Inconceivable but true, most drivers in Kentucky kept their policy with the same company for more than four years, and 38% of drivers have never quoted insurance rates at all. Many consumers in the U.S. can cut their rates by about $860 a year by just shopping around, but most undervalue how much they could save if they switched to a cheaper policy.
If saving money is your primary concern, then the best way to find low-cost prices for car insurance rates is to compare prices at least once a year from different companies that insure vehicles in Lexington. You can shop around by following these steps.
Step 1: Try to learn a little about how companies set rates and the factors you can control to prevent expensive coverage. Many rating criteria that increase rates such as accidents, careless driving, and poor credit history can be remedied by making lifestyle changes or driving safer. Read the full article for tips to find cheap prices and earn larger discounts.
Step 2: Obtain price quotes from exclusive agents, independent agents, and direct providers. Exclusive and direct companies can provide rates from one company like GEICO or Farmers Insurance, while independent agents can provide rate quotes from multiple companies.
Step 3: Compare the new quotes to the price on your current policy to determine if switching companies saves money. If you find a lower rate and switch companies, make sure coverage is continuous and does not lapse.
The key thing to remember is to make sure you’re comparing the same liability limits and deductibles on each quote request and and to get rate quotes from as many companies as possible. Doing this guarantees a fair rate comparison and the best price selection.
Smart Consumers Can Reduce Their Insurance Prices
Many different elements are used in the calculation when premium rates are determined. Some of the criteria are obvious like a motor vehicle report, but others are less obvious such as your credit history or your commute time.
The list below includes just a few of the factors utilized by car insurance companies to help set your prices.
City traffic equals higher prices – Choosing to live in a rural area has it’s advantages when talking about auto insurance. Fewer drivers corresponds to lower accident rates as well as less vandalism and auto theft. People who live in big cities have much more traffic and a longer drive to work. The longer drive time statistically corresponds to a higher accident and claim rate.
Liability coverage – The liability coverage on your policy kicks in in the event that a jury decides you are liable for an accident. It will provide you with a defense in court up to the limits shown on your policy. Liability insurance is pretty cheap when compared with rates for comp and collision, so insureds should have plenty of protection for their assets.
Where do you drive? – The more you drive every year the higher your rate. A lot of insurance companies calculate prices determined by how the vehicle is used. Cars left parked in the garage cost less to insure compared to those used for work or business. Make sure your auto insurance coverage is showing the right rating data. Having an incorrect usage rating on your Ram 2500 is just wasting money.
Youthful driver insurance rates – Youthful drivers in Kentucky are statistically shown to be more careless when at the wheel of a vehicle therefore auto insurance rates are much higher. More mature drivers are more cautious drivers, file fewer claims, and get fewer tickets.
The next chart assumes a single driver, full coverage with $250 deductibles, and no discounts or violations.
Do thieves like your car? – Buying a car with advanced anti-theft systems can help lower your premiums. Anti-theft features such as LoJack tracking devices, vehicle tamper alarm systems or GM’s OnStar system all hinder your car from being stolen.
Is you vocation costing you more? – Careers like real estate brokers, airline pilots, and medical professionals usually pay higher rates than the rest of us in part from high stress levels and lots of time spent away from family. Other jobs such as actors, students and homemakers get better rates.
Just remember that comparing more rates from different companies helps you find the best offered rates.
The companies shown below are our best choices to provide price comparisons in Lexington, KY. If you want to find cheap auto insurance in Lexington, it’s highly recommended you visit several of them to get the best price comparison.
