with $1000 deductibles, and no discounts or violations.
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Insurance loss statistics a Lincoln MKZ – Insurers take into consideration historical loss data for every vehicle when determining insurance costs. Vehicles that are shown to have higher claim amounts or frequency will have a higher cost to insure.
The table below demonstrates the insurance loss data used by companies for Lincoln MKZ vehicles. For each policy coverage, the claim probability for all vehicles, as a total average, is equal to 100. Numbers below 100 represent a good loss history, while numbers shown that are more than 100 point to more claims or an increased chance of larger losses than average.
Auto Insurance Loss Data for Lincoln MKZ Models Vehicle Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Lincoln MKZ 4dr 2WD 137 85 107 95 89 75 Lincoln MKZ 4dr 4WD 140 82 126 99 Lincoln MKZ Hybrid 4dr 148 84 100 74 82 76 BETTERAVERAGEWORSEEmpty fields indicate not enough data collected
Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
Finding a lower price on Lincoln MKZ insurance can be quick and easy. The only requirement is to take a couple of minutes to compare rates from some recommended companies.
The companies shown below can provide free quotes in Toledo, OH. To get the best cheap car insurance in Toledo, it’s a good idea that you get prices from several of them in order to find the most competitive rates.
Lincoln MKZ insurance rates and statistics
The price information displayed below highlights detailed analysis of prices for Lincoln MKZ models. Having a better idea how car insurance prices are figured helps drivers make smart policy decisions.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| MKZ 4-Dr Sedan | $194 | $460 | $310 | $18 | $92 | $1,074 | $90 |
| MKZ AWD 4-Dr Sedan | $194 | $460 | $310 | $18 | $92 | $1,074 | $90 |
| Get Your Own Custom Quote Go | |||||||
Price data assumes single male driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and Ohio minimum liability limits. Discounts applied include safe-driver, homeowner, multi-policy, claim-free, and multi-vehicle. Information does not factor in your specific Toledo location which can increase or decrease premiums noticeably.
Policy deductible comparison
When shopping for insurance, a common question is how high should the physical damage coverage deductibles be. The comparison tables below may help to conceptualize how much more you’ll pay between low and high physical damage deductibles. The first set of rates uses a $100 comprehensive and collision deductible and the second rate table uses a $1,000 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| MKZ 4-Dr Sedan | $220 | $478 | $256 | $16 | $76 | $1,071 | $89 |
| MKZ AWD 4-Dr Sedan | $220 | $478 | $256 | $16 | $76 | $1,071 | $89 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| MKZ 4-Dr Sedan | $122 | $252 | $256 | $16 | $76 | $722 | $60 |
| MKZ AWD 4-Dr Sedan | $122 | $252 | $256 | $16 | $76 | $722 | $60 |
| Get Your Own Custom Quote Go | |||||||
Prices above based on married male driver age 30, no speeding tickets, no at-fault accidents, and Ohio minimum liability limits. Discounts applied include safe-driver, multi-policy, claim-free, multi-vehicle, and homeowner. Rate information does not factor in specific zip code location which can change auto insurance rates noticeably.
Based on this data, using a $100 deductible will cost you about $29 more each month or $348 each year than opting for the higher $1,000 deductible. Because you would be required to pay $900 more to settle a claim with a $1,000 deductible as compared to a $100 deductible, if you usually have at least 31 months between claim filings, you would more than likely save some money going with the higher deductible.
How to decide to raise your deductibles
| Average monthly premium for $100 deductibles: | $89 |
| Average monthly premium for $1,000 deductibles (subtract): | – $60 |
| Monthly savings from raising deductible: | $29 |
| Difference between deductibles ($1,000 – $100): | $900 |
| Divide difference by monthly savings: | $900 / $29 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 31 months |
Impact of citations and accidents on Toledo insurance rates
The example below shows how traffic citations and fender-benders drive up Lincoln MKZ insurance premiums for different categories of driver ages. Data assumes a married female driver, comp and collision included, $1,000 deductibles, and no discounts are applied.
Full coverage rates vs. liability-only in Toledo
The diagram below shows the comparison of Lincoln MKZ insurance rates with and without physical damage coverage. The premiums assume a clean driving record, no claims, $250 deductibles, single marital status, and no discounts are applied.
Should you pay for full coverage?
There is no specific rule to stop buying physical damage insurance, but there is a general school of thought. If the annual cost of having full coverage is 10% or more of any settlement you would receive from your insurance company, then it’s probably a good time to buy liability coverage only.
For example, let’s assume your Lincoln MKZ replacement cost is $9,000 and you have $1,000 policy deductibles. If your vehicle is severely damaged, the most your company will settle for is $8,000 after you pay the deductible. If you are paying over $800 a year for physical damage coverage, then you might consider buying liability only.
