Cheapest Insurance for a Chevy Cobalt in Lexington

Want a free price quotes on lower-priced Chevy Cobalt insurance in Lexington? Are you regretting buying overpriced Chevy Cobalt insurance in Lexington? Believe me, there are many Lexington consumers feeling the pinch from expensive car insurance.

A recent study showed that most consumers in Kentucky have bought car insurance from the same company for more than four years, and nearly half have never compared car insurance rates at all. Many consumers in the United States can save hundreds of dollars each year just by getting comparison quotes, but they just feel it’s too hard to compare rates and save money.

Popular companies such as State Farm, GEICO and Farmers Insurance all promote huge savings with catchy ads and it is difficult to ignore the propaganda and effectively compare rates to find the best deal.

It’s a good idea to compare rates at least once a year because car insurance prices are usually higher with each renewal. Just because you had the best deal on Chevy Cobalt insurance in Lexington a year ago there is a good chance you can find better premium rates now. Forget anything you know (or think you know) about car insurance because you’re going to learn the fastest and easiest way to save money, get proper coverage and the best rates.

If you have coverage now, you should be able to reduce premiums using the ideas presented in this article. Buying the cheapest auto insurance in Lexington can initially seem challenging. But Kentucky vehicle owners benefit from understanding the methods companies use to compete online and use this information to your advantage.

When comparison shopping, there are several ways of comparing price quotes from lots of Kentucky auto insurance companies. The easiest way to comparison shop is to jump online and get quotes.

Getting free quotes online is quite simple, and it makes it obsolete to actually drive to each insurance agency near you. Comparing Chevy Cobalt insurance rates online makes this process obsolete unless you require the professional guidance only provided by licensed Lexington agents. If you prefer, some companies allow you to find lower rates online but buy the policy through an agent. When comparing auto insurance rates, know that having more price comparisons helps increase your odds of locating lower pricing.

The car insurance companies shown below are our best choices to provide price comparisons in Lexington, KY. To buy the best cheap auto insurance in Lexington, it’s a good idea that you visit several of them to find the cheapest car insurance rates.

Chevy Cobalt insurance coverage information

The premium information shown next showcases a range of coverage costs for Chevy Cobalt models. Having insight into how car insurance prices are established can help drivers make decisions on which insurance to purchase.

Table data represents married male driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Kentucky minimum liability limits. Discounts applied include homeowner, multi-vehicle, claim-free, safe-driver, and multi-policy. Rates do not factor in specific location which can alter insurance rates substantially.

An analysis of deductible level

When buying insurance, a common question is which deductibles should you choose. The tables below may help you to understand how much more rates are between low and high physical damage deductibles. The first data table uses a $100 deductible and the second rate table uses a $1,000 deductible.

Data variables include married male driver age 30, no speeding tickets, no at-fault accidents, and Kentucky minimum liability limits. Discounts applied include multi-policy, homeowner, safe-driver, multi-vehicle, and claim-free. Price information does not factor in specific location information which can change coverage rates considerably.

Based on the data above, we can derive that using a $100 deductible will cost you roughly $37 more each month or $444 a year averaged for all Cobalt models than opting for the higher $1,000 deductible. Since the policyholder would be required to pay $900 more out of your own pocket with a $1,000 deductible as compared to a $100 deductible, if you normally go at a minimum 24 months between claims, you would probably come out ahead by going with a higher deductible.

The information below shows how choosing a deductible and can change Chevy Cobalt insurance premiums for different age groups. The premiums are based on a married female driver, full physical damage coverage, and no policy discounts are applied.

Chevrolet Cobalt liability-only versus full coverage

The information below illustrates the comparison of Chevy Cobalt insurance rates with full physical damage coverage and with liability coverage only. The data is based on a clean driving record, no at-fault accidents, $250 deductibles, single marital status, and no discounts are taken into consideration.

Are you wasting money on full coverage?

There is no set guideline to exclude comprehensive and collision coverage on your policy, but there is a general guideline. If the annual cost of having full coverage is more than around 10% of replacement cost minus your deductible, then you might want to consider buying only liability coverage.

For example, let’s pretend your Chevy Cobalt replacement value is $4,000 and you have $1,000 full coverage deductibles. If your vehicle is damaged in an accident, the most you would get paid by your company is $3,000 after paying your deductible. If it’s costing you more than $300 annually to have full coverage, then it might be time to consider dropping full coverage.

