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.
This answer was first published on 10/18/23 and it was last updated on 03/08/24. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
FAQs
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.
Why is mercury so cheap? ›
Mercury is so cheap because the company offers a wide variety of discounts that almost anyone can get.
Is Mercury a bad insurance company? ›
With an overall score of 4.2/5 in 2024, Mercury is an above-average insurance company. Read more about Mercury's reviews, complaints and prices before you buy.
How much is the cancellation fee for Mercury Insurance? ›
Does Mercury Insurance have a cancellation fee? Mercury Insurance charges a cancellation fee if you cancel your auto insurance policy before the end of your term. This is usually around 10% of the remaining amount left to pay on your policy, but you should check with your insurance agent before canceling.
Why did my Mercury homeowners insurance go up? ›
Your rates are based heavily on how much dwelling coverage is in your policy — this is the part of your home insurance that pays to rebuild your home if it's damaged. Higher rebuild costs due to inflation means homes are requiring higher dwelling coverage limits to keep up with the rising prices.
Is Mercury the cheapest insurance? ›
Mercury is the cheapest overall mid-size insurance company in California, according to our research, offering rates at an average of $558 per year for minimum coverage and $1,748 per year for full coverage.
Why is mercury so valuable? ›
As a good conductor of electricity, mercury is often used in many products such as switches and batteries. It is used to amalgamate gold and silver in small scale mining activities because it readily combines with other metals.
Is mercury more rare than gold? ›
15 elements on earth are rarer than gold
In nature, thalium, uranium, plutonium, bismuth, polonium, astatine, radon, francium, radium, actinium, thorium, protactinium, neptunium, lead and mercury occur even more rarely than gold.
Why is mercury banned? ›
Mercury is a chemical that is highly toxic to humans and the environment. When it is released into the environment, it enters the food chain where it accumulates mainly in fish. Exposure to high levels of mercury can cause harm to the brain, lungs, kidneys and immune system.
Who is Mercury owned by? ›
Ford completely phased out the Mercury brand in 2011, as the company refocused its marketing and engineering efforts solely on the Ford and Lincoln brands.
Mercury is a Defense Microelectronics Activity (DMEA) accredited "trusted supplier" and a Trusted Electronic Designer, Fabricator and Assembler with IPC-1791-certified facilities manufacturing logic components ranging from DMEA microelectronics to motherboards.
What is the biggest insurance company failure? ›
Bankruptcy of Executive Life Insurance Company
Executive Life Insurance Company is regarded to be the biggest bankruptcy of an insurance company in the United States in the course of recent years. Based in California, the life company had to file for bankruptcy in 1991 following disastrous investments in junk bonds.
Can you cancel car insurance anytime with Mercury? ›
You can cancel your Mercury insurance policy at any time. Mercury will provide a refund if you paid for coverage you didn't use. You'll also need to pay a $50 cancellation fee ($10 in California) if you cancel the policy while it's active.
Is Mercury insurance financially stable? ›
Also we consistently earn “A” ratings from A.M. Best, one of the insurance industry's most trusted rating agencies that reports on insurers' financial stability.
How much is the termination fee for Mercury? ›
If you terminate or switch electricity providers within the Term, you'll need to pay an Early Termination Fee (this will be added to your next bill). This Early Termination Fee will be $300 in month 1 and will reduce by $25 each month over the term of your Agreement.
Is Mercury expensive to maintain? ›
Mercury Repair & Maintenance Costs
The annual maintenance cost of a Mercury is $775. Repair and maintenance costs vary depending on age, mileage, location and shop.
What is the most expensive health insurance? ›
Platinum health insurance is the most expensive type of health care coverage you can purchase. You pay low out-of-pocket expenses for appointments and services, but high monthly premiums. Plans typically feature a small deductible or no deductible and cheap copays or coinsurance.
Does Mercury Insurance give discount for Costco members? ›
Costco/Sam's Club Members - A reduction in BI, PD, UMBI, Medical, Comprehensive and Collision premiums is available if the insured is a member of Costco or Sam's Club. Pilots - A reduction in BI, PD, UMBI, Medical, Comprehensive and Collision premiums is available if the insured is a pilot.
Why am I paying so much for health insurance? ›
Administrative Overhead: Health insurers often have substantial administrative overhead, including marketing, underwriting, and claims processing. These costs are passed on to consumers in the form of higher premiums, which can contribute to overall healthcare expenditure.
