Being forced to pay for expensive auto insurance premiums can deplete your budget and possibly require postponing other expenditures. Doing a price comparison can lower your rates and help to lower your bills every month.
It’s an obvious statement that auto insurance companies want to keep you from comparing prices. People who shop around are very likely to buy a different policy because the odds are good of finding a cheaper policy. Remarkably, a study showed that drivers who shopped around annually saved an average of $3,450 over four years compared to other drivers who never compared prices.
If finding budget-friendly rates on Chevy Colorado insurance is your ultimate objective, learning how to find companies and compare cheaper coverage can help you succeed in saving money.
Since you have so many companies to choose from that have cheap insurance for a Chevy Colorado in Lexington, it can be hard to choose the lowest price company.
Locating the best rates in Lexington is actually quite simple. Practically anyone who needs cheaper car insurance will most likely get better rates. Nevertheless, Kentucky consumers can benefit from knowing how big insurance companies compete online and use it to find better rates.
Most companies allow you to get coverage price quotes from their websites. Doing online price comparisons for Chevy Colorado insurance in Lexington doesn’t take much effort as you simply type in your coverage information as detailed in the form. Once entered, the company’s rating system pulls credit information and your driving record and gives you a price quote based on many factors. This simplifies rate comparisons, and it is important to compare as many rates as possible in order to find affordable rates.
In order to find out if lower rates are available, compare quotes from the companies shown below. If you have your current policy handy, we recommend you type in coverages and limits just like they are on your policy. This guarantees you will get rate comparison quotes for the exact same coverage.
The companies shown below are ready to provide free rate quotes in Kentucky. To locate the best cheap auto insurance in Lexington, we recommend you visit several of them in order to get a fair rate comparison.
Rates and detailed analysis
The information shown below showcases detailed analysis of coverage costs for Chevy Colorado models. Learning as much as possible about how car insurance prices are calculated can help you make informed coverage decisions.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Colorado LT 2WD | $180 | $408 | $342 | $20 | $102 | $1,052 | $88 |
| Colorado LT Extended Cab 2WD | $210 | $498 | $342 | $20 | $102 | $1,172 | $98 |
| Colorado LT 4WD | $210 | $408 | $292 | $18 | $88 | $1,016 | $85 |
| Colorado LT Crew Cab 2WD | $210 | $498 | $342 | $20 | $102 | $1,172 | $98 |
| Colorado LT Extended Cab 4WD | $210 | $408 | $292 | $18 | $88 | $1,016 | $85 |
| Colorado LT Crew Cab 4WD | $242 | $498 | $292 | $18 | $88 | $1,138 | $95 |
| Get Your Own Custom Quote Go | |||||||
Premium data assumes married female driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and Kentucky minimum liability limits. Discounts applied include claim-free, safe-driver, multi-policy, homeowner, and multi-vehicle. Table data does not factor in specific zip code location which can affect prices noticeably.
The information below shows how choosing a deductible and can impact Chevy Colorado yearly insurance costs for different ages of insureds. The rates are based on a single male driver, full physical damage coverage, and no discounts are factored in.
Price comparison of only insuring for liability
The illustration below compares Chevy Colorado auto insurance costs with full coverage compared to only the Kentucky minimum liability coverage. Data assumes no claims or violations, $500 deductibles, drivers are not married, and no discounts are applied.
When to buy liability coverage only
There is no exact formula for dropping full coverage on your policy, but there is a guideline you can use. If the annual cost of your full coverage insurance is more than around 10% of the replacement cost minus the deductible, then it could be time to drop full coverage.
For example, let’s assume your Chevy Colorado claim settlement value is $7,000 and you have $1,000 full coverage deductibles. If your vehicle is severely damaged, the most your company would pay you is $6,000 after the policy deductible has been paid. If it’s costing you more than $600 annually for your policy with full coverage, then you may want to consider only buying liability coverage.
There are some situations where dropping physical damage coverage is not recommended. If you still owe money on your vehicle, you have to maintain full coverage in order to satisfy the requirements of the loan. Also, if your finances do not allow you to purchase a different vehicle in the even your car is totaled, you should keep full coverage.