Analysis of coverages
The premium information shown next showcases detailed analysis of prices for Dodge Ram 2500 models. Being able to understand how auto insurance prices are figured can be of help when making informed coverage decisions.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Ram 2500 Crew Cab ST 2WD||$256||$496||$498||$30||$150||$1,430||$119|
|Ram 2500 Crew Cab SLT 2WD||$256||$572||$498||$30||$150||$1,506||$126|
|Ram 2500 Mega Cab SLT 2WD||$256||$572||$498||$30||$150||$1,506||$126|
|Ram 2500 Crew Cab Laramie 2WD||$256||$572||$498||$30||$150||$1,506||$126|
|Ram 2500 Crew Cab ST 2WD||$256||$572||$498||$30||$150||$1,506||$126|
|Ram 2500 Mega Cab Laramie 2WD||$256||$572||$498||$30||$150||$1,506||$126|
|Ram 2500 Crew Cab ST 4WD||$286||$496||$498||$30||$150||$1,460||$122|
|Ram 2500 Crew Cab SLT 2WD||$286||$572||$498||$30||$150||$1,536||$128|
|Ram 2500 Mega Cab SLT 2WD||$286||$572||$498||$30||$150||$1,536||$128|
|Ram 2500 Mega Cab SLT 4WD||$286||$496||$498||$30||$150||$1,460||$122|
|Ram 2500 Crew Cab SLT 4WD||$286||$496||$498||$30||$150||$1,460||$122|
|Ram 2500 Crew Cab Laramie 2WD||$286||$648||$498||$30||$150||$1,612||$134|
|Ram 2500 Mega Cab Laramie 2WD||$286||$648||$498||$30||$150||$1,612||$134|
|Ram 2500 Crew Cab ST 4WD||$286||$496||$498||$30||$150||$1,460||$122|
|Ram 2500 Mega Cab Laramie 4WD||$286||$496||$498||$30||$150||$1,460||$122|
|Ram 2500 Crew Cab Laramie 4WD||$286||$496||$498||$30||$150||$1,460||$122|
|Ram 2500 Mega Cab SLT 4WD||$316||$572||$498||$30||$150||$1,566||$131|
|Ram 2500 Crew Cab SLT 4WD||$316||$572||$498||$30||$150||$1,566||$131|
|Ram 2500 Crew Cab Laramie 4WD||$316||$572||$498||$30||$150||$1,566||$131|
|Ram 2500 Mega Cab Laramie 4WD||$316||$572||$498||$30||$150||$1,566||$131|
|Get Your Own Custom Quote Go|
Cost estimates assume single female driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and Kentucky minimum liability limits. Discounts applied include claim-free, multi-vehicle, safe-driver, multi-policy, and homeowner. Estimates do not factor in specific zip code location which can increase or decrease coverage prices greatly.
Rate comparison of full coverage and liability-only
The example below illustrates the comparison of Dodge Ram 2500 annual premium costs with and without full coverage. The price estimates are based on a clean driving record, no claims, $500 deductibles, drivers are single, and no discounts are applied to the premium.
Should you pay for full coverage?
There is no definitive guideline to delete full coverage on your policy, but there is a general guideline you can use. If the yearly cost for physical damage coverage is more than around 10% of the vehicle’s replacement cost less your deductible, then it might be time to consider dropping full coverage.
For example, let’s assume your Dodge Ram 2500 claim settlement value is $3,000 and you have $1,000 deductibles. If your vehicle is totaled in an accident, the most your company would pay you is $2,000 after the deductible is paid. If you are paying in excess of $200 a year to have full coverage, then you may need to consider dropping full coverage.
There are some conditions where buying only liability insurance is not recommended. If you still owe a portion of the original loan, you must maintain physical damage coverage in order to prevent your loan from defaulting. Also, if your emergency fund is not enough to purchase a different vehicle in the event your current vehicle is totaled, you should not remove full coverage.
Why insurance is not optional
Despite the potentially high cost of Dodge Ram 2500 insurance, maintaining insurance serves a purpose in several ways.
- The majority of states have minimum liability requirements which means you are required to carry a minimum amount of liability insurance if you don’t want to risk a ticket. In Kentucky these limits are 25/50/10 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
- If you have a lien on your Dodge Ram 2500, it’s most likely the lender will force you to have full coverage to ensure the loan is repaid in case of a total loss. If you let the policy lapse, the bank may insure your Dodge at a much higher rate and require you to fork over much more than you were paying before.
- Insurance protects both your car and your assets. Insurance will also pay for many types of medical costs incurred in an accident. One policy coverage, liability insurance, also pays expenses related to your legal defense if you are named as a defendant in an auto accident. If your vehicle suffers damage from an accident or hail, comprehensive and/or collision insurance will cover the damage repairs after a deductible is paid.
The benefits of buying enough insurance outweigh the cost, especially when you need to use it. But the average driver in Kentucky is wasting up to $855 a year so it’s important to compare rates at every renewal to make sure the price is not too high.
Car insurance rates and discounts
Some providers don’t always advertise the entire discount list in an easy-to-find place, so here is a list a few of the more well known as well as some of the hidden savings tricks you should be using when you buy Lexington auto insurance online.
- Accident Forgiveness Coverage – This one is not really a discount per se, but a handful of insurance companies permit an accident before hitting you with a surcharge with the catch being you have to be claim-free prior to the accident.
