Honda Accord Insurance Rates in Lexington

Amazingly, a recent NerdWallet.com study showed that over 70% of consumers kept buying from the same company for four years or more, and almost half have never even compared rates from other companies. Lexington drivers could save themselves approximately 30% a year just by shopping around, but they don’t know the benefits if they swap their current policy for a cheaper one.

Really, the only way to get more affordable Honda Accord insurance in Lexington is to start doing a yearly price comparison from companies who provide car insurance in Kentucky. You can compare prices by completing these steps.

1. Spend some time learning about policy coverages and the changes you can make to keep rates in check. Many things that cause rate increases such as getting speeding tickets and an unacceptable credit rating can be improved by making minor changes in your lifestyle.
2. Quote rates from exclusive agents, independent agents, and direct providers. Exclusive agents and direct companies can give quotes from one company like GEICO or Allstate, while independent agencies can quote rates for many different companies. View a list of agents
3. Compare the quotes to the premium of your current policy to see if a cheaper price is available in Lexington. If you find a lower rate and switch companies, make sure coverage does not lapse between policies.
4. Give notification to your agent or company to cancel the current policy and submit the required down payment along with the signed application to your new company or agent. As soon as you have the new policy, safely store the certificate verifying coverage in your glove compartment.

A good piece of advice is to use identical deductibles and limits on every quote request and and to get price quotes from as many auto insurance providers as possible. Doing this ensures an apples-to-apples comparison and the best price quote selection.

Locating the best rates in Lexington is quite easy. If you already have coverage or just want to save money, you can follow these tips to save money and still get good coverage. Vehicle owners only have to learn the most efficient way to get comparison quotes using one simple form.

How to shop Honda Accord insurance online

Finding a better price on insurance is pretty simple and can save money. All that’s required is to spend a little time comparing rates to discover which company has low cost Lexington car insurance quotes.

The auto insurance companies shown below have been selected to offer price quotes in Kentucky. If you want to find cheap auto insurance in KY, we suggest you visit two to three different companies to get the most competitive price.

Rates and other information

The coverage information below outlines a range of coverage costs for Honda Accord models. Having a good understanding how auto insurance prices are determined can help you make smart buying decisions.

Data variables include single female driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and Kentucky minimum liability limits. Discounts applied include claim-free, homeowner, safe-driver, multi-policy, and multi-vehicle. Rate information does not factor in vehicle location which can influence prices considerably.

Choosing deductibles

The hardest decision when buying coverage is how high should the deductibles for physical damage be. The comparison tables below highlight how much more rates are when you choose different insurance deductibles. The first rate table uses a $100 deductible for physical damage and the second pricing table uses a $500 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, safe-driver, multi-vehicle, claim-free, and multi-policy. Premium costs do not factor in specific location information which can increase or decrease auto insurance rates noticeably.

Using the premium rates above, we can conclude that using a $100 deductible costs roughly $22 more each month or $264 every year than requesting the higher $500 deductible. Since you would pay $400 more out of your own pocket with a $500 deductible as compared to a $100 deductible, if you normally go at a minimum 18 months between claim filings, you would most likely save money by selecting a higher deductible.

Comparison of car insurance rates by gender and age in Lexington

The chart below shows the difference between Honda Accord car insurance rates for male and female drivers. The data assumes no tickets, no at-fault accidents, comp and collision included, $100 deductibles, single status, and no other discounts are factored in.

Should you buy full coverage?

The information below shows the difference between Honda Accord premium costs with and without full coverage. The prices are based on no accidents or driving violations, $500 deductibles, marital status is single, and no additional discounts are factored in.

When to eliminate full coverage

There is no clear-cut rule of when to exclude physical damage coverage on your policy, but there is a general guideline you can use. 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 think about dropping full coverage.

For example, let’s assume your Honda Accord book value is $5,000 and you have $1,000 policy deductibles. If your vehicle is totaled, the most your company would pay you is $4,000 after the policy deductible has been paid. If it’s costing you more than $400 a year for comprehensive and collision coverage, then you may want to consider only buying liability coverage.

There are some scenarios where dropping physical damage coverage is not a good idea. If you haven’t satisfied your loan, you have to carry full coverage in order to keep the loan. Also, if your finances do not allow you to purchase a different vehicle if your current one is in an accident, you should keep full coverage in place.

Why you need auto insurance

Despite the potentially high cost of Honda Accord insurance, insuring your vehicle is required in Kentucky but it also protects you in many ways.

First, most states have minimum mandated liability insurance limits which means it is punishable by state law to not carry a specific minimum amount of liability 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.

Second, if your Honda Accord has a lienholder, most lenders will make it a condition of the loan that you carry insurance to guarantee payment of the loan. If the policy lapses, the bank or lender will purchase a policy for your Honda at a more expensive rate and require you to reimburse them for the expensive policy.

Third, insurance safeguards both your car and your personal assets. It also can pay for most medical and hospital costs for not only you but also any passengers injured in an accident. One policy coverage, liability insurance, also covers all legal expenses up to the policy limit if anyone sues you for causing an accident. If your vehicle suffers damage from an accident or hail, collision and comprehensive coverages will cover the damage repairs after a deductible is paid.

The benefits of having auto insurance outweigh the cost, specifically if you ever have a liability claim. The average driver in Kentucky overpays as much as $830 a year so shop around every year to ensure rates are competitive.