Insuring your Chevy Colorado just makes sense
Even though it can be expensive, insurance serves an important purpose.
- Almost all states have minimum liability requirements which means it is punishable by state law to not carry a specific minimum amount of liability coverage in order to license the 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.
- If you bought your vehicle with a loan, it’s guaranteed your bank will make it mandatory that you have comprehensive coverage to protect their interest in the vehicle. If you do not keep the policy in force, the bank or lender will purchase a policy for your Chevy for a much higher rate and force you to reimburse them for it.
- Insurance preserves both your assets and your Chevy Colorado. It will also pay for medical bills that are the result of an accident. Liability insurance, one of your policy coverages, also covers all legal expenses up to the policy limit if you are named as a defendant in an auto accident. If your vehicle suffers damage from an accident or hail, collision and comprehensive (also known as other-than-collision) coverage will pay all costs to repair after the deductible has been paid.
The benefits of carrying enough insurance are without a doubt worth the cost, especially when you need to use it. Today the average American driver is wasting up to $865 each year so smart consumers compare quotes each time the policy renews to ensure rates are competitive.
Components of Your Chevy Colorado Insurance Rates
A large part of saving on insurance is knowing a few of the rating criteria that help calculate insurance rates. If you have a feel for what impacts premium levels, this enables informed choices that could result in big savings.
The itemized list below are most of the major factors insurance companies consider when setting rates.
Cheaper prices using alarm systems – Owning a car with a theft deterrent system can earn a premium discount. Advanced theft deterrents such as tamper alarm systems, vehicle immobilizer technology and General Motors OnStar all aid in stopping car theft.
Rental and towing coverage may not be needed – Policies have additional extra coverages that you can buy on your insurance policy. Things like roadside assistance, accidental death, and motor club memberships may be costing you every month. They may seem like a good idea when deciding what coverages you need, but if you don’t need them remove them from your policy.
Multiple policies with one company – Some insurance companies will give better rates for people who have multiple policies with them, otherwise known as a multi-policy discount. Even with this discount applied, it’s always a smart idea to compare Chevy Colorado rates in Lexington to confirm you are receiving the best rates possible. You may still be able to find lower rates by splitting coverages up.
Your liability coverage limits – Your policy’s liability coverage is the protection if ever you are found liable for causing damage or personal injury in an accident. It will provide you with a defense in court which can cost a lot. Liability is cheap as compared to coverage for physical damage, so do not skimp.
Safety ratings are a factor – Vehicles with high crash test scores tend to have better insurance rates. Highly rated vehicles have better occupant injury protection and any reduction in injury severity translates into savings for insurance companies which can mean better rates for you. If your Chevy earned at least an “acceptable” rating on the Insurance Institute for Highway Safety website you may pay a lower rate.
Claims statistics for a Chevy Colorado – Insurance companies use past insurance losses when setting rates for each model. Vehicles that the statistics show to have a trend towards higher claims will have higher rates.
The table below illustrates the historical insurance loss data for Chevy Colorado vehicles. For each policy coverage type, the loss probability for all vehicles combined as an average is represented as 100. Percentage values below 100 imply a favorable loss record, while percentage values above 100 point to more frequent losses or an increased probability of a larger loss.
| Vehicle Make and Model | Collision | Property Damage | Comp | Personal Injury | Medical Payment | Bodily Injury |
|---|---|---|---|---|---|---|
| Chevrolet Colorado Crew Cab 2WD | 73 | 57 | 64 | |||
| Chevrolet Colorado Crew Cab 4WD | 90 | 89 | 86 | 67 | ||
| Chevrolet Colorado Ext Cab 2WD | 55 | |||||
| Chevrolet Colorado Ext Cab 4WD | 67 |
Empty fields indicate not enough data collected
Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Best car insurance company in Lexington
Ending up with the highest-rated car insurance provider can be challenging considering how many different companies insure vehicles in Lexington. The company ratings below can help you pick which auto insurers you want to consider to insure your vehicles.
