It’s an obvious statement that auto insurance companies don’t want policyholders to shop around. People who get comparison quotes once a year will probably switch car insurance companies because there is a great chance of finding a lower-priced policy. A recent survey found that drivers who compared price quotes annually saved about $70 a month compared to other drivers who never compared rates.
If finding the lowest rates on Cadillac CTS-V insurance is your objective, then having some insight into how to find and compare insurance can make it easier to shop your coverage around.
The best way we recommend to find better pricing on car insurance rates in Lexington is to compare quotes once a year from companies who can sell car insurance in Kentucky.
First, it will benefit you to learn about what coverages are included in your policy and the things you can change to prevent expensive coverage. Many policy risk factors that drive up the price like at-fault accidents, careless driving, and an unacceptable credit rating can be rectified by being financially responsible and driving safely.
Second, obtain price quotes from direct carriers, independent agents, and exclusive agents. Exclusive and direct companies can only quote rates from a single company like Progressive or Allstate, while independent agencies can provide rate quotes for a wide range of companies.
Third, compare the new quotes to your existing coverage and see if there is a cheaper rate. If you can save some money and make a switch, make sure there is no lapse in coverage.
One key aspect of rate comparisons is that you’ll want to compare the same coverage limits and deductibles on every quote and and to get rates from as many companies as possible. Doing this enables a fair rate comparison and the best rate selection.
Locating the most cost-effective insurance policy in Lexington is not that difficult as long as you know where to start. If you have a current insurance policy or need new coverage, you can use this information to reduce premiums and still have adequate protection. Comparison shoppers only need an understanding of the most efficient way to find the lowest price online from multiple companies.
Companies offering Cadillac CTS-V insurance in Kentucky
The auto insurance companies shown below offer free quotes in Kentucky. If you want the cheapest car insurance in Lexington, we recommend you visit two to three different companies in order to get a fair rate comparison.
Cadillac CTS-V insurance statistics and information
The table below showcases different insurance premium costs for Cadillac CTS-V models. Having a better understanding of how insurance policy rates are established can benefit drivers when making smart choices when purchasing an insurance policy.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| CTS-V | $388 | $800 | $286 | $16 | $86 | $1,576 | $131 |
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Data based on married male driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and Kentucky minimum liability limits. Discounts applied include multi-vehicle, safe-driver, claim-free, multi-policy, and homeowner. Premium amounts do not factor in Lexington location which can raise or lower auto insurance rates greatly.
The example below illustrates how your choice of deductibles and can affect Cadillac CTS-V yearly insurance costs for different age groups. The prices are based on a single female driver, comprehensive and collision coverage, and no discounts are taken into consideration.
Drive safe and save
The example below highlights how traffic violations and fender-benders can increase Cadillac CTS-V insurance costs for each age group. Data assumes a single female driver, comp and collision included, $1,000 deductibles, and no discounts are applied to the premium.
How much more does full coverage cost?
The diagram below illustrates the comparison of Cadillac CTS-V insurance rates with full physical damage coverage compared to only buying liability only. The information is based on no claims or driving violations, $250 deductibles, single marital status, and no additional discounts are factored in.
Guidelines for dropping full coverage
There is no definitive formula for eliminating physical damage coverage on your policy, but there is a guideline you can consider. If the yearly cost of comp and collision coverage is more than around 10% of any settlement you would receive from your insurance company, then it may be the right time to buy liability only.
For example, let’s say your Cadillac CTS-V replacement value is $7,000 and you have $1,000 deductibles. If your vehicle is damaged in an accident, the most you would get paid by your company is $6,000 after the policy deductible has been paid. If premium cost is more than $600 a year for your policy with full coverage, the it may be a good time to stop paying for full coverage.
There are some situations where only buying liability is not recommended. If you still owe a portion of the original loan, you are required to maintain full coverage in order to keep the loan. Also, if you don’t have enough money to buy a different vehicle if your current one is damaged, you should keep full coverage in place.
Get discounts on Lexington car insurance
Auto insurance companies don’t list every policy discount very well, so the list below contains a few of the more well known and the harder-to-find savings tricks you should be using when you buy Lexington auto insurance online.
- 55 and Retired – If you’re over the age of 55, you could receive a small discount on rates.
- Active Military Service – Being deployed in the military could be rewarded with lower prices.
- Federal Employees – Active or retired federal employment could provide a small rate reduction with certain companies.
- Drive Safe and Save – Insureds who avoid accidents could pay up to 40% less than drivers with accident claims.
- Online Discount – Certain insurance companies provide a small discount for signing up on the web.
- Savings for New Vehicles – Adding a new car to your policy can get you a discount since new vehicles have better safety ratings.
- Drivers Education – Teen drivers should enroll and complete driver’s education if offered at their school.
Remember that many deductions do not apply to all coverage premiums. Most only cut the cost of specific coverages such as physical damage coverage or medical payments. So despite the fact that it appears you can get free auto insurance, car insurance companies aren’t that generous.
