Best GMC Canyon Insurance in Lexington

The best way we recommend to get discount GMC Canyon insurance in Lexington is to start comparing prices regularly from insurers who sell auto insurance in Kentucky. You can shop around by following these steps.

1. Get a basic knowledge of policy coverages and the steps you can take to drop your rates. Many policy risk factors that cause high rates like high-risk driving behaviors and a bad credit rating can be eliminated by improving your driving habits or financial responsibility.
2. Compare prices from direct, independent, and exclusive agents. Direct and exclusive agents can only provide price estimates from one company like GEICO or State Farm, while independent agencies can provide prices for many different companies.
3. Compare the new quotes to your existing coverage to see if switching to a new carrier will save money. If you can save money 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 use identical coverage information on every quote request and and to get price quotes from all possible companies. This provides a fair price comparison and a better comparison of the market.

It’s an obvious conclusion that auto insurance companies don’t want you shop around. Drivers who compare rates annually are highly likely to move their business because there is a great chance of finding a lower-priced policy. A study showed that consumers who made a habit of comparing rates saved $865 annually as compared to drivers who didn’t regularly shop around.

If finding the cheapest price on GMC Canyon insurance in Lexington is your ultimate target, understanding how to find and compare cheaper coverage can help simplify the task of finding more affordable coverage.

These techniques will let you in on the best way to buy inexpensive auto insurance and some tips to save money. If you have a policy now, you will surely be able to get lower rates using the concepts covered in this article. Although Kentucky consumers can benefit from knowing the way companies sell online because rates fluctuate considerably.

Keep in mind that more quotes helps you find a lower rate than you’re paying now.

The companies shown below have been selected to offer price comparisons in Lexington, KY. To locate the cheapest auto insurance in KY, we suggest you get rates from several of them in order to get a fair rate comparison.

Choosing vehicle insurance is an important decision

Even though it’s not necessarily cheap to insure a GMC in Lexington, insuring your vehicle serves a purpose in several ways.

• Just about all states have minimum mandated liability insurance limits which means you are required to carry specific limits of liability protection 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 you have a loan on your GMC, almost all lenders will have a requirement that you buy full coverage to guarantee payment of the loan. If you default on your policy, the lender will be forced to insure your GMC for a lot more money and force you to pay the higher price.
• Auto insurance protects not only your vehicle but also your financial assets. It will also cover medical bills that are the result of an accident. As part of your policy, liability insurance will also pay attorney fees if you are named as a defendant in an auto accident. If your car is damaged in a storm or accident, your auto insurance policy will pay to have it repaired.

The benefits of buying auto insurance definitely exceed the price paid, particularly if you ever have a claim. But the average driver in Kentucky is overpaying over $800 each year so you should quote and compare rates once a year at a minimum to make sure the price is not too high.

GMC Canyon insurance analysis

The premium information shown next outlines different prices for GMC Canyon models. Knowing how insurance prices are figured can help customers make decisions on the best policy coverages.

Above prices assume single male driver age 30, no speeding tickets, no at-fault accidents, $100 deductibles, and Kentucky minimum liability limits. Discounts applied include homeowner, safe-driver, multi-vehicle, claim-free, and multi-policy. Premium costs do not factor in specific garaging location which can alter premium rates greatly.

Comparison of policy deductibles

One of the hardest decisions when shopping for insurance is how high should your deductibles be. The following tables approximate how much more you’ll pay of buying low and high coverage deductibles. The first set of prices uses a $100 deductible for comp and collision and the second rate chart uses a $1,000 deductible.

Premium data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Kentucky minimum liability limits. Discounts applied include claim-free, multi-policy, multi-vehicle, safe-driver, and homeowner. Premium amounts do not factor in garaging location in Lexington which can change rates greatly.

Based on this data, we can arrive at the conclusion that using a $100 deductible will cost you about $32 more each month or $384 every year averaged for all Canyon models than selecting the higher $1,000 deductible. Because you would pay $900 more to settle a claim with a $1,000 deductible as compared to a $100 deductible, if you tend to go more than 28 months between claims, you would most likely save money if you opt for a higher deductible.

Does it make sense to buy full coverage?

The chart below illustrates the difference between GMC Canyon car insurance costs with full physical damage coverage compared to only buying the minimum liability limits required in Kentucky. The premium estimates are based on no violations or accidents, $500 deductibles, single status, and no discounts are taken into consideration.

Deciding between full coverage and liability only

There is no set rule to stop buying full coverage on your policy, but there is a general school of thought. If the annual cost of having full coverage is about 10% or more of the settlement you would receive from your company, then it’s probably a good time to buy liability coverage only.

For example, let’s pretend your GMC Canyon settlement value is $6,000 and you have $1,000 deductibles. If your vehicle is damaged in an accident, the most your company will settle for is $5,000 after paying the physical damage deductible. If premium cost is more than $500 annually for physical damage coverage, then it might be time to buy liability only.

There are some situations where dropping full coverage is not recommended. If you still owe a portion of the original loan, you have to carry full coverage as part of the loan conditions. Also, if you can’t afford to buy a different vehicle if your current one is damaged, you should not opt for liability only.

You may qualify for discounts for GMC Canyon insurance in Lexington

Some insurers don’t always advertise all available discounts very clearly, so the below list has both the well known as well as the least known credits available to you. If you don’t get every credit available, you could be getting lower rates.

• Driver Training Discounts – Completing a defensive driving course could save 5% or more if you qualify.
• Distant College Student Discount – Any of your kids who are enrolled in a college that is more than 100 miles from Lexington and won’t have access to an insured vehicle could get you a discount.
• Low Mileage – Low mileage vehicles may allow you to get lower rates due to less chance of an accident.
• Multi-policy Discount – If you have multiple policies with one insurance company you could save over 10 percent off each policy depending on the company.
• Military Deployment Discount – Having a family member in the military may qualify for rate reductions.
• Discounts for Seat Belt Usage – Drivers who require all vehicle occupants to wear their seat belts can save up to 10 percent (depending on the company) off PIP or medical payments premium.
• Club Memberships – Being in specific professional or occupational memberships or organizations is a simple method to lower premiums when getting a Lexington car insurance quote.
• Anti-theft System – Cars and trucks that have factory anti-theft systems help deter theft and that can save you a little bit as well.

One last thing about discounts, some of the credits will not apply to the overall cost of the policy. Most only apply to the price of certain insurance coverages like liability, collision or medical payments. Even though it may seem like having all the discounts means you get insurance for free, that’s just not realistic.

The illustration below shows the difference between GMC Canyon annual premium costs with and without discounts applied to the policy rates. The premiums assume a female driver, no claims, a clean driving record, Kentucky state minimum liability limits, full physical damage coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-policy, safe-driver, multi-car, homeowner, marriage, and claim-free discounts applied.

A partial list of companies that may have some of the above discounts are:

• State Farm
• Progressive
• Progressive
• MetLife
• Farm Bureau
• GEICO
• SAFECO

Check with each company how you can save money. Some discounts may not be offered everywhere. To see insurance companies that offer some of these discounts in Kentucky, click here to view.