There are some conditions where buying only liability insurance is not advised. If you still have a loan on your vehicle, you have to keep full coverage to protect the lienholder’s interest. Also, if your emergency fund is not enough to purchase a different vehicle in the even your car is totaled, you should not remove full coverage.

How Your Cobalt Insurance Premiums are Determined

One of the most helpful ways to save on car insurance is to to have a grasp of a few of the rating criteria that are used to determine the rates you pay for car insurance. When you know what positively or negatively influences your rates, this enables you to make decisions that may result in cheaper rates. Many factors are used when pricing auto insurance. Some of the criteria are obvious like an MVR report, but other factors are not quite as obvious like where you live or how financially stable you are.

The factors shown below are some of the most rate-impacting factors companies use to determine your premiums.

Your job can affect rates – Occupations such as doctors, architects, and miners usually pay higher rates than average attributed to job stress and extremely grueling work hours. Other careers such as farmers, historians and performers have lower than average premiums.

Limits of liability protection – The liability coverage on your policy will protect you when you are determined to be liable for physical damage or personal injury to other. It will provide you with a defense in court to attempt to prove you were not liable. Liability insurance is pretty cheap compared to comp and collision, so do not skimp.

Better premiums for continuous car insurance coverage – Driving without insurance is against the law and car insurance companies will penalize you for letting your insurance lapse for non-payment. And not only will insurance be more expensive, failure to provide proof of insurance might get you a steep fine or even jail time. You may then be required to submit proof of financial responsibility or a SR-22 with the Kentucky motor vehicle department to get your license reinstated.

More traffic means higher claims – Residing in less populated areas of the country is a positive aspect when talking about car insurance. Less people translates into fewer accident claims and a lower car theft rate. City drivers have to deal with more auto accidents and higher rates of accident claims. Longer commute distances means a statistically higher chance of an accident.

Gender matters – Over the last 50 years, statistics have shown women are more cautious behind the wheel. However, don’t assume that men are WORSE drivers than women. Males and females cause auto accidents at a similar rate, but men cause more damage and cost insurance companies more money. Not only that, but men also get more serious tickets like DWI (DUI) or reckless driving. Male drivers age 16 to 19 have the highest risk to insure and thus pay the highest rates.

The illustration below shows the difference between Chevy Cobalt premium costs for male and female drivers. Data assumes no accidents, no driving violations, comp and collision included, $250 deductibles, single status, and no other discounts are factored in.

Better rates on cars with good safety ratings – Vehicles with good safety scores can get you lower premiums. Vehicles built for safety reduce occupant injuries and lower injury rates means your insurance company pays less passed on to you as lower rates. If the Chevy Cobalt has at least 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.

Optional features impact car insurance rates – Owning a car with a theft deterrent system can earn a premium discount. Theft deterrent systems such as OnStar, LoJack tracking, and tamper alarms all help stop auto theft.

Insurance companies don’t like frequent claims – Companies in Kentucky give the lowest premiums to insureds that do not abuse their auto insurance. If you file claims often, you can expect higher premiums or even policy non-renewal. Insurance coverage is intended to be relied upon for major claims that would cause financial hardship.

Why you need car insurance

Despite the fact that car insurance is not cheap in Lexington, insurance is required for several reasons.

• Most states have minimum liability requirements which means the state requires a minimum amount of liability insurance 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.
• If your vehicle has a lienholder, more than likely the lender will require you to buy full coverage to guarantee their interest in the vehicle. If coverage lapses or is canceled, the lender will be forced to insure your Chevy at a much higher rate and force you to pay the higher price.
• Car insurance preserves both your assets and your Chevy Cobalt. Insurance will also pay for medical transport and hospital expenses incurred in an accident. Liability coverage, the one required by state law, will also pay for a defense attorney if you are sued as the result of your driving. If mother nature or an accident damages your car, comprehensive and collision coverage will pay to repair the damage minus the deductible amount.

The benefits of buying car insurance are definitely more than the cost, particularly if you ever have a claim. Unknowingly, the average driver is overpaying more than $800 each year so compare rate quotes every year to ensure rates are inline.