How Much Does 2012 Mitsubishi Lancer Insurance Cost?
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UPDATED: Sep 2, 2022
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Trying to find lower auto insurance rates for your Mitsubishi Lancer? Perplexed by the dozens of auto insurance company choices? You’re not alone. You have so many options available that it can turn into a real hassle to locate the lowest price.
How to Lower Your Insurance Cost
When shopping for insurance there are multiple ways of comparing rates from local insurance companies. The simplest method to find the cheapest 2012 Mitsubishi Lancer insurance rates consists of obtaining rate quotes online. This can be accomplished in just a few minutes using one of these methods.
One of the best ways to find low rates is an all-inclusive rate comparison (click to open form in new window). This method prevents you from having to do repetitive form submissions for each company you want a rate for. One quote request gets you coverage quotes direct from many companies. It’s the fastest way to compare.
Another way to shop for insurance online requires a trip to each individual company website and fill out their own quote form. For examples sake, let’s say you want rates from GEICO, Allstate and Farmers. To get each rate you have to spend time on each company’s site to enter your coverage information, which is why most consumers use the first method.
For a list of links to insurance companies in your area, click here.
The most time-consuming way of comparing rate quotes is to drive around to local insurance agencies. Buying insurance online has reduced the need for local agents unless you have a need for the professional guidance that only a license agent can provide. It is possible to find lower rates online and still use a local agent.
Whichever way you use, ensure you’re using identical deductibles and coverage limits with every price quote. If you use mixed coverages it will be very difficult to determine the lowest rate for your Mitsubishi Lancer. Having just a slight variation in insurance coverages can result in a big premium difference. Just keep in mind that comparing a large number of companies provides better odds of finding better pricing.
Is there truth in advertising?
Insurance companies such as Allstate, GEICO and Progressive constantly bombard you with ads on television and other media. They all seem to say the same thing that you can save if you switch your coverage to them. How do they all make the same claim?
All the different companies can use profiling for the type of customer that is profitable for them. A good example of a desirable insured might be over the age of 50, is a homeowner, and drives newer vehicles. Any new insured who matches those parameters is entitled to the best price and therefore will save when they switch companies.
Potential insureds who do not match these standards will be charged a higher premium and ends up with the driver buying from a lower-cost company. The ads say “people who switch” but not “drivers who get quotes” save money. That’s why companies can truthfully state the savings. That is why drivers must get quotes from several different companies. It’s impossible to know which company will fit your personal profile best.
Discounts are basically free money
Auto insurance companies do not advertise every available discount in an easy-to-find place, so the following is a list of some of the best known and also the lesser-known discounts you could be receiving.
- Military Rewards – Having a deployed family member could mean lower rates.
- Homeowners Pay Less – Being a homeowner can save you money because of the fact that having a home shows financial diligence.
- Safe Drivers – Insureds without accidents can get discounts for up to 45% lower rates on Lancer insurance than less cautious drivers.
- Life Insurance Discount – Select insurance companies reward you with a break if you buy a life insurance policy as well.
- Passive Restraint Discount – Factory air bags or automatic seat belts may earn rate discounts up to 30%.
- Driver’s Ed – Cut your cost by having your teen driver enroll in driver’s education if offered at their school.
- Sign Online – A few companies will discount your bill up to fifty bucks for buying your policy over the internet.
- Seat Belt Usage – Drivers who require all occupants to buckle their seat belts can save up to 15% off your PIP or medical payments premium.
Consumers should know that most credits do not apply to all coverage premiums. The majority will only reduce the cost of specific coverages such as comprehensive or collision. So even though it sounds like all the discounts add up to a free policy, it doesn’t quite work that way.
A partial list of companies that may offer some of the above discounts include:
Double check with every prospective company how you can save money. All car insurance discounts may not apply in your state.
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Which insurance is the “right” coverage?
When buying the right insurance coverage for your vehicles, there is no perfect coverage plan. Each situation is unique.
These are some specific questions might point out whether you might need professional guidance.
