Frustrated by the sheer number of car insurance companies in Frankfort? You’re not alone. Indiana vehicle owners have so many choices that it is a challenge to find lower car insurance rates. Frankfort is a great city to live in, but paying high car insurance rates can make it nearly impossible to affordably buy enough coverage.
It is always a good idea to take a look at other company’s rates periodically since prices are constantly changing. Even if you think you had the best deal six months ago there is a good chance you can find better premium rates now. You can search a lot of car insurance online, but I’m going to show you a lot of great tips on how to lower your car insurance premiums.
These discounts can reduce car insurance rates
Some insurers don’t always advertise every available discount in an easy-to-find place, so we break down a few of the more common and the harder-to-find credits available to lower your premiums when you .
- Homeowners Savings – Simply owning a home may earn you a small savings because owning a home is proof that your finances are in order.
- Smart Student Discounts – Getting good grades could provide a savings of up to 20% or more. The good student discount can last well after school through age 25.
- Discounts for Seat Belt Usage – Drivers who require all vehicle occupants to buckle their seat belts could save 15% off the personal injury premium cost.
- No Accidents – Claim-free drivers get the best car insurance rates when compared to drivers with a long claim history.
- Multi-policy Discount – If you insure your home and vehicles with one insurance company you may earn 10% to 20% off each policy.
- Early Payment Discounts – By paying your policy upfront instead of paying each month you can actually save on your bill.
- College Student – who attend college more than 100 miles from home and leave their car at home may be insured at a cheaper rate.
Just know that most discount credits are not given to all coverage premiums. Most only apply to individual premiums such as comp or med pay. Even though it appears adding up those discounts means a free policy, it just doesn’t work that way.
Popular car insurance companies and some of their more popular discounts are outlined below.
- State Farm may offer discounts for defensive driving training, Drive Safe & Save, Steer Clear safe driver discount, anti-theft, and student away at school.
- Liberty Mutual may have discounts that include multi-car, newly married, teen driver discount, multi-policy, exclusive group savings, new move discount, and newly retired.
- American Family includes discounts for defensive driver, bundled insurance, accident-free, multi-vehicle, good driver, Steer into Savings, and mySafetyValet.
- Progressive offers premium reductions for multi-policy, good student, multi-vehicle, continuous coverage, and online signing.
- Farmers Insurance may include discounts for youthful driver, alternative fuel, switch companies, distant student, multi-car, and early shopping.
- Auto-Owners Insurance has savings for paperless, multiple vehicles, group or association, safe driver, anti-lock brakes, and company car.
- SAFECO policyholders can earn discounts including homeowner, anti-theft, teen safe driver, safe driver, and anti-lock brakes.
When comparing rates, check with every prospective company the best way to save money. Discounts might not apply in every state. To view car insurance companies that offer discounts in Frankfort, follow this link.
Informed consumers save more
One of the most helpful ways to save on car insurance is to to have a grasp of the different types of things that help determine car insurance rates. If you know what positively or negatively impacts your premiums, this empowers consumers to make smart changes that will entitle you to cheaper rates. Many things are used in the calculation when premium rates are determined. Some are pretty understandable such as your driving record, but other factors are not as apparent like where you live or how financially stable you are.
The following are some of the things companies use to determine premiums.
- Marriage reduces risk – Having a spouse may cut your premiums on your policy. Having a spouse may mean you are less irresponsible and insurance companies reward insureds because being married results in fewer claims.
- Bundle home and auto and save – Most major companies apply lower prices to customers who carry more than one policy such as combining an auto and homeowners policy. Discounts can be five, ten or even twenty percent. Even with this discount applied, drivers will still want to comparison shop to guarantee you are still saving the most.
- Policy lapses lead to higher rates – Allowing your coverage to lapse is a quick way to pay more for car insurance. In addition to paying higher rates, not being able to provide proof of insurance may result in a fine, jail time, or a revoked license.
- Prices and job – Jobs like doctors, social workers and financial analysts usually pay higher premium rates attributed to high stress levels and long work hours. On the other hand, occupations like actors, engineers and performers pay lower than average rates.
