Best Ways to Save on Louisville Lincoln MKT Insurance

Being forced to pay for pricey insurance premiums can consume your budget and make it hard to pay other bills.

Unbelievable but true, over 70% of Kentucky drivers renewed their policy with the same company for over three years, and approximately 38% of consumers have never taken the time to shop around. U.S. consumers could save almost $860 each year just by shopping around, but they just assume it’s a time-consuming process to do a rate comparison.

How to buy low-cost Lincoln MKT insurance in Louisville

The most effective way to find cheaper quotes for Lincoln MKT insurance is to start comparing prices yearly from different companies who provide auto insurance in Louisville.

1. Get an understanding of what is in your policy and the steps you can take to prevent expensive coverage. Many things that increase rates like traffic violations, accidents, and a less-than-favorable credit score can be controlled by making minor changes in your lifestyle. Read the full article for ideas to get lower rates and get additional discounts that may have been overlooked.
2. Request rate estimates from direct carriers, independent agents, and exclusive agents. Direct companies and exclusive agencies can provide rates from one company like GEICO or Farmers Insurance, while independent agencies can provide price quotes from multiple insurance companies. View rates
3. Compare the new rates to the price on your current policy to determine if you can save on MKT insurance. If you find a better price and buy the policy, ensure coverage does not lapse between policies.
4. Notify your current company to cancel your current auto insurance policy and submit a signed application and payment to the new insurer. Once coverage is bound, keep the new certificate of insurance in your vehicle’s glove compartment or console.

One key aspect when comparing rates is to make sure you’re comparing similar coverage information on each price quote and to quote with as many companies as feasibly possible. This ensures an apples-to-apples comparison and many rates to choose from.

Big companies like State Farm and GEICO constantly bombard you with catchy ads and it is challenging if not impossible to see past the corporate glitz and do the work needed to find the best deal.

Consumers need to check insurance prices yearly since insurance prices are adjusted regularly by insurance companies. Despite the fact that you may have had the best quotes on Lincoln MKT insurance in Louisville on your last policy you will most likely find a better rate today. Forget all the misinformation about insurance because you’re going to learn the right way to reduce your cost while increasing coverage.

How to lower your Lincoln MKT insurance cost in Louisville, KY

Most larger insurance companies like State Farm, GEICO and Progressive provide coverage prices on their websites. Getting online quotes for Lincoln MKT insurance in Louisville is pretty easy as you simply type in your coverage information into the form. Once you submit the form, their rating system automatically orders credit information and your driving record and provides a quote based on these and other factors. The ability to get online price quotes for Lincoln MKT insurance in Louisville makes comparing rates easy, and it’s also necessary to have as many quotes as possible if you want to find cheap insurance pricing.

In order to get comparison pricing now, compare rate quotes from the providers shown below. If you have coverage now, it’s recommended you copy the coverages exactly as they are listed on your policy. This makes sure you’re receiving rate quotes using the exact same coverages.

The companies shown below can provide free rate quotes in Louisville, KY. To locate cheap car insurance in Kentucky, we suggest you click on several of them to find the most competitive auto insurance rates.

Buying the right vehicle insurance in Kentucky is an important decision

Even though it can be expensive, buying insurance is required in Kentucky but it also protects you in many ways.

• Almost all states have mandatory liability insurance requirements which means state laws require specific minimum amounts of liability insurance in order to be legal. 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 you took out a loan on your vehicle, most banks will have a requirement that you have insurance to ensure the loan is repaid in case of a total loss. If coverage lapses or is canceled, the bank will be required to insure your Lincoln at a much higher rate and require you to reimburse them for the much more expensive policy.
• Insurance protects both your assets and your vehicle. It will also cover all forms of medical expenses incurred in an accident. Liability insurance also pays for attorney fees and expenses if you cause an accident and are sued. If damage is caused by hail or an accident, collision and comprehensive coverages will pay to restore your vehicle to like-new condition.

The benefits of insuring your car definitely exceed the cost, particularly when you have a large claim. Today the average American driver overpays as much as $865 each year so we recommend shopping around at every renewal to ensure rates are inline.

Rates and detailed analysis

The data table displayed next covers different insurance policy prices for Lincoln MKT models. Learning as much as possible about how auto insurance policy rates are determined can assist in making smart choices when purchasing an auto insurance policy.

Price data assumes married female driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and Kentucky minimum liability limits. Discounts applied include claim-free, multi-policy, safe-driver, homeowner, and multi-vehicle. Estimates do not factor in specific location information which can impact coverage rates considerably.

Raise deductibles and save

One frequently asked question is how high should your deductibles be. The comparisons below can help illustrate how much more rates are when you select higher and lower coverage deductibles. The first rate table uses a $100 physical damage coverage deductible and the second set of prices uses a $1,000 deductible.

Cost estimates assume married male driver age 30, no speeding tickets, no at-fault accidents, and Kentucky minimum liability limits. Discounts applied include safe-driver, multi-vehicle, homeowner, claim-free, and multi-policy. Estimates do not factor in specific location which can change price quotes greatly.

We can derive from the above data that using a $100 deductible costs an average of $42 more each month or $504 every year than selecting the higher $1,000 deductible. Since you would pay $900 more out of your own pocket with a $1,000 deductible as compared to a $100 deductible, if you normally average at a minimum 21 months between claim filings, you would more than likely save some money if you choose the higher deductible.

One big caveat is that a higher deductible results in having to pay to pay more out-of-pocket when you have to file a claim. That will require some available funds in the event you need to pay the deductible for vehicle repair.

The chart below demonstrates how deductible levels and can impact Lincoln MKT annual premium costs for different insured age categories. The rate quotes are based on a single female driver, full coverage, and no policy discounts are applied.

Irresponsible driving raises your rates

The illustration below demonstrates how citations and at-fault collisions increase Lincoln MKT car insurance costs for different ages of insureds. The rate quotes are based on a single male driver, full coverage, $1,000 deductibles, and no additional discounts are factored in.

Full coverage or liability only

The chart below compares Lincoln MKT yearly insurance costs with full physical damage coverage compared to only buying liability only. The price estimates are based on a clean driving record, no claims, $1,000 deductibles, single status, and no discounts are applied to the premium.

When to stop buying comprehensive and collision coverage

There is no definitive formula of when to phase out physical damage coverage on your policy, but there is a general guideline. If the annual cost of coverage is about 10% or more of any settlement you would receive from your insurance company, then you might want to consider buying only liability coverage.

For example, let’s say your Lincoln MKT book value is $6,000 and you have $1,000 full coverage deductibles. If your vehicle is destroyed, you would only receive $5,000 after the policy deductible has been paid. If it’s costing you more than $500 annually for comprehensive and collision coverage, then you might consider buying liability only.

There are some circumstances where only buying liