Cheapest Cadillac SRX Insurance in Lexington

Do you want more competitive Cadillac SRX insurance in Lexington? Scraping up a payment for expensive Cadillac SRX insurance in Lexington can eat up your accounts and force you to prioritize other expenses. Comparing rate quotes is a smart way to lower your monthly bill.

Unbelievable but true according to a study the vast majority of Kentucky car insurance customers kept their coverage with the same car insurance company for more than four years, and just under half have never shopped around. Consumers in America could save up to 46.5% each year, but most tend to underestimate how much savings they would realize if they just switched companies.

Steps to finding lower priced Cadillac SRX insurance in Lexington

If you want to save the most money, the best way to get affordable car insurance rates in Lexington is to compare quotes once a year from companies who provide car insurance in Kentucky.

Step 1: Try to learn about coverages and the things you can control to prevent high rates. Many risk factors that result in higher prices like high-risk driving behaviors and poor credit history can be eliminated by making minor driving habit or lifestyle changes. This article gives more information to help reduce prices and get bigger discounts.

Step 2: Obtain price quotes from direct carriers, independent agents, and exclusive agents. Exclusive and direct companies can give quotes from one company like GEICO and State Farm, while agents who are independent can quote rates from many different companies.

Step 3: Compare the price quotes to your existing rates to see if you can save by switching companies. If you find a lower rate and make a switch, make sure the effective date of the new policy is the same as the expiration date of the old one.

Step 4: Notify your company or agent of your decision to cancel your current coverage and submit a signed application and payment to your new carrier. As soon as you can, place your new certificate of insurance in your glove compartment.

One bit of advice is that you’ll want to compare the same physical damage deductibles and liability limits on each price quote and and to get rate quotes from as many companies as possible. This ensures an accurate price comparison and a better comparison of the market.

Due to the abundance of choices for buying cheaper insurance for a Cadillac SRX in Lexington, it is hard for the average consumer to find the lowest cost insurance company.

It’s important to do price comparisons before your policy renews since rates go up and down regularly. Just because you had the best deal on Cadillac SRX insurance in Lexington a couple years back the chances are good that you can find a lower price today. There is a lot of wrong information about SRX insurance on the web, but in this article, you’re going to get some solid techniques on how to find affordable car insurance in Lexington.

The companies shown below have been selected to offer price comparisons in Kentucky. To buy cheaper auto insurance in Lexington, KY, it’s highly recommended you compare several of them to get the lowest price.

Rates and data analysis

The data table displayed next highlights different insurance costs for Cadillac SRX models. Learning a little about how car insurance prices are formulated can assist in making informed decisions when comparing rate quotes.

Premium data assumes married male driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and Kentucky minimum liability limits. Discounts applied include safe-driver, multi-vehicle, claim-free, multi-policy, and homeowner. Table data does not factor in vehicle location which can raise or lower coverage prices significantly.

Higher deductibles save money

When comparing insurance rates, the most common question is where should you set your physical damage deductibles. The tables below may help to illustrate the difference in cost of buying low and high insurance deductibles. The first data set uses a $250 deductible for comp and collision and the second price chart uses a $1,000 deductible.

Price data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Kentucky minimum liability limits. Discounts applied include multi-policy, multi-vehicle, safe-driver, homeowner, and claim-free. Information does not factor in vehicle location which can raise or lower premiums noticeably.

Based on the data above, we can derive that using a $250 deductible will cost in the ballpark of $29 more each month or $348 every year than quoting the higher $1,000 deductible. Because you would be required to pay $750 more if you file a claim with a $1,000 deductible as compared to a $250 deductible, if you go at a minimum 26 months between claim filings, you would probably save some money if you choose a higher deductible.

Safe drivers pay less for insurance

The information below shows how traffic citations and at-fault claims raise Cadillac SRX car insurance rates for each age group. The premiums assume a married male driver, full physical damage coverage, $100 deductibles, and no discounts are taken into consideration.

Difference between full coverage and liability only rates

The illustration below shows the comparison of Cadillac SRX car insurance costs with liability coverage only compared to full coverage. The information is based on no accidents or driving violations, $100 deductibles, drivers are single, and no discounts are factored in.

Are you wasting money paying for full coverage?

There is no definitive guideline of when to phase out full coverage on your policy, but there is a broad guideline. If the annual cost of your full coverage insurance is more than 10% of the replacement cost of your vehicle minus the policy deductible, then it might be time to consider dropping full coverage.

For example, let’s pretend your Cadillac SRX replacement value is $5,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled, the most your company would pay you is $4,000 after paying your policy deductible. If it’s costing you more than $400 a year for full coverage, then it might be time to consider dropping full coverage.

