Having to pay for pricey auto insurance in Philadelphia can take a big chunk out of your savings and force you to make sacrifices.
A recent NerdWallet.com study revealed that almost 70% of insureds in Pennsylvania have been with the same company for more than four years, and virtually 40% of consumers have never compared rates to find lower-cost insurance. U.S. drivers can cut their rates by approximately $859 a year just by comparing rates, but they don’t invest the time required to shop around. Insurance companies such as State Farm and GEICO persitently shower you with TV and radio ads and it is difficult to ignore the flashy ads and effectively compare rates to find the best deal.
You should make it a habit to check auto insurance prices every six months since prices change regularly. Even if you think you had the best rate on Lincoln MKS insurance in Philadelphia a couple years back a different company probably has better premium rates today. Forget all the misinformation about auto insurance because I’m going to let you in on the secrets to one of the best ways to get good coverage on Lincoln MKS insurance in Philadelphia at a lower rate.
Getting cheap Lincoln MKS insurance pricing is pretty simple and can save money. The only requirement is to spend a little time comparing rates to discover which company has cheaper Philadelphia car insurance quotes.
Getting quotes online is very simple and it makes it a waste of time to spend your day driving to all the different Philadelphia insurance agencies. Doing it all online reduces the need to sit down with an agent unless your situation requires the professional advice of a licensed agent. Although, it is possible obtain prices from the web and still use a local agent.
The providers in the list below are ready to provide free quotes in Pennsylvania. If more than one company is shown, it’s highly recommended you compare several of them to find the most affordable auto insurance rates.
Auto insurance statistics and figures
The rate table shown below showcases different rate quotes for Lincoln MKS models. Understanding more about how car insurance prices are figured can be valuable when making informed decisions.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|MKS AWD 4-Dr Sedan||$350||$798||$338||$20||$102||$1,608||$134|
|MKS 4-Dr Sedan||$350||$798||$338||$20||$102||$1,608||$134|
|MKS Ecoboost AWD 4-Dr Sedan||$384||$904||$338||$20||$102||$1,748||$146|
|Get Your Own Customized Quote Go|
Data assumes single male driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and Pennsylvania minimum liability limits. Discounts applied include homeowner, safe-driver, claim-free, multi-policy, and multi-vehicle. Prices do not factor in specific location which can change coverage prices noticeably.
Should you buy full coverage?
The chart below shows the difference between Lincoln MKS auto insurance costs when comparing full coverage to liability only. The premium estimates are based on no claims or violations, $500 deductibles, single marital status, and no discounts are taken into consideration.
Should you buy full coverage or liability only?
There is no definitive guideline to exclude comprehensive and collision coverage on your policy, but there is a general convention. If the yearly cost of comp and collision coverage is about 10% or more of any settlement you would receive from your insurance company, then it could be time to drop full coverage.
For example, let’s assume your Lincoln MKS claim settlement value is $8,000 and you have $1,000 deductibles. If your vehicle is totaled, the most your company would pay you is $7,000 after the deductible is paid. If it’s costing you more than $700 annually for full coverage, then you might consider buying liability only.
There are some circumstances where dropping full coverage is not a good idea. If you haven’t paid off your loan, you are required to maintain full coverage as part of the loan requirements. Also, if you cannot afford to purchase a different vehicle in case of an accident, you should maintain full coverage.
Auto insurance protects more than just your car
Despite the high cost, insuring your vehicle serves an important purpose.
First, the majority of states have minimum liability requirements which means you are required to carry a minimum amount of liability protection in order to drive the car legally. In Pennsylvania these limits are 15/30/5 which means you must have $15,000 of bodily injury coverage per person, $30,000 of bodily injury coverage per accident, and $5,000 of property damage coverage.
Second, if you took out a loan on your vehicle, more than likely the lender will have a requirement that you have comprehensive coverage to guarantee loan repayment. If you do not keep the policy in force, the bank or lender will purchase a policy for your Lincoln at a much higher rate and force you to reimburse them for the expensive policy.
Third, auto insurance preserves both your Lincoln and your personal assets. Insurance will also pay for hospital and medical expenses for you, your passengers, and anyone else injured in an accident. Liability coverage will also pay for a defense attorney if you are named as a defendant in an auto accident. If mother nature or an accident damages your car, your auto insurance policy will pay to repair the damage.
The benefits of buying enough insurance definitely exceed the price paid, particularly if you ever have a claim. But the average driver in Pennsylvania overpays as much as $865 each year so compare quotes from several companies once a year at a minimum to help ensure money is not being wasted.
Smart Consumers Can Lower Insurance Rates
Smart consumers have a good feel for some of the factors that come into play when calculating the rates you pay for insurance. When you know what positively or negatively influences your rates, this enables informed choices that may result in big savings.
