Are you kicking yourself for buying an expensive auto insurance policy? It’s quite common and many Lexington drivers feel the same as you.
Anyone knows that car insurance companies don’t want you comparing rates. People who shop around for a cheaper policy will presumably buy a different policy because there is a significant possibility of finding a lower-cost company. A survey found that drivers who compared prices regularly saved on average $3,400 over four years compared to people who never shopped around for cheaper prices.
If finding low prices for insurance in Lexington is your intention, then learning a little about the best ways to find and compare coverage rates can make shopping around easier.
Steps to buying lower priced Ford Explorer insurance in Lexington
It takes a little time, but the best way to get affordable Ford Explorer insurance is to start comparing rates regularly from insurance carriers in Lexington.
Step 1: Try to learn about how insurance companies determine prices and the measures you can control to keep rates low. Many things that result in higher rates like at-fault accidents and an imperfect credit history can be amended by being financially responsible and driving safely.
Step 2: Request rate estimates from direct, independent, and exclusive agents. Exclusive agents and direct companies can give quotes from one company like GEICO or Farmers Insurance, while independent agents can provide price quotes from many different companies. Start a quote
Step 3: Compare the new quotes to your existing coverage and see if you can save money. If you can save some money and decide to switch, ensure there is no coverage lapse between policies.
A key point to remember is that you’ll want to compare the same physical damage deductibles and liability limits on every quote and and to look at as many companies as possible. Doing this provides an apples-to-apples comparison and a good representation of prices.
Numerous auto insurance companies battle for your hard-earned dollar, so it can be very hard to choose a company to get the lowest price on Ford Explorer insurance in Lexington.
The quickest method we recommend to get policy rate comparisons for Ford Explorer insurance in Lexington is to realize all the major auto insurance companies participate in online systems to compare their rates. To get started, all you need to do is give them some information like if you are currently licensed, whether you are married, your education level, and whether you drive to work or school. Your details is then sent to multiple insurance providers and you will receive price estimates within a short period of time.
To compare multiple company cheap Ford Explorer insurance rates now, click here and enter the information requested.
The companies shown below provide free rate quotes in Kentucky. If multiple companies are listed, it’s highly recommended you get rates from several of them to get the best price comparison.
Check for these discounts on Ford Explorer insurance in Lexington
Car insurance companies don’t always list every discount in a way that’s easy to find, so we break down a few of the more common and the more hidden ways to save on auto insurance. If you do not double check each discount available, you could be saving more on your auto insurance.
- Discount for New Cars – Buying a new car model can be considerably cheaper because newer vehicles keep occupants safer.
- Switch and Save Discount – A few insurance companies offer discounts for buying a new policy prior to the expiration date on your current Explorer insurance policy. This discount can save up to 10%.
- Resident Student – Any of your kids who are attending college without a vehicle on campus could qualify for this discount.
- Military Discounts – Being deployed with a military unit could be rewarded with lower auto insurance rates.
- Discount for Good Grades – This discount could provide a savings of up to 20% or more. The discount lasts up to age 25.
- Student Driver Training – Require your teen driver to enroll and complete driver’s education as it can save substantially.
- Telematics Discount – Policyholders that allow driving data submission to scrutinize driving manner by using a telematic data system such as Allstate’s Drivewise and State Farm’s In-Drive system might get better premium rates if they are good drivers.
- Own a Home – Owning a house in Lexington can save you money because it requires personal responsibility.
- Safe Driver Discounts – Insureds who avoid accidents may save up to 50% more as compared to drivers with claims.
- Policy Bundle Discount – If you can combine your homeowners and auto policy with one insurance company you could earn a discount of approximately 10% to 15%.
We need to note that most of the big mark downs will not be given to all coverage premiums. Most only apply to individual premiums such as collision or personal injury protection. So despite the fact that it appears you could get a free auto insurance policy, auto insurance companies aren’t that generous.
The illustration below shows the comparison of Ford Explorer premium costs with and without discounts applied to the rates. The rates are based on a female driver, no tickets, no at-fault accidents, 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 marriage, claim-free, multi-car, homeowner, safe-driver, and multi-policy discounts applied.
If you would like to view providers that offer discounts in Lexington, click here.