- Active Military Service – Being deployed with a military unit could qualify you for better rates.
- Membership in Organizations – Having an affiliation with certain professional organizations can get you a small discount on your policy.
- E-sign Discounts – Certain companies may give you up to $50 for buying your policy online.
- Onboard Data Collection – Lexington drivers who agree to allow driving data collection to track driving patterns by using a telematics device like Allstate’s Drivewise might get better premium rates if they exhibit good driving behavior.
- Safety Restraint Discount – Buckling up and requiring all passengers to use their safety belts could save 15% on the medical payments or PIP coverage costs.
- Government Employee Discount – Being employed by or retired from a federal job can save as much as 8% with a few car insurance companies.
- Discounts for Multiple Vehicles – Buying a policy with all your vehicles with the same car insurance company could earn a price break for each car.
- Bundle and Save – If you combine your auto and home policies with the same company you may save over 10 percent off each policy depending on the company.
- Home Ownership Discount – Owning a home in Lexington may trigger a policy discount on car insurance since owning and maintaining a home is proof of financial responsibility.
Consumers should know that most discount credits are not given to all coverage premiums. Most only cut individual premiums such as comprehensive or collision. If you do the math and it seems like you could get a free car insurance policy, it just doesn’t work that way.
The chart below illustrates the difference between Dodge Ram 2500 auto insurance costs with and without discounts applied to the policy rates. The premium estimates are based on a female driver, a clean driving record, no claims, Kentucky state minimum liability limits, full coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with homeowner, multi-policy, multi-car, marriage, claim-free, and safe-driver discounts applied.
To find companies with discount car insurance rates in Kentucky, follow this link.
Get rate quotes but buy from a local Lexington insurance agent
Certain consumers would rather buy from a local agent. One of the benefits of price shopping on the web is that you can obtain lower auto insurance rates and still choose a local agent. Buying insurance from local agents is important particularly in Lexington.
For easy comparison, once you complete this simple form, the coverage information gets sent to companies in Lexington who want to provide quotes for your business. You don’t have to leave your house since rate quotes are delivered to you instantly. You can find lower rates without the usual hassles of price shopping. In the event you want to get a price quote from a specific company, feel free to find their quoting web page and fill out the quote form the provide.
Choosing the best insurance company should depend on more than just a low price. Ask your prospective agent these questions:
- Are there any hidden costs in their price quote and does it include driving and credit history?
- Will one accident increase rates?
- Can you choose the body shop in case repairs are needed?
- Can they help ensure a fair claim settlement?
- Do they specialize in personal lines auto insurance in Lexington?
- If you are a high risk driver, do they have special markets for your coverage?
- Is the agency involved in supporting local community causes?
Tailor your car insurance coverage to you
When choosing insurance from an agent or online for your personal vehicles, there isn’t really a “perfect” insurance plan. Everyone’s situation is a little different.
Here are some questions about coverages that might point out whether or not you might need an agent’s assistance.
- Is my son or daughter covered when driving my car?
- Do I really need UM/UIM coverage?
- Do I have coverage if my license is suspended?
- Do I need motorclub coverage?
- Do I need special endorsements for business use of my vehicle?
- Am I covered when driving a rental car?
If you’re not sure about those questions, you may need to chat with an agent. If you don’t have a local agent, simply complete this short form.
Don’t give up on cheap coverage
As you go through the steps to switch your coverage, it’s very important that you do not sacrifice coverage to reduce premiums. There are many occasions where an insured cut collision coverage only to regret at claim time that a couple dollars of savings turned into a financial nightmare. Your objective should be to buy enough coverage at the best price while still protecting your assets.
People who switch companies do it for a number of reasons such as an unsatisfactory settlement offer, questionable increases in premium, unfair underwriting practices and delays in paying claims. Regardless of your reason for switching companies, finding a new auto insurance company is actually quite simple.
Throughout this article, we presented many ideas to get a better price on Dodge Ram 2500 insurance in Lexington. The most important thing to understand is the more companies you get car insurance rates for, the more likely it is that you will get a better rate. Drivers may even discover the biggest savings come from some of the lesser-known companies.
- Older Driver Statistics (Insurance Information Institute)
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- Who Has Affordable Car Insurance Quotes for Good Students in Lexington? (FAQ)
- Honda warning system reduces insurance claims (Insurance Institute for Highway Safety)
- New head restraint design cuts injuries (Insurance Institute for Highway Safety)
- Distracted Driving Extends Beyond Texting (State Farm)