Shown below are a few of the things that factor into your premiums.
Rates increase with driving citations – Even one chargeable violation can increase rates forty percent or more. Drivers who don’t get tickets pay less for auto insurance than their less careful counterparts. Drivers who have license-revoking citations such as DUI or willful reckless driving are required to prove financial responsibility with their state DMV in order to keep their license.
The example below illustrates how traffic citations and accident claims can influence Lincoln MKS auto insurance costs for each different age category. The rates are based on a single male driver, full physical damage coverage, $500 deductibles, and no discounts are factored in.
Male rates may be higher – Over the last 30 years, statistics show that women are safer drivers than men. However, this does not mean men are WORSE drivers than women. Females and males are responsible for accidents at about the same rate, but guys get into accidents with more damage. Men also have more aggressive citations such as driving while intoxicated (DWI) or driving recklessly. Youthful male drivers are most likely to cause an accident and therefore are the most expensive to insure.
The example below shows the comparison of Lincoln MKS insurance costs for male and female drivers. The rates are based on no accidents or driving violations, comp and collision included, $250 deductibles, drivers are single, and no additional discounts are factored in.
Lower prices with GPS tracking and theft deterrents – Selecting a car model with advanced anti-theft systems can help bring down rates. Systems that thwart thieves like vehicle immobilizer systems, General Motors OnStar and LoJack tracking systems can thwart auto theft and help lower rates.
Safeguard your assets with liability – Your policy’s liability coverage provides coverage in the event that you are determined to be liable for physical damage or personal injury to other. Your liability coverage provides legal defense which can cost a lot. Liability insurance is quite affordable compared to comp and collision, so drivers should make sure they buy enough to cover all assets.
Get better prices if you’re married – Walking down the aisle may save some money on insurance. It usually means you are less irresponsible and statistics prove married drivers tend to file fewer claims.
Loss probability for a Lincoln MKS – Insurers analyze historical claim data to calculate a rate that will offset losses. Vehicles that the data determines to have higher frequency or amount of claims will have higher rates for specific coverages. The table shown below demonstrates the collected loss data for Lincoln MKS vehicles.
For each policy coverage type, the loss probability for all vehicles, regardless of manufacturer or model, is represented as 100. Values that are under 100 mean the vehicle has better than average losses, while numbers above 100 indicate higher probability of having a loss or an increased likelihood of larger losses.
|Vehicle Make and Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
|Lincoln MKS 4dr 2WD||121||90||140||78||103|
|Lincoln MKS 4dr 4WD||135||89||204||89|
|Lincoln MKS Ecoboost 4dr 4WD||139||93||153||87|
Empty fields indicate not enough data collected
Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
Do you qualify for discounts on Lincoln MKS insurance in Philadelphia?
Buying insurance is not cheap, but companies offer discounts that could help you make your next renewal payment. A few discounts will be applied when you complete an application, but a few need to be requested specifically before you get the savings. If they aren’t giving you every credit you deserve, you may be paying too high a price.
- Anti-theft System – Cars and trucks equipped with tracking devices and advanced anti-theft systems can help prevent theft and therefore earn up to a 10% discount.
- Drivers Ed for Students – Have your child enroll in driver’s education in high school.
- Driver Training Discounts – Participating in a safe driver course could cut 5% off your bill and also improve your driving technique.
- Air Bag Discount – Vehicles with factory air bags or motorized seat belts can qualify for discounts as much as 30%.
- Multi-Vehicle Discounts – Drivers who insure multiple cars on a single policy can reduce the rates for all insured vehicles.
- Cautious Drivers – Drivers without accidents can save up to 40% or more on their Philadelphia car insurance quote than less cautious drivers.
- Accident Waiver – This one is not really a discount per se, but companies like Allstate, Progressive, and GEICO will turn a blind eye to one accident before hitting you with a surcharge if you have no claims prior to the accident.
- Seat Belt Usage – Buckling up and requiring all passengers to fasten their seat belts can save 10% or more off the PIP or medical payment premium.
Keep in mind that many deductions do not apply to the whole policy. Some only reduce the cost of specific coverages such as comp or med pay. So despite the fact that it appears you would end up receiving a 100% discount, it just doesn’t work that way.
The chart below illustrates the comparison of Lincoln MKS car insurance costs with and without discounts. The information is based on a male driver, no accidents or driving violations, Pennsylvania state minimum liability limits, comprehensive and collision coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-policy, homeowner, safe-driver, claim-free, marriage, and multi-car discounts applied.
Larger insurance companies and the discounts they provide can be read below.
- State Farm may have discounts that include safe vehicle, defensive driving training, accident-free, passive restraint, Steer Clear safe driver discount, anti-theft, and Drive Safe & Save.
- American Family offers discounts including defensive driver, multi-vehicle, air bags, bundled insurance, Steer into Savings, TimeAway discount, and good driver.