Coverage analysis
The premium table displayed below showcases a range of insurance rates for Ford Explorer models. Being aware of how auto insurance prices are determined is important for you to make informed decisions when comparing rate quotes.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Explorer XLT 2WD | $272 | $408 | $334 | $20 | $100 | $1,134 | $95 |
| Explorer Eddie Bauer 2WD | $272 | $408 | $334 | $20 | $100 | $1,134 | $95 |
| Explorer XLT 4WD | $272 | $408 | $334 | $20 | $100 | $1,134 | $95 |
| Explorer XLT AWD | $272 | $408 | $334 | $20 | $100 | $1,134 | $95 |
| Explorer Eddie Bauer 4WD | $308 | $498 | $334 | $20 | $100 | $1,260 | $105 |
| Explorer Eddie Bauer AWD | $308 | $498 | $334 | $20 | $100 | $1,260 | $105 |
| Explorer Limited 2WD | $308 | $498 | $334 | $20 | $100 | $1,260 | $105 |
| Explorer Limited 4WD | $308 | $498 | $334 | $20 | $100 | $1,260 | $105 |
| Explorer Limited AWD | $308 | $498 | $334 | $20 | $100 | $1,260 | $105 |
| Get Your Own Custom Quote Go | |||||||
Data based on married female driver age 30, no speeding tickets, no at-fault accidents, $100 deductibles, and Kentucky minimum liability limits. Discounts applied include multi-vehicle, safe-driver, claim-free, multi-policy, and homeowner. Table data does not factor in Lexington location which can raise or lower coverage rates significantly.
The illustration below demonstrates how deductible levels and can change Ford Explorer premium costs for each different age group. The premiums assume a married female driver, comprehensive and collision coverage, and no policy discounts are applied.
Insurance rates are higher with tickets and accidents
The illustration below highlights how traffic violations and accidents drive up Ford Explorer insurance rates for different age groups. The prices are based on a single female driver, full physical damage coverage, $1,000 deductibles, and no other discounts are factored in.
Premiums by gender and age
The chart below shows the comparison of Ford Explorer insurance costs for male and female drivers. The prices are based on a clean driving record, no claims, comprehensive and collision coverage, $250 deductibles, single marital status, and no discounts are taken into consideration.
Ford Explorer liability-only versus full coverage
The illustration below compares Ford Explorer insurance costs when comparing full coverage to state minimum liability only. The data is based on no violations or accidents, $1,000 deductibles, drivers are not married, and no additional discounts are factored in.
Deciding between full coverage and liability only
There is no definitive rule of when to phase out physical damage coverage, but there is a broad guideline. If the annual cost of having full coverage is more than about 10% of the settlement you would receive from your company, then it could be time to drop full coverage.
For example, let’s say your Ford Explorer replacement value is $7,000 and you have $1,000 policy deductibles. If your vehicle is totaled, the most your company will settle for is $6,000 after paying the physical damage deductible. If you are paying over $600 annually for comprehensive and collision coverage, then you might consider buying liability only.
There are a few cases where dropping full coverage is not recommended. If you haven’t paid off your loan, you have to keep full coverage in order to keep the loan. Also, if your emergency fund is not enough to purchase a different vehicle in the even your car is totaled, you should not buy liability only.
How Insurance Companies Calculate Ford Explorer Insurance Rates
Lots of things are part of the calculation when premium rates are determined. Most are fairly basic such as traffic violations, but some are more transparent like your continuous coverage or your vehicle rating. Part of the auto insurance buying process is learning a few of the rating criteria that help determine the price you pay for auto insurance. When consumers understand what influences your rates, this allows you to make good choices that can help you get cheaper rates.
The itemized list below are a few of the things companies use to determine your premiums.
- Lower physical damage deductibles cost more – The deductibles are the amount of money you are willing to pay if a covered claim is submitted. Coverage for physical damage, also known as collision and other-than-collision, covers damage that occurs to your car. Some examples of covered claims are rear-ending another vehicle, collision with a deer, or theft of your vehicle. The more money the insured is willing to pay, the lower your rates will be.
- Your location is important – Choosing to live in areas with lower population has definite advantages when shopping for auto insurance. Fewer people translates into fewer accidents in addition to fewer liability claims. People in densely populated areas tend to have congested traffic and more time behind the wheel. Longer commute distances translates into higher accident risk.
