Trying to find cheaper insurance for your Honda Element in Kentucky can be a lot of work, but you can learn these tips to find lower rates. There are more efficient ways to buy auto insurance and you need to know the quickest way to quote coverages for a Honda and find the best price possible from both online companies and Lexington agents.
If you have a policy now or just want a better rate, you will benefit by learning to reduce premiums and still have adequate protection. Finding quotes for affordable car insurance policy in Lexington is not that difficult. Comparison shoppers just need to use the most efficient way to get comparison quotes using one simple form.
The best way to compare policy rates for Honda Element insurance in Lexington takes advantage of the fact car insurance companies allow for online access to give rate comparisons. To get started, all you need to do is spend a couple of minutes providing details like whether you drive to work or school, your job, the ages of drivers, and level of coverage desired. Your information gets transmitted to multiple top-rated companies and you get price estimates immediately.
To start a quote now, click here and find out if lower rates are available in Lexington.
The companies in the list below offer price quotes in Lexington, KY. To find the best cheap auto insurance in Lexington, KY, we suggest you visit as many as you can to find the most competitive auto insurance rates.
Rates and data analysis
The rate table displayed next showcases different coverage prices for Honda Element models. Having a better understanding of how insurance policy premiums are determined is important for you to make smart choices when comparing insurance rates.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Element LX 2WD | $134 | $262 | $342 | $20 | $102 | $860 | $72 |
| Element LX 4WD | $134 | $262 | $342 | $20 | $102 | $860 | $72 |
| Element EX 2WD | $134 | $262 | $342 | $20 | $102 | $860 | $72 |
| Element EX 4WD | $134 | $262 | $342 | $20 | $102 | $860 | $72 |
| Element SC 2WD | $134 | $262 | $342 | $20 | $102 | $860 | $72 |
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Prices based on married female driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and Kentucky minimum liability limits. Discounts applied include claim-free, multi-vehicle, homeowner, safe-driver, and multi-policy. Premium amounts do not factor in Lexington location which can change coverage rates noticeably.
Comparison of full coverage and liability-only policies
The information below illustrates the difference between Honda Element insurance costs when comparing full coverage to state minimum liability only. Data assumes a clean driving record, no claims, $1,000 deductibles, single status, and no policy discounts are applied.
When to stop buying full coverage
There is no set rule to eliminate comp and collision coverage, but there is a general guideline you can use. If the annual cost of having full coverage is more than around 10% of the replacement cost minus the deductible, the it may be a good time to stop paying for full coverage.
For example, let’s say your Honda Element settlement value is $8,000 and you have $1,000 full coverage deductibles. If your vehicle is damaged in an accident, the most you would receive is $7,000 after paying your deductible. If premium cost is more than $700 annually for full coverage, then you might want to think about dropping full coverage.
There are some situations where removing full coverage is not a good plan. If you haven’t paid off your loan, you have to keep full coverage to satisfy the loan requirements. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is totaled, you should not opt for liability only.
Buying the right Element insurance in Kentucky is an important decision
Even though it’s not necessarily cheap to insure a Honda in Lexington, car insurance may not be optional for several reasons.
First, the majority of states have mandatory insurance requirements which means you are required to carry specific limits of liability coverage in order to drive the car 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 car has a lienholder, it’s guaranteed your bank will require that you have physical damage coverage to ensure loan repayment if the vehicle is totaled. If you let the policy lapse, the bank may buy a policy for your Honda at an extremely high rate and require you to pay the higher price.
Third, insurance safeguards both your assets and your Honda Element. It also can pay for hospital and medical expenses that are the result of an accident. Liability insurance will also pay to defend you if you are sued as the result of an accident. If you receive damage to your vehicle caused by a storm or accident, comprehensive and/or collision insurance will pay to restore your vehicle to like-new condition.
The benefits of buying enough insurance are without a doubt worth the cost, particularly for liability claims. The average driver in America is wasting up to $869 every year so you should quote your policy with other companies each time the policy renews to make sure the price is not too high.
Eight Tips to Get Cheap Lexington Insurance Prices
Smart consumers have a good feel for some of the things that help determine the level of your policy premiums. If you have some idea of what determines premiums, this empowers consumers to make smart changes that could result in much lower annual insurance costs.
Responsible drivers pay less – A bad driving record has a huge affect on how much you pay. Careful drivers receive lower rates than bad drivers. Even a single speeding ticket or other violation can increase rates by as much as thirty percent. Drivers with severe violations such as reckless driving or DUI may be required to file a proof of financial responsibility form (SR-22) with their state motor vehicle department in order to legally drive.
The illustration below demonstrates how citations and at-fault collisions drive up Honda Element insurance premiums for different age groups. The prices are based on a married female driver, comp and collision included, $100 deductibles, and no policy discounts are applied.
Premiums are high for teenagers – More experienced drivers are more cautious drivers, file fewer claims, and usually have better credit. Inexperience drivers have a tendency to get distracted easily in a vehicle so they pay higher auto insurance rates.
The next chart uses these variables: single driver, full coverage with $100 deductibles, and no discounts or violations.
