It’s shocking but nearly 70% of customers have purchased from the same company for at least the last four years, and roughly 40% of drivers have never even compared quotes to find cheap rates. Lexington drivers could save themselves $630 a year by just comparing quotes, but they feel it’s too difficult to find cheap rates by getting comparison quotes.
It takes a little time, but the best way to quote cheaper Lexus LC 500 insurance is to compare quotes annually from providers who provide car insurance in Lexington. You can shop around by completing these steps.
- Get an understanding of auto insurance and the steps you can take to drop your rates. Many risk factors that are responsible for high rates like at-fault accidents, careless driving, and an imperfect credit history can be improved by making minor changes to your lifestyle. Read the full article for the details to help prevent high rates and find additional discounts you may qualify for.
- Obtain price quotes from direct carriers, independent agents, and exclusive agents. Exclusive agents and direct companies can only give prices from a single company like GEICO or Farmers Insurance, while independent agencies can give you price quotes from multiple sources.
- Compare the new rates to your existing rates to see if you can save by switching companies. If you find better rates and decide to switch, make sure there is no coverage gap between policies.
A crucial key to this process is to compare identical coverages on every quote and and to compare as many companies as possible. This ensures the most accurate price comparison and the best price selection.
The Lexus LC 500 Insurance Rate Equation
Many different elements are taken into consideration when you get a price on insurance. Some factors are common sense like your driving record, but others are less apparent such as whether you are married or your commute time. It’s important that you understand the different types of things that come into play when calculating the rates you pay for insurance. When you know what positively or negatively positively or negatively impacts your premiums, this allows you to make educated decisions that could result in big savings.
Alarm systems save money – Choosing a vehicle with anti-theft technology or alarm system can get you a discount on your insurance. Theft prevention features such as tamper alarm systems, vehicle immobilizer technology and General Motors OnStar all hinder your car from being stolen.
How your age affects costs – Teen drivers in Kentucky have a tendency to be careless and easily distracted behind the wheel and because of this, their insurance rates are much higher. Older insureds are more responsible, file fewer claims, and are safer drivers.
Job reflects on prices – Jobs like doctors, airline pilots, and stock brokers generally pay the highest rates attributed to job stress and incredibly demanding work hours. On the flip side, professions such as farmers, historians and the unemployed get better rates.
Better drivers pay better rates – Having a clean driving record has a lot to do with how much you pay for insurance. Even one speeding ticket could increase your next policy renewal to the point where it’s not affordable. Good drivers have lower premiums than their less careful counterparts. Drivers unfortunate enough to have flagrant violations like hit and run, DWI or reckless driving convictions may be required to file a SR-22 with their state’s licensing department in order to legally drive.
Coverage lapses lead to higher rates – Allowing your coverage to lapse is a fast way to increase your renewal premiums. And not only will your rates increase, failure to provide proof of insurance will get you fines and jail time. You may need to submit proof of financial responsibility or a SR-22 with the Kentucky motor vehicle department.
Being married can lower costs – Having a significant other may earn you lower rates on your policy. Marriage is viewed as being more responsible it has been statistically shown that married drivers get in fewer accidents.
The majority of larger companies provide prices for coverage online. The process is very simple because you just enter the amount of coverage you want as detailed in the form. When the form is submitted, the company’s rating system automatically retrieves your driving record and credit report and quotes a price based on these and other factors. The ability to get online rate quotes for Lexus LC 500 insurance in Lexington makes it easy to compare insurance prices and it is imperative to perform this step if you are searching for cheap rates.
To save time and find out how much you can save on insurance, compare rate quotes from the providers shown below. If you have a policy now, it’s recommended you complete the form with deductibles and limits identical to your current policy. Doing this guarantees you’re receiving rate comparison quotes for exact coverage.
The companies shown below can provide free rate quotes in Lexington, KY. If multiple companies are listed, it’s a good idea that you visit as many as you can to get a more complete price comparison.
Why you need vehicle insurance in Kentucky
Despite the high insurance cost for a Lexus LC 500 in Lexington, maintaining insurance may be required and benefits you in several ways.
First, just about all states have mandatory liability insurance requirements which means it is punishable by state law to not carry a minimum amount of liability protection 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 your vehicle has a loan, almost every bank will make it mandatory that you carry insurance to ensure the loan is repaid in case of a total loss. If the policy lapses, the lender may insure your Lexus at a much higher rate and force you to reimburse them the higher premium.
Third, car insurance protects both your car and your assets. It will also provide coverage for most medical and hospital costs that are the result of an accident. One policy coverage, liability insurance, will also pay to defend you if you are sued as the result of an accident. If you have damage to your Lexus as the result of the weather or an accident, collision and comprehensive coverages will cover the repair costs.
The benefits of having car insurance more than cancel out the cost, especially if you ever need it. According to a recent study, the average American driver overpays as much as $855 a year so it’s recommended you shop around once a year at a minimum to save money.
You may qualify for discounts for Lexus LC 500 insurance in Lexington
Auto insurance is neither fun to buy or cheap, but there could be available discounts to cut the cost considerably. Certain reductions will be credited when you complete an application, but lesser-known reductions have to be specifically requested before being credited.
- Government Employees – Having worked for a branch of the government may qualify for a discount when you quote Lexington car insurance with some auto insurance companies.
- Own a Home – Just being a homeowner can help you save on auto insurance since home ownership is proof that your finances are in order.