- Bundle policies and save money – Lots of insurance companies provide discounts to buyers who carry more than one policy such as combining an auto and homeowners policy. The discount can add up to ten or even fifteen percent. Even though this discount sounds good, it’s in your best interest to compare other Lexington Explorer insurance rates to make sure you are getting the best deal. Consumers may save even more than the discount by splitting coverages up.
- Lower rates for safer cars – Vehicles with high crash test scores tend to have lower insurance rates. Highly rated vehicles help reduce the chance of injuries in an accident and lower rates of occupant injuries translates directly to fewer claims and more competitive rates for policyholders. If your Ford Explorer scored at minimum an “acceptable” rating on the Insurance Institute for Highway Safety website it is probably cheaper to insure.
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Ford Explorer statistical loss data – Companies include the past claim history for a vehicle to calculate a price that will offset any claims. Vehicles that statistically have increased claim numbers or amounts will have a higher premium rate. The next table shows the insurance loss data for Ford Explorer vehicles.
For each coverage category, the claim probability for all vehicles as a whole is set at 100. Values below 100 mean the vehicle has better than average losses, while numbers above 100 indicate more frequent losses or statistically larger claims.
Car Insurance Loss Data for Ford Explorer Models Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Ford Explorer 4dr 2WD 80 90 79 75 70 82 Ford Explorer 4dr 4WD 94 94 97 75 70 85 BETTERAVERAGEWORSEData Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
Local Lexington auto insurance agents
A lot of people would rather talk to an insurance agent and there is nothing wrong with that. Licensed agents are trained to spot inefficiencies and will help you if you have claims. The biggest benefit of comparing insurance prices online is that drivers can save money and get the lowest rates and still have an agent to talk to.
To help locate an agent, after submitting this short form, the coverage information is sent to insurance agents in Lexington who will give you bids for your coverage. You won’t even need to even leave your home since rate quotes are delivered to the email address you provide. If you have a need to compare prices for a specific company, you just need to jump over to their website and give them your coverage information.
Picking a company shouldn’t rely on just a cheap price. These are valid questions to ask:
- If your car is totaled, how to they determine the replacement cost?
- Do they specialize in personal lines auto insurance in Lexington?
- Are there any extra charges for paying monthly?
- Is the agent properly licensed in Kentucky?
- Are they paid to recommend certain coverages?
If you get answers to your satisfaction to these questions as well as cheap Explorer insurance quotes, it’s possible that you found a company that will properly insure your vehicles.
Don’t give up on cheap rates
When searching for affordable Lexington auto insurance quotes, it’s a bad idea to skimp on coverage in order to save money. There are many occasions where someone dropped full coverage only to discover later that the few dollars in savings costed them thousands. The goal is to get the best coverage possible at the best cost while not skimping on critical coverages.
We just showed you some good ideas how you can shop for Ford Explorer insurance online. The key concept to understand is the more times you quote, the better your comparison will be. You may even discover the best rates are with an unexpected company. Some small companies may cover specific market segments cheaper compared to the large companies like Progressive or GEICO.
How to find affordable Ford Explorer insurance in Lexington
If you want to save money, the best way to get affordable car insurance rates in Lexington is to regularly compare quotes from insurance carriers who sell auto insurance in Kentucky.
First, learn about what coverages are included in your policy and the things you can control to lower rates. Many rating factors that result in higher prices like traffic violations, accidents, and your credit history can be amended by improving your driving habits or financial responsibility.
Second, compare prices from exclusive agents, independent agents, and direct providers. Exclusive and direct companies can only quote rates from a single company like GEICO or Allstate, while independent agents can provide prices from multiple companies. Start a quote
Third, compare the new rate quotes to your existing rates to determine if you can save on Explorer insurance in Lexington. If you find better rates and buy the policy, make sure there is no lapse between the expiration of your current policy and the new one.
A valuable tip to remember is to make sure you enter the same level of coverage on each quote and and to compare as many carriers as you can. Doing this guarantees a fair price comparison and a thorough price selection.
Additional detailed information can be read in the articles below:
- Liability Insurance Coverage (Nationwide)
- Who Has Affordable Lexington Car Insurance Quotes for a Mazda CX-7? (FAQ)
- How Much is Lexington Auto Insurance for 4×4 Vehicles? (FAQ)
- What is Full Coverage? (Allstate)
- Child Safety FAQ (iihs.org)
- Medical Payments Coverage (Liberty Mutual)