A study showed that most consumers kept their policy with the same company for over three years, and 38% of customers have never even compared quotes to find cheap rates. Kentucky insurance shoppers can cut their rates by as much as 30% a year just by shopping around, but they just don’t understand how much money they would save if they moved their coverage to a different company.
The best way to find affordable car insurance rates in Lexington is to start comparing prices yearly from providers that sell auto insurance in Kentucky. Prices can be compared by following these steps.
- Spend a few minutes and learn about how companies price auto insurance and the factors you can control to lower rates. Many factors that drive up the price like accidents, careless driving, and an imperfect credit score can be improved by making minor changes in your lifestyle.
- Compare prices from independent agents, exclusive agents, and direct companies. Exclusive and direct companies can only quote rates from a single company like GEICO or Farmers Insurance, while agents who are independent can quote rates from many different companies.
- Compare the quotes to your existing coverage to see if switching to a new carrier will save money. If you can save money and switch companies, make sure coverage is continuous and does not lapse.
- Notify your current company of your decision to cancel your current coverage. Submit payment along with a signed and completed policy application to the new company. Once the paperwork is finalized, place your new proof of insurance certificate in an easily accessible location.
The critical component of shopping around is to use identical deductibles and limits on every quote and and to get quotes from as many different companies as possible. This guarantees a fair rate comparison and maximum price selection.
When comparing insurance rates, know that making a lot of price comparisons gives you a better chance of getting the best offered rates. Not every company does rate quotes online, so you need to compare prices on coverage from those companies, too.
The companies shown below are ready to provide price comparisons in Kentucky. If you wish to find cheaper car insurance in Lexington, KY, it’s a good idea that you get rate quotes from several of them to find the cheapest auto insurance rates.
Insurance data for a Subaru Outback
The coverage information shown next outlines detailed analysis of insurance premium costs for Subaru Outback models. Learning how insurance quotes are formulated can assist in making smart choices when selecting a policy.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Outback 2.5I | $244 | $342 | $342 | $20 | $102 | $1,050 | $88 |
| Outback 2.5I Premium | $244 | $416 | $342 | $20 | $102 | $1,124 | $94 |
| Outback 2.5I Limited | $244 | $416 | $342 | $20 | $102 | $1,124 | $94 |
| Outback 3.6R | $244 | $416 | $342 | $20 | $102 | $1,124 | $94 |
| Outback 3.6R Premium | $244 | $416 | $342 | $20 | $102 | $1,124 | $94 |
| Outback 3.6R Limited | $272 | $490 | $342 | $20 | $102 | $1,226 | $102 |
| Get Your Own Custom Quote Go | |||||||
Above prices assume married female driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and Kentucky minimum liability limits. Discounts applied include claim-free, homeowner, safe-driver, multi-vehicle, and multi-policy. Rates do not factor in specific location information which can impact prices substantially.
The illustration below illustrates how choosing a deductible and can change Subaru Outback yearly insurance costs for different age groups. The premiums assume a married male driver, full physical damage coverage, and no discounts are taken into consideration.
Full coverage versus liability only rates
The example below visualizes the comparison of Subaru Outback yearly insurance costs when comparing full coverage to state minimum liability only. The price estimates are based on no driving violations, no at-fault accidents, $250 deductibles, drivers are single, and no discounts are taken into consideration.
Should you pay for full coverage?
There is no clear-cut rule for phasing out comp and collision coverage, but there is a general guideline you can use. If the annual cost of having full coverage is more than 10% of the replacement cost of your vehicle minus the policy deductible, then it’s probably a good time to buy liability coverage only.
For example, let’s pretend your Subaru Outback replacement value is $7,000 and you have $1,000 deductibles. If your vehicle is totaled in an accident, the most your company will settle for is $6,000 after the policy deductible has been paid. If premiums are more than $600 annually for comprehensive and collision coverage, then it might be time to consider dropping full coverage.
There are some situations where removing full coverage is not advised. If you haven’t satisfied your loan, you have to keep full coverage as part of the loan requirements. Also, if your finances do not allow you to purchase a different vehicle if your current one is damaged, you should not drop full coverage.
Do you qualify for discounts?
Some companies don’t list every policy discount in a way that’s easy to find, so we researched some of the best known and also the lesser-known discounts that may be available.
- Resident Student – Children living away from Lexington attending college and do not have access to a covered vehicle can receive lower rates.
- Discount for Life Insurance – Not all auto insurance companies offer life insurance, but some may give you a discounted premium rate on car insurance if you buy some life insurance in addition to your auto policy.
- Bundle and Save – If you have multiple policies and insure them both with the same insurance company you could earn a discount of at least 10 to 15 percent or more.
