A recent study showed that a large majority of drivers in Kentucky kept their policy with the same company for more than four years, and just under half have never shopped around. U.S. drivers could cut their rates by up to 46.5% a year, but they just don’t understand the big savings they would realize if they replace their high priced policy.
The most effective way to find affordable quotes for Kia Soul insurance is to do a yearly price comparison from insurance carriers who sell insurance in Lexington.
- Read and learn about coverages and the measures you can take to keep rates low. Many rating criteria that increase rates such as your driving record and a poor credit rating can be amended by being financially responsible and driving safely. Keep reading for tips to help prevent costly coverage and earn larger discounts.
- Request price quotes from independent agents, exclusive agents, and direct companies. Exclusive agents and direct companies can only give prices from one company like GEICO or Allstate, while independent agents can provide prices from multiple insurance companies. View prices
- Compare the new rate quotes to your existing coverage and see if there is a cheaper rate. If you find a better price, make sure there is no coverage gap between policies.
- Tell your current company of your intention to cancel your current coverage. Submit the signed application along with the required initial payment to the new insurer. Make sure you put the new proof of insurance paperwork with the vehicle registration.
The most important part of shopping around is to make sure you’re comparing the same level of coverage on every quote and and to get prices from as many companies as feasibly possible. This helps ensure a fair price comparison and a thorough price selection.
How to buy Kia Soul insurance online
Just keep in mind that quoting more will increase your chances of finding the best offered rates. Not every company allows you to get rate quotes online, so you need to compare price estimates from them as well.
The companies shown below are our best choices to provide free quotes in Kentucky. If you want to find the best cheap auto insurance in Lexington, KY, it’s highly recommended you get prices from several of them to get a more complete price comparison.
Coverage statistics and figures
The price information displayed next showcases estimates of insurance prices for Kia Soul models. Learning as much as possible about how car insurance premiums are calculated is important for making informed decisions.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
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Data rating is based on married female driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and Kentucky minimum liability limits. Discounts applied include multi-vehicle, multi-policy, homeowner, safe-driver, and claim-free. Price information does not factor in the specific area where the vehicle is garaged which can decrease or increase coverage prices significantly.
The diagram below highlights how deductible selection and can raise or lower Kia Soul insurance costs for different age groups. The rate quotes are based on a single male driver, full physical damage coverage, and no discounts are applied to the premium.
Tickets and at-fault accidents raise rates
The chart below shows how speeding tickets and at-fault fender-benders raise Kia Soul auto insurance costs for different age groups. The rates are based on a married female driver, comprehensive and collision coverage, $250 deductibles, and no discounts are applied to the premium.
Comparison of insurance rates by age and gender
The example below shows the difference between Kia Soul auto insurance rates for male and female drivers. The rates are based on no accidents, no driving violations, full physical damage coverage, $250 deductibles, drivers are single, and no discounts are applied to the premium.
Does it make sense to buy full coverage?
The information below visualizes the comparison of Kia Soul auto insurance rates with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. Data assumes no claims, a clean driving record, $1,000 deductibles, single marital status, and no discounts are factored in.
When to stop buying full coverage
There is no exact rule of when to phase out full coverage, but there is a general guideline. If the yearly cost of full coverage is more than 10% of the replacement cost minus the deductible, then you might consider buying liability only.
For example, let’s say your Kia Soul replacement cost is $3,000 and you have $1,000 policy deductibles. If your vehicle is destroyed, the most you would get paid by your company is $2,000 after you pay the deductible. If premiums are more than $200 a year to have full coverage, then it might be time to consider dropping full coverage.
There are some cases where removing full coverage is not financially feasible. If you haven’t satisfied your loan, you have to carry full coverage as part of the loan conditions. Also, if you can’t afford to buy a different vehicle in case of an accident, you should not remove full coverage.
Lower the Price of Insurance with These Tips
Lots of things are part of the calculation when pricing auto insurance. Some factors are common sense like your driving record, but others are more transparent like your continuous coverage or how safe your car is. The best way to find cheaper insurance is to take a look at some of the things that come into play when calculating your premiums. If you have some idea of what impacts premium levels, this allows you to make educated decisions that may reward you with better insurance rates.
The factors shown below are a few of the things utilized by car insurance companies to help set your prices.
Older drivers pay less – Beginning drivers in Kentucky have a tendency to be inattentive when behind the wheel and because of this, their insurance rates are much higher. If you’ve ever had to add a teen driver onto your insurance can break the bank. More experienced drivers are shown to be more cautious, tend to file fewer claims, and are generally more financially stable.
The following chart is based on a single driver, full coverage with $500 deductibles, and no discounts or violations.
High deductibles equal low rates – Physical damage deductibles define how much you are required to spend before your insurance pays a claim. Physical damage coverage, also called comprehensive and collision insurance, protects your car from damage. Some examples of claims that would be covered are rear-ending another vehicle, fire damage, or theft of your vehicle. The larger the amount you pay before a claim is paid (deductible), the lower your rates will be.
Don’t skimp on liability protection – Liability insurance is the coverage that protects you in the event that you are determined to be liable for physical damage or personal injury to other. It will provide you with a defense in court starting from day one. Liability insurance is pretty cheap compared to other policy coverages, so insureds should have plenty of protection for their assets.
Prevent your car from being stolen – Choosing to buy a car with advanced anti-theft systems can save you some money. Theft deterrent systems like OnStar found on GM vehicles, advanced tracking like LoJack, and vehicle immobilization systems all help stop car theft.
Insurance losses for a Kia Soul – Companies analyze claim trends for every vehicle to help determine the rate you pay. Models that tend to have higher claim frequency or loss amount will have increased rates. The data below shows the loss history for Kia Soul vehicles.
For each policy coverage type, the claim probability for all vehicles, regardless of make or model, is a value of 100. Percentages below 100 mean the vehicle has better than average losses, while numbers that are greater than 100 indicate more frequent losses or tendency to have larger claims.
|Make and Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Auto insurance is an important decision
Despite the high insurance cost for a Kia Soul in Lexington, buying auto insurance serves several important purposes.
- The majority of states have minimum mandated liability insurance limits which means you are required to carry specific limits of liability insurance coverage 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 vehicle, it’s most likely the lender will require you to have insurance to ensure loan repayment if the vehicle is totaled. If coverage lapses or is canceled, the bank may buy a policy for your Kia for a much higher rate and force you to pay for it.
- Auto insurance protects your car and your assets. Insurance will also pay for all forms of medical expenses for you, your passengers, and anyone else injured in an accident. Liability coverage, the one required by state law, will also pay attorney fees if you are sued as the result of an accident. If mother nature or an accident damages your car, comprehensive and collision coverage will pay to repair the damage.
The benefits of carrying enough insurance greatly outweigh the cost, especially when you need to use it. But the average American driver is currently overpaying as much as $820 a year so you should quote your policy with other companies every year to be sure current rates are still competitive.
Car insurance companies ranked
Insuring your vehicle with the right insurance company can be rather challenging considering how many choices drivers have in Lexington. The information shown below can help you choose which car insurance providers you want to consider when shopping around.
Top 10 Lexington Car Insurance Companies Overall
- AAA Insurance
- State Farm
- The Hartford
- Safeco Insurance
- American Family
Top 10 Lexington Car Insurance Companies Ranked by Value
- American Family
- AAA Insurance
- Safeco Insurance
- The Hartford
- Erie Insurance
- The General
- 21st Century