Amazingly, the vast majority of consumers have purchased from the same company for well over three years, and approximately 40% of consumers have never compared rates from other carriers. Many drivers in Louisville could save themselves nearly 30% a year by just shopping around, but they feel it’s too difficult to compare rates and save money.
The best way to find cheaper car insurance rates in Louisville is to make a habit of comparing prices annually from different companies who sell insurance in Kentucky.
- First, read about how companies set rates and the steps you can take to prevent expensive coverage. Many risk factors that increase rates such as accidents, careless driving, and a negative credit rating can be improved by making small lifestyle or driving habit changes. Later in this article we will cover the details to get cheaper rates and find missing discounts.
- Second, quote rates from direct carriers, independent agents, and exclusive agents. Exclusive and direct companies can only quote rates from a single company like Progressive and State Farm, while independent agents can quote rates for a wide range of companies.
- Third, compare the quotes to the premium of your current policy to see if switching to a new carrier will save money. If you find a lower rate and switch companies, make sure there is no lapse in coverage.
An important bit of advice to remember is to compare the same level of coverage on each price quote and and to get quotes from as many companies as possible. This enables a level playing field and a complete price analysis.
If you’re already insured or just want a better rate, use these techniques to save money while maintaining coverages. Getting quotes for affordable protection in Louisville is not as difficult as people think. Smart buyers just have to understand the most effective way to quote multiple rates on the web.
The providers in the list below offer quotes in Kentucky. To locate cheap auto insurance in Louisville, KY, it’s highly recommended you visit two to three different companies to find the most affordable auto insurance rates.
Why Your Insurance Rates might be higher
When buying car insurance it’s important to understand the different types of things that play a part in calculating your policy premiums. If you have some idea of what determines premiums, this helps enable you to make changes that may reward you with big savings. Lots of things are used in the calculation when you get a price on insurance. Some factors are common sense such as your driving record, although some other factors are not quite as obvious such as your credit history or your financial responsibility.
Prevent coverage lapses – Driving without insurance can get your license suspended and any future policy may cost more because you let your coverage have a gap. And not only will your rates increase, getting caught without coverage will get you a steep fine or even jail time.
Your stress level may be raising your rates – Did you know your car insurance rates can be affected by your occupation? Careers such as military personnel, business owners, and financial analysts are shown to have higher premium rates in part from intense work requirements and long work hours. On the flip side, professions such as scientists, historians and the unemployed have the lowest average rates.
Eliminate unneeded extra policy coverages – There are many extra bells and whistles that sound like a good idea at the time if you aren’t diligent. Coverages for replacement cost coverage, better glass coverage, and extra life insurance coverage may be costing you every month. They may seem like a good idea when deciding what coverages you need, but your money might be better spent on other coverage so think about removing them and cutting costs.
Tickets can be expensive – Even a single ticket could increase your next policy renewal by twenty percent. Drivers with clean records tend to pay less for car insurance than people who have multiple driving citations. Drivers unfortunate enough to have serious tickets such as DUI or willful reckless driving might be required by their state to complete a SR-22 with their state’s licensing department in order to continue driving.
Consolidate policies with the same company – Most larger car insurance companies allow a discount to customers that buy multiple policies such as combining an auto and homeowners policy. Even with this discount applied, it’s still a good idea to check prices from other companies to make sure you are getting the best deal. It’s possible to still find lower rates by insuring with multiple companies.
The type of car makes a difference – The performance of the car you need insurance for makes a big difference in your premium level. Low performance passenger models usually have the lowest rates, but your final cost has many other factors.
Insurance losses for an Audi A7 – Insurers analyze past claim statistics to calculate a rate that offsets possible losses. Vehicles that have higher loss trends will cost more to insure. The information below illustrates the insurance loss data for Audi A7 vehicles.
For each coverage category, the claim probability for all vehicles, regardless of make, model or trim level, is set at 100. Values under 100 indicate better than average losses, while values that are above 100 point to more claims or larger claims.
| Vehicle Make and Model | Collision | Property Damage | Comp | Personal Injury | Medical Payment | Bodily Injury |
|---|---|---|---|---|---|---|
| Audi A7 4dr 4WD | 207 | 76 | 208 | 50 | 49 | 76 |
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Auto insurance in Kentucky serves several purposes
Even though it’s not necessarily cheap to insure an Audi in Louisville, paying for auto insurance is required in Kentucky but it also protects you in many ways.
First, the majority of states have minimum liability requirements which means you are required to buy specific limits of liability in order to license the vehicle. 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 you took out a loan on your car, more than likely the lender will have a requirement that you have full coverage to ensure loan repayment if the vehicle is totaled. If you default on your policy, the bank may buy a policy for your Audi at an extremely high rate and require you to pay much more than you were paying before.
Third, auto insurance protects not only your car but also your financial assets. It will also cover all forms of medical expenses for you, your passengers, and anyone else injured in an accident. One policy coverage, liability insurance, also pays for attorney fees and expenses if anyone sues you for causing an accident. If you have damage to your Audi as the result of the weather or an accident, your policy will pay to repair the damage minus the deductible amount.
The benefits of insuring your A7 definitely exceed the cost, specifically if you ever have a liability claim. Unknowingly, the average driver is currently overpaying as much as $750 every year so you should quote rates every year to help ensure money is not being wasted.