How to Compare Lexington Hyundai Elantra Insurance

Insurance quote for Hyundai Elantra in LexingtonIf your goal is the lowest price, then the best way to find low-cost car insurance rates is to compare prices at least once a year from providers who sell insurance in Lexington.

The most important part of this process is to use the same amount of coverage on each quote and and to analyze every insurance company. This guarantees a level playing field and many rates to choose from.

It’s astonishing, but the vast majority of consumers kept buying from the same company for over three years, and approximately 40% of consumers have never even shopped around for affordable coverage. The average driver in Lexington could pocket 30% a year just by comparing rates, but they just feel it’s too hard to compare rates and save money.

These discounts can lower your car insurance rates

Car insurance companies don’t always publicize every discount in a way that’s easy to find, so the list below contains some of the best known as well as the least known ways to save on car insurance.

It’s important to note that most discounts do not apply to the overall cost of the policy. The majority will only reduce individual premiums such as medical payments or collision. So even though you would think having all the discounts means you get insurance for free, insurance companies wouldn’t stay in business. But any discount should help lower the premium cost.

The information below compares Hyundai Elantra yearly insurance costs with and without discounts applied to the rates. Data assumes a male driver, no claims, a clean driving record, Kentucky state minimum liability limits, full physical damage coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with safe-driver, multi-policy, marriage, claim-free, homeowner, and multi-car discounts applied.

A list of companies and their offered discounts are included below.

If you are trying to find affordable Hyundai Elantra insurance quotes, ask each insurance company how many discounts you can get. Some discounts listed above might not be available to policyholders in Lexington. If you would like to see a list of companies that offer many of these discounts in Kentucky, click here.

Keep in mind that quoting more helps increase your odds of locating more affordable rates. Some smaller insurers do not give rate quotes online, so you need to compare quotes from them, too.

The companies shown below are our best choices to provide comparison quotes in Kentucky. If you want the cheapest auto insurance in KY, it’s a good idea that you visit as many as you can to get the best price comparison.

Rates and data analysis

The data table displayed next highlights different insurance costs for Hyundai Elantra models. Having a better idea how insurance prices are figured helps drivers make decisions on which coverage to buy.

Hyundai Elantra Insurance Rates in Lexington, KY
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Elantra GLS Touring Station Wagon $212 $394 $360 $22 $108 $1,096 $91
Elantra Blue 4-Dr Sedan $212 $566 $424 $26 $128 $1,356 $113
Elantra GLS 4-Dr Sedan $242 $566 $424 $26 $128 $1,386 $116
Elantra SE 4-Dr Sedan $242 $566 $424 $26 $128 $1,386 $116
Elantra SE Touring Station Wagon $242 $480 $360 $22 $108 $1,212 $101
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Data based on single female driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and Kentucky minimum liability limits. Discounts applied include homeowner, claim-free, safe-driver, multi-policy, and multi-vehicle. Information does not factor in specific location which can revise auto insurance rates noticeably.

How high should deductibles be?

When comparing car insurance rates, the most common question is how high should the deductibles for physical damage be. The rates shown below show the rate difference of buying low and high coverage deductibles. The first rate table uses a $250 physical damage coverage deductible and the second set of prices uses a $500 deductible.

Hyundai Elantra insurance rates with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Elantra GLS Touring Station Wagon $220 $350 $278 $16 $84 $973 $81
Elantra Blue 4-Dr Sedan $220 $500 $326 $20 $98 $1,189 $99
Elantra GLS 4-Dr Sedan $252 $500 $326 $20 $98 $1,221 $102
Elantra SE 4-Dr Sedan $252 $500 $326 $20 $98 $1,221 $102
Elantra SE Touring Station Wagon $252 $426 $278 $16 $84 $1,081 $90
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Hyundai Elantra insurance rates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Elantra GLS Touring Station Wagon $178 $282 $278 $16 $84 $838 $70
Elantra Blue 4-Dr Sedan $178 $404 $326 $20 $98 $1,026 $86
Elantra GLS 4-Dr Sedan $206 $404 $326 $20 $98 $1,054 $88
Elantra SE 4-Dr Sedan $206 $404 $326 $20 $98 $1,054 $88
Elantra SE Touring Station Wagon $206 $342 $278 $16 $84 $926 $77
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Data based on married male driver age 30, no speeding tickets, no at-fault accidents, and Kentucky minimum liability limits. Discounts applied include safe-driver, claim-free, homeowner, multi-vehicle, and multi-policy. Information does not factor in specific garaging location which can affect coverage rates considerably.

Using the premium rates above, we can conclude that using a $250 deductible will cost you approximately $13 more each month or $156 annually than choosing the higher $500 deductible. Due to the fact that you would have to pay $250 more if you file a claim with a $500 deductible as compared to a $250 deductible, if you tend to have at least 19 months between claim filings, you would come out ahead if you decide on a higher deductible. Here is the way you can come to your own conclusion.

Average monthly premium for $250 deductibles: $95
Average monthly premium for $500 deductibles (subtract): – $82
Monthly savings from raising deductible: $13
Difference between deductibles ($500 – $250): $250
Divide difference by monthly savings: $250 / $13
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 19 months

One important caveat is that increasing deductibles to save money means you pay more out-of-pocket when you do file a claim. That will force you to have a higher level of savings in order to pay the deductible.

