If you want to find the absolute lowest rates, then the best way to get the cheapest auto insurance rates in Lexington is to start comparing prices regularly from insurers in Kentucky. Rates can be compared by completing these steps.
Step 1: Get a basic knowledge of what coverages are included in your policy and the measures you can take to keep rates in check. Many rating factors that result in higher rates such as speeding tickets, accidents and an imperfect credit rating can be controlled by making minor driving habit or lifestyle changes.
Step 2: Compare price quotes from exclusive agents, independent agents, and direct providers. Exclusive agents and direct companies can only provide price estimates from one company like GEICO or State Farm, while agents who are independent can give you price quotes from many different companies.
Step 3: Compare the price quotes to your existing coverage and see if you can save money. If you find a lower rate quote, verify that coverage does not lapse between policies.
Step 4: Provide notification to your current company of your intention to cancel your current auto insurance policy. Submit the required down payment along with the signed application for the new policy. Once coverage is bound, put the new certificate of insurance with your vehicle’s registration.
An important bit of advice to remember is to compare similar deductibles and liability limits on each price quote and and to get rates from as many auto insurance providers as possible. Doing this provides an apples-to-apples comparison and a complete price analysis.
A recent NerdWallet.com study revealed that most insurance policyholders kept their policy with the same company for four years or more, and nearly 40% of drivers have never compared rates with other companies. The average driver in Lexington can save hundreds of dollars each year just by getting comparison quotes, but they just don’t want to shop their coverage around.
If you have insurance now or just want cheaper rates, you can follow these tips to find the best rates without reducing protection. This information will help educate you on how to compare rates easily and how to save the most money. You only need an understanding of the quickest way to shop for car insurance from many different companies online.
Affordable Lexington car insurance rates with discounts
Some providers don’t always advertise their entire list of discounts very well, so the following is a list of a few of the more common as well as some of the hidden credits that you can use to lower your rates.
- Homeowners Savings – Being a homeowner may trigger a policy discount on car insurance because of the fact that having a home is proof of financial responsibility.
- Military Discounts – Being deployed in the military could be rewarded with lower prices.
- Multiple Vehicles – Buying insurance for several vehicles on a single policy can reduce the rates for all insured vehicles.
- College Student – Children who live away from home to go to college and don’t have a car could get you a discount.
- Discount for Swiching Early – Select companies give a discount for buying a new policy prior to your current Prius Prime insurance policy expiration. It can save you around 10%.
- Seat Belts Save – Buckling up and requiring all passengers to use a seat belt can save up to 10 percent (depending on the company) off PIP or medical payments premium.
- Good Grades Discount – Maintaining excellent grades can earn a discount of 20% or more. This discount can apply up until you turn 25.
- Telematics Discount – Drivers who elect to allow their insurance company to scrutinize driving habits by using a small device installed in their vehicle like In-Drive from State Farm and Progressive’s Snapshot could possibly reduce rates if they are good drivers.
- Student Driver Training – Have your child take driver’s ed class if it’s offered in school.
- New Car Discount – Buying a new car instead of a used Prius Prime is cheaper because new vehicles are generally safer.
Discounts lower rates, but some credits don’t apply to the overall cost of the policy. Some only apply to the price of certain insurance coverages like comprehensive or collision. Even though it may seem like all those discounts means the company will pay you, nobody gets a free ride.
A partial list of companies that may offer policyholders some of the above discounts include:
Before purchasing a policy, check with each company or agent which credits you are entitled to. A few discounts might not be offered in Lexington. To locate providers who offer discounts in Kentucky, click this link.
Affordable Lexington Toyota Prius Prime insurance
The companies in the list below offer free rate quotes in Lexington, KY. If multiple companies are listed, we recommend you visit as many as you can to find the most competitive auto insurance rates.
When in doubt talk to an agent
When it comes to choosing adequate coverage, there isn’t really a “best” method to buy coverage. Your situation is unique so this has to be addressed.
These are some specific questions can aid in determining if your insurance needs could use an agent’s help.
- Why am I be forced to buy a membership to get insurance from some companies?
- Do I need rental car coverage?
- Am I covered if my car is in a flood?
- Is my babysitter covered when using my vehicle?
- When would I need additional glass coverage?
- Am I covered when delivering products for my home-based business?
If you’re not sure about those questions but one or more may apply to you then you might want to talk to a licensed agent. To find lower rates from a local agent, fill out this quick form or you can also visit this page to select a carrier It’s fast, doesn’t cost anything and you can get the answers you need.
Local Lexington insurance agents
A lot of people still like to have an agent’s advice and there is nothing wrong with that. Good agents are trained risk managers and give you someone to call. An additional benefit of getting free rate quotes online is the fact that you can find better rates and still choose a local agent.
Once you complete this quick form, the coverage information is sent to companies in Lexington who will give you bids for your insurance coverage. It makes it easy because there is no need to contact any agents as quotes are delivered to your email. If you wish to compare prices from a particular provider, just visit that company’s website and fill out the quote form the provide.
Picking the best provider is decision based upon more than just a cheap price quote. Any agent in Lexington should be willing to answer these questions.
- How much will you save each year by using a higher deductible?
- How are claims handled?
- How would your car be valued if totaled?
- Is insurance their full-time profession?
- What company holds the largest book of business for them?
- Are there any discounts that you might be missing?
- Do they have 24-hour customer assistance?
Two types of auto insurance agents
If you need to find a good Lexington insurance agent, it can be helpful to understand the different agency structures that you can select. Insurance agencies in Lexington are classified as either exclusive agents or independent agents. Either can provide insurance policies, but we need to point out the differences since it can impact your agent selection.