There are a few situations where dropping physical damage coverage is not a good plan. If you haven’t satisfied your loan, you must maintain physical damage coverage as part of the loan conditions. Also, if your savings is not enough to buy a different vehicle in the event your current vehicle is totaled, you should not remove full coverage.

Cheaper Cadillac SRX insurance in Lexington

Insurance is not an enjoyable expense, but you may qualify for discounts to help bring down the price. Some discounts apply automatically when you get a quote, but some need to be manually applied prior to receiving the credit.

• Seat Belts Save – Requiring all passengers to fasten their seat belts can save 10% or more on medical payment and PIP coverage.
• Senior Citizen Rates – Seniors may qualify for a small decrease in premiums.
• Homeowners Savings – Just being a homeowner can earn you a little savings due to the fact that maintaining a home is proof that your finances are in order.
• Anti-lock Brake Discount – Cars and trucks with ABS braking systems or traction control are much safer to drive and will save you 10% or more on SRX insurance in Lexington.
• Drivers Ed for Students – Require your teen driver to enroll and complete driver’s education in school.
• Telematics Discount – Drivers who elect to allow their insurance company to look at when and where they use their vehicle by using a telematic data system like In-Drive from State Farm and Progressive’s Snapshot may see discounts as long as the data is positive.
• Professional Memberships – Participating in certain professional organizations could qualify you for a break on insurance.

While discounts sound great, it’s important to understand that most discounts do not apply to the whole policy. Some only apply to the cost of specific coverages such as physical damage coverage or medical payments. If you do the math and it seems like having all the discounts means you get insurance for free, nobody gets a free ride.

The chart below illustrates the comparison of Cadillac SRX auto insurance costs with and without discounts applied to the premium. The rates are based on a female driver, no accidents, no driving violations, Kentucky state minimum liability limits, comprehensive and collision coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with homeowner, marriage, claim-free, safe-driver, multi-policy, and multi-car discounts applied.

A list of companies and a selection of discounts can be read below.

• 21st Century offers premium reductions for 55 and older, teen driver, student driver, defensive driver, and automatic seat belts.
• Progressive discounts include multi-vehicle, online quote discount, good student, continuous coverage, multi-policy, and online signing.
• State Farm has savings for good driver, Drive Safe & Save, anti-theft, multiple autos, and multiple policy.
• Nationwide includes discounts for multi-policy, good student, anti-theft, defensive driving, family plan, and accident-free.
• Esurance offers discounts for online shopper, good student, Pac-12 alumni, online quote, and good driver.
• The Hartford has discounts for bundle, driver training, air bag, good student, defensive driver, anti-theft, and vehicle fuel type.

It’s a good idea to ask all the companies which discounts can lower your rates. Some discounts listed above may not apply to policyholders in Lexington. If you would like to view insurers who offer insurance discounts in Lexington, click this link.

Protect more than your SRX

Despite the high insurance cost for a Cadillac SRX in Lexington, insurance is required in Kentucky but also provides important benefits.

First, the majority of states have mandatory insurance requirements which means the state requires a specific level of liability protection if you don’t want to risk a ticket. 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 Cadillac SRX has a loan, it’s guaranteed your bank will force you to buy insurance to guarantee their interest in the vehicle. If coverage lapses or is canceled, the lender will be forced to insure your Cadillac for a much higher rate and require you to pay much more than you were paying before.

Third, insurance protects both your assets and your vehicle. It will also pay for most medical and hospital costs for yourself as well as anyone injured by you. Liability coverage, the one required by state law, also pays for attorney fees and expenses if you are named as a defendant in an auto accident. If damage is caused by hail or an accident, your insurance policy will pay to restore your vehicle to like-new condition.

The benefits of carrying adequate insurance more than offset the price you pay, especially for larger claims. Unknowingly, the average driver is overpaying more than $869 every year so you should quote and compare rates each time the policy renews to save money.

Which policy gives me the best coverage?

When it comes to choosing coverage online or from an agent, there is no cookie cutter policy. Coverage needs to be tailored to your specific needs.

For instance, these questions may help you determine whether you may require specific advice.

• What if I total my Cadillac SRX and owe more than it’s worth?
• Should I buy only the required Kentucky minimum liability coverage?
• Should I file a claim if it’s only slightly more than my deductible?
• Do I have coverage if I rent a car in Mexico?
• Is my vehicle covered by my employer’s policy when using it for work?
• Am I insured when driving a different vehicle?
• How much liability coverage do I need in Kentucky?

If you can’t answer these questions but you think they might apply to your situation, then you may want to think about talking to an agent. If you don’t have a local agent, simply complete this short form. It is quick, free and can provide invaluable advice.

