Save Money on Mini Cooper Insurance in Kansas City

Insurance for Mini CooperHas it been over a year since you last compared quotes for low-cost Mini Cooper insurance in Kansas City? Pretty sure you bought high-priced Mini Cooper insurance in Kansas City? You’re preaching to the choir because you’re not alone.

It’s safe to assume that auto insurance companies don’t want you quoting rates from other companies. Insureds who shop around for cheaper price quotes are highly likely to buy a different policy because there is a high probability of finding a more affordable policy premium. A study discovered that consumers who compared prices regularly saved an average of $3,500 over four years as compared to drivers who don’t make a habit of comparing rates.

If finding the best rates on insurance is the reason you’re reading this, then knowing how to shop and compare coverages can save money and time.

How to find more affordable Mini Cooper insurance in Kansas City

If saving money is your primary concern, then the best way to find affordable Mini Cooper insurance is to make a habit of regularly comparing prices from companies that insure vehicles in Kansas City. You can compare rates by completing these steps.

First, gain an understanding of how insurance works and the measures you can control to keep rates in check. Many risk factors that result in higher prices like traffic violations and a substandard credit score can be remedied by being financially responsible and driving safely. Later in this article we will cover more information to prevent rate hikes and find discounts that may have been missed.

Second, obtain price quotes from direct, independent, and exclusive agents. Direct and exclusive agents can only provide price estimates from one company like GEICO or State Farm, while agents who are independent can quote prices from multiple companies. View rates

Third, compare the quotes to your current policy premium to see if switching to a new carrier will save money. If you find better rates, make sure there is no coverage gap between policies.

One key aspect when comparing rates is to use the same liability limits and deductibles on each quote and and to get rates from every insurance company. Doing this helps ensure a fair price comparison and a complete rate analysis.

Lots of insurance companies contend for your business, so it’s not easy to compare every provider to discover the definitive best rate on Mini Cooper insurance in Kansas City.

You should take the time to get comparison quotes as often as possible since insurance prices are rarely the same from one policy term to another. Despite the fact that you may have had the best rates on Mini Cooper insurance in Kansas City last year the chances are good that you can find a lower premium rate today. There is too much inaccurate information about Cooper insurance online but in just a couple of minutes you can learn some solid techniques on how to lower your auto insurance bill.

If you are paying for car insurance now, you should be able to get lower rates using the tips covered below. Choosing the best rates in Kansas City can be much easier if you know how to start. Nevertheless, Missouri drivers must comprehend how insurance companies set your policy premium.

Just remember that more quotes will improve the odds of getting the best offered rates. Some smaller insurers do not give rate quotes online, so you need to compare rates from them as well.

The car insurance companies shown below offer comparison quotes in Missouri. If you wish to find the cheapest car insurance in Kansas City, it’s highly recommended you visit as many as you can in order to find the most affordable rates.

Statistics and details

The coverage table displayed below outlines detailed analysis of coverage costs for Mini Cooper models. Being able to understand how auto insurance policy rates are formulated can help guide drivers when making informed decisions.

Mini Cooper Insurance Rates in Kansas City, MO
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Cooper 2-Dr Hatchback $144 $274 $256 $16 $76 $766 $64
Cooper 2-Dr Convertible $144 $274 $198 $12 $60 $688 $57
Cooper S 2-Dr Hatchback $144 $322 $256 $16 $76 $814 $68
Cooper S 2-Dr Convertible $162 $322 $198 $12 $60 $754 $63
Cooper John Cooper Works 2-Dr Hatchback $162 $322 $256 $16 $76 $832 $69
Cooper John Cooper Works 2-Dr Convertible $180 $372 $198 $12 $60 $822 $69
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Table data assumes single female driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and Missouri minimum liability limits. Discounts applied include claim-free, homeowner, safe-driver, multi-policy, and multi-vehicle. Price information does not factor in specific garaging location which can modify premiums significantly.