Agents of this type can only provide pricing for a single company and examples are State Farm or Allstate. These agents are not able to shop your coverage around so you need to shop around if the rates are high. Exclusive insurance agents are usually quite knowledgeable on the products they sell which helps them sell insurance even at higher premiums. Some insured continue to use the same exclusive agent primarily because of the prominence of the brand and the convenience of having a single billing for all their coverages.
Below are Lexington exclusive agencies that are able to give rate quotes.
- Dawn Stice – State Farm Insurance Agent
121 Prosperous Pl Ste 11A – Lexington, KY 40509 – (859) 271-2277 – View Map
- Russ Tucker – State Farm Insurance Agent
1206 N Broadway – Lexington, KY 40505 – (859) 259-0404 – View Map
- Howard Shelton State Farm
2614 Richmond Road – Lexington, KY 40509 – (859) 266-6640 – View Map
Independent Agents (or Brokers)
Agents that choose to be independent often have affiliation with several companies so they have the ability to put coverage through many different insurance companies and help determine which has the cheapest rates. If your premiums go up, they simply switch companies in-house and you won’t have to switch agencies. If you are comparing rate quotes, we highly recommend that you include several independent agencies to get the most accurate price comparison. Many write coverage with companies you’ve never heard of that may have much lower rates than larger companies.
Below are independent agencies in Lexington who can help you get comparison quotes.
- Kentucky Insurance Group-Joe Downs
989 Governors Ln – Lexington, KY 40513 – (859) 277-8877 – View Map
- Energy Insurance Inc
3008 Atkinson Ave – Lexington, KY 40509 – (859) 273-1549 – View Map
- Barnes Insurance Center
1202 Winchester Rd #100 – Lexington, KY 40505 – (859) 253-2728 – View Map
Insurance coverage specifics
Knowing the specifics of a insurance policy helps when choosing the best coverages and proper limits and deductibles. The coverage terms in a policy can be difficult to understand and reading a policy is terribly boring. Below you’ll find typical coverage types found on the average insurance policy.
Uninsured and underinsured coverage
This coverage gives you protection when the “other guys” either have no liability insurance or not enough. It can pay for injuries sustained by your vehicle’s occupants and damage to your Toyota Prius Prime.
Since many Kentucky drivers only purchase the least amount of liability that is required (which is 25/50/10), their liability coverage can quickly be exhausted. For this reason, having high UM/UIM coverages should not be overlooked.
Liability auto insurance
This can cover damage or injury you incur to people or other property in an accident. This coverage protects you against claims from other people, and doesn’t cover damage to your own property or vehicle.
Liability coverage has three limits: per person bodily injury, per accident bodily injury, and a property damage limit. You might see limits of 25/50/10 which stand for a $25,000 limit per person for injuries, a total of $50,000 of bodily injury coverage per accident, and property damage coverage for $10,000.
Liability coverage pays for claims such as court costs, medical expenses, repair costs for stationary objects and medical services. The amount of liability coverage you purchase is a personal decision, but you should buy as high a limit as you can afford. Kentucky state minimum liability requirements are 25/50/10 but you should consider buying better liability coverage.
The next chart demonstrates why buying low liability limits may not be adequate.
Collision coverage protection
This pays to fix your vehicle from damage resulting from a collision with an object or car. You first must pay a deductible then your collision coverage will kick in.
Collision coverage protects against things such as hitting a parking meter, crashing into a building and scraping a guard rail. This coverage can be expensive, so consider dropping it from lower value vehicles. You can also increase the deductible on your Prius Prime to get cheaper collision coverage.
Coverage for medical payments
Medical payments and Personal Injury Protection insurance pay for expenses like hospital visits, EMT expenses and doctor visits. They are utilized in addition to your health insurance policy or if you do not have health coverage. It covers all vehicle occupants in addition to if you are hit as a while walking down the street. Personal Injury Protection is only offered in select states and gives slightly broader coverage than med pay
This coverage pays for damage OTHER than collision with another vehicle or object. You first have to pay a deductible then the remaining damage will be covered by your comprehensive coverage.
Comprehensive coverage protects against things like damage from a tornado or hurricane, damage from flooding and fire damage. The highest amount you can receive from a comprehensive claim is the actual cash value, so if your deductible is as high as the vehicle’s value it’s not worth carrying full coverage.
Don’t give up on cheaper rates
When trying to cut insurance costs, never skimp on critical coverages to save a buck or two. Too many times, someone dropped liability coverage limits only to regret that saving that couple of dollars actually costed them tens of thousands. The aim is to buy a smart amount of coverage at a price you can afford and still be able to protect your assets.
Cheaper insurance in Lexington can be sourced both online and from local agencies, so you need to quote Lexington auto insurance with both in order to have the best chance of saving money. Some insurance companies may not provide the ability to get a quote online and most of the time these smaller providers work with independent insurance agents.
- Auto Insurance 101 (About.com)
- How Much are Lexington Auto Insurance Rates for a Hyundai Elantra? (FAQ)
- How Much are Auto Insurance Rates for Immigrants in Lexington? (FAQ)
- Who Has Affordable Auto Insurance Quotes for a 20 Year Old Male in Lexington? (FAQ)
- How Much is Auto Insurance for 16 Year Olds in Lexington? (FAQ)
- How Much is Lexington Auto Insurance for Young Drivers? (FAQ)
- Five Steps to Filing an Auto Insurance Claim (Insurance Information Institute)
- Cellphones, Texting and Driving (iihs.org)
- Keeping Children Safe in Crashes Video (iihs.org)