Amazingly, a recent NerdWallet.com study showed that about 70% of customers have bought insurance from the same company for well over three years, and almost half have never shopped around. Kentucky drivers could cut their rates by as much as 30% a year just by comparing rates, but they underestimate the amount of money they would save if they swap their current policy for a cheaper one.
The preferred way to get more affordable auto insurance rates in Lexington is to make a habit of comparing prices annually from insurers who can sell car insurance in Kentucky. You can shop around by following these steps.
First, gain an understanding of policy coverages and the steps you can take to keep rates in check. Many rating factors that increase rates such as getting speeding tickets and an imperfect credit rating can be remedied by being financially responsible and driving safely.
Second, obtain price quotes from direct carriers, independent agents, and exclusive agents. Exclusive and direct companies can only give prices from a single company like Progressive and State Farm, while independent agencies can quote rates from multiple insurance companies.
Third, compare the quotes to your existing coverage to see if cheaper Lancer coverage is available. If you find a better price and decide to switch, make sure coverage does not lapse between policies.
Fourth, tell your current company of your decision to cancel your current policy and submit a completed policy application and payment to the new company. Make sure you put the certificate verifying proof of insurance along with your vehicle registration.
The critical component of shopping around is to try to compare identical limits and deductibles on each quote and and to get rates from as many companies as you can. This enables an accurate price comparison and the best price selection.
Buying the most affordable protection in Lexington is actually quite simple. If you’re already insured or just want a better rate, follow these tips to reduce the price you pay and still have adequate protection. You just need to use the quickest way to compare company rates on the web.
Insurance coverage details
The price information displayed next showcases detailed analysis of insurance costs for Mitsubishi Lancer models. Being more informed about how auto insurance policy rates are formulated can be useful when making smart choices when selecting a policy.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Lancer Sportback GTS||$150||$302||$306||$18||$92||$868||$72|
|Lancer Sportback Ralliart||$166||$340||$306||$18||$92||$922||$77|
|Get Your Own Custom Quote Go|
Cost estimates assume married female driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Kentucky minimum liability limits. Discounts applied include claim-free, multi-policy, multi-vehicle, safe-driver, and homeowner. Rate information does not factor in your specific Lexington location which can impact prices greatly.
The example below demonstrates how choosing different deductibles and can affect Mitsubishi Lancer annual premium costs for each different age category. The prices are based on a single female driver, comprehensive and collision coverage, and no policy discounts are applied.
Males versus Females
The illustration below shows the comparison of Mitsubishi Lancer auto insurance costs for male and female drivers. The premium estimates are based on no violations or accidents, comprehensive and collision coverage, $500 deductibles, single status, and no discounts are taken into consideration.
Should you buy full coverage?
The information below illustrates the difference between Mitsubishi Lancer insurance costs with and without full coverage. The data is based on a clean driving record, no claims, $1,000 deductibles, drivers are single, and no additional discounts are factored in.
Guidelines for dropping full coverage
There is no exact formula that works best for making the decision to drop physical damage insurance, but there is a guideline you can use. If the yearly cost of comp and collision coverage is about 10% or more of any settlement you would receive from your insurance company, then it might be time to buy liability only.
For example, let’s assume your Mitsubishi Lancer book value is $9,000 and you have $1,000 policy deductibles. If your vehicle is severely damaged, the most your company would pay you is $8,000 after paying the physical damage deductible. If you are paying in excess of $800 a year for your policy with full coverage, then it might be time to consider dropping full coverage.
There are a few situations where only buying liability is not financially feasible. If you have an outstanding loan on your vehicle, you have to carry full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if you cannot afford to purchase a different vehicle in case of an accident, you should keep full coverage.
Six factors that affect insurance premiums
One of the most helpful ways to save on insurance is to to have a grasp of the different types of things that aid in calculating the level of your policy premiums. When consumers understand what determines premiums, this enables you to make decisions that can help you get lower insurance prices.
Listed below are most of the major factors companies use to determine your rates.
Single drivers take more risk – Having a spouse helps lower the price on your insurance policy. Marriage is viewed as being more financially stable and it’s statistically proven that married drivers tend to have fewer serious accidents.