Insurance agents can help

Always keep in mind that when comparing a policy for your vehicles, there is no perfect coverage plan. Every situation is different.

Here are some questions about coverages that can help discover whether you might need professional guidance.

• Who is covered by my policy?
• When does my teenage driver need to be added to my policy?
• Which companies are cheaper for teen drivers?
• Why am I required to buy liability insurance?
• What is covered by UM/UIM coverage?
• Am I getting all the discounts available?

If you’re not sure about those questions, then you may want to think about talking to a licensed agent. If you want to speak to an agent in your area, simply complete this short form. It only takes a few minutes and can help protect your family.

Insurance coverage breakdown

Knowing the specifics of your policy aids in choosing the right coverages for your vehicles. The terms used in a policy can be ambiguous and reading a policy is terribly boring.

UM/UIM (Uninsured/Underinsured Motorist) coverage – This gives you protection when the “other guys” are uninsured or don’t have enough coverage. This coverage pays for injuries to you and your family and damage to your Honda Accord.

Since many Kentucky drivers carry very low liability coverage limits (25/50/10 in Kentucky), it doesn’t take a major accident to exceed their coverage limits. That’s why carrying high Uninsured/Underinsured Motorist coverage is a good idea.

Medical payments and PIP coverage – Med pay and PIP coverage pay for short-term medical expenses for doctor visits, EMT expenses, prosthetic devices, funeral costs and dental work. They are used to cover expenses not covered by your health insurance policy or if you do not have health coverage. Medical payments and PIP cover all vehicle occupants and will also cover getting struck while a pedestrian. Personal Injury Protection is only offered in select states but can be used in place of medical payments coverage

Coverage for liability – This protects you from damages or injuries you inflict on other’s property or people that is your fault. Liability coverage has three limits: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. Your policy might show values of 25/50/10 that means you have a limit of $25,000 per injured person, a per accident bodily injury limit of $50,000, and a total limit of $10,000 for damage to vehicles and property.

Liability insurance covers claims such as emergency aid, repair costs for stationary objects, medical services and medical expenses. How much liability should you purchase? That is a decision to put some thought into, but it’s cheap coverage so purchase as much as you can afford. Kentucky state minimum liability requirements are 25/50/10 but drivers should carry better liability coverage.

The next chart shows why buying low liability limits may not be enough coverage.

Collision coverage – Collision coverage pays for damage to your Accord resulting from a collision with a stationary object or other vehicle. You will need to pay your deductible and the rest of the damage will be paid by collision coverage.

Collision insurance covers things like hitting a mailbox, backing into a parked car, colliding with a tree, crashing into a building and driving through your garage door. This coverage can be expensive, so analyze the benefit of dropping coverage from older vehicles. You can also raise the deductible on your Accord to get cheaper collision coverage.

Comprehensive auto coverage – Comprehensive insurance pays to fix your vehicle from damage that is not covered by collision coverage. A deductible will apply and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive coverage pays for claims such as rock chips in glass, a tree branch falling on your vehicle and hail damage. The maximum amount your insurance company will pay is the actual cash value, so if it’s not worth much more than your deductible it’s probably time to drop comprehensive insurance.

Best auto insurance in Kentucky

Picking the best car insurance provider is difficult considering how many choices drivers have in Kentucky. The company rank data displayed below could help you choose which coverage providers to look at comparing prices from.

Top 10 Lexington Car Insurance Companies Ranked by Value

1. Travelers
2. American Family
3. AAA Insurance
4. Safeco Insurance
5. Progressive
6. The Hartford
7. Erie Insurance
8. The General
9. Esurance
10. 21st Century

Top 10 Lexington Car Insurance Companies Ranked by Customer Service

1. USAA
2. Travelers
3. AAA Insurance
4. Nationwide
5. Safeco Insurance
6. Progressive
7. State Farm
8. The Hartford
9. The General
10. Esurance

Cheap auto insurance rates are possible

Insureds who switch companies do it for a variety of reasons including high rates after DUI convictions, delays in responding to claim requests, high prices or policy cancellation. Regardless of your reason for switching companies, choosing a new company can be easier than you think.

A few companies may not offer internet price quotes and many times these regional insurance providers only sell coverage through local independent agents. Cost effective Honda Accord insurance can be found both online and from local insurance agents, and you should compare rates from both in order to have the best chance of saving money.

When buying insurance coverage, it’s a bad idea to buy less coverage just to save a little money. There are too many instances where consumers will sacrifice comprehensive coverage or liability limits to discover at claim time that the small savings ended up costing them much more. The goal is to buy a smart amount of coverage at the lowest possible cost and still be able to protect your assets.

Even more information can be read in these articles:

• Auto Crash Statistics (Insurance Information Institute)
• Who Has Affordable Auto Insurance for Drivers Under 25 in Lexington? (FAQ)
• Who Has Cheap Car Insurance for High Risk Drivers in Lexington? (FAQ)
• Who Has Cheap Car Insurance for Welfare Recipients in Lexington? (FAQ)
• What Car Insurance is Cheapest for a Toyota 4Runner in Lexington? (FAQ)
• What Car Insurance is Cheapest After a Speeding Ticket in Lexington? (FAQ)
• What is the Cheapest Car Insurance in Lexington, KY? (FAQ)
• No-Fault Auto Insurance Statistics (Insurance Information Institute)
• Automakers compete to add autobraking (Insurance Institute for Highway Safety)