Cheapest 2004 Mitsubishi Lancer Insurance Rates in 2023
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UPDATED: Aug 23, 2022
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Feel like you’re a prisoner to an overpriced auto insurance policy? Believe me, many consumers are feeling buyer’s remorse and feel like there’s no way out.
Because you have many insurance companies to choose from, it is hard for the average consumer to locate the best company.
You need to compare rates before your policy renews because prices are variable and change quite frequently. Just because you had the best rates for Lancer insurance a year ago you can probably find a lower rate today. Block out anything you think you know about auto insurance because we’re going to demonstrate the only way to buy cheaper auto insurance.
Finding affordable coverage is easy if you know what you’re doing. If you are paying for car insurance now, you should be able to save some money using these methods. But car owners must comprehend how insurance companies market insurance on the web.
Mitsubishi Lancer rates are in the details
It’s important that you understand the factors that play a part in calculating the price you pay for insurance coverage. Having a good understanding of what impacts premium levels helps enable you to make changes that may reward you with much lower annual insurance costs.
Shown below are a few of the “ingredients” that factor into rates.
- Do you need the policy add-ons? – There are many extra coverages you can purchase when buying insurance coverage. Coverages like vanishing deductibles, better glass coverage and membership fees are examples of these. These may sound like a good investment at first, but your needs may have changed so get rid of them and save.
- Teen drivers pay high rates – Youthful drivers are known to be less responsible when behind the wheel so insurance coverage rates are higher. Older insureds tend to be more responsible, statistically cause fewer accidents and are safer drivers.
- Poor credit can mean higher rates – Credit rating is a big factor in your rate calculation. People with excellent credit tend to be more responsible as compared to drivers with lower credit scores. If your credit score can use some improvement, you could pay less to insure your 2004 Mitsubishi Lancer by repairing your credit.
- Males pay more for insurance – Statistics demonstrate women tend to be less risk to insure than men. However, this does not mean women are BETTER drivers than men. Men and women tend to get into accidents in similar numbers, but the males have costlier accidents. They also get more serious tickets such as DWI and reckless driving. Young males tend to get in the most accidents and are penalized with high insurance coverage rates.
- Bad driving skills means higher rates – Just one speeding ticket can bump up the cost twenty percent or more. Drivers who don’t get tickets get better rates than bad drivers. Drivers who have serious citations such as DUI or reckless driving may need to submit a SR-22 or proof of financial responsibility with their state DMV in order to continue driving.
- Multiple policies with one company can save – Most companies provide better rates to insureds who have multiple policies with them such as combining an auto and homeowners policy. This can amount to anywhere from five to ten percent in most cases. Even though this discount sounds good, it’s still a good idea to comparison shop to verify if the discount is saving money. You may still be able to find a better deal by buying insurance from more than one company.
- Your job and insurance rates – Did you know your job can affect your rates? Occupations like lawyers, business owners and dentists tend to have the highest average rates attributed to stressful work requirements and lengthy work days. Other professions such as scientists, historians and homemakers receive lower rates for Lancer insurance.
Companies offer discounts so take them!
Companies offering auto insurance don’t always advertise all available discounts in an easy-to-find place, so we researched some of the more common and the harder-to-find ways to save on insurance coverage.
- New Vehicle Savings – Insuring a new car can save up to 30% because new vehicles have to meet stringent safety requirements.
- Pay Now and Pay Less – If you pay your bill all at once instead of paying each month you may reduce your total bill.
- Discount for Swiching Early – Some companies give discounts for switching to them prior to your current policy expiring. The savings is around 10%.
- Low Mileage – Keeping the miles down on your Mitsubishi can earn better rates on cars that stay parked.
- Lower Rates for Military – Being deployed with a military unit could mean lower rates.
- Passive Restraints – Vehicles with factory air bags or automatic seat belts can get savings of more than 20%.
A little note about advertised discounts, many deductions do not apply to all coverage premiums. Some only apply to individual premiums such as physical damage coverage or medical payments. So even though it sounds like adding up those discounts means a free policy, you won’t be that lucky.
A partial list of companies that possibly offer some of the above discounts are:
It’s a good idea to ask every prospective company what discounts are available to you. All car insurance discounts may not be available in every state.
Do you really save 40% when you switch?
Companies like 21st Century, Allstate and State Farm continually stream television and radio advertisements. All the ads make an identical promise about savings after switching your policy. But how can every company claim to save you money?
