It’s an obvious assumption that auto insurance companies don’t want policyholders to compare prices from other companies. Consumers who compare rates at least once a year will, in all likelihood, buy a new policy because there is a significant possibility of finding coverage at a more affordable price. A recent car insurance study revealed that people who routinely shopped around saved $3,500 over four years compared to policyholders who never shopped around for cheaper prices.
If finding low prices for auto insurance is your ultimate objective, then knowing how to quote and compare insurance can save time and make the process easier.
To save the most money, the best way to find affordable Toyota Prius V insurance in Lexington is to compare prices once a year from providers who provide auto insurance in Kentucky.
- Get an understanding of how your policy works and the factors you can control to lower rates. Many risk factors that result in higher rates like accidents, traffic violations, and a less-than-favorable credit rating can be remedied by making lifestyle changes or driving safer. Keep reading for additional ideas to get cheaper rates and earn a bigger discount.
- Compare price quotes from exclusive agents, independent agents, and direct providers. Exclusive and direct companies can provide rates from a single company like Progressive or Farmers Insurance, while independent agents can quote prices for a wide range of insurance providers.
- Compare the new rate quotes to your existing coverage to determine if you can save on Prius V insurance in Lexington. If you find a lower rate quote, ensure there is no coverage lapse between policies.
The most important part of shopping around is to compare the same level of coverage on each quote and and to analyze as many companies as feasibly possible. Doing this provides a level playing field and the best price quote selection.
Finding more affordable auto insurance quotes is pretty simple and can save money. Drivers just need to spend a few minutes on the computer comparing price quotes from online providers.
It’s so fast and easy to compare rate quotes online that it makes it obsolete to drive to each insurance agency near you. Quoting and buying Toyota Prius V insurance online makes this process obsolete unless you require the advice and guidance of a local agent. However, consumers can comparison shop your insurance online but have your policy serviced through an agent.
The companies shown below offer free rate quotes in Lexington, KY. If you want to find the best cheap car insurance in Kentucky, it’s highly recommended you visit several of them to get the cheapest price.
Insurance is not optional in Kentucky
Despite the high cost of buying insurance for a Toyota Prius V in Lexington, insurance serves several important purposes.
First, the majority of states have minimum mandated liability insurance limits which means state laws require specific limits of liability coverage in order to drive the car. 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 took out a loan on your vehicle, most lenders will require that you have full coverage to ensure loan repayment if the vehicle is totaled. If you let the policy lapse, the lender may insure your Toyota for a lot more money and force you to pay for it.
Third, insurance protects both your assets and your Toyota. It also can pay for medical bills incurred in an accident. As part of your policy, liability insurance will also pay for a defense attorney if you cause an accident and are sued. If your Toyota gets damaged, comprehensive and collision coverage will pay to repair the damage minus the deductible amount.
The benefits of having insurance greatly outweigh the cost, especially with large liability claims. According to a recent study, the average American driver is currently overpaying as much as $865 each year so you should quote and compare rates at every policy renewal to make sure the price is not too high.
How You Can Control Toyota Prius V Insurance Costs
Many things are part of the calculation when pricing auto insurance. Some are pretty understandable like your driving record, although some other factors are less apparent such as your credit history or how safe your car is.
The items below are most of the major factors companies use to determine your prices.
- Low stress job equals lower prices – Occupational choices like military generals, airline pilots, and miners tend to pay higher premiums than the average policyholder because of intense work-related stress and long work days. Other professions such as farmers, students and retirees have lower than average premiums.
- How do annual miles impact costs? – Driving a lot of miles each year the higher your rate. A lot of insurance companies calculate prices based upon how the vehicle is primarily used. Cars used primarily for pleasure use can get a lower rate as compared to vehicles used primarily for driving to work. Incorrect rating for your Prius V may be wasting your money. It’s always a good idea to double check that your car insurance policy shows the correct usage for each vehicle.
- Do you know your physical damage deductibles? – Comprehensive and collision coverage deductibles represent how much money you are required to spend if a claim is determined to be covered. Physical damage protection, also called ‘full coverage’, insures against damage to your car. Some instances where coverage would apply could be colliding with a stationary object, vandalism, or theft of your vehicle. The more of the claim the insured has to pay upfront, the less your car insurance will be.
- Performance influences insurance rates – The type of car you are buying insurance for makes a significant difference in your premium level. Small economy passenger cars normally have pretty low rates, but many other things help determine your insurance rates.
- Buy a safe car and pay less – Safer cars get lower rates. Highly rated vehicles help reduce the chance of injuries in an accident and better occupant protection means your insurance company pays less passed on to you as lower rates. If your Toyota is rated at a minimum an “acceptable” rating on the Insurance Institute for Highway Safety website or four stars on the National Highway Traffic Safety Administration website it is probably cheaper to insure.
- Gender and insurance coverage costs – Statistics demonstrate women are more cautious behind the wheel. However, don’t assume that males are worse at driving than females. Both genders are responsible for accidents in similar percentages, but men cause more damage and cost insurance companies more money. Men also get cited for more serious violations like driving under the influence (DUI).
- Uninterrupted coverage lowers rates – Allowing your car insurance policy to lapse is a guaranteed way to increase your car insurance rates. Not only will you pay higher rates, being ticketed for driving with no insurance could earn you a hefty fine and possibly a revoked license. You may need to submit proof of financial responsibility or a SR-22 with the Kentucky department of motor vehicles.
