How to Save on Lexington Mini Cooper Insurance

The best way to get discount Mini Cooper insurance in Lexington is to start comparing prices regularly from insurers that insure vehicles in Kentucky. You can shop around by following these steps.

Step 1: Spend a few minutes and learn about how your policy works and the steps you can take to prevent high rates. Many things that cause rate increases such as traffic citations, accidents, and an imperfect credit score can be amended by making small lifestyle or driving habit changes.

Step 2: Obtain price quotes from exclusive agents, independent agents, and direct providers. Exclusive and direct companies can only quote rates from one company like GEICO or State Farm, while independent agencies can provide rate quotes for a wide range of insurance providers. View a list of agents

Step 3: Compare the new rates to your current policy premium and see if there is a cheaper rate. If you find better rates, make sure there is no lapse between the expiration of your current policy and the new one.

Step 4: Tell your current agent or company to cancel your current coverage and submit a completed application and payment to your new insurance company. As soon as you can, put the new certificate verifying proof of insurance in a readily accessible location in your vehicle.

The most important part of shopping around is that you’ll want to make sure you compare identical coverage information on every quote request and and to analyze as many car insurance companies as possible. This ensures a level playing field and the best price selection.

A study showed that over 70% of consumers have stayed with the same insurance company for over three years, and roughly 40% of drivers have never quoted rates to find cheaper coverage. American consumers could pocket $860 a year, but most just don’t grasp the amount of savings they would get if they bought a different policy.

The quickest method to get policy rate comparisons for Mini Cooper insurance in Lexington is to take advantage of the fact all the major auto insurance companies have advanced systems to compare rate quotes. The only thing you need to do is provide a small amount of information like marital status, the ages of drivers, if it has an alarm system, and daily mileage. Those rating factors is instantly provided to many different companies and they return quotes very quickly.

To check rates for your Mini Cooper now, click here then complete the form.

The companies in the list below provide free quotes in Lexington, KY. In order to find the best auto insurance in KY, we recommend you get prices from several of them to find the cheapest car insurance rates.

Mini Cooper insurance statistics and information

The price information shown next highlights estimates of coverage prices for Mini Cooper models. Having insight into how auto insurance prices are formulated is important for drivers to make decisions on which coverage to buy.

Prices above based on married female driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and Kentucky minimum liability limits. Discounts applied include multi-vehicle, multi-policy, claim-free, homeowner, and safe-driver. Rate information does not factor in garaging location in Lexington which can increase or decrease premium rates greatly.

Raise deductibles and save

One common question asked by Lexington drivers is where to set your physical damage deductibles. The comparison tables below determine how much more you’ll pay between low and high coverage deductibles. The first rate comparisons uses a $250 deductible for physical damage and the second price table uses a $1,000 deductible.

Data rating is 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-policy, multi-vehicle, and claim-free. Premium amounts do not factor in zip code location which can decrease or increase coverage prices considerably.

Based on this data, using a $250 deductible costs about $26 more each month or $312 each year than opting for the higher $1,000 deductible. Because you would be required to pay $750 more to settle a claim with a $1,000 deductible as compared to a $250 deductible, if you tend to average at least 29 months between claims, you would save more money by selecting a higher deductible.

Premiums by gender and age

The illustration below illustrates the difference between Mini Cooper car insurance rates for male and female drivers. The premiums are based on no claims, a clean driving record, comp and collision included, $250 deductibles, single status, and no policy discounts are applied.

Cost comparison with and without full coverage

The chart below illustrates the difference between Mini Cooper premium costs with and without physical damage coverage. The price estimates are based on no claims or driving violations, $500 deductibles, drivers are not married, and no discounts are applied.

When to drop full coverage

There is no clear-cut formula to stop buying full coverage on your policy, but there is a general convention. If the yearly cost for physical damage coverage is more than around 10% of any settlement you would receive from your insurance company, then it could be time to drop full coverage.

For example, let’s pretend your Mini Cooper book value is $7,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled, you would only receive $6,000 after paying your deductible. If premiums are more than $600 a year for physical damage coverage, then it could be time to drop full coverage.

There are some scenarios where only buying liability is not a good idea. If you still have a lienholder on your title, you have to carry full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if your savings is not enough to buy a different vehicle in case of an accident, you should not consider dropping full coverage.

Insuring your Mini vehicle just makes sense

Even though Lexington Cooper insurance rates can get expensive, insuring your vehicle is required by state law in Kentucky and it also provides benefits you may not be aware of.

• The majority of states have compulsory liability insurance requirements which means the state requires a specific level of liability if you don’t want to risk a ticket. 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 your vehicle has a loan, most lenders will make it a condition of the loan that you buy full coverage to guarantee loan repayment. If you do not keep the policy in force, the lender will be forced to insure your Mini at an extremely high rate and require you to pay the higher premium.
• Car insurance protects your vehicle and your assets. It also can pay for all forms of medical expenses for not only you but also any passengers injured in an accident. Liability coverage 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, comprehensive and collision coverage will pay to repair the damage minus the deductible amount.

The benefits of carrying adequate insurance definitely exceed the cost, especially when you need to use it. According to a 2015 survey, the average American driver is overpaying more than $810 a year so we recommend shopping around each time the policy renews to ensure rates are inline.

Insurance specifics

Learning about specific coverages of insurance can help you determine the right coverages and the correct deductibles and limits. The terms used in a policy can be confusing and nobody wants to actually read their policy. Below you’ll find typical coverages offered by insurance companies.

Comprehensive (Other than Collision)

Comprehensive insurance coverage pays for damage from a wide range of events other than collision. You need to pay your deductible first then the remaining damage will be covered by your comprehensive coverage.

Comprehensive can pay for things like hitting a deer, a broken windshield and vandalism. The maximum amount a insurance company will pay at claim time is the cash value of the vehicle, so if your deductible is as high as the vehicle’s value consider removing comprehensive coverage.

Protection from uninsured/underinsured drivers

Your UM/UIM coverage protects you and your vehicle from other drivers when they are uninsured or don’t have enough coverage. This coverage pays for injuries sustained by your vehicle’s occupants as well as your vehicle’s damage.

Because many people carry very low liability coverage limits (Kentucky limits are 25/50/10), it only takes a small accident to exceed their coverage. For this reason, having high UM/UIM coverages is a good idea.

Liability insurance

This coverage can cover damage or injury you incur to people or other property that is your fault. It consists of three limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. As an example, you may have limits 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 $10,000 of coverage for damaged property.

Liability coverage protects against claims like legal defense fees, emergency aid, funeral expenses, loss of income and repair bills for other people’s vehicles. How much liability coverage do you need? That is a personal decision, but you should buy higher limits if possible. Kentucky state law requires minimum liability limits of 25/50/10 but drivers should carry better liability coverage.

The illustration below demonstrates why buying low liability limits may not provide adequate coverage.

Medical expense insurance

Medical payments and Personal Injury Protection insurance kick in for short-term medical expenses like hospital visits, dental work, pain medications and EMT expenses. They are used to cover expenses not covered by your health insurance policy or if you are not covered by health insurance. Coverage applies to not only the driver but also the vehicle occupants and also covers being hit by a car walking across the street. Personal injury protection coverage is not an option in every state and may carry a deductible

Collision protection

Collision coverage covers damage to your Cooper from colliding with an object or car. You have to pay a deductible then the remaining damage will be paid by your insurance company.

Collision can pay for things like backing into a parked car, colliding with a tree, crashing into a building and rolling your car. Collision coverage makes up a good portion of your premium, so you might think about dropping it from vehicles that are older. Another option is to bump up the deductible on your Cooper to bring the cost down.