A recent insurance study discovered that the vast majority of consumers kept buying from the same company for at least the last four years, and approximately 38% of consumers have never compared quotes from other companies. Drivers in Lexington could pocket as much as $631 a year by just comparing rate quotes, but they just assume it takes a lot of time to find affordable rates by getting comparison quotes.
To save the most money, the best way to get more affordable Tesla Model X insurance is to compare prices annually from companies who can sell car insurance in Lexington.
- Try to comprehend how companies price auto insurance and the steps you can take to prevent high rates. Many things that are responsible for high rates like getting speeding tickets and a negative credit rating can be amended by making small lifestyle or driving habit changes. Continue reading for additional tips to prevent high prices and get additional discounts that may be available.
- Compare price quotes from direct, independent, and exclusive agents. Direct and exclusive agents can only provide price estimates from a single company like Progressive and State Farm, while independent agents can provide prices from multiple insurance companies.
- Compare the new rates to your existing policy to see if a cheaper price is available. If you find a lower rate quote and buy the policy, ensure coverage does not lapse between policies.
- Notify your agent or company of your decision to cancel your current auto insurance policy and submit payment along with a signed and completed policy application to your new agent or company. Once the application is submitted, keep the new certificate of insurance in your vehicle.
A good piece of advice is to make sure you enter identical deductibles and limits on every quote and to quote with every insurance company. Doing this helps ensure a fair rate comparison and plenty of rates choose from.
Just remember that comparing more rates from different companies helps increase your odds of locating better pricing. Not every company allows you to get online price quotes, so you need to compare price estimates from the smaller companies as well.
The companies shown below can provide free rate quotes in Kentucky. If you want to find cheaper car insurance in Lexington, KY, we suggest you compare several of them in order to find the most affordable rates.
Verify you’re earning every discount
Some companies don’t necessarily list every policy discount very well, so the list below gives a summary of a few of the more common and the more hidden discounts you could be receiving when you buy Lexington car insurance online.
- Bundled Policy Discount – When you have multiple policies with one company you could get a discount of nearly 15% which can help you find the cheapest Tesla Model X insurance in Lexington.
- Resident Student – College-age children who live away from home at college and do not take a car to college could qualify for this discount.
- Driving Data Discount – People who choose to allow their insurance company to scrutinize driving habits remotely like Allstate’s Drivewise could see a rate decrease if their driving habits are good.
- Home Ownership Discount – Owning a home in Lexington may trigger a policy discount on insurance since owning and maintaining a home is proof that your finances are in order.
- Early Switch Discount – Some insurance companies reward drivers for renewing your policy before your current coverage expires. It’s a savings of about 10%.
- Air Bags and Passive Restraints – Options like air bags or automatic seat belts may get savings of more than 20%.
- Discounts for Multiple Vehicles – Drivers who insure multiple cars on the same insurance policy can reduce rates for all insured vehicles.
- Discount for Low Mileage – Fewer annual miles on your Tesla may enable drivers to earn lower insurance rates due to less chance of an accident.
- Membership in Organizations – Being a member of a qualifying organization is a good way to get lower rates when getting a Lexington car insurance quote.
Remember that many deductions do not apply to your bottom line cost. The majority will only reduce the cost of specific coverages such as comp or med pay. So even though you would think all those discounts means the company will pay you, companies wouldn’t make money that way. But any discount will definitely reduce the cost of coverage.
To locate insurance companies that offer discounts in Kentucky, click here.
Get Lower-cost Insurance Prices by Understanding These Factors
Lots of factors are considered when premium rates are determined. Some factors are common sense like a motor vehicle report, although some other factors are more transparent like where you live or how financially stable you are. Smart consumers have a good feel for some of the things that aid in calculating the price you pay for insurance. If you know what impacts premium levels, this allows you to make educated decisions that may reward you with lower insurance prices.
The following are just a few of the factors used by insurance companies to determine rates.
Obey driving laws and save – Being a careful driver can have a huge impact on auto insurance premiums. Just one driving citation can boost insurance rates substantially. Drivers with clean records have lower premiums compared to drivers with tickets. Drivers who have gotten serious violations like DUI, reckless driving or excessive speeding are required to submit a SR-22 form with their state in order to drive a vehicle legally.
Raising coverage deductibles saves money – Protection for physical damage, termed comprehensive and collision coverage on your policy, covers damage that occurs to your Tesla. Some instances where coverage would apply could be a broken windshield, vandalism, and windstorm damage. The deductibles define how much you are willing to pay out-of-pocket if a claim is determined to be covered. The larger the amount you choose to pay out-of-pocket, the lower your rates will be.
Gender is a factor – Over time, data shows that men are more aggressive behind the wheel. That doesn’t necessarily mean that males are worse at driving than females. Females and males have auto accidents in similar percentages, but males have accidents that have higher claims. Not only are claims higher, but men get higher numbers of serious violations like DWI (DUI) or reckless driving.
Infrequent drivers can save – The more you drive your Tesla in a year’s time the higher your rates will be. Most companies charge rates based on how the vehicle is used. Vehicles not used for work or commuting can get a lower rate than cars that get driven a lot. Having the wrong rating on your Model X is just wasting money. Make sure your policy is rated on annual mileage, because improper ratings can cost you money.
