Affordable Insurance for a Toyota Prius in Lexington

It’s well known that auto insurance companies don’t want their customers to go rate shopping. Drivers who get price comparisons are likely to switch companies because of the good chance of finding lower rate quotes. Remarkably, a study showed that drivers who compared rates once a year saved over $72 a month compared to policyholders who don’t make a habit of comparing rates.

If finding low prices for Toyota Prius insurance in Lexington is the reason you’re here, then having some knowledge of how to quote prices and compare insurance premiums can help make the process easier.

Insurance quote for Toyota Prius in LexingtonIf saving the most money is your goal, then the best way to get the cheapest car insurance rates in Lexington is to annually compare prices from insurance carriers who sell insurance in Kentucky.

First, try to learn about policy coverages and the factors you can control to lower rates. Many risk factors that cause rate increases such as distracted driving and a not-so-good credit rating can be eliminated by improving your driving habits or financial responsibility. Continue reading for information to get lower rates and find discounts that you may qualify for.

Second, get rate quotes from exclusive agents, independent agents, and direct providers. Exclusive agents and direct companies can only provide price estimates from one company like Progressive or State Farm, while independent agencies can quote prices from multiple insurance companies.

Third, compare the new quotes to your current policy to see if you can save by switching companies. If you find a lower rate, ensure there is no coverage lapse between policies.

Fourth, provide written notification to your current company to cancel the current policy. Submit a completed policy application and payment to your new agent or company. When you receive it, safely store the certificate of insurance in an accessible location in your vehicle.

The key aspect of shopping around is to try to compare identical coverages on each quote and to quote with as many different insurance providers as possible. This guarantees a fair price comparison and and a good selection of different prices.

The quickest method we recommend to compare policy rates for Toyota Prius insurance in Lexington is to realize car insurance companies allow for online access to give you rate quotes. The one thing you need to do is take a few minutes to give details such as marital status, driver details, deductibles desired, and whether the vehicles are used for commuting. That rating information is instantly sent to many highly-rated insurers and you get price estimates quickly.

To get price quotes for your car now, click here and enter your zip code.

The companies shown below are ready to provide price comparisons in Lexington, KY. If your goal is to find the best car insurance in Lexington, KY, it’s a good idea that you visit two to three different companies to get the most affordable price.

Toyota Prius insurance charts and tables

The coverage table shown below outlines estimates of insurance costs for Toyota Prius models. Having insight into how policy premiums are established helps drivers make smart buying decisions.

Toyota Prius Insurance Rates in Lexington, KY
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Prius $244 $438 $314 $18 $94 $1,108 $92
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Data assumes single male driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and Kentucky minimum liability limits. Discounts applied include homeowner, multi-policy, safe-driver, claim-free, and multi-vehicle. Price information does not factor in specific location which can decrease or increase prices substantially.

The diagram below highlights how deductible selection and can influence Toyota Prius yearly insurance costs for different age groups. The premiums assume a married male driver, comprehensive and collision coverage, and no policy discounts are applied.

How careless driving impacts auto insurance rates

The chart below demonstrates how speeding tickets and at-fault collisions can affect Toyota Prius yearly insurance costs for different age groups. The premium estimates are based on a married male driver, comp and collision included, $1,000 deductibles, and no policy discounts are applied.

Cost of full coverage

The illustration below illustrates the comparison of Toyota Prius car insurance rates with full coverage and liability only. The premium estimates are based on no accidents, no driving violations, $250 deductibles, drivers are single, and no other discounts are factored in.

When to stop buying physical damage coverage

There is no specific rule for excluding physical damage coverage on your policy, but there is a general guideline. If the annual cost of your full coverage insurance is about 10% or more of any settlement you would receive from your insurance company, then it could be time to drop full coverage.

For example, let’s assume your Toyota Prius settlement value is $6,000 and you have $1,000 deductibles. If your vehicle is totaled, the most your company would pay you is $5,000 after paying your policy deductible. If premium cost is more than $500 annually to have full coverage, then it may be the right time to buy liability only.

There are some scenarios where removing full coverage is not a good idea. If you still owe a portion of the original loan, you have to maintain full coverage to protect the lienholder’s interest. Also, if you cannot afford to purchase a different vehicle in the even your car is totaled, you should not consider dropping full coverage.

Car insurance does more than just repair your car

Despite the potentially high cost of Toyota Prius insurance, buying car insurance is mandatory in Kentucky but it also protects more than you think.

First, most states have compulsory liability insurance requirements which means it is punishable by state law to not carry a specific minimum amount of liability coverage if you want to drive legally. 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 Prius has a loan, it’s most likely the lender will have a requirement that you carry insurance to guarantee their interest in the vehicle. If the policy lapses, the lender may insure your Toyota at a more expensive rate and force you to reimburse them a much higher amount than you were paying before.

Third, insurance protects your Toyota and your assets. Insurance will also pay for hospital and medical expenses incurred in an accident. Liability insurance also pays for attorney fees and expenses if you are sued as the result of an accident. If you receive damage to your vehicle caused by a storm or accident, comprehensive and collision coverage will pay to repair the damage.

