Finding the best rates in Fort Thomas is not that difficult. Essentially every driver who buys auto insurance will more than likely be able to lower their premiums. Although Kentucky consumers do need to understand the methods companies use to sell insurance online because it can help you find the best coverage.
Be sure to get all your discounts
Companies offering auto insurance don’t necessarily list every available discount in an easy-to-find place, so we researched both the well known and the harder-to-find discounts you could be receiving.
- Government Employees – Employees or retirees of the government may qualify you for a discount depending on your company.
- Homeowners Discount – Simply owning a home may trigger a auto insurance policy discount due to the fact that maintaining a home shows financial diligence.
- Passive Restraints and Air Bags – Vehicles with factory air bags can receive discounts of 20% or more.
- Accident Waiver – Certain companies will forgive one accident before hitting you with a surcharge so long as you haven’t had any claims for a certain period of time.
- Accident Free – Claim-free drivers can save substantially compared to accident-prone drivers.
- Discount for Good Grades – Performing well in school can be rewarded with saving of up to 25%. This discount can apply up until you turn 25.
- Driver Safety – Completing a driver safety course could save 5% or more if your company offers it.
- Discount for New Cars – Putting insurance coverage on a new car can save up to 30% due to better safety requirements for new cars.
A little note about advertised discounts, most discounts do not apply to the entire policy premium. Some only apply to the cost of specific coverages such as liability and collision coverage. So despite the fact that it appears having all the discounts means you get insurance for free, companies wouldn’t make money that way.
To choose providers with discount auto insurance rates in Kentucky, click here to view.
Understand what determines the rate you pay
It’s important that you understand the factors that help determine the rates you pay for auto insurance. When you know what positively or negatively influences your rates empowers consumers to make smart changes that will entitle you to better auto insurance rates.
- A clean driving record saves money – Your driving citation history has a lot to do with how much you pay for insurance. Careful drivers tend to pay less for car insurance than bad drivers. Even one speeding ticket can boost insurance rates forty percent or more. Drivers who have serious citations like reckless driving, hit and run or driving under the influence may need to file a proof of financial responsibility form (SR-22) with their state motor vehicle department in order to continue driving.
- Too many auto insurance claims drive up costs – Car insurance companies in Kentucky award cheaper rates to drivers who are claim-free. If you are a frequent claim filer, you can look forward to either policy cancellation or increased premiums. Auto insurance is designed for larger claims.
- Sex matters – Statistics have proven women are more cautious behind the wheel. However, don’t assume that men are WORSE drivers than women. They both are in accidents in similar numbers, but men cause more damage and cost insurance companies more money. Men also get cited for more serious violations such as reckless driving.
- Drive less and save money – The higher the mileage driven in a year the higher your rates will be. The majority of insurers apply a rate based on their usage. Cars and trucks left parked in the garage can get a lower rate compared to those used for work or business. Make sure your auto insurance declarations sheet shows the correct usage for each vehicle, because it can save money.
- More than one policy can earn a discount – The majority of auto insurance companies provide better rates to policyholders who consolidate policies with them. It’s known as a multi-policy discount. Discounts can add up to ten or even up to twenty percent in some cases. Even if you’re getting this discount it’s still a good idea to compare rates to ensure the best deal.
- Your car’s features help determine rates – Choosing a vehicle with an alarm system can get you a discount on your auto insurance. Anti-theft devices like vehicle immobilizer systems, General Motors OnStar and LoJack tracking systems can thwart car theft.
- Rates may be lower depending on your job – Did you know that where you work can have an impact on rates? Careers like judges, architects and accountants have higher rates than average due to high stress and long work days. On the flip side, occupations like pilots, athletes and homemakers get better rates.
- Don’t get talked into coverage you don’t need – There are a ton of additional coverages that can waste your money if you aren’t careful. Things like vanishing deductibles, accident forgiveness and membership fees are some examples. These may sound like a good investment when talking to your agent, but your needs may have changed so remove them from your policy.
Switch companies and save? Really?
Companies like State Farm and Allstate consistently run ads on TV and radio. All the ads make the same claim that you can save if you change your coverage to them. How can each company claim to save you money?
All the different companies are able to cherry pick for the type of customer that is profitable for them. For example, a desirable insured could be between the ages of 30 and 50, is a homeowner, and has a high credit rating. A driver who fits that profile receives the best rates and as a result will probably save a lot of money.
Potential customers who are not a match for this ideal profile will be quoted a more expensive rate and this can result in the customer not buying. Company advertisements say “people who switch” not “everyone that quotes” save that much money. This is how insurance companies can make those claims. This emphasizes why you absolutely need to get as many quotes as possible. Because you never know which auto insurance company will fit your personal profile best.
For more Kentucky auto insurance information
Even more information can be read at the Kentucky Department of Insurance website. Kentucky consumers can read consumer alerts, read industry bulletins, view a list of available companies, and find out industry alerts.
A tidy conclusion
We just covered quite a bit of information on how to shop for auto insurance online. The most important thing to understand is the more providers you compare, the more likely it is that you will get a better rate. You may even find the biggest savings come from a small local company.
As you prepare to switch companies, don’t be tempted to buy lower coverage limits just to save a few bucks. There are a lot of situations where someone dropped comprehensive coverage or liability limits to discover at claim time that their decision to reduce coverage ended up costing them more. Your strategy should be to buy a smart amount of coverage at an affordable rate while still protecting your assets.
Insureds switch companies for many reasons like delays in responding to claim requests, extreme rates for teen drivers, an unsatisfactory settlement offer or policy cancellation. No matter why you want to switch, finding a new auto insurance company can be easier than you think.