The recommended way to find more affordable car insurance rates in Lexington is to compare prices once a year from different companies who sell insurance in Kentucky. Drivers can shop around by following these guidelines.
- Step 1: Try to learn a little about what is in your policy and the steps you can take to keep rates in check. Many policy risk factors that drive up the price such as speeding tickets, accidents and an unacceptable credit history can be controlled by being financially responsible and driving safely. Read the full article for more details to prevent high prices and find possible discounts that are available.
- Step 2: Compare rates from independent agents, exclusive agents, and direct companies. Direct and exclusive agents can give quotes from a single company like Progressive or Farmers Insurance, while agents who are independent can quote prices for a wide range of insurance providers. Select a company
- Step 3: Compare the new rate quotes to your existing policy to see if a cheaper rate is available in Lexington. If you can save some money and change companies, make sure coverage does not lapse between policies.
- Step 4: Provide notification to your current agent or company of your intention to cancel your existing policy. Submit a completed application and payment for the new policy. As soon as you have the new policy, put the new certificate verifying proof of insurance in an easily accessible location.
A good piece of advice is to make sure you’re comparing the same liability limits and deductibles on every quote and and to look at as many companies as feasibly possible. This helps ensure the most accurate price comparison and the most accurate and complete price analysis.
It’s safe to conclude that auto insurance companies want to keep your business as long as possible. People who do rate comparisons will most likely buy a new policy because the odds are good of finding a more affordable policy. A survey found that drivers who compared rates once a year saved over $3,500 over four years compared to people who never shopped around for better prices.
If finding budget-friendly auto insurance in Lexington is the reason you’re reading this, then knowing the best way to compare insurance coverage can help simplify the process.
To find the best auto insurance rates, there are several ways of comparing rate quotes from all the different companies. The fastest way to find affordable Cadillac Escalade insurance rates is to perform an online rate comparison.
It’s so easy to compare rates online that it replaces the need to drive to local Lexington insurance agencies. Comparing Cadillac Escalade insurance rate quotes online eliminates this option unless you prefer the guidance of a licensed agent. However, consumers can comparison shop your insurance online but buy the policy through an agent.
When price shopping your coverage, comparing more rates from different companies helps you find lower pricing.
The following companies have been selected to offer free rate quotes in Lexington, KY. If multiple companies are listed, we recommend you compare several of them to get the cheapest price.
Get cheaper Cadillac Escalade insurance rates in Lexington
Insurance is expensive, but companies offer discounts that you may not know about. Larger premium reductions will be automatically applied when you purchase, but some may not be applied and must be requested specifically in order for you to get them.
- Discount for Multiple Policies – If you combine your auto and home policies and place coverage with the same company you could save as much as 10 to 15 percent.
- Fewer Miles Equal More Savings – Driving less could be rewarded with better rates on cars that stay parked.
- New Vehicle Savings – Insuring a new Escalade can save up to 30% because newer vehicles have to meet stringent safety requirements.
- College Student Discount – Older children who live away from home at college and do not take a car to college may be insured at a cheaper rate.
- Responsible Driver Discounts – Drivers who avoid accidents may receive a discount up to 45% as compared to drivers with claims.
- One Accident Forgiven – This one is not really a discount per se, but certain companies will turn a blind eye to one accident before your rates go up if your claims history is clear for a specific time period.
- Braking Control Discount – Cars that have anti-lock braking systems prevent accidents and the ABS can save up to 10%.
- Federal Employees – Employees or retirees of the government can save as much as 8% with select insurance companies.
Don’t be shocked that many deductions do not apply to the entire policy premium. Most only apply to the price of certain insurance coverages like medical payments or collision. So when it seems like all those discounts means the company will pay you, you won’t be that lucky.
The chart below illustrates the difference between Cadillac Escalade insurance prices with and without discounts being applied to the rates. The rates are based on a female driver, no accidents 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 safe-driver, multi-car, marriage, multi-policy, claim-free, and homeowner discounts applied.
Large insurance companies and some of their more popular discounts can be read below.
- State Farm may have discounts that include safe vehicle, accident-free, Drive Safe & Save, passive restraint, student away at school, and defensive driving training.
- GEICO may include discounts for seat belt use, multi-policy, daytime running lights, air bags, anti-lock brakes, and defensive driver.
- SAFECO has discounts for anti-theft, bundle discounts, teen safety rewards, safe driver, and drive less.
- Farmers Insurance policyholders can earn discounts including mature driver, multi-car, good student, alternative fuel, distant student, and business and professional.
- AAA includes discounts for multi-policy, anti-theft, AAA membership discount, education and occupation, and good student.
- USAA offers premium reductions for multi-vehicle, military installation, defensive driver, driver training, and good student.
When getting free Lexington car insurance quotes, it’s a good idea to all the companies which credits you are entitled to. Some discounts listed above might not be offered on policies everywhere. If you would like to see a list of providers with discount rates in Lexington, follow this link.