Comparison of policy deductibles

One common question asked by Kansas City drivers is where should you set your physical damage deductibles. The following insurance rates summarize the differences in price when you buy lower versus higher insurance deductibles. The first rate table uses a $250 physical damage coverage deductible and the second price grid uses a $500 deductible.

Mini Cooper insurance premium estimates with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Cooper 2-Dr Hatchback $206 $346 $226 $14 $68 $885 $74
Cooper 2-Dr Convertible $206 $346 $176 $10 $52 $815 $68
Cooper S 2-Dr Hatchback $206 $408 $226 $14 $68 $947 $79
Cooper S 2-Dr Convertible $232 $408 $176 $10 $52 $903 $75
Cooper John Cooper Works 2-Dr Hatchback $232 $408 $226 $14 $68 $973 $81
Cooper John Cooper Works 2-Dr Convertible $258 $470 $176 $10 $52 $991 $83
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Mini Cooper insurance premium estimates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Cooper 2-Dr Hatchback $168 $280 $226 $14 $68 $756 $63
Cooper 2-Dr Convertible $168 $280 $176 $10 $52 $686 $57
Cooper S 2-Dr Hatchback $168 $330 $226 $14 $68 $806 $67
Cooper S 2-Dr Convertible $188 $330 $176 $10 $52 $756 $63
Cooper John Cooper Works 2-Dr Hatchback $188 $330 $226 $14 $68 $826 $69
Cooper John Cooper Works 2-Dr Convertible $210 $380 $176 $10 $52 $828 $69
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Data based on married male driver age 30, no speeding tickets, no at-fault accidents, and Missouri minimum liability limits. Discounts applied include homeowner, multi-vehicle, multi-policy, safe-driver, and claim-free. Premium amounts do not factor in zip code location which can increase or decrease premiums significantly.

Based on this data, we can arrive at the conclusion that using a $250 deductible costs approximately $12 more each month or $144 a year averaged for all Cooper models than opting for the higher $500 deductible. Since you would pay $250 more out of your own pocket with a $500 deductible as compared to a $250 deductible, if you have more than 21 months between claim filings, you would probably save some money if you elect the higher deductible.

The diagram below shows how different deductible levels and can impact Mini Cooper insurance rates for different age groups of insureds. Data assumes a married male driver, comp and collision included, and no discounts are taken into consideration.

Full coverage rates compared to liability-only

The diagram below compares Mini Cooper insurance rates when comparing full coverage to liability only. The premiums are based on no accidents or driving violations, $250 deductibles, marital status is single, and no policy discounts are applied.

Guidelines for dropping full coverage

There is no exact formula of when to stop paying for full coverage, but there is a general guideline you can use. If the annual cost of having full coverage is 10% or more of replacement cost minus your deductible, then you might want to consider buying only liability coverage.

For example, let’s pretend your Mini Cooper claim settlement value is $8,000 and you have $1,000 physical damage deductibles. If your vehicle is severely damaged, you would only receive $7,000 after paying your policy deductible. If you are paying in excess of $700 a year to have full coverage, then it could be time to drop full coverage.

There are a few situations where dropping physical damage coverage is not a good plan. If you still owe a portion of the original loan, you have to maintain full coverage to satisfy the loan requirements. Also, if your savings is not enough to buy a different vehicle in the even your car is totaled, you should not remove full coverage.

The Mini Cooper Insurance Price Equation

When buying insurance it’s important to understand the different types of things that are used to determine insurance rates. If you know what determines base rates, this allows you to make educated decisions that could result in lower rates.

Traffic violations mean higher costs – Only having one driving citation can increase the cost of insurance forty percent or more. Drivers with clean records pay lower auto insurance prices as compared to careless drivers. Drivers unfortunate enough to have multiple citations like reckless driving, hit and run or driving under the influence might be required by their state to submit a SR-22 or proof of financial responsibility with their state in order to legally drive.