| Company | Value | Customer Service | Claims | Customer Satisfaction | A.M Best Rating | Overall Score |
|---|---|---|---|---|---|---|
| Travelers | 93 | 98 | 99 | 88% | A++ | 95.1 |
| USAA | 83 | 99 | 100 | 91% | A++ | 94.1 |
| AAA Insurance | 91 | 95 | 92 | 90% | A | 93.3 |
| Nationwide | 85 | 95 | 97 | 89% | A+ | 92.4 |
| Allstate | 77 | 100 | 97 | 88% | A+ | 90.7 |
| State Farm | 80 | 94 | 96 | 88% | A++ | 90.6 |
| The Hartford | 88 | 93 | 91 | 87% | A+ | 90.4 |
| Safeco Insurance | 91 | 95 | 85 | 88% | A | 90.2 |
| Progressive | 88 | 94 | 83 | 88% | A+ | 90.1 |
| American Family | 91 | 86 | 95 | 83% | A | 89.7 |
| Esurance | 86 | 90 | 94 | 90% | A+ | 89.5 |
| The General | 86 | 93 | 89 | 84% | A- | 88.2 |
| GEICO | 79 | 89 | 95 | 87% | A++ | 87.8 |
| 21st Century | 86 | 82 | 90 | 84% | A | 86.4 |
| Liberty Mutual | 79 | 87 | 95 | 78% | A | 85.3 |
| Erie Insurance | 87 | 84 | 85 | 85% | A+ | 85.3 |
| Farmers Insurance | 77 | 80 | 80 | 84% | A | 80.3 |
| Compare Rates Now Go | ||||||
Data Source: Insure.com Best Car Insurance Companies
Shop smart and save
Budget-friendly auto insurance in Lexington can be sourced from both online companies as well as from insurance agents, so you need to quote Lexington auto insurance with both to get a complete price analysis. Some insurance companies may not provide internet price quotes and many times these small insurance companies only sell through independent insurance agents.
You just learned many ways to find cheap Chevy Colorado insurance in Lexington. The key concept to understand is the more times you quote, the better your comparison will be. Consumers may even find the most savings is with a smaller regional carrier. They can often provide lower prices in certain areas than their larger competitors like Allstate or State Farm.
How to find better rates for Chevy Colorado insurance in Lexington
If your goal is the lowest price, then the best way to save money on Chevy Colorado insurance in Lexington is to regularly compare quotes from companies in Kentucky.
Step 1: Read and learn about auto insurance and the factors you can control to drop your rates. Many factors that cause high rates like speeding tickets, accidents and an unacceptable credit rating can be amended by being financially responsible and driving safely.
Step 2: Compare price quotes from exclusive agents, independent agents, and direct providers. Exclusive and direct companies can only provide price estimates from one company like GEICO or State Farm, while independent agencies can quote prices from many different companies.
Step 3: Compare the new quotes to your existing policy and see if there is a cheaper rate in Lexington. If you find better rates and switch companies, make sure there is no coverage gap between policies.
Step 4: Provide adequate notice to your current company of your intent to cancel your current policy and submit a down payment and signed policy application for your new coverage. As soon as you have the new policy, put the certificate verifying coverage in an easily accessible location in your vehicle.
The critical component of shopping around is to make sure you enter identical coverage information on each quote and and to get rates from as many carriers as you can. Doing this ensures the most accurate price comparison and a complete selection of prices.
Additional learning opportunities
- Steps to Take After an Auto Accident (Insurance Information Institute)
- What Auto Insurance is Cheapest for Infrequent Drivers in Lexington? (FAQ)
- What Car Insurance is Cheapest for a Toyota 4Runner in Lexington? (FAQ)
- Who Has Cheap Auto Insurance Rates for a GMC Sierra in Lexington? (FAQ)
- What Insurance is Cheapest for a Ford F-150 in Lexington? (FAQ)
- No-Fault Auto Insurance Statistics (Insurance Information Institute)
- Five Tips to Save on Auto Insurance (Insurance Information Institute)
- How Much Auto Coverage do I Need? (Insurance Information Institute)