More stress means more cost – Did you know your job can affect your rates? Jobs such as doctors, airline pilots, and dentists generally pay higher average rates in part from job stress and extremely grueling work hours. Other occupations such as scientists, engineers and performers pay the least.
Decrease prices by maintaining coverage – Going without insurance is a guaranteed way to bump up your insurance costs. And not only will insurance be more expensive, getting caught without coverage could earn you a hefty fine and possibly a revoked license.
How much liability protection – Liability coverage is the protection if ever you are determined to be liable for damages from an accident. It provides legal defense coverage which can cost thousands of dollars. Liability insurance is pretty cheap compared to other policy coverages, so drivers should carry high limits.
How many coverages with the same company – Most larger companies afford lower prices for people that purchase more than one policy. It’s known as a multi-policy discount. Even with this discount applied, it’s in your best interest to comparison shop to ensure the best deal.
Shop online but buy locally
Many drivers just prefer to sit down and talk to an agent and that is a smart decision One of the great benefits of comparing insurance online is that drivers can save money and get better rates and still buy from a local agent. Buying from and supporting small agencies is especially important in Lexington.
To help locate an agent, after submitting this form (opens in new window), your information is submitted to participating agents in Lexington who will return price quotes for your insurance coverage. It simplifies rate comparisons since you won’t have to drive around as quotes are delivered immediately to your email address. You can get cheaper insurance rates without a big time investment. In the event you want to compare prices from a particular provider, feel free to go to their quote page and submit a quote form there.
If you need to find a local Lexington insurance agency, it’s important to understand the different types of agencies and how they operate. Insurance agencies are categorized either exclusive or independent.
Independent Insurance Agents
Agents in the independent channel can sell policies from many different companies so as a result can place your coverage with multiple insurance companies and get the cheapest rates. If you are not satisfied with one company, the agent simply finds a different carrier and that require little work on your part. When comparing rate quotes, you will definitely want to include several independent insurance agents in order to compare the most rates. Many write coverage with mutual insurance companies which could offer lower prices.
Below is a partial list of independent agents in Lexington who can help you get free insurance quotes.
- Blue Grass Insurance
2560 Richmond Rd # 200 – Lexington, KY 40509 – (859) 543-0050 – View Map
- Kentucky Insurance Group-Joe Downs
989 Governors Ln – Lexington, KY 40513 – (859) 277-8877 – View Map
- Heritage Insurance Agency
3306 Clays Mill Rd #106 – Lexington, KY 40503 – (859) 219-1122 – View Map
Exclusive Insurance Agencies
Exclusive agencies can only provide one company’s prices and some examples include AAA, Allstate, and State Farm. Exclusive agencies are unable to place coverage with different providers so keep that in mind. They are highly trained on what they offer and that enables them to sell even at higher rates. A lot of people buy insurance from these agents partially due to the prominence of the brand rather than low rates.
Shown below is a list of exclusive agents in Lexington who can help you get comparison quotes.
- Dawn Stice – State Farm Insurance Agent
121 Prosperous Pl Ste 11A – Lexington, KY 40509 – (859) 271-2277 – View Map
- Allstate Insurance: Bryon Elkins
3101 Richmond Rd #311a – Lexington, KY 40509 – (859) 488-2531 – View Map
- Howard Shelton State Farm
2614 Richmond Road – Lexington, KY 40509 – (859) 266-6640 – View Map
Finding the right auto insurance agent needs to be determined by more than just the price. These questions are important to ask:
- How often do they review policy coverages?
- Do they reduce claim amounts on high mileage vehicles?
- Are aftermarket or OEM parts used to repair vehicles?
- Do they write coverage based solely on cost?
- Is the quote a firm price?
- Are claims handled at the agent’s location?
Don’t give up on cheaper coverage
People switch companies for any number of reasons including questionable increases in premium, high rates after DUI convictions, not issuing a premium refund and even unfair underwriting practices. Whatever your reason, finding the right car insurance provider is less work than it seems.
You just read a lot of information how to find cheap Tesla Model X insurance in Lexington. The key concept to understand is the more rate quotes you have, the better your chances of lowering your premium rates. You may even find the biggest savings come from the least-expected company.
When shopping online for car insurance, make sure you don’t sacrifice coverage to reduce premiums. There are too many instances where an insured cut liability limits or collision coverage and found out when filing a claim that saving that couple of dollars actually costed them tens of thousands. The aim is to buy a smart amount of coverage at an affordable rate, not the least amount of coverage.
Other learning opportunities
- Frontal Crash Tests (iihs.org)
- Who Has Affordable Car Insurance Rates for a Honda CR-V in Lexington? (FAQ)
- Who Has Affordable Lexington Car Insurance Quotes for College Students? (FAQ)
- Who Has the Cheapest Car Insurance for Active Military in Lexington? (FAQ)
- Who Has the Cheapest Car Insurance for a Honda Accord in Lexington? (FAQ)
- Five Tips to Save on Auto Insurance (Insurance Information Institute)
- Parking Tips to Reduce Door Dings (State Farm)