Insurance companies have a certain “appetite” for the type of customer they prefer to insure. An example of a driver they prefer might be profiled as a mature driver, has no tickets, and has a high credit rating. A propective insured who meets those qualifications receives the best rates and most likely will save a lot of money.
Potential customers who don’t measure up to the requirements will have to pay higher premiums and this can result in the driver buying from a lower-cost company. The ads state “customers who switch” not “everybody who quotes” save that kind of money. This is how companies can truthfully make the claims of big savings. Because of the profiling, drivers must compare as many rates as you can. Because you never know the company that will have the lowest Mitsubishi Lancer insurance rates.
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Do I just need basic coverages?
When it comes to choosing the right insurance coverage, there is no single plan that fits everyone. Each situation is unique so your insurance should reflect that For instance, these questions might help in determining whether you would benefit from an agent’s advice.
- Is there coverage for injuries to my pets?
- Are rental cars covered under my policy?
- Am I covered when driving someone else’s vehicle?
- How can I get my company to pay me more for my totalled car?
- How can I force my company to pay a claim?
- Am I covered when driving in Canada or Mexico?
- Should I sign the liability waiver when renting a car?
- Is extra glass coverage worth it?
- Am I covered when pulling a rental trailer?
If it’s difficult to answer those questions but you think they might apply to your situation then you might want to talk 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.
Parts of your insurance policy
Understanding the coverages of insurance helps when choosing which coverages you need for your vehicles. Insurance terms can be difficult to understand and nobody wants to actually read their policy. Listed below are the normal coverages found on the average insurance policy.
Liability auto insurance – Liability coverage will cover damages or injuries you inflict on other’s property or people by causing an accident. It protects YOU from claims by other people. Liability doesn’t cover damage to your own property or vehicle.
Split limit liability has three limits of coverage: bodily injury per person, bodily injury per accident and property damage. You might see policy limits of 25/50/25 that translate to a limit of $25,000 per injured person, a total of $50,000 of bodily injury coverage per accident, and a limit of $25,000 paid for damaged property.
Liability coverage pays for things such as medical services, emergency aid, court costs, loss of income and repair bills for other people’s vehicles. How much liability coverage do you need? That is a decision to put some thought into, but buy as large an amount as possible.
Insurance for medical payments – Coverage for medical payments and/or PIP kick in for expenses such as surgery, prosthetic devices and pain medications. The coverages can be used to cover expenses not covered by your health insurance program or if you do not have health coverage. It covers both the driver and occupants in addition to getting struck while a pedestrian. PIP coverage is not an option in every state but can be used in place of medical payments coverage
Collision – Collision coverage pays for damage to your Lancer caused by collision with another car or object. You first must pay a deductible and the rest of the damage will be paid by collision coverage.
Collision can pay for things such as crashing into a ditch, backing into a parked car, damaging your car on a curb and colliding with another moving vehicle. This coverage can be expensive, so consider dropping it from vehicles that are older. It’s also possible to choose a higher deductible to bring the cost down.
Uninsured Motorist or Underinsured Motorist insurance – Your UM/UIM coverage protects you and your vehicle from other motorists when they either are underinsured or have no liability coverage at all. Covered losses include hospital bills for your injuries as well as your vehicle’s damage.
Since many drivers have only the minimum liability required by law, their liability coverage can quickly be exhausted. This is the reason having UM/UIM coverage is very important.
Comprehensive coverage (or Other than Collision) – This pays for damage caused by mother nature, theft, vandalism and other events. You need to pay your deductible first and the remainder of the damage will be paid by comprehensive coverage.
Comprehensive insurance covers claims such as damage from flooding, fire damage, theft and hitting a deer. The highest amount you’ll receive from a claim is the market value of your vehicle, so if the vehicle is not worth much it’s not worth carrying full coverage.
Better coverage you can count on
As you go through the steps to switch your coverage, make sure you don’t sacrifice coverage to reduce premiums. In many cases, an insured cut collision coverage and discovered at claim time that saving that couple of dollars actually costed them tens of thousands. The proper strategy is to find the BEST coverage for the lowest price while not skimping on critical coverages.
Cost effective 2004 Mitsubishi Lancer insurance is possible from both online companies in addition to many insurance agents, so you should compare both so you have a total pricing picture. Some insurance providers do not provide the ability to get a quote online and these small, regional companies work with independent agents.
- When is the Right Time to Switch Car Insurance Companies? (Allstate)
- Collision Insurance Coverage (Nationwide)
- State Car Insurance Guides (GEICO)
- Side Impact Crash Tests (iihs.org)
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