- Lower Rates for Military – Having a family member in the military can result in better rates.
- Accident Waiver – This one isn’t a discount, but a few companies such as GEICO, Allstate and Liberty Mutual will turn a blind eye to one accident without raising rates so long as you are claim-free for a certain period of time.
- Theft Deterrent Discount – Cars, trucks, and SUVs optioned with advanced anti-theft systems are stolen less frequently and will qualify for a discount on a Lexington auto insurance quote.
- Driving Data Discount – Insureds that choose to allow their insurance company to scrutinize when and where they use their vehicle by using a telematics device in their vehicle such as Drivewise from Allstate or Snapshot from Progressive may see discounts if they exhibit good driving behavior.
Just know that some credits don’t apply to the whole policy. A few only apply to specific coverage prices like liability, collision or medical payments. So when the math indicates all the discounts add up to a free policy, that’s just not realistic.
The illustration below shows the comparison of Subaru Outback insurance costs with and without discounts applied to the premium. The premium estimates are based on a male driver, no claims or violations, Kentucky state minimum liability limits, full physical damage 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, claim-free, safe-driver, multi-car, and marriage discounts applied.
Car insurance companies that possibly offer some of the above discounts include:
If you need affordable Subaru Outback insurance quotes, ask all the companies to apply every possible discount. Savings may not apply to policies in your area. To see a list of auto insurance companies who offer discounts in Lexington, click here to view.
Choosing the best Outback insurance in Kentucky is an important decision
Even though it can be expensive, maintaining insurance is mandatory in Kentucky but it also protects more than you think.
- Almost all states have minimum liability requirements which means state laws require a specific level of liability protection 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 have a loan on your Outback, almost all lenders will force you to have full coverage to ensure the loan is repaid in case of a total loss. If you do not keep the policy in force, the bank may buy a policy for your Subaru at a significantly higher premium and force you to reimburse them the higher price.
- Auto insurance preserves both your car and your assets. It will also provide coverage for medical expenses for not only you but also any passengers injured in an accident. Liability insurance, one of your policy coverages, also pays expenses related to your legal defense if you cause an accident and are sued. If mother nature or an accident damages your car, your policy will pay to have it repaired.
The benefits of having auto insurance more than cancel out the cost, especially with large liability claims. On average, a vehicle owner in Lexington is wasting up to $865 each year so it’s important to compare rates every year to be sure current rates are still competitive.
What is the best car insurance company in Lexington?
Ending up with a highly-rated auto insurance company can be difficult considering how many companies there are in Kentucky. The company rank data in the next section could help you analyze which auto insurers to look at when comparing rate quotes.
Top 10 Lexington Car Insurance Companies Overall
- Travelers
- USAA
- AAA Insurance
- Nationwide
- Allstate
- State Farm
- The Hartford
- Safeco Insurance
- Progressive
- American Family
There’s no such thing as the perfect car insurance policy
Keep in mind that when it comes to choosing proper insurance coverage, there really is no single plan that fits everyone. Everyone’s needs are different.
For example, these questions can help discover if your insurance needs could use an agent’s help.
- Do I need rental car coverage?
- Is pet coverage available?
- What can I do if my company denied a claim?
- Am I covered by my employer’s commercial auto policy when driving my personal car for business?
- Are rock chip repairs covered?
- What is an adequate liability insurance limit?
- Can I drive in Mexico and have coverage?
- Am I covered if I crash into my own garage door?
- When can I cancel my policy?
- Should I put collision coverage on all my vehicles?
If you don’t know the answers to these questions but you know they apply to you, then you may want to think about talking to a licensed insurance agent. If you don’t have a local agent, simply complete this short form.
Shop online but buy locally
A lot of people still like to have an agent’s advice and doing that can be a smart decision The biggest benefit of price shopping on the web is the fact that drivers can get lower prices and also buy local. Buying insurance from local insurance agencies is important especially in Lexington.
To help locate an agent, after submitting this quick form, your information is instantly submitted to local insurance agents in Lexington who will give competitive quotes to get your business. There is no reason to leave your house because quoted prices will be sent immediately to your email address. You’ll get the best rates and a licensed agent to talk to. In the event you want to get a price quote from a particular provider, don’t hesitate to search and find their rate quote page and give them your coverage information.
Choosing the best insurance company shouldn’t rely on just a cheap price quote. Agents should be asked these questions:
- Do you qualify for any additional discounts?
- Will one accident increase rates?
- Are they primarily personal or commercial lines agents in Lexington?
- Where would your vehicle be repaired?
- Do the coverages you’re quoting properly cover your vehicle?
- Are they full-time agents?
- How is replacement cost determined on your vehicle?
- How much will you save each year by using a higher deductible?