It’s a fact that auto insurance companies want to keep you from shopping around. Drivers who rate shop once a year are inclined to buy a different policy because there is a high probability of finding a lower-priced policy. A recent survey revealed that drivers who faithfully checked for cheaper rates saved approximately $860 a year compared to those who don’t make a habit of comparing rates.
If finding the best price on auto insurance in Lexington is the reason you’re reading this, then learning a little about the best way to shop and compare cheaper coverage can save money and time.
Really, the only way to find discount Fiat 500 insurance is to compare prices at least once a year from providers who sell insurance in Lexington. Rates can be compared by completing these steps.
First, read about how insurance works and the things you can change to lower rates. Many factors that cause rate increases such as tickets, at-fault accidents, and poor credit rating can be remedied by making minor driving habit or lifestyle changes. This article gives more information to get cheaper coverage and find possible discounts that are available.
Second, compare prices from exclusive agents, independent agents, and direct providers. Direct and exclusive agents can provide rates from a single company like GEICO or State Farm, while independent agencies can quote rates for a wide range of companies.
Third, compare the quotes to the price on your current policy to determine if switching companies saves money. If you find a lower rate and change companies, make sure coverage is continuous and does not lapse.
Fourth, provide adequate notice to your current company to cancel your current policy and submit a down payment along with a completed application for the new policy. As soon as you have the new policy, store the certificate verifying coverage above your visor, in the console, or in the glove compartment.
The most important part of shopping around is to use the same level of coverage on each quote and and to get price quotes from as many carriers as you can. This guarantees a fair rate comparison and and a good selection of different prices.
If you already have coverage or need a new policy, you can follow these tips to reduce premiums and still have adequate protection. Locating the best rates in Lexington is actually quite easy if you know where to start. Vehicle owners only need an understanding of the least time-consuming way to get comparison quotes on the web.
The car insurance companies shown below offer free rate quotes in Lexington, KY. If you want the best cheap auto insurance in KY, we suggest you click on several of them to get a more complete price comparison.
Three reasons to not skimp on insurance
Even though Lexington 500 insurance rates can get expensive, maintaining insurance is mandatory in Kentucky but it also protects more than you think.
- The majority of states have mandatory liability insurance requirements which means you are required to buy a specific minimum amount of liability in order to get the vehicle licensed. 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 bought your 500 with a loan, it’s guaranteed your bank will make it a condition of the loan that you have insurance to ensure the loan is repaid in case of a total loss. If you cancel or allow the policy to lapse, the bank or lender will purchase a policy for your Fiat for a much higher rate and force you to pay the higher premium.
- Insurance preserves both your car and your assets. It will also cover most medical and hospital costs for yourself as well as anyone injured by you. One policy coverage, liability insurance, will also pay attorney fees in the event you are sued. If your vehicle suffers damage from an accident or hail, comprehensive and collision coverage will pay to have it repaired.
The benefits of having insurance are without a doubt worth the cost, especially when you need to use it. An average driver in America is wasting up to $820 a year so you should quote rates once a year at a minimum to ensure rates are inline.
Specific coverages for a Fiat 500
Understanding the coverages of car insurance can be of help when determining the right coverages and the correct deductibles and limits. Policy terminology can be impossible to understand and nobody wants to actually read their policy. These are typical coverages offered by car insurance companies.
Coverage for medical expenses
Coverage for medical payments and/or PIP reimburse you for bills for prosthetic devices, X-ray expenses, doctor visits, surgery and rehabilitation expenses. The coverages can be utilized in addition to your health insurance program or if you are not covered by health insurance. They cover you and your occupants and will also cover being hit by a car walking across the street. PIP is not an option in every state but it provides additional coverages not offered by medical payments coverage
Auto collision coverage
Collision coverage pays to fix your vehicle from damage resulting from a collision with another car or object. A deductible applies and the rest of the damage will be paid by collision coverage.
Collision coverage pays for things like driving through your garage door, colliding with a tree and hitting a parking meter. Collision is rather expensive coverage, so analyze the benefit of dropping coverage from older vehicles. It’s also possible to raise the deductible on your 500 to get cheaper collision coverage.
Comprehensive car insurance
Comprehensive insurance pays to fix your vehicle from damage from a wide range of events other than collision. You first must pay your deductible and then insurance will cover the rest of the damage.
Comprehensive insurance covers things such as hail damage, falling objects, hitting a bird and rock chips in glass. The highest amount a car insurance company will pay at claim time is the market value of your vehicle, so if it’s not worth much more than your deductible consider removing comprehensive coverage.
This provides protection from injuries or damage you cause to a person or their property. It protects you from legal claims by others, and does not provide coverage for damage to your own property or vehicle.
Coverage consists of three different limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You might see values of 25/50/10 that means you have a $25,000 limit per person for injuries, a limit of $50,000 in injury protection per accident, and $10,000 of coverage for damaged property. Alternatively, you may have a combined single limit or CSL that pays claims from the same limit rather than limiting it on a per person basis.
Liability coverage protects against claims such as loss of income, medical expenses and repair bills for other people’s vehicles. How much coverage you buy is up to you, but buy as large an amount as possible. Kentucky requires drivers to carry at least 25/50/10 but you should think about purchasing more coverage.
The chart below shows why minimum state limits may not be high enough to adequately cover claims.
Coverage for uninsured or underinsured drivers
Your UM/UIM coverage provides protection when the “other guys” either are underinsured or have no liability coverage at all. Covered claims include medical payments for you and your occupants as well as your vehicle’s damage.
Due to the fact that many Kentucky drivers have only the minimum liability required by law (Kentucky limits are 25/50/10), their liability coverage can quickly be exhausted. This is the reason having UM/UIM coverage is a good idea. Frequently your uninsured/underinsured motorist coverages are set the same as your liability limits.