- I have a DUI can I still get coverage?
- Are my friends covered when driving my car?
- Who is covered when they drive my 2012 Mitsubishi Lancer?
- Will I lose any money if I cancel my policy before it expires?
- I don’t drive much so do I pay less?
- What if I owe more than I can insure my car for?
- How do I insure my teen driver?
- What discounts do I qualify for?
If you can’t answer these questions, you might consider talking to a licensed insurance agent. If you don’t have a local agent, complete this form.
Insurance policy specifics
Having a good grasp of your policy can be of help when determining the right coverages at the best deductibles and correct limits. The terms used in a policy can be difficult to understand and reading a policy is terribly boring.
Liability insurance will cover damage or injury you incur to other people or property that is your fault. It protects you from legal claims by others. Liability doesn’t cover your injuries or vehicle damage.
Coverage consists of three different limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. As an example, you may have limits of 100/300/100 that means you have a limit of $100,000 per injured person, a total of $300,000 of bodily injury coverage per accident, and property damage coverage for $100,000.
Liability can pay for claims like medical expenses, repair bills for other people’s vehicles, pain and suffering and legal defense fees. The amount of liability coverage you purchase is your choice, but it’s cheap coverage so purchase as large an amount as possible.
UM/UIM (Uninsured/Underinsured Motorist) coverage
Your UM/UIM coverage provides protection from other drivers when they are uninsured or don’t have enough coverage. Covered losses include injuries sustained by your vehicle’s occupants and damage to your Mitsubishi Lancer.
Due to the fact that many drivers carry very low liability coverage limits, their liability coverage can quickly be exhausted. For this reason, having high UM/UIM coverages is very important.
This pays for damage to your Lancer from colliding with another car or object. You have to pay a deductible then the remaining damage will be paid by your insurance company.
Collision insurance covers things like scraping a guard rail, crashing into a ditch and sustaining damage from a pot hole. Collision is rather expensive coverage, so you might think about dropping it from vehicles that are older. You can also raise the deductible to get cheaper collision coverage.
Comprehensive auto coverage
This pays to fix your vehicle from damage OTHER than collision with another vehicle or object. You need to pay your deductible first then the remaining damage will be covered by your comprehensive coverage.
Comprehensive can pay for things such as vandalism, falling objects, damage from flooding and hitting a bird. The maximum payout a insurance company will pay at claim time is the market value of your vehicle, so if your deductible is as high as the vehicle’s value it’s probably time to drop comprehensive insurance.
Medical payments and PIP coverage
Med pay and PIP coverage provide coverage for immediate expenses for funeral costs, doctor visits, ambulance fees, hospital visits and rehabilitation expenses. They are often used to cover expenses not covered by your health insurance plan or if there is no health insurance coverage. Coverage applies to not only the driver but also the vehicle occupants as well as if you are hit as a while walking down the street. PIP is not universally available and gives slightly broader coverage than med pay
A tidy conclusion
As you restructure your insurance plan, make sure you don’t skimp on coverage in order to save money. There are a lot of situations where someone dropped physical damage coverage and found out when filing a claim that saving that couple of dollars actually costed them tens of thousands. The ultimate goal is to find the BEST coverage at the best price.
You just read quite a bit of information on how to reduce 2012 Mitsubishi Lancer insurance prices online. The key thing to remember is the more quotes you get, the higher your chance of finding lower rates. Consumers could even find that the lowest rates come from some of the smallest insurance companies.
Affordable insurance is available both online as well as from independent agents, so you should be comparing quotes from both so you have a total pricing picture. Some companies don’t offer online quoting and these regional insurance providers work with independent agents.
To learn more, link through to the resources below:
- Senior Drivers (Insurance Information Insitute)
- Information for Teen Drivers (GEICO)
- Distracted Driving Statistics (Insurance Information Insitute)
- Auto Insurance 101 (About.com)
- Cellphones, Texting and Driving (iihs.org)
- What if I Can’t Find Coverage? (Insurance Information Insitute)
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