- AAA policyholders can earn discounts including multi-car, education and occupation, multi-policy, pay-in-full, good student, and anti-theft.
- GEICO offers premium reductions for membership and employees, anti-lock brakes, five-year accident-free, emergency military deployment, military active duty, and defensive driver.
- Mercury Insurance has discounts for anti-theft, annual mileage, accident-free, low natural disaster claims, multi-car, location of vehicle, and professional/association.
- Farmers Insurance may include discounts for youthful driver, distant student, mature driver, multi-car, early shopping, homeowner, and teen driver.
- Progressive includes discounts for online quote discount, continuous coverage, good student, homeowner, multi-vehicle, and multi-policy.
If you are trying to find affordable Lincoln MKS insurance quotes, ask every prospective company which credits you are entitled to. Some of the earlier mentioned discounts might not apply in Philadelphia.
Buying insurance from Philadelphia car insurance agents
A lot of people still like to get professional advice from a licensed agent and doing so can bring peace of mind Most agents are highly skilled in risk management and help file insurance claims. An additional benefit of comparing insurance online is the fact that drivers can get the best rates but also keep your business local. And supporting neighborhood agents is definitely important in Philadelphia.
To find an agent, once you fill out this form (opens in new window), your insurance coverage information is instantly submitted to companies in Philadelphia who will return price quotes for your business. There is no reason to visit any agencies since price quotes are sent to the email address you provide. If you need to compare prices from a specific insurance company, don’t hesitate to go to their quote page and fill out their quote form.
The type of auto insurance agent you choose is important
If you want to use a reputable insurance agent or broker, there are two different types of agents to choose from. Insurance agencies can be categorized as either exclusive agents or independent agents. Both types of agents can write policy coverage, but it’s good to learn how they are different since it can affect the kind of agent you use.
Independent Insurance Agencies
Agents that choose to be independent often have many company appointments and that allows them to write policies through many different insurance companies and find you cheaper rates. If your premiums go up, they simply move the coverage in-house which is easy for the insured.
If you need lower rates, you definitely need to include price quotes from at least one independent agent to have the best price comparison.
Shown below is a short list of independent agents in Philadelphia who may be able to give you cheap rate quotes.
Exclusive Insurance Agencies
These agents are contracted to one company and some examples include Farmers Insurance, State Farm, or Allstate. Exclusive agents are unable to provide prices from multiple companies so if the price isn’t competitive there isn’t much they can do. Exclusive agents are highly trained on their company’s products which aids in selling service over price.
Below are exclusive agents in Philadelphia that are able to give price quote information.
Choosing the best auto insurance agent shouldn’t rely on just the bottom line cost. These are valid questions to ask:
- Do they regularly work with personal auto policies in Philadelphia?
- Does their agency support local causes in Philadelphia?
- Is the agent CPCU or CIC certified?
- Is working in the agency their full-time job?
- Are you getting all the discounts the company offers?
- Who is covered by the car insurance policy?
- Is their price quote a firm figure or are their hidden costs?
- Do you need full coverage on every vehicle?
More quotes mean more insurance savings
As you prepare to switch companies, never reduce needed coverages to save money. In many instances, consumers will sacrifice liability limits or collision coverage only to regret at claim time they didn’t purchase enough coverage. Your goal is to purchase plenty of coverage at the lowest possible cost, but do not sacrifice coverage to save money.
Budget-friendly insurance in Philadelphia is definitely available online in addition to many Philadelphia insurance agents, and you should compare price quotes from both to have the best selection. A few companies don’t offer rates over the internet and these regional insurance providers sell through independent insurance agencies.
You just learned a lot of ways to save on Lincoln MKS insurance in Philadelphia. The key thing to remember is the more times you quote, the higher the chance of saving money. You may even find the best rates are with some of the lesser-known companies. Regional companies often have lower car insurance rates on specific markets as compared to the big name companies such as Progressive or GEICO.
Additional insurance information can be found at the links below
- Airbag FAQ (iihs.org)
- Who Has Cheap Car Insurance Rates for Good Students in Philadelphia? (FAQ)
- Who Has Affordable Philadelphia Auto Insurance Rates After a Speeding Ticket? (FAQ)
- Who Has the Cheapest Philadelphia Auto Insurance Quotes for Inexperienced Drivers? (FAQ)
- What Auto Insurance is Cheapest for Young Drivers in Philadelphia? (FAQ)
- Who Has Affordable Philadelphia Car Insurance for Used Cars? (FAQ)
- Who Has Affordable Philadelphia Car Insurance Quotes for a Ford Fusion? (FAQ)
- Red Light Cameras (State Farm)
- Warning systems don’t curb driver distraction (Insurance Institute for Highway Safety)
- State Car Insurance Guides (GEICO)