There are some situations where buying only liability insurance is not a good plan. If you still owe a portion of the original loan, you are required to maintain full coverage to protect the lienholder’s interest in the vehicle. Also, if you don’t have enough money to buy a different vehicle in the event your current vehicle is totaled, you should not buy liability only.
Car insurance just makes sense
Despite the high insurance cost for a Lincoln MKZ in Toledo, buying car insurance is required by state law in Ohio and it also provides benefits you may not be aware of.
- Almost all states have minimum liability requirements which means it is punishable by state law to not carry a minimum amount of liability coverage in order to be legal. In Ohio these limits are 25/50/25 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.
- If your Lincoln has a loan, most lenders will make it a condition of the loan that you have full coverage to protect their interest in the vehicle. If coverage lapses or is canceled, the bank may insure your Lincoln at an extremely high rate and require you to reimburse them a much higher amount than you were paying before.
- Car insurance preserves both your car and your personal assets. It will also provide coverage for medical expenses for both you and anyone you injure as the result of an accident. Liability insurance also covers legal expenses if anyone sues you for causing an accident. If your vehicle suffers damage from an accident or hail, your policy will cover the repair costs.
The benefits of insuring your car are definitely more than the cost, specifically if you ever have a liability claim. According to a recent study, the average American driver is wasting up to $750 every year so smart consumers compare quotes every year to save money.
Lower rates by qualifying for discounts
Car insurance can be pricey, but there could be significant discounts that you may not even be aware of. Some of these discounts will be visible at quote time, but some must be requested specifically before you will receive the discount.
- Senior Citizen Rates – Mature drivers may receive a small decrease in premiums.
- Renewal Discounts – Some larger companies reward drivers for buying a new policy prior to your current MKZ insurance policy expiring. You could save around 10% when you buy Toledo car insurance online.
- Toledo Homeowners Pay Less – Owning a house in Toledo can earn you a little savings because of the fact that having a home requires personal responsibility.
- Drive Safe and Save – Insureds without accidents can save as much as half off their rates as compared to drivers with claims.
- New Vehicle Savings – Buying a new car model can be considerably cheaper compared to insuring an older model.
- Onboard Data Collection – Insureds that choose to allow data collection to track their driving habits by installing a telematics device such as State Farm’s In-Drive may get a rate reduction as long as they are good drivers.
- Discount for Passive Restraints – Vehicles with factory air bags could see savings of up to 25% or more.
- Payment Method – If you pay your entire premium ahead of time as opposed to paying monthly you can avoid the installment charge.
A quick disclaimer, most discounts do not apply to the entire cost. Some only reduce individual premiums such as comprehensive or collision. If you do the math and it seems like all the discounts add up to a free policy, you won’t be that lucky.
The chart below shows the difference between Lincoln MKZ insurance premiums with and without some available policy discounts. The prices are based on a male driver, no claims, a clean driving record, Ohio state minimum liability limits, full physical damage coverage, and $100 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, homeowner, and marriage discounts applied.
The best car insurance companies and their offered discounts are detailed below.
- GEICO has discounts for military active duty, driver training, defensive driver, multi-vehicle, multi-policy, daytime running lights, and federal employee.
- Travelers has savings for early quote, save driver, multi-policy, new car, and multi-car.
- Farm Bureau policyholders can earn discounts including multi-vehicle, youthful driver, safe driver, 55 and retired, renewal discount, good student, and multi-policy.
- Liberty Mutual includes discounts for good student, hybrid vehicle, newly retired, teen driver discount, multi-car, and newly married.
- American Family may include discounts for multi-vehicle, TimeAway discount, bundled insurance, early bird, mySafetyValet, and defensive driver.
- Progressive may offer discounts for continuous coverage, online quote discount, multi-vehicle, online signing, multi-policy, homeowner, and good student.
When comparing rates, check with each company or agent which discounts they offer. Savings may not apply to policies in Toledo.
Insurance agents near you
Many drivers prefer to have an agent’s advice and that can be a smart move Experienced insurance agents are highly skilled in risk management and help in the event of a claim. One of the great benefits of getting free rate quotes online is the fact that drivers can get cheap car insurance quotes and still have an agent to talk to. And supporting small agencies is especially important in Toledo.
For easy comparison, once you complete this short form, your insurance coverage information is immediately sent to agents in your area who want to provide quotes for your car insurance coverage. You won’t need to find an agent on your own since rate quotes are delivered to you directly. If you want to quote rates for a specific company, feel free to navigate to their website and submit a quote form there.
If you need to find local Toledo agents, you should know the types of insurance agents and how they are distinctly different. Car insurance agencies can be categorized as either independent agents or exclusive agents. Either one can do a good job, but it’s important to know the difference between them because it can influence buying decisions.
