Finding a quality car insurance company doesn’t have to be a challenge, especially with so much information on cost, coverage, and customer service available on the internet. One insurance company that offers coverage for home, auto, and businesses is Mercury Insurance. While popular for being affordable compared to many of its large-scale competitors, Mercury Insurance’s small business model can have customers divided over the company’s efficiency and helpfulness. Keep reading to learn more about Mercury Insurance, including who they are, what they cover, and how much it costs to use their auto insurance.
What Is Car Insurance?
Car insurance, also known as auto insurance, is a contract between an insurance company and a driver. They agree on a premium for the driver to pay in exchange for coverage in the event of an accident, theft, or physical damage to the vehicle. Having quality car insurance can save you a substantial amount of money in the event of a collision or other unforeseen circumstances. Rather than having to pay for repairs and additional liability costs out of pocket, your insurance coverage guarantees a certain level of protection that lessens your costs to a smaller deductible.
What Is Mercury Insurance?
Mercury Insurance is an insurance company that offers coverage for home, business, and auto. The company got its start in 1961 and since then has become one of the leading independent auto insurers in California. Mercury insurance is only available in 11 states, which include Arizona, California, Florida, Georgia, Illinois, Nevada, New Jersey, Oklahoma, Texas, and Virginia.
Because Mercury operates at a smaller capacity than some of the major insurers in the country, you can only purchase a policy directly from an agent. Customers also don’t have access to online claims filings, which means you have to use the company’s hotline to speak to an agent and make a claim. Mercury provides coverage in many of the common areas of auto insurance, including:
- Rental Car
- Medical Payments
- Uninsured and Underinsured Motor Vehicle
How Much Does Mercury Insurance Cost?
According to Wallet Hub, Mercury auto insurance can cost $675 per year on average for a minimum coverage policy, which totals about $56 per month. A year of full coverage auto insurance from Mercury can cost approximately $1,919. It’s important to mention that insurance rates depend largely on other elements. Here are some of the most common factors that can influence how much insurance companies charge you in monthly premiums:
Your driving record can make a major impact on how much car insurance companies charge you for your premium. Typically, insurers want to offer discounts to customers they feel will be as minimal of a cost to them as possible, so people with clean driving records tend to be more valuable and thus can apply for special discounts.
Financial history is another important element when insurers decide how much your rates will be. People with strong credit scores tend to get better rates on their insurance, mainly because their high credit performance indicates that they can budget their income and pay their bills on time.
Age can also influence how much you have to pay for car insurance, especially if you’re on the younger or older sides of the spectrum. Teens and young adults tend to have higher premiums than middle-aged people due to their lack of experience on the road, while the elderly often pay high rates because of their higher incidence of collisions.
Where you live can determine how much you pay for car insurance, especially if you live in a highly-populated area with a lot of traffic. The more cars there are on the road, the higher chances there are that people can get into accidents, which is why larger cities tend to have higher auto insurance rates than more rural areas.
Tips for Saving On Auto Insurance
Car insurance expenses can accumulate quickly, especially with all the other payments you will make every month. Here are some tips you can use to help decrease your monthly insurance payments and save money in the long run:
Explore Different Options
The best tip you can follow when choosing a car insurance company and plan is to explore all of your options. Request free quotes from as many insurers as possible and let agents know that you’re cross-comparing different companies to see if they can work with you to find the perfect coverage and rate.
Find Discounts You Qualify for
You can also save a lot on your monthly insurance costs by researching all the discounts insurers provide and calculating how much you could save when you apply them. Auto insurers tend to offer discounts to people with clean driving records and often offer lower rates to students who provide proof of a high grade point average.
Build Your Credit
A lesser-known method for reducing how much you pay in monthly premiums for your auto insurance is to work towards building your credit. Stay on top of your finances by paying bills on time and repaying your debts to prove to insurers that you’re a dependable client who could benefit from a discount on your premium.
No matter which auto insurance company you decide to go with, what matters is that you feel comfortable and confident with your coverage and the price you have to pay as part of your monthly or annual premium. You can benefit substantially from putting in the extra effort to explore all of your options and find the best discounts, saving a lot of money in the end. If you’re working to improve your credit and increase your chances of getting discounts, put your efforts towards paying your bills on time and maintaining a safe driving record.
At FIXD, our mission is to make car ownership as simple, easy, and affordable as possible. Our research team utilizes the latest automotive data and insights to create tools and resources that help drivers get peace of mind and save money over the life of their car.