The chart below compares Cadillac CTS-V auto insurance costs with and without discounts applied to the policy rates. The premiums are based on a female driver, no claims or driving violations, Kentucky state minimum liability limits, full coverage, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-car, multi-policy, homeowner, marriage, safe-driver, and claim-free discounts applied.
Some of the larger companies that have some of the discounts shown above possibly include:
Before buying, ask all the companies which discounts they offer. Some of the discounts discussed earlier may not be offered in Lexington. To choose providers that offer many of these discounts in Lexington, click here.
How Insurance Companies Calculate Cadillac CTS-V Insurance Rates
It’s important that you understand some of the things that are used to determine the rates you pay for auto insurance. When consumers understand what determines base rates, this allows you to make educated decisions that can earn you big savings.
Your credit score is important – Your credit score will be a significant factor in calculating your auto insurance rates. If your credit rating can use some improvement, you could be paying less to insure your Cadillac CTS-V if you improve your credit rating. People with high credit scores tend to file fewer claims and have better driving records than those with poor credit.
Save money by raising coverage deductibles – Coverage for physical damage, also known as collision and other-than-collision, protects your Cadillac from damage. A few examples of covered claims are colliding with a building, hail damage, and having your car stolen. Physical damage deductibles define the amount you are willing to pay before a claim is paid by your company. The more money you’re willing to pay, the less your auto insurance will be.
Where you live factors in – Being located in areas with lower population is a positive aspect when talking about auto insurance. People who live in big cities tend to have much more traffic and a longer drive to work. Fewer drivers on the road means reduced accidents.
Get better rates if married – Being married can get you a discount when buying auto insurance. Having a spouse is viewed as being more mature and it’s proven that drivers who are married file infrequent claims.
Insurance loss probability for a Cadillac CTS-V – Companies factor in historical loss data in order to profitably underwrite each model. Models that have higher prevalence or dollar amount of losses will have a higher cost to insure.
The table shown below demonstrates the actual insurance loss data for Cadillac CTS-V vehicles. For each coverage type, the statistical loss for all vehicles, as a total average, is a value of 100. Percentage numbers below 100 imply a favorable loss record, while numbers shown that are more than 100 indicate a higher chance of having a claim or tendency to have higher losses.
| Make and Model | Collision | Property Damage | Comp | Personal Injury | Medical Payment | Bodily Injury |
|---|---|---|---|---|---|---|
| Cadillac CTS-V 2dr | 174 | 74 | 135 |
Empty fields indicate not enough data collected
Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Insurance agents can help
When quoting and comparing the right insurance coverage, there isn’t really a one size fits all plan. Everyone’s needs are different.
These are some specific questions can help discover if your insurance needs could use an agent’s help.
- Does car insurance cover theft of personal property?
- Does every company file a SR-22 automatically?
- Can I get a multi-policy discount for packaging my home and auto coverage?
- Am I better off with higher deductibles on my Cadillac CTS-V?
- Are my friends covered when driving my Cadillac CTS-V?
- Am I covered when driving someone else’s vehicle?
- How long can I keep a teen driver on my policy?
- How much liability insurance is required?
If you can’t answer these questions, you may need to chat with an agent. If you don’t have a local agent, fill out this quick form. It is quick, free and can provide invaluable advice.
Neighborhood Lexington auto insurance agents
Many people would rather talk to an insurance agent. Most agents can make sure you are properly covered and help you file claims. One of the benefits of comparing insurance prices online is that you can find cheap rate quotes but still work with a licensed agent.
For easy comparison, once you complete this simple form, the quote information gets sent to participating agents in Lexington who want to provide quotes to get your business. It makes it easy because there is no need to search for an agent because prices are sent to your email. If you wish to quote rates from a specific company, don’t hesitate to search and find their rate quote page and fill out their quote form.
Picking an insurance company should depend on more than just the bottom line cost. Here are some questions to ask:
- Will your rates increase after a single accident?
- Does the company have a local claim office in Lexington?
- Does the agency provide any after hours assistance?
- Is insurance their full-time profession?
- Will they give you a referral list?
- Is the agent CPCU or CIC certified?
If you are wanting to find a local agent, it’s important to understand the different agency structures and how they can quote your rates. Agencies in Lexington can be categorized as either independent or exclusive. Both can sell auto insurance policies, but it’s important to know the differences because it can factor into buying decisions.
Exclusive Auto Insurance Agents
Agents that elect to be exclusive normally can only provide a single company’s rates and some examples include State Farm, Allstate, and Farm Bureau. They usually cannot provide other company’s prices so it’s a take it or leave it situation. Exclusive agents are usually well trained in insurance sales which helps overcome the inability to quote other rates. Some people will only buy from exclusive agents mainly due to the prominence of the brand rather than having the cheapest rates.
The following are Lexington exclusive agents who may provide you with comparison quotes.