The benefits of insuring your Prius outweigh the cost, particularly when you have a large claim. According to a recent study, the average American driver is overpaying over $865 each year so smart consumers compare quotes every year to ensure rates are inline.

Toyota Prius Insurance Prices Can Be Cheaper

An important part of buying insurance is that you know a few of the rating criteria that aid in calculating the rates you pay for auto insurance. If you understand what determines premiums, this enables you to make decisions that could help you find lower auto insurance prices. Multiple criteria are part of the calculation when premium rates are determined. A few of the factors are predictable like an MVR report, although some other factors are not quite as obvious such as your credit history or your commute time.

The list below includes a few of the “ingredients” auto insurance companies consider when setting your rates.

Lower premiums for safer vehicles – Vehicles that have high safety ratings are cheaper to insure. Highly rated vehicles result in less severe injuries and fewer injuries translates into savings for insurance companies and lower rates for you. If your Toyota scored better than four stars on you may qualify for a discount.

Continuous auto insurance coverage lowers rates – Driving without insurance is not a good idea and you will pay a penalty because you let your insurance expire. In addition to paying higher premiums, not being able to provide proof of insurance could earn you a hefty fine and possibly a revoked license.

Insurance costs and vehicle performance – The type of car or truck you are insuring makes a big difference in your rates. The best insurance prices are generally reserved for lower performance four cylinder passenger cars, but your final cost has many other factors.

The data below uses these variables: married female driver age 50, full coverage with $250 deductibles, and no discounts or violations. The data compares Toyota Prius insurance rates compared to other models of vehicles that have a range of performance risks.

Do women or men drive better? – Over the last 30 years, statistics show that women are safer drivers than men. This data doesn’t prove that women are better drivers. Males and females are responsible for at-fault accidents in similar numbers, but men tend to have higher claims. Men also receive more costly citations like DUI and reckless driving. Youthful male drivers are most likely to cause an accident and thus pay the highest rates.

The diagram below illustrates the comparison of Toyota Prius yearly insurance costs for male and female drivers. The premiums are based on no violations or claims, comprehensive and collision coverage, $500 deductibles, single marital status, and no discounts are applied.

Expect high rates for teens – Young drivers in Kentucky are statistically proven to be careless and easily distracted when driving with friends so they pay higher auto insurance rates. Having to add a teenage driver onto your auto insurance can be quite pricey. Older drivers tend to be more responsible, are lower risk to insure, and tend to be get fewer driving tickets.

The next chart is based on a single driver, full coverage with $1000 deductibles, and no discounts or violations.

Toyota Prius historical loss data – Car insurance companies factor in historical loss data to calculate a price that offsets possible losses. Models that the data shows to have higher loss trends will be charged more to insure. The table below demonstrates the loss history for Toyota Prius vehicles.

For each coverage category, the statistical loss for all vehicles combined as an average is considered to be 100. Values under 100 suggest losses that are better than average, while values that are above 100 indicate more frequent claims or statistically larger losses.

Insurance Loss Ratings for Toyota Prius Vehicles
Vehicle Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
Toyota Prius C Hybrid 113 100 87 120 121 113
Toyota Prius Hybrid 101 97 98 103 118 103
Toyota Prius Plug-in Hybrid 98 89 87 106 114 93
Toyota Prius V Hybrid 94 86 88 88 94 97

Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years

Which auto insurance company is best in Lexington?

Selecting a high-quality auto insurance company can be difficult considering how many choices drivers have in Lexington. The ranking data shown below can help you decide which providers to look at to insure your vehicles.

Top 10 Lexington Car Insurance Companies Overall

  1. Travelers
  2. USAA
  3. AAA Insurance
  4. Nationwide
  5. Allstate
  6. State Farm
  7. The Hartford
  8. Safeco Insurance
  9. Progressive
  10. American Family

Top 10 Lexington Car Insurance Companies Ranked by Customer Satisfaction

  1. USAA – 91%
  2. AAA Insurance – 90%
  3. Esurance – 90%
  4. Nationwide – 89%
  5. Travelers – 88%
  6. Progressive – 88%
  7. Safeco Insurance – 88%
  8. State Farm – 88%
  9. Allstate – 88%
  10. The Hartford – 87%

Keep this in mind when shopping around

We covered a lot of information how to compare Toyota Prius insurance premium rates in Lexington. The key thing to remember is the more times you quote, the better chance you’ll have of finding inexpensive Lexington auto insurance quotes. Drivers may even discover the lowest priced auto insurance comes from the least-expected company. These smaller insurers may only write in your state and offer lower prices compared to the large companies like State Farm, GEICO and Nationwide.

A few companies don’t offer internet price quotes and usually these small, regional companies prefer to sell through independent insurance agents. Affordable Toyota Prius insurance in Lexington can be purchased on the web as well as from insurance agents, and you need to comparison shop both to have the best selection.

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