Toyota Prius V statistical loss data – Insurers use historical loss data to calculate a rate that will offset losses. Vehicles that have higher frequency or amount of claims will have increased rates. The table below demonstrates the historical insurance loss data for Toyota Prius V vehicles.
For each insurance policy coverage type, the claim probability for all vehicles, regardless of make or model, is equal to 100. Numbers under 100 mean the vehicle has better than average losses, while values that are above 100 point to more claims or statistically larger losses.
Toyota Prius V Insurance Loss Statistics Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Toyota Prius V Hybrid 94 86 88 88 94 97BETTERAVERAGEWORSE
Statistics from IIHS.org for 2013-2015 Model Years
Discounts can help lower premiums on Toyota Prius V insurance in Lexington
Auto insurance is neither fun to buy or cheap, but there could be significant discounts that can drop the cost substantially. Some trigger automatically when you get a quote, but once in a while a discount must be asked for before you get the savings.
- Distant College Student Discount – Older children who are enrolled in higher education away from home and do not have access to a covered vehicle may qualify for this discount.
- Sign Online – Many larger companies will give a small break for buying your policy online.
- Discounts for Federal Employees – Simply working for the federal government can save as much as 8% with some auto insurance companies.
- More Vehicles More Savings – Buying a policy with more than one vehicle with the same company can reduce the rates for all insured vehicles.
- ABS and Traction Control Discounts – Anti-lock brake equipped vehicles can avoid accidents and the ABS can save up to 10%.
Consumers should know that many deductions do not apply to the entire policy premium. Most only apply to the price of certain insurance coverages like physical damage coverage or medical payments. Despite the appearance that you would end up receiving a 100% discount, you won’t be that lucky.
To see a list of auto insurance companies that offer some of these discounts in Lexington, click here to view.
Insurance agent or online?
Some people still like to buy from a local agent and doing that can be a smart decision Experienced insurance agents can help determine the best coverages and give you someone to call. One of the great benefits of comparing insurance prices online is that you can obtain cheaper auto insurance rates and still buy from a local agent.
For easy comparison, once you complete this quick form, your insurance data is transmitted to insurance agents in Lexington that can give you free Lexington auto insurance quotes for your business. You won’t even need to find an agent since price quotes are sent directly to you. If you wish to compare rates from a specific car insurance provider, you just need to navigate to their website and submit a quote form there.
Finding the right insurer is decision based upon more than just the bottom line cost. The answers to these questions are important, too.
- Which insurance companies are they affiliated with?
- Is there a 24/7 contact number?
- Will their companies depreciate repairs to your car based on the mileage?
- Where are claims handled?
- How often do they review policy coverages?
- Where would glass claims be handled in Lexington?
- Do they carry Errors and Omissions coverage?
- How long have they been in business?
If you need to find a reliable insurance agent, it helps to know the two different types of agents that you can select. Insurance agencies in Lexington can be classified as either exclusive agents or independent agents. Both can properly insure your vehicles, but it’s important to know the subtle differences because it can impact your agent selection.
Exclusive Insurance Agents
These agents can only write with one company like AAA, Allstate, and State Farm. These agents are not able to compare other company’s rates so they have to upsell other benefits. Exclusive agencies are very knowledgeable in insurance sales which can be an advantage.
The following are exclusive insurance agents in Lexington that are able to give comparison quotes.
Kentucky Farm Bureau Insurance Fayette County – Versailles Rd
1316 Versailles Rd – Lexington, KY 40504 – (859) 253-1626 – View Map
These agents do not work for one specific company so they can insure your vehicles amongst many companies and find you cheaper rates. If premiums increase, the business is moved internally which requires no work on your part. If you are comparing car insurance prices, you need to get insurance quotes from multiple independent agents for the best price selection.
Listed below are independent insurance agents in Lexington who can help you get price quotes.
Cheaper car insurance prices are available
Throughout this article, we presented many tips how you can reduce Toyota Prius V insurance premium rates online in Lexington. The most important thing to understand is the more rate quotes you have, the better likelihood of getting low cost Lexington auto insurance quotes. Consumers could even find that the biggest savings come from some of the lesser-known companies. Smaller companies may only write in your state and offer lower prices as compared to the big name companies such as Allstate, GEICO and Progressive.
Cost effective Toyota Prius V insurance can be found both online and from local insurance agents, and you should compare price quotes from both in order to have the best chance of saving money. A few companies do not offer internet price quotes and many times these regional carriers sell through independent agents.
When shopping online for car insurance, don’t be tempted to sacrifice coverage to reduce premiums. There have been many cases where an accident victim reduced liability coverage limits only to discover later that the few dollars in savings costed them thousands. The proper strategy is to get the best coverage possible at the best price while not skimping on critical coverages.
For more information, feel free to visit the resources below:
- Auto Insurance Learning Center (State Farm)
- Who Has Affordable Lexington Auto Insurance Rates for Real Estate Agents? (FAQ)
- Who Has Cheap Lexington Auto Insurance Rates for a Nissan Rogue? (FAQ)
- Understanding Your Insurance Deductible (Insurance Information Institute)
- Protect Yourself Against Auto Theft (Insurance Information Institute)
- Safety Belts FAQ (iihs.org)
- Child Safety FAQ (iihs.org)