- Guys pay more for insurance coverage – Over time, data shows that females tend to be a little less risky than males. However, don’t assume that men are WORSE drivers than women. Males and females tend to get into fender benders in similar numbers, but the males cause more damage and cost insurance companies more money. Men also statistically get more serious tickets like driving under the influence (DUI).
- Raising physical damage deductibles saves money – The deductibles define the amount you are willing to pay if the claim is covered. Insurance for physical damage, also called comprehensive and collision insurance, insures against damage to your car. Some examples of covered claims are colliding with a stationary object, damage caused by hail, and damage caused by road hazards. The higher the amount you pay before a claim is paid (deductible), the lower your rates will be.
- Location can affect price – Being located in less populated areas of the country may provide you with better prices if you are looking for the lowest rates. Fewer drivers and short commutes translates into fewer accident claims and a lower car theft rate. Drivers who live in large Indiana cities tend to have more road rage incidents and higher rates of accident claims. The longer drive time means more chance of being in an accident.
- Tickets hurt – A bad driving record can have a huge impact on auto insurance premiums. Drivers with clean records get better prices as compared to those with violations. Even one speeding ticket or other violation can boost insurance rates by as much as twenty percent. Drivers who get severe violations such as DUI or willful reckless driving are required to complete a SR-22 with the DMV in their state in order to prevent a license revocation.
When do I need an agent’s advice?
When buying the best car insurance coverage, there is no “perfect” insurance plan. Your needs are not the same as everyone else’s.
Here are some questions about coverages that may help you determine if your insurance needs will benefit from professional help.
- Is my vehicle covered by my employer’s policy when using it for work?
- Am I covered if I drive in a foreign country?
- What is covered by UM/UIM coverage?
- When should I remove comp and collision on my vehicle?
- Can I pay claims out-of-pocket if I buy high deductibles?
- Is my custom paint covered by insurance?
- Am I covered when driving someone else’s vehicle?
- Does my policy pay for OEM or aftermarket parts?
If it’s difficult to answer those questions but a few of them apply, you might consider talking to a licensed agent. To find lower rates from a local agent, take a second and complete this form. It’s fast, doesn’t cost anything and you can get the answers you need.
Car insurance in the media
Consumers can’t get away from ads that promise big savings for switching from the likes of State Farm, Allstate and GEICO. They all seem to convey the message that drivers can save some big amount just by switching your coverage to them.
It sounds good, but how can they all sell you cheaper insurance coverage?
All the different companies have an ideal profile for the driver that will be a good risk. One example of this type of insured could possibly be over age 30, has no prior claims, and drives newer vehicles. Any person that fits those parameters will get low prices and will also save a lot if they switch.
Potential insureds who don’t meet these stringent criteria will be quoted a more expensive rate which leads to the customer not buying. If you pay attention, the ads say “people who switch” not “everyone that quotes” save that kind of money. This is how companies can make those claims.
Each company has different criteria, so drivers must do a rate comparison at every renewal. It is impossible to predict the company that will have the lowest rates for your situation.
More Indiana car insurance resources
Additional car insurance information can be found on the website for the Indiana Department of Insurance. Click here for link. Visitors are able to find disaster information, find out industry alerts, and discover disciplinary actions.
These articles may also be worth reading.
- How to Know Youre Wasting Money for Auto Insurance in Frankfort, KY
- Best 6 Ways You Can Buy Auto Insurance for Less in Frankfort
More effort can pay off
When getting , don’t be tempted to buy less coverage just to save a little money. Too many times, an insured dropped physical damage coverage only to regret that they should have had better coverage. Your aim should be to purchase plenty of coverage at the lowest possible cost, but do not skimp to save money.
We’ve covered a lot of information how to lower your car insurance prices. The key concept to understand is the more times you quote, the better your chances of lowering your rates. You may even find the lowest prices are with a small mutual company.
People who switch companies do it for a number of reasons such as extreme rates for teen drivers, poor customer service, being labeled a high risk driver or policy cancellation. Regardless of your reason for switching companies, switching companies is pretty simple and you could end up saving a buck or two.