- State Farm: Clint Conrad
201 Ruccio Way #120 – Lexington, KY 40503 – (859) 276-4366 – View Map - Tophan Kulkriwes – State Farm Insurance Agent
1010 Monarch St #250 – Lexington, KY 40513 – (859) 276-4422 – View Map - Dwight McCarty – State Farm Insurance Agent
3620 Walden Dr #211 – Lexington, KY 40517 – (859) 971-0266 – View Map
Independent Agents
These type of agents are not employed by any specific company and that gives them the ability to insure with many different companies depending on which coverage is best. If prices rise, an independent agent can move your coverage and you won’t have to switch agencies.
When comparison shopping, you will want to include rate quotes from a couple of independent agencies in order to have the best price comparison. Most also have access to small regional insurance companies which may provide better rates.
Listed below are Lexington independent insurance agents who can help you get price quotes.
- Elite Insurance
2408 Sir Barton Way # 375 – Lexington, KY 40509 – (859) 264-9400 – View Map - Reynolds Insurance Agency Inc
1500 Leestown Rd #160 – Lexington, KY 40511 – (859) 412-4636 – View Map - Nationwide Insurance: Bryan Joseph Mitchell Agency
252 E Third St – Lexington, KY 40508 – (859) 293-2253 – View Map
Once you have received satisfactory answers to all your questions as well as a price you’re happy with, you’ve probably found a car insurance agent that meets the requirements to service your policy. Just be aware that once you purchase a policy you can cancel a policy at any time so don’t think that you are obligated to a specific company indefinitely.
Which car insurance company is best in Kentucky?
Picking a highly-rated company can be difficult considering how many companies there are in Lexington. The information in the next section can help you select which car insurance providers you want to consider when looking for cheaper rates.
| Company | Value | Customer Service | Claims | Customer Satisfaction | A.M Best Rating | Overall Score |
|---|---|---|---|---|---|---|
| Travelers | 93 | 98 | 99 | 88% | A++ | 95.1 |
| USAA | 83 | 99 | 100 | 91% | A++ | 94.1 |
| AAA Insurance | 91 | 95 | 92 | 90% | A | 93.3 |
| Nationwide | 85 | 95 | 97 | 89% | A+ | 92.4 |
| Allstate | 77 | 100 | 97 | 88% | A+ | 90.7 |
| State Farm | 80 | 94 | 96 | 88% | A++ | 90.6 |
| The Hartford | 88 | 93 | 91 | 87% | A+ | 90.4 |
| Safeco Insurance | 91 | 95 | 85 | 88% | A | 90.2 |
| Progressive | 88 | 94 | 83 | 88% | A+ | 90.1 |
| American Family | 91 | 86 | 95 | 83% | A | 89.7 |
| Esurance | 86 | 90 | 94 | 90% | A+ | 89.5 |
| The General | 86 | 93 | 89 | 84% | A- | 88.2 |
| GEICO | 79 | 89 | 95 | 87% | A++ | 87.8 |
| 21st Century | 86 | 82 | 90 | 84% | A | 86.4 |
| Liberty Mutual | 79 | 87 | 95 | 78% | A | 85.3 |
| Erie Insurance | 87 | 84 | 85 | 85% | A+ | 85.3 |
| Farmers Insurance | 77 | 80 | 80 | 84% | A | 80.3 |
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Data Source: Insure.com Best Car Insurance Companies
Be persistent to save money
Insureds switch companies for a variety of reasons including questionable increases in premium, denial of a claim, high prices and even an unsatisfactory settlement offer. It doesn’t matter what your reason, finding the right car insurance provider is pretty easy and you might even save some money in the process.
We just showed you many tips how you can save on Cadillac CTS-V insurance in Lexington. The key thing to remember is the more rate quotes you have, the more likely it is that you will get a better rate. You may even find the lowest rates come from the smaller companies.
While you’re price shopping online, it’s a bad idea to skimp on critical coverages to save a buck or two. There have been many situations where drivers have reduced liability coverage limits and discovered at claim time that they should have had better coverage. Your goal is to buy a smart amount of coverage for the lowest price, but don’t skip important coverages to save money.
Other articles
- Insurance Losses by Make and Model (iihs.org)
- What Car Insurance is Cheapest for a Nissan Altima in Lexington? (FAQ)
- Who Has Affordable Lexington Auto Insurance Rates for Real Estate Agents? (FAQ)
- How Much are Auto Insurance Rates for Drivers with Bad Credit in Lexington? (FAQ)
- Who Has the Cheapest Lexington Car Insurance Rates for Retired Military? (FAQ)
- Determining Your Vehicle’s Value and Repair Cost (Insurance Information Institute)
- Front crash protection reduces rear-end crashes (Insurance Institute for Highway Safety)
- What is Gap Insurance? (Insurance Information Institute)
- Vehicle Safety Ratings (iihs.org)