Everyone knows that auto insurance companies don’t want you quoting rates from other companies. Drivers who shop around for cheaper price quotes will probably switch to a new company because there are good odds of finding good coverage at a lower price. A study discovered that people who compared rates annually saved $3,500 over four years compared to other drivers who never shopped around for cheaper prices.
If finding the lowest price on auto insurance in Lexington is why you’re reading this, then having a grasp of the best way to compare auto insurance can make shopping around easier.
The most effective way to find cheaper prices for Chevy Malibu insurance in Lexington is to do a yearly price comparison from companies that insure vehicles in Kentucky. Prices can be compared by following these guidelines.
- Step 1: Spend some time learning about how car insurance works and the things you can change to drop your rates. Many rating factors that drive up the price like tickets, at-fault accidents, and poor credit history can be improved by making minor changes in your lifestyle. Read the full article for additional tips to prevent rate hikes and find discounts that may have been missed.
- Step 2: Get rate quotes from exclusive agents, independent agents, and direct providers. Exclusive agents and direct companies can only give rate quotes from a single company like Progressive or State Farm, while agents who are independent can give you price quotes for a wide range of companies.
- Step 3: Compare the new quotes to your existing policy and see if you can save money. If you find better rates and buy the policy, make sure coverage does not lapse between policies.
- Step 4: Provide proper notification to your current company of your intent to cancel your current car insurance policy. Submit the completed application along with a down payment to your new insurance company. As soon as you have the new policy, keep your new certificate of insurance above your visor, in the console, or in the glove compartment.
One piece of advice is that you use identical deductibles and limits on each quote and and to look at as many different insurance providers as possible. Doing this helps ensure an apples-to-apples comparison and maximum price selection.
If you have insurance now, you stand a good chance to be able to reduce premiums using this strategy. Buying the cheapest car insurance in Lexington is quite easy. Nevertheless, Kentucky drivers should learn how insurance companies market insurance on the web and use it to your advantage.
Affordable companies for Chevy Malibu insurance
The companies shown below have been selected to offer quotes in Lexington, KY. To find the best car insurance in Kentucky, we suggest you visit several of them in order to find the lowest rates.
Chevy Malibu insurance rate analysis
The coverage table below outlines detailed analysis of insurance rates for Chevy Malibu models. Having knowledge of how car insurance premiums are calculated can help drivers make smart choices when purchasing an auto insurance policy.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Get Your Own Custom Quote Go|
Above prices assume single male driver age 50, no speeding tickets, no at-fault accidents, $100 deductibles, and Kentucky minimum liability limits. Discounts applied include multi-policy, homeowner, safe-driver, claim-free, and multi-vehicle. Estimates do not factor in specific zip code location which can raise or lower rates greatly.
Irresponsible driving raises your rates
The diagram below demonstrates how citations and at-fault collisions can impact Chevy Malibu insurance costs for each age group. The price estimates are based on a married female driver, comp and collision included, $500 deductibles, and no discounts are factored in.
Insurance premiums based on gender
The chart below visualizes the comparison of Chevy Malibu annual premium costs for male and female drivers. The premiums assume a clean driving record, no at-fault accidents, comp and collision included, $250 deductibles, single marital status, and no additional discounts are factored in.
Do you need full coverage?
The example below shows the comparison of Chevy Malibu premium costs with full physical damage coverage compared to only buying the minimum liability limits required in Kentucky. The rate quotes are based on no claims or driving violations, $500 deductibles, marital status is single, and no other discounts are factored in.
When to drop comprehensive and collision
There is no set guideline of when to eliminate full coverage, but there is a general school of thought. If the yearly cost for physical damage coverage is more than about 10% of the replacement cost minus the deductible, then it might be time to buy liability only.
For example, let’s assume your Chevy Malibu replacement cost is $8,000 and you have $1,000 full coverage deductibles. If your vehicle is damaged in an accident, the most your company will settle for is $7,000 after you pay the deductible. If you are paying over $700 a year for full coverage, the it may be a good time to stop paying for full coverage.
There are some situations where dropping full coverage is not in your best interest. If you have an outstanding loan on your vehicle, you have to keep full coverage as part of the loan conditions. Also, if you cannot afford to purchase a different vehicle in case of an accident, you should not opt for liability only.
Take policy discounts and save on Chevy Malibu insurance in Lexington
Insurance is not an enjoyable expense, but there are discounts available to cut the cost considerably. Most are applied when you complete an application, but lesser-known reductions have to be asked about prior to getting the savings.