The price information displayed next outlines a range of insurance rates for Cadillac Escalade models. Being aware of how insurance premiums are established can be valuable when making informed coverage decisions.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Escalade Luxury Edition 2WD||$212||$418||$494||$30||$148||$1,302||$109|
|Escalade Premium Edition 4WD||$232||$418||$494||$30||$148||$1,322||$110|
|Escalade Luxury Edition 4WD||$232||$418||$494||$30||$148||$1,322||$110|
|Escalade Premium Edition 2WD||$232||$418||$494||$30||$148||$1,322||$110|
|Escalade Hybrid 2WD||$232||$526||$446||$26||$134||$1,364||$114|
|Escalade Hybrid 4WD||$232||$526||$446||$26||$134||$1,364||$114|
|Escalade Platinum Edition 2WD||$232||$472||$494||$30||$148||$1,376||$115|
|Escalade Platinum Edition 4WD||$232||$472||$494||$30||$148||$1,376||$115|
|Escalade Hybrid Platinum 2WD||$252||$582||$446||$26||$134||$1,440||$120|
|Escalade Hybrid Platinum 4WD||$252||$582||$446||$26||$134||$1,440||$120|
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Data assumes single male driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and Kentucky minimum liability limits. Discounts applied include multi-policy, multi-vehicle, safe-driver, claim-free, and homeowner. Premium costs do not factor in specific zip code location which can lower or raise price quotes substantially.
Cadillac Escalade liability-only versus full coverage
The diagram below illustrates the difference between Cadillac Escalade annual premium costs when comparing full coverage to state minimum liability only. The rate quotes are based on a clean driving record, no claims, $250 deductibles, drivers are not married, and no discounts are applied to the premium.
When to drop full coverage
There is no clear-cut formula to exclude comprehensive and collision coverage on your policy, but there is a general school of thought. If the yearly cost for physical damage coverage is 10% or more of the replacement cost minus the deductible, then you might consider buying liability only.
For example, let’s assume your Cadillac Escalade replacement cost is $8,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled, you would only receive $7,000 after paying your policy deductible. If it’s costing in excess of $700 annually for full coverage, then you may want to consider only buying liability coverage.
There are a few cases where only buying liability is not a good idea. If you haven’t satisfied your loan, you have to maintain full coverage in order to satisfy the requirements of the loan. Also, if your savings is not enough to buy a different vehicle if your current one is damaged, you should keep full coverage in place.
Six factors that affect insurance prices
Part of the insurance buying process is learning the rating factors that come into play when calculating your policy premiums. If you understand what positively or negatively impacts your premiums, this allows you to make educated decisions that will entitle you to better insurance rates.
Teen drivers pay high rates – Older insureds tend to be more responsible, tend to file fewer claims, and tend to be get fewer driving tickets. Inexperience drivers have been known to be less responsible when driving with friends therefore insurance rates are much higher.
The chart below uses these assumptions: single driver, full coverage with $1000 deductibles, and no discounts or violations.
High stress vocation may mean higher rates – Did you know your career choice can influence rates? Jobs such as military generals, airline pilots, and miners tend to have higher premium rates in part from high stress and incredibly demanding work hours. On the other hand, occupations like farmers, athletes and performers get better rates.
An active insurance claims history can cost more – Auto insurance companies in Kentucky award better rates to people who are claim-free. If you’re an insured who likes to file claims you can expect higher premiums or even policy non-renewal. Your car insurance is intended to be relied upon for larger claims.
Pleasure use saves money – The more you drive your Cadillac in a year’s time the more you’ll pay to insure it. Almost all companies charge rates based on how the vehicle is used. Cars and trucks that have low annual miles get more affordable rates than those used for commuting. Ask your agent if your declarations sheet properly reflects the proper vehicle usage, because it can save money. Improper usage on your Escalade is throwing money out the window.
Drive a fast car and pay more – The performance level of the vehicle you own makes a huge difference in how high your rates are. Lower performance four cylinder passenger vehicles normally have pretty low rates, but there are many factors that impact the final cost.
The data below is based on a single male driver age 40, full coverage with $1000 deductibles, and no discounts or violations. It shows Cadillac Escalade policy rates compared to other models that have different performance risks.
Is insurance cheaper for men or women? – Statistics show that men are more aggressive behind the wheel. Now that doesn’t mean men are WORSE drivers than women. Women and men cause at-fault accidents at a similar rate, but the males have costlier accidents. They also get more serious tickets such as reckless driving.
The example below compares Cadillac Escalade insurance prices for male and female drivers. The data is based on no claims or driving violations, comprehensive and collision coverage, $500 deductibles, drivers are not married, and no other discounts are factored in.
Insurance loss data for a Cadillac Escalade – Insurance companies include the past claim history for a vehicle when setting rates for each model. Models that historically have higher claim amounts or frequency will cost more for specific coverages.
The table shown below demonstrates the insurance loss data for Cadillac Escalade vehicles. For each type of coverage, the loss probability for all vehicles averaged together is set at 100. Values under 100 suggest losses that are better than average, while numbers shown that are more than 100 indicate more frequent claims or an increased likelihood of larger losses.
|Specific Cadillac Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
|Cadillac Escalade 4dr 2WD||156||122|
|Cadillac Escalade 4dr 4WD||132||99||119||55|
|Cadillac Escalade ESV 4dr 2WD||124|
|Cadillac Escalade ESV 4dr 4WD||123||106||155|
Empty fields indicate not enough data collected
Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years