Best Chevy Corvette Insurance in Lexington

It’s safe to conclude that car insurance companies don’t want you to look for cheaper rates. Insureds who shop around for a cheaper policy are inclined to move their business because of the good chance of finding a lower-cost company. A study discovered that people who made a habit of comparing rates saved an average of $3,400 over four years compared to people who never shopped around for better prices.

If finding the cheapest price on Chevy Corvette insurance is your objective, then having a good understanding the best way to shop and compare insurance coverage can make shopping around easier.

If you want to save money, the best way to find cheaper prices for Chevy Corvette insurance is to do a yearly price comparison from insurers who can sell car insurance in Lexington. Drivers can shop around by following these guidelines.

• First, spend a few minutes and learn about what is in your policy and the things you can control to keep rates in check. Many risk factors that cause high rates like traffic citations and a less-than-favorable credit history can be controlled by making lifestyle changes or driving safer. Later in this article we will cover instructions to get cheaper coverage and find discounts that may have been missed.
• Second, quote rates from direct carriers, independent agents, and exclusive agents. Exclusive agents and direct companies can only provide price estimates from one company like GEICO or Farmers Insurance, while independent agencies can quote rates for many different companies. Begin your rate comparison
• Third, compare the new quotes to your existing coverage and see if you can save money. If you find better rates and make a switch, make sure the effective date of the new policy is the same as the expiration date of the old one.
• Fourth, tell your current agent or company to cancel your current policy. Submit the application along with any required down payment for your new coverage. Once the application is submitted, put the proof of insurance paperwork with your vehicle’s registration.

A crucial key to this process is to make sure you enter the same physical damage deductibles and liability limits on every quote request and and to get rates from all possible companies. This provides an accurate price comparison and maximum price selection.

Choosing the best insurance company for you in Lexington is not that difficult as long as you know where to start. In a nutshell, anyone who shops around for insurance will most likely get a lower-priced policy. But Kentucky car owners need to learn the methods companies use to charge you for coverage and use it to find better rates.

Analysis of Chevy Corvette rates

The coverage table displayed next outlines a range of rate quotes for Chevy Corvette models. Learning a little about how premiums are calculated can help customers make decisions when shopping your coverage around.

Data based on married male driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and Kentucky minimum liability limits. Discounts applied include claim-free, homeowner, multi-vehicle, multi-policy, and safe-driver. Premium costs do not factor in Lexington location which can revise price quotes considerably.

Policy deductible comparison

One of the more difficult decisions when buying car insurance is the level to set your comp and collision deductibles. The following tables sum up the price difference between high and low insurance deductibles. The first data set uses a $100 deductible and the second pricing table uses a $1,000 deductible.

Data based on married male driver age 30, no speeding tickets, no at-fault accidents, and Kentucky minimum liability limits. Discounts applied include homeowner, multi-policy, safe-driver, claim-free, and multi-vehicle. Premium amounts do not factor in zip code location which can lower or raise rates greatly.

We can estimate from the data above that using a $100 deductible will cost you approximately $58 more each month or $696 a year than quoting the higher $1,000 deductible. Since you would have to pay $900 more to file a claim with a $1,000 deductible as compared to a $100 deductible, if you normally go at a minimum 16 months between claim filings, you would more than likely save some money by going with a higher deductible.

The illustration below illustrates how your deductible choice and can raise or lower Chevy Corvette insurance rates for different age groups of insureds. The rate quotes are based on a married male driver, comprehensive and collision coverage, and no discounts are taken into consideration.

Do you need full coverage?

The diagram below visualizes the comparison of Chevy Corvette auto insurance rates with full coverage compared to only the Kentucky minimum liability coverage. The data assumes no claims, a clean driving record, $500 deductibles, marital status is single, and no discounts are taken into consideration.

When to drop full coverage

There is no definitive rule for eliminating physical damage coverage, but there is a general guideline. If the annual cost of coverage is more than around 10% of the replacement cost of your vehicle minus the policy deductible, then you might want to consider buying only liability coverage.

For example, let’s pretend your Chevy Corvette replacement cost is $5,000 and you have $1,000 full coverage deductibles. If your vehicle is destroyed, the most your company would pay you is $4,000 after paying your deductible. If you are paying more than $400 a year for full coverage, then it might be time to consider dropping full coverage.

There are some scenarios where removing full coverage is not advised. If you still have a loan on your vehicle, you must maintain physical damage coverage as part of the loan conditions. 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.

Auto insurance policy discounts you can’t miss

Auto insurance is not cheap nor is it fun to buy but there’s a good chance there are discounts that could help you make your next renewal payment. Many of these discounts will be applied automatically when you get a quote, but less common discounts must be inquired about prior to receiving the credit.

• Professional Memberships – Being in a civic or occupational organization in Lexington is a good way to get lower rates on your next auto insurance statement.
• Driver Education Discount – Require your teen driver to take driver’s ed class if offered at their school.
• Active Service Discounts – Being deployed with a military unit could mean lower rates.
• Include Life Insurance and Save – Not every insurance company offers life insurance, but if they do you may earn a small discount if you purchase some life insurance too.
• Paperless Signup – A few larger online companies will discount your bill up to fifty bucks for buying your policy online.
• Air Bags and Passive Restraints – Cars that have air bags and/or automatic seat belt systems can qualify for discounts of 20 to 30 percent.
• Responsible Drivers – Insureds who avoid accidents could pay up to 40% less than drivers with accidents.