- Defensive Driver Discount – Taking time to complete a driver safety course could save 5% or more if your company offers it.
- Active Military Service – Being deployed in the military may qualify for rate reductions.
- Good Grades Discount – Performing well in school can save 20 to 25%. Most companies allow this discount well after school through age 25.
- Driver Education Discount – Reduce the cost of insurance for teen drivers by having them complete a driver education course in school or through a local driver safety program.
- Senior Citizen Discount – Drivers over the age of 55 are able to get a discount up to 10%.
- Memberships – Being in a civic or occupational organization in Lexington could qualify you for a break when shopping for insurance.
- Paperless Signup – Certain companies provide a small discount for completing your application over the internet.
- Government Employees – Simply working for the federal government may qualify for a discount when you quote Lexington car insurance but check with your company.
- Discount for Life Insurance – Some insurance carriers give lower rates if you buy a life policy as well.
As a footnote on discounts, most discounts do not apply to your bottom line cost. A few only apply to individual premiums such as liability, collision or medical payments. Just because you may think you would end up receiving a 100% discount, companies wouldn’t make money that way.
The information below illustrates the comparison of Chevy Malibu auto insurance costs with and without discounts applied to the policy premium. The rates are based on a female driver, no claims or driving citations, Kentucky state minimum liability limits, comp and collision included, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with safe-driver, marriage, claim-free, homeowner, multi-car, and multi-policy discounts applied.
If you would like to choose from a list of providers with discount insurance rates in Lexington, click this link.
Get rate quotes but buy from a local Lexington insurance agent
A small number of people still prefer to go talk to an agent. The biggest benefit of getting free rate quotes online is the fact that you can find lower prices but also keep your business local. Buying from and supporting small agencies is important particularly in Lexington.
To help locate an agent, after submitting this short form, your information is transmitted to agents in your area who can give free rate quotes for your business. You don’t have to drive around because quoted prices will be sent straight to your inbox. You’ll get the best rates without requiring a lot of work. If you have a need to compare rates from a particular provider, you can always jump over to their website and fill out the quote form the provide.
Two types of Lexington car insurance agents
If you need to find a local agent, it can be helpful to understand the different agency structures that you can select. Lexington agents can either be exclusive agents or independent agents.
Independent Agents (or Brokers)
These type of agents are not limited to a single company and that gives them the ability to insure with lots of companies depending on which coverage is best. To transfer your coverage to a different company, an independent agent can move your coverage and you don’t have to switch agencies. When searching for an agent, you will definitely want to get some free quotes from independent agents for maximum quote selection.
Listed below are Lexington independent agents who can help you get free insurance rate quotes.
Exclusive Insurance Agents
These type of agents normally can only provide a single company’s rates and some examples include Allstate, State Farm and Farm Bureau. These agents are unable to provide other company’s prices so they have no alternatives for high prices. Exclusive agents receive extensive training on their company’s products and that allows them to sell at a higher price point.
Listed below are exclusive agents in Lexington who can help you get comparison quotes.
Selecting an insurance agency should include more criteria than just a cheap price. Some important questions to ask are:
- If independent agents, which companies do they recommend?
- Will you get a loaner vehicle if you car is being repaired?
- How long have they been in business?
- How are claims handled?
- Which family members are covered?
- What discounts might you be missing?
- If you raise deductibles, how much can you save?
More quotes mean more insurance savings
We just covered a lot of tips how to shop for Chevy Malibu insurance online. The most important thing to understand is the more rate quotes you have, the better your comparison will be. You may even discover the lowest rates are with a small mutual company. Smaller companies may have significantly lower car insurance rates on certain market segments than their larger competitors like GEICO and State Farm.
When getting Lexington car insurance quotes online, don’t be tempted to sacrifice coverage to reduce premiums. In too many instances, an accident victim reduced liability coverage limits only to regret at claim time that the savings was not a smart move. Your strategy should be to buy the best coverage you can find at an affordable rate but still have enough coverage for asset protection.
Much more information about insurance in Kentucky is located at these links:
- Property Damage Coverage (Liberty Mutual)
- How Much is Car Insurance for Electric Cars in Lexington? (FAQ)
- What Insurance is Cheapest for Teenage Females in Lexington? (FAQ)
- How Much is Auto Insurance for 16 Year Olds in Lexington? (FAQ)
- Safety Features for Your New Car (State Farm)
- Teen Driver Statistics (Insurance Information Institute)