Auto insurance agents can help

Many people prefer to have an agent’s advice and that is not a bad decision Professional insurance agents can answer important questions and give you someone to call. One of the best bonuses of getting online price quotes is that you can find lower rates and still buy from a local agent. Putting coverage with local agencies is important especially in Lexington.

By using this short form, the coverage information gets sent to local insurance agents who will give you quotes for your insurance coverage. You won’t need to leave your computer due to the fact that quote results will go directly to you. If you need to get a rate quote from a specific insurance company, you can always navigate to their website and give them your coverage information.

Choose an insurance agent wisely

If you’re trying to find a local insurance agency, you need to know there are two different types of agencies that you can choose from. Insurance agencies in Lexington are categorized either independent (non-exclusive) or exclusive. Both do a good job, but it’s worth learning how they differ because it can factor into the kind of agent you use.

Independent Agents

Agents of this type can sell policies from many different companies and that gives them the ability to insure with multiple insurance companies and get the cheapest rates. If your premiums go up, they simply move the coverage in-house and you can keep the same agent.

When comparing rates, it’s a good idea to include price quotes from independent agents in order to have the best price comparison.

Shown below are Lexington independent insurance agencies that can possibly get you price quote information.

More Lexington agents

Exclusive Agents

Agents of this type can only provide pricing for a single company and examples are State Farm or Allstate. Exclusive agents cannot compare other company’s rates so you might not find the best rates. They are usually quite knowledgeable in insurance sales which helps them sell on service rather than price.

Listed below are exclusive insurance agents in Lexington willing to provide comparison quotes.

More Lexington agents

Selecting an car insurance agent should depend on more than just a low price. Any good agent in Lexington should know the answers to these questions.

• What is their Better Business Bureau rating?
• How many years of experience in personal auto insurance do they have?
• Are they giving you every discount you deserve?
• Are there any discounts for paying up front?
• Which companies do they recommend if they are an independent agency?
• Are they actively involved in the community?
• How are claims handled?
• How much will you save each year by using a higher deductible?

Auto insurance policy specifics

Learning about specific coverages of your policy can be of help when determining appropriate coverage for your vehicles. Policy terminology can be ambiguous and even agents have difficulty translating policy wording.

Coverage for medical payments – Personal Injury Protection (PIP) and medical payments coverage reimburse you for immediate expenses like funeral costs, rehabilitation expenses, prosthetic devices and X-ray expenses. The coverages can be used to fill the gap from your health insurance program or if you do not have health coverage. They cover you and your occupants and also covers if you are hit as a while walking down the street. PIP coverage is not universally available but can be used in place of medical payments coverage

Comprehensive coverages – This will pay to fix damage from a wide range of events other than collision. You first have to pay a deductible then your comprehensive coverage will pay.

Comprehensive insurance covers claims like hail damage, damage from flooding and fire damage. The highest amount a auto insurance company will pay at claim time is the market value of your vehicle, so if the vehicle’s value is low it’s not worth carrying full coverage.

Auto liability insurance – Liability insurance will cover damage or injury you incur to a person or their property in an accident. It protects YOU against claims from other people. It does not cover damage to your own property or vehicle.

Coverage consists of three different limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. Your policy might show values of 25/50/10 which stand for a $25,000 limit per person for injuries, a total of $50,000 of bodily injury coverage per accident, and a limit of $10,000 paid for damaged property. Some companies may use one number which is a combined single limit that pays claims from the same limit without having the split limit caps.

Liability insurance covers claims such as funeral expenses, medical expenses, loss of income and attorney fees. How much liability coverage do you need? That is your choice, but buy as high a limit as you can afford. Kentucky requires minimum liability limits of 25/50/10 but it’s recommended drivers buy higher limits.

The next chart demonstrates why buying low liability limits may not be adequate.

Collision coverage – Collision insurance pays to fix your vehicle from damage from colliding with another vehicle or an object, but not an animal. You have to pay a deductible and the rest of the damage will be paid by collision coverage.

Collision insurance covers things like colliding with another moving vehicle, hitting a parking meter and backing into a parked car. This coverage can be expensive, so consider removing coverage from older vehicles. It’s also possible to bump up the deductible on your SRX in order to get cheaper collision rates.

Uninsured and underinsured coverage – Uninsured or Underinsured Motorist coverage provides protection from other drivers when they do not carry enough liability coverage. Covered claims include hospital bills for your injuries and also any damage incurred to your Cadillac SRX.

Due to the fact that many Kentucky drivers carry very low liability coverage limits (25/50/10 in Kentucky), their liability coverage can quickly be exhausted. So UM/UIM coverage is very important. Frequently the UM/UIM limits are identical to your policy’s liability coverage.