Improve your credit rating and save – An insured’s credit rating is a big factor in determining what you pay for auto insurance. Therefore, if your credit score can use some improvement, you could save money insuring your Honda Element by spending a little time repairing your credit. Drivers with excellent credit scores tend to file fewer claims than those with poor credit scores.
High physical damage deductibles equal low rates – Insurance for physical damage to your car, termed comprehensive and collision coverage on your policy, is used to repair damage to your vehicle. Some instances where coverage would apply are a broken windshield, hail damage, and windstorm damage. The deductibles you choose are the amount of money you are required to spend if a covered claim is submitted. The more expense you are required to pay out-of-pocket, the less money you will pay for auto insurance.
Save by driving less – The more you drive your Honda in a year the higher the price you pay to insure it. The majority of insurers apply a rate determined by how the vehicle is used. Vehicles used primarily for pleasure use qualify for better rates than vehicles that have high annual mileage. Incorrect rating for your Element may be wasting your money. It’s a good idea to make sure your declarations sheet shows annual mileage.
Your gender affects premiums – The statistics show that females tend to be a little less risky than males. Now that doesn’t mean females are better drivers. Females and males get in fender benders in similar percentages, but men tend to have higher claims. Men also get ticketed for serious violations like reckless driving and DUI.
The example below visualizes the comparison of Honda Element insurance prices for male and female drivers. The data assumes a clean driving record, no at-fault accidents, comprehensive and collision coverage, $250 deductibles, drivers are single, and no discounts are taken into consideration.
Extra policy coverages that may not be needed – There are a ton of extra coverages that can waste your money when buying auto insurance. Add-on coverages like personal injury protection, towing, and term life insurance could be just wasting money. They may sound like good ideas initially, but now you might not need them so eliminate them to save money.
Buy a safe car and pay less – Vehicles with high crash test scores tend to have lower insurance rates. Safe vehicles have better occupant injury protection and better occupant protection translates directly to fewer claims and cheaper rates on your policy. If your Honda Element earned at least four stars on Safercar.gov or an “acceptable” rating on iihs.org it is probably cheaper to insure.
Different people need different auto insurance coverages
Always remember that when buying coverage online or from an agent, there is no perfect coverage plan. Everyone’s situation is unique.
These are some specific questions can help discover whether you will benefit from professional help.
- Does my policy cover me if I wreck while driving under the influence?
- Is my teenager covered with friends in the car?
- Who sells insurance for high-risk drivers?
- Should I buy only the required Kentucky minimum liability coverage?
- Am I covered if I wreck a rental car?
- Is a fancy paint job covered?
If you don’t know the answers to these questions, you may need to chat with an insurance agent. If you don’t have a local agent, fill out this quick form. It only takes a few minutes and can help protect your family.
Quote more and you will save more
Lower-priced Honda Element insurance in Lexington is attainable online in addition to local insurance agencies, so you need to shop Lexington car insurance with both in order to have the best chance of saving money. A few companies do not offer the ability to get a quote online and most of the time these regional insurance providers only sell through independent insurance agencies.
Insureds who switch companies do it for a number of reasons such as policy non-renewal, poor customer service, lack of trust in their agent or even extreme rates for teen drivers. Whatever your reason, finding a great new company is easier than you think.
As you restructure your insurance plan, it’s not a good idea to reduce needed coverages to save money. There have been many cases where an insured cut liability coverage limits only to regret that it was a big error on their part. Your focus should be to buy the best coverage you can find at a price you can afford, but do not skimp to save money.
How to find lower priced Honda Element insurance in Lexington
The most effective way to get budget auto insurance rates is to regularly compare prices from insurance carriers who sell insurance in Lexington. You can compare prices by following these guidelines.
- First, take a little time to learn about how companies price auto insurance and the steps you can take to keep rates low. Many risk factors that drive up the price like speeding and a negative credit rating can be amended by making minor changes in your lifestyle.
- Second, compare rates from independent agents, exclusive agents, and direct companies. Direct companies and exclusive agencies can only give rate quotes from one company like Progressive and State Farm, while independent agencies can quote rates for a wide range of insurance providers.
- Third, compare the new rates to the price on your current policy and determine if cheaper Element coverage is available in Lexington. If you can save money and decide to switch, make sure there is no coverage gap between policies.
- Fourth, notify your current company of your intention to cancel your current auto insurance policy. Submit payment and a completed application for your new coverage. As soon as coverage is bound, store the proof of insurance paperwork in your vehicle.
An important note is that you use the same level of coverage on every quote request and and to get rate quotes from as many carriers as you can. This helps ensure a fair rate comparison and many rates to choose from.
Even more information can be found in the articles below:
- What does Personal Injury Protection (PIP) Cover? (Allstate)
- Who Has Affordable Car Insurance Quotes for 19 Year Olds in Lexington? (FAQ)
- Who Has Cheap Auto Insurance Rates for a Toyota Highlander in Lexington? (FAQ)
- Senior Drivers (Insurance Information Institute)
- New head restraint design cuts injuries (Insurance Institute for Highway Safety)
- Crash Avoidance Technologies FAQ (iihs.org)