The information below highlights how traffic violations and accident claims can drive up Mini Cooper insurance rates for each age group. The data assumes a single male driver, full physical damage coverage, $100 deductibles, and no additional discounts are factored in.

Small coverages can add up – Insurance companies have many add-on coverages that you can buy but may not be useful. Coverages for roadside assistance, towing, and Farm Bureau memberships are probably not needed. These coverages may sound good when talking to your agent, but now you might not need them so consider taking them off your policy.

What’s your car’s IIHS safety rating? – Vehicles with good safety scores cost less to insure. Highly rated vehicles reduce occupant injuries and better occupant protection means lower claim amounts passed on to you as lower rates. If your Mini earned at least four stars on or an “acceptable” rating on you are probably receiving a discount.

Combine policies and save – Some insurance companies allow lower prices to policyholders who carry more than one policy in the form of a multi-policy discount. The amount of the discounts can be anywhere from five to ten percent in most cases. If you currently are using one company, you may still want to compare Mini Cooper rates in Kansas City to confirm you are receiving the best rates possible. It’s possible to still save money by splitting coverages up.

Poor credit score equals high premiums – Your credit score can be a huge factor in determining premium rates. So if your credit history is lower than you’d like, you could save money insuring your Mini Cooper by repairing your credit. People with high credit scores tend to be better drivers and file fewer claims than drivers who have worse credit.

Premiums are high for teenagers – Mature drivers are viewed as being more responsible, file fewer claims, and usually have better credit. Drivers with little experience tend to be careless and easily distracted with other occupants in the car and because of this, their insurance rates are much higher.

The chart below uses these assumptions: single driver, full coverage with $100 deductibles, and no discounts or violations.

Cheaper premiums for prior coverage – Not maintaining insurance is against the law and as a result your rates will increase for letting your coverage lapse. Not only will you pay more, the inability to provide proof of insurance might get you fines and jail time. You could then be forced to provide proof of insurance in the form of an SR-22 filing with the Missouri DMV.

Mini Cooper insurance loss probability – Insurers use statistical claims data in order to profitably underwrite each model. Models that are shown to have increased claim numbers or amounts will have increased rates. The table below outlines the actual insurance loss data for Mini Cooper vehicles.

For each policy coverage type, the statistical loss for all vehicles averaged together is set at 100. Numbers under 100 are indicative of better than average losses, while numbers above 100 point to more losses or tendency to have higher losses.

Insurance Loss Ratings for Mini Cooper Vehicles
Specific Mini Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
Mini Cooper 92 72 114 74 74 85
Mini Cooper Convertible 80 72 100 57
Mini Cooper Coupe 72 60
Mini Cooper Roadster Convertible 57 50 78

Empty fields indicate not enough data collected
Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years

Three main reasons to buy insurance

Even though it’s not necessarily cheap to insure a Mini in Kansas City, insuring your vehicle is mandatory in Missouri but it also protects more than you think.

First, almost all states have mandatory liability insurance requirements which means the state requires a minimum amount of liability coverage in order to license the vehicle. In Missouri these limits are 25/50/10 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.

Second, if you bought your Cooper with a loan, most banks will force you to have full coverage to guarantee their interest in the vehicle. If coverage lapses or is canceled, the lender may insure your Mini for a lot more money and force you to pay a much higher amount than you were paying before.

Third, insurance protects not only your car but also your assets. It will also reimburse you for hospital and medical expenses incurred in an accident. Liability insurance, one of your policy coverages, also covers all legal expenses up to the policy limit if someone files suit against you as the result of an accident. If you receive damage to your vehicle caused by a storm or accident, collision and comprehensive (also known as other-than-collision) coverage will cover the repair costs.

The benefits of insuring your car are without a doubt worth the cost, especially for larger claims. But the average driver in Missouri is overpaying more than $700 annually so you should quote your policy with other companies at every renewal to save money.