Independent Car Insurance Agents (or Brokers)
These type of agents do not work for one specific company so they have the ability to put coverage through many different car insurance companies and get you the best rates possible. If they quote lower rates, your agent can just switch to a different company and that require little work on your part.
When comparison shopping, you will definitely want to get several quotes from several independent agencies for the best price selection. Most also write with smaller mutual companies that can offer cheaper rates than bigger companies.
The following are independent agencies in Toledo that can give you comparison quotes.
- Mouch Insurance Associates, Inc.
3132 W Sylvania Ave – Toledo, OH 43623 – (419) 725-0056 – View Map - RBI Insurance and Financial Services
3421 N Holland Sylvania Rd – Toledo, OH 43615 – (419) 841-4446 – View Map - Fox Insurance
4560 Heatherdowns Blvd # 103 – Toledo, OH 43614 – (419) 385-2797 – View Map
Exclusive Agencies
Agents that elect to be exclusive can only provide one company’s prices like AAA, State Farm, Farmers Insurance, and Allstate. These agents are unable to provide prices from multiple companies so you might not find the best rates. Exclusive agents are trained well on their company’s products which helps offset the inability to provide other markets. Some insured continue to choose to use an exclusive agent primarily because of the prominent brand name rather than low rates.
Listed below is a short list of exclusive insurance agencies in Toledo who can help you get rate quotes.
- American Family Insurance – Doug Zajac
2119 W Sylvania Ave – Toledo, OH 43613 – (419) 472-5154 – View Map - Vince Davis State Farm Insurance
3344 Secor Rd – Toledo, OH 43606 – (419) 244-2904 – View Map - State Farm: Rex Sims
111 N Reynolds Rd – Toledo, OH 43615 – (419) 531-4036 – View Map
Selecting a insurance agent should depend on more than just the quoted price. These are some valid questions you should ask.
- Do they have designations such as AIC, CPCU, or CIC?
- Will their companies depreciate repairs to your car based on the mileage?
- Is the agent and/or agency licensed to do business in Ohio?
- How much will you save each year by using a higher deductible?
- Is every driver in your family covered?
- How experienced are they in personal risk management?
- Will a damage claim use OEM or aftermarket replacement parts?
After receiving answers to your satisfaction for all questions you ask and an acceptable price quote, you’ve probably found an insurance agency that meets your needs to properly service your car insurance policy.
Toledo car insurance company ratings
Insuring your vehicle with the highest-rated auto insurance company is difficult considering how many companies sell coverage in Toledo. The ranking information in the next section may help you analyze which providers to look at comparing rates with.
Top 10 Toledo Car Insurance Companies Overall
- USAA
- 21st Century
- GEICO
- Nationwide
- AAA Insurance
- Liberty Mutual
- Safeco Insurance
- State Farm
- Travelers
- American Family
When to get professional advice
Always remember that when buying insurance from an agent or online for your vehicles, there isn’t really a single plan that fits everyone. Every situation is different.
For example, these questions may help highlight if your situation might need an agent’s assistance.
- How much cheaper are high deductibles?
- What is GAP insurance?
- What is glass protection for?
- Can I afford low physical damage deductibles?
- Is my son or daughter covered when driving my car?
- Can I insure my car for more than it’s worth?
- How does medical payments coverage work?
If you’re not sure about those questions but a few of them apply, you might consider talking to an agent. To find lower rates from a local agent, fill out this quick form. It only takes a few minutes and you can get the answers you need.
Quote often and quote early
Budget-friendly auto insurance in Toledo is definitely available online and also from your neighborhood Toledo agents, so you should compare both in order to have the best price selection to choose from. Some auto insurance companies do not offer online quoting and usually these regional insurance providers provide coverage only through independent insurance agents.
Throughout this article, we presented some good ideas how you can lower your Lincoln MKZ insurance prices in Toledo. The most important thing to understand is the more you quote Toledo car insurance, the more likely it is that you will get a better rate. Drivers may even discover the lowest prices are with a smaller regional carrier.
Insureds change insurance companies for any number of reasons including an unsatisfactory settlement offer, delays in paying claims, denial of a claim or high prices. It doesn’t matter what your reason, finding a new auto insurance company can be easy and end up saving you some money.
To learn more, link through to the resources below:
- Coverage Information (Progressive Insurance)
- What Car Insurance is Cheapest for a Honda Civic in Toledo? (FAQ)
- How Does Hitting a Deer Impact Insurance Rates? (Allstate)
- Keeping Children Safe in Crashes Video (iihs.org)
- Vehicle Size and Weight FAQ (iihs.org)