You can save money using discounts, but most of the big mark downs will not be given to the entire cost. A few only apply to individual premiums such as liability, collision or medical payments. Just because it seems like all those discounts means the company will pay you, company stockholders wouldn’t be very happy.

The example below illustrates the comparison of Chevy Corvette insurance prices with and without discounts applied to the premium. The prices are based on a male driver, no claims or driving citations, Kentucky state minimum liability limits, full physical damage coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with safe-driver, multi-policy, homeowner, claim-free, multi-car, and marriage discounts applied.

A partial list of companies that possibly offer many of the previously listed discounts include:

• State Farm
• Progressive
• Travelers
• American Family
• Liberty Mutual

When quoting, ask every company how you can save money. Some of the discounts discussed earlier might not apply in Lexington. For a list of insurers who offer discounts in Lexington, click here.

Car insurance coverage information

Understanding the coverages of a auto insurance policy helps when choosing the best coverages at the best deductibles and correct limits. Policy terminology can be impossible to understand and nobody wants to actually read their policy.

Liability insurance

Liability coverage can cover injuries or damage you cause to other’s property or people by causing an accident. Split limit liability has three limits of coverage: bodily injury per person, bodily injury per accident and property damage. Your policy might show values of 25/50/10 which stand for a $25,000 limit per person for injuries, a limit of $50,000 in injury protection per accident, and a limit of $10,000 paid for damaged property.

Liability coverage pays for things such as medical expenses, funeral expenses, medical services and bail bonds. How much coverage you buy is up to you, but it’s cheap coverage so purchase as large an amount as possible. Kentucky requires drivers to carry at least 25/50/10 but you should think about purchasing higher limits.

The illustration below demonstrates why buying low liability limits may not provide you with enough coverage.

Med pay and Personal Injury Protection (PIP)

Medical payments and Personal Injury Protection insurance provide coverage for immediate expenses for chiropractic care, pain medications, prosthetic devices and rehabilitation expenses. They are used in conjunction with a health insurance policy or if you do not have health coverage. It covers not only the driver but also the vehicle occupants and also covers if you are hit as a while walking down the street. PIP is only offered in select states and may carry a deductible

Comprehensive insurance

This pays to fix your vehicle from damage caused by mother nature, theft, vandalism and other events. You need to pay your deductible first then the remaining damage will be covered by your comprehensive coverage.

Comprehensive coverage pays for claims like falling objects, damage from a tornado or hurricane, damage from getting keyed, damage from flooding and a broken windshield. The maximum payout you can receive from a comprehensive claim is the market value of your vehicle, so if your deductible is as high as the vehicle’s value it’s probably time to drop comprehensive insurance.

Uninsured/Underinsured Motorist (UM/UIM)

This gives you protection when the “other guys” either have no liability insurance or not enough. It can pay for injuries to you and your family as well as your vehicle’s damage.

Due to the fact that many Kentucky drivers have only the minimum liability required by law (25/50/10 in Kentucky), it doesn’t take a major accident to exceed their coverage limits. This is the reason having UM/UIM coverage is a good idea.

Collision coverage

This pays to fix your vehicle from damage resulting from colliding with another car or object. A deductible applies and then insurance will cover the remainder.

Collision coverage protects against things such as hitting a mailbox, colliding with another moving vehicle, driving through your garage door, crashing into a building and damaging your car on a curb. Collision is rather expensive coverage, so you might think about dropping it from older vehicles. It’s also possible to choose a higher deductible on your Corvette to save money on collision insurance.

One last thing to lower rates

Some insurance companies do not offer the ability to get quotes online and usually these regional insurance providers prefer to sell through local independent agencies. Low-cost Chevy Corvette insurance in Lexington can be bought on the web and from local agencies, and you should compare rates from both so you have a total pricing picture.

We’ve covered a lot of information how to compare Chevy Corvette insurance premium rates in Lexington. The most important thing to understand is the more companies you get prices for, the more likely it is that you will get a better rate. Consumers could even find that the lowest premium rates are with a company that doesn’t do a lot of advertising.

When trying to cut insurance costs, never buy lower coverage limits just to save a few bucks. There are too many instances where an accident victim reduced uninsured motorist or liability limits to discover at claim time that saving that couple of dollars actually costed them tens of thousands. The goal is to find the BEST coverage at a price you can afford, not the least amount of coverage.

More detailed car insurance information is located at these sites:

• Front crash protection reduces rear-end crashes (Insurance Institute for Highway Safety)
• Who Has the Cheapest Lexington Car Insurance Rates for 18 Year Olds? (FAQ)
• Who Has the Cheapest Auto Insurance for Drivers with a DUI in Lexington? (FAQ)
• Who Has Cheap Auto Insurance Quotes for State Employees in Lexington? (FAQ)
• Tools for Teen Driving Safety (State Farm)
• Determining Your Vehicle’s Value and Repair Cost (Insurance Information Institute)
• Teen Driver Statistics (Insurance Information Institute)