- Data Collection Discounts – Insureds who allow driving data submission to spy on driving manner by using a telematics device in their vehicle like Allstate’s Drivewise could save a few bucks if their driving habits are good.
- Full Payment Discount – If you can afford to pay the entire bill rather than paying in monthly installments you could save 5% or more.
- Driver Education Discount – Have your child take driver’s ed class as it can save substantially.
- Discount for Passive Restraints – Cars that have air bags could see savings of up to 25% or more.
- Accident-Free Discounts – Good drivers with no accidents can save substantially when compared to drivers with a long claim history.
- 55 and Retired – If you’re over the age of 55, you may qualify for better auto insurance rates.
- ABS Brakes – Cars with anti-lock braking systems are safer to drive and earn discounts up to 10%.
- Save with More Vehicles Insured – Drivers who insure multiple cars or trucks with one company can get a discount on all vehicles.
While discounts sound great, it’s important to understand that most credits do not apply to all coverage premiums. Some only apply to the cost of specific coverages such as comprehensive or collision. So even though it sounds like you can get free auto insurance, nobody gets a free ride.
A few of the larger companies and some of the premium reductions they offer are detailed below.
- Travelers may offer discounts for IntelliDrive, student away at school, continuous insurance, home ownership, multi-car, and new car.
- 21st Century offers discounts including automatic seat belts, good student, homeowners, air bags, and anti-lock brakes.
- State Farm offers discounts for multiple policy, Drive Safe & Save, multiple autos, accident-free, student away at school, anti-theft, and safe vehicle.
- GEICO may have discounts that include defensive driver, air bags, driver training, daytime running lights, and federal employee.
- SAFECO has discounts for teen safety rewards, accident prevention training, homeowner, safe driver, and multi-car.
- AAA policyholders can earn discounts including multi-car, education and occupation, good student, anti-theft, pay-in-full, good driver, and AAA membership discount.
If you need lower rates, check with each company to apply every possible discount. Some of the earlier mentioned discounts might not be offered on policies in every state.
What if I want to buy from local Lexington car insurance agents?
Some consumers prefer to get advice from a local agent and that can be a great decision Most agents can answer important questions and help submit paperwork. The best thing about getting free rate quotes online is the fact that drivers can get lower rates and still have a local agent.
Upon completion of this simple form, the coverage information is submitted to agents in your area that can give you free Lexington car insurance quotes to get your business. You won’t need to do any legwork since price quotes are sent to your email. If you want to get a comparison quote from a specific auto insurance provider, you would need to jump over to their website and submit a quote form there.
Choosing the best insurer requires you to look at more than just the bottom line cost. Here are some questions to ask:
- What are the financial ratings for the companies they represent?
- Is there a local claims center in Lexington?
- Does the quote include credit and driving reports?
- Is vehicle mileage a factor when determining depreciation for repairs?
- What company holds the largest book of business for them?
- Will one accident increase rates?
- Is the agent CPCU or CIC certified?
- Does the agency have a good rating with the Better Business Bureau?
Pick the best auto insurance agent in Lexington for you
When searching for a reliable agent, you need to know there are two different agency structures and how they differ in how they can insure your vehicles. Agencies in Lexington are categorized either independent or exclusive. Either one can insure your vehicles properly, but it is important to understand how they are different because it can impact the kind of agent you use.
Exclusive Insurance Agencies
Exclusive agents can only provide pricing for a single company and some examples include Farmers Insurance, Allstate, or State Farm. Exclusive agencies are unable to shop your coverage around so it’s a take it or leave it situation. Exclusive insurance agents are highly trained on their company’s products and that can be a competitive advantage.
Listed below is a short list of exclusive agents in Lexington who can help you get price quote information.
Independent Agencies or Brokers
Agents in the independent channel do not sell for just one brand and that allows them to write policies through many companies and find you cheaper rates. To move your coverage to a new company, they can switch companies in-house which requires no work on your part. If you need cheaper auto insurance rates, you will definitely want to get quotes from independent agents so that you have a good selection of quotes to compare.
Shown below is a short list of independent insurance agencies in Lexington willing to provide rate quotes.
Nationwide Insurance: McGuire Insurance Agency, Inc
185 Pasadena Dr Ste 235 – Lexington, KY 40503 – (859) 268-2542 – View Map
Cover all your bases
As you go through the steps to switch your coverage, never buy less coverage just to save a little money. There are a lot of situations where someone sacrificed uninsured motorist or liability limits only to regret that the savings was not a smart move. Your objective should be to buy enough coverage for the lowest price and still be able to protect your assets.
You just learned quite a bit of information on how to find cheap Lexus LC 500 insurance in Lexington. The key thing to remember is the more companies you get rates for, the more likely it is that you will get a better rate. You may even find the most savings is with a small local company. Regional companies may have significantly lower rates on certain market segments as compared to the big name companies such as GEICO and State Farm.
- Choosing a Car for Your Teen (State Farm)
- What Car Insurance is Cheapest for a Toyota 4Runner in Lexington? (FAQ)
- How Much is Lexington Auto Insurance for a Company Car? (FAQ)
- Who Has Cheap Lexington Car Insurance for Seniors? (FAQ)
- How Much are Auto Insurance Rates for Immigrants in Lexington? (FAQ)
- Who Has Affordable Auto Insurance for Drivers Over Age 60 in Lexington? (FAQ)
- When is the Right Time to Switch Car Insurance Companies? (Allstate)
- How do I File a Claim? (Insurance Information Institute)