Only buy what you need – There are a ton of extra add-on coverages that may not really be needed on your Lancer policy. Coverage for things like coverage for rental cars, better glass coverage, and Farm Bureau memberships may be wasting your money. They may sound like good ideas at first, but your money might be better spent on other coverage so remove them and pocket the money.
Insurance rates and your employer – Did you know your insurance rates can be affected by your occupation? Occupations like military generals, air traffic controllers, and accountants generally pay higher premiums than the average policyholder because of stressful work requirements and long work hours. Conversely, professions such as farmers, historians and performers have the lowest average rates.
Costs can change based on your address – Living in a rural area is a positive aspect when trying to find low car insurance rates. Fewer people means fewer accidents as well as less vandalism and auto theft. People in densely populated areas tend to have congested traffic and longer commute times. Higher commute times translates into higher accident risk.
Your age impacts your rates – Older, more experienced drivers are more responsible, statistically cause fewer accidents, and are generally more financially stable. Drivers with little experience are proven to be more careless when at the wheel of a vehicle and because of this, their insurance rates are much higher.
The following chart uses these assumptions: single driver, full coverage with $250 deductibles, and no discounts or violations.
Cut premiums and deter theft – Choosing to buy a car with advanced anti-theft systems can help bring down rates. Theft prevention devices such as vehicle immobilizer systems, General Motors OnStar and LoJack tracking systems help track and prevent your car from being stolen.
Claims statistics for a Mitsubishi Lancer – Companies include the past claim history for a vehicle to calculate a rate that will offset losses. Vehicles that the data determines to have higher loss trends will cost more for specific coverages.
The next table illustrates the insurance loss data for Mitsubishi Lancer vehicles. For each insurance policy coverage type, the claim amount for all vehicles as a whole is represented as 100. Values below 100 are indicative of better than average losses, while numbers shown that are more than 100 indicate frequent claims or an increased probability of a larger loss.
|Specific Mitsubishi Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
|Mitsubishi Lancer 2WD||153||146||127||192||218||172|
|Mitsubishi Lancer 4WD||149||131||148||135|
|Mitsubishi Lancer Evolution 4WD||225||123||221|
Empty fields indicate not enough data collected
Statistics from IIHS.org for 2013-2015 Model Years
Kentucky auto insurance company ratings
Choosing the right auto insurance provider is hard considering how many companies sell insurance in Lexington. The ranking data in the next section can help you analyze which companies you want to consider when shopping your coverage around.
Top 10 Lexington Car Insurance Companies by A.M. Best Rank
- Travelers – A++
- USAA – A++
- GEICO – A++
- State Farm – A++
- Erie Insurance – A+
- Esurance – A+
- Progressive – A+
- Nationwide – A+
- The Hartford – A+
- Allstate – A+
Top 10 Lexington Car Insurance Companies Ranked by Customer Satisfaction
- USAA – 91%
- AAA Insurance – 90%
- Esurance – 90%
- Nationwide – 89%
- Travelers – 88%
- Progressive – 88%
- Safeco Insurance – 88%
- State Farm – 88%
- Allstate – 88%
- The Hartford – 87%
Cheap car insurance rates are possible
We just presented a lot of tips how to compare Mitsubishi Lancer insurance prices in Lexington. The key thing to remember is the more quotes you get, the better your chances of lowering your rates. You may even find the best price on car insurance is with the least-expected company.
When shopping online for car insurance, don’t be tempted to skimp on coverage in order to save money. There have been many situations where an insured cut physical damage coverage and learned later that a couple dollars of savings turned into a financial nightmare. The goal is to purchase a proper amount of coverage at the best possible price, but do not sacrifice coverage to save money.
Lower-priced Mitsubishi Lancer insurance in Lexington can be bought on the web and from local insurance agents, and you should compare rates from both in order to have the best chance of saving money. Some car insurance companies may not have online price quotes and most of the time these smaller companies provide coverage only through independent insurance agencies.
- Insurance losses by make and model (Insurance Institute for Highway Safety)
- Who Has Affordable Lexington Auto Insurance for Teenagers? (FAQ)
- What Insurance is Cheapest for a Honda Civic in Lexington? (FAQ)
- Young Drivers: The High Risk Years Video (iihs.org)
- State Car Insurance Guides (GEICO)
- Collision Insurance Coverage (Nationwide)