Premiums by gender and age

The example below illustrates the comparison of Hyundai Elantra auto insurance costs for male and female drivers. The price estimates are based on no claims, a clean driving record, full coverage, $1,000 deductibles, drivers are not married, and no discounts are factored in.

Should you buy full coverage?

The information below shows the comparison of Hyundai Elantra car insurance costs with full physical damage coverage and with liability coverage only. The rate quotes are based on no accidents or driving violations, $1,000 deductibles, single marital status, and no discounts are applied to the premium.

Should you buy full coverage or liability only?

There isn’t a steadfast formula of when to phase out comp and collision coverage, but there is a guideline you can consider. If the annual cost of coverage is about 10% or more of the settlement you would receive from your company, then you might want to think about dropping full coverage.

For example, let’s assume your Hyundai Elantra replacement cost is $8,000 and you have $1,000 deductibles. If your vehicle is damaged in an accident, the most you would receive is $7,000 after you pay the deductible. If you are paying in excess of $700 a year for comprehensive and collision coverage, then you may need to consider dropping full coverage.

There are some cases where removing full coverage is not in your best interest. If you haven’t satisfied your loan, you have to maintain full coverage to satisfy the loan requirements. Also, if your savings is not enough to buy a different vehicle if your current one is totaled, you should not buy liability only.

Informed Drivers Know How to Find Car Insurance for Less

Consumers need to have an understanding of some of the factors that go into determining your premiums. If you have some idea of what influences your rates, this enables informed choices that may reward you with big savings.

The itemized list below are a few of the things used by companies to determine premiums.

What is the best auto insurance coverage?

When quoting and choosing coverage for your vehicles, there really is not a “perfect” insurance plan. Your needs are unique to you.

For example, these questions may help highlight whether you may require specific advice.

If you don’t know the answers to these questions but a few of them apply, then you may want to think about talking to an agent. To find lower rates from a local agent, complete this form.

When to get advice from an insurance agency

A small number of people would prefer to have an agent’s advice and that is a personal choice. One of the great benefits of price shopping on the web is the fact that you can find cheaper prices and still have a local agent.

Once you complete this simple form, your information is sent to local insurance agents that provide free Lexington car insurance quotes for your insurance coverage. There is no need to visit any agencies as quotes are delivered directly to you. It’s the lowest rates AND a local agent. If you have a need to compare rates for a specific company, feel free to go to their quote page and fill out their quote form.

Finding the right provider should depend on more than just a cheap price quote. These are some questions your agent should answer.

Different types of Lexington auto insurance agents

If you want to use a reliable agent, you should know the types of insurance agents and how they can service your needs differently. Insurance agencies in Lexington can be classified as either exclusive or independent.

Exclusive Agents

Agents that elect to be exclusive can only provide pricing for a single company and some examples include State Farm, Allstate, and Farm Bureau. They generally cannot provide other company’s prices so you might not find the best rates. These agents are trained well on their company’s products which can be an advantage. A lot of people purchase coverage from exclusives mainly due to the brand legacy and solid financial strength.

Listed below are Lexington exclusive insurance agencies who can help you get price quotes.

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Independent Insurance Agents

Agents in the independent channel do not write with just one company so they have the ability to put coverage with any number of different companies and find you cheaper rates. If they find a cheaper price, an independent agent can move your coverage which makes it simple for you.

When comparing car insurance prices, you will want to get quotes from independent agents to ensure the widest selection of prices. Most have the option of insuring with mutual insurance companies which can be an advantage.

Below is a list of independent agencies in Lexington willing to provide price quote information.

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Best reasons to buy insurance in Kentucky

Even though it can be expensive, paying for insurance is required in Kentucky but also provides important benefits.

First, just about all states have mandatory liability insurance requirements which means the state requires a specific level of liability insurance coverage if you drive a vehicle. 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.

Second, if you bought your vehicle with a loan, almost every bank will stipulate that you buy insurance to ensure they get paid if you total the vehicle. If you do not pay your insurance premiums, the bank or lender will purchase a policy for your Hyundai at a much higher premium rate and require you to reimburse them the higher price.

Third, insurance protects your vehicle and your assets. It also can pay for medical transport and hospital expenses incurred in an accident. One policy coverage, liability insurance, also covers all legal expenses up to the policy limit if you cause an accident and are sued. If mother nature or an accident damages your car, collision and comprehensive coverages will pay to have it repaired.

The benefits of insuring your Elantra greatly outweigh the cost, especially with large liability claims. The average driver in America is overpaying over $865 each year so we recommend shopping around every year to be sure current rates are still competitive.

Persistence pays off

Throughout this article, we presented a lot of ways to compare Hyundai Elantra insurance car insurance rates in Lexington. The key concept to understand is the more price quotes you have, the better chance you’ll have of finding cheaper Lexington car insurance quotes. Consumers could even find that the lowest car insurance rates come from an unexpected company.

Cheaper Hyundai Elantra insurance in Lexington is available both online in addition to many Lexington insurance agents, so you should be comparing quotes from both to have the best rate selection. A few companies may not have online rate quotes and most of the time these small, regional companies provide coverage only through independent agents.

Consumers who switch companies do it for a number of reasons such as extreme rates for teen drivers, delays in paying claims, lack of trust in their agent or not issuing a premium refund. Regardless of your reason for switching companies, finding a new insurance company can be easier than you think.

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