Candace Baker, Car Insurance Writer
@candacebaker
Mercury is so expensive because car insurance is expensive in general, due to rising costs for insurers. But at $604 per year, the average Mercury car insurance policy is actually cheaper than coverage from most competitors. In fact, Mercury is one of the cheapest car insurance companies nationally.
Even though Mercury offers cheaper-than-average rates, its premiums can get expensive for drivers with certain characteristics. For example, teenagers pay an average of $1,848 per year for Mercury insurance, compared to $604 per year for older drivers. Additionally, drivers who recently had an at-fault accident pay an average of $1,087 per year for Mercury coverage, which is 80% more than drivers with a clean record.
Factors That Can Make Mercury Insurance More Expensive
- Being a young or inexperienced driver
- Purchasing a full coverage policy versus minimum coverage
- Causing an accident or being convicted of a moving violation
- Living in a high-risk ZIP code
- Driving an expensive vehicle
- Having a poor credit-based insurance score
If you're having trouble affording your Mercury insurance, there are ways for you to lower your premium. For example, you can take advantage of Mercury discounts or reduce your coverage.
In some cases, it might be better to switch insurers altogether. It's usually a good idea to compare quotes from at least three different insurers to see if you can find a better deal elsewhere. Each insurer uses its own algorithm to calculate premiums, so even if Mercuryis charging you a high premium, you may be able to find a cheaper policy with another insurance company.
To learn more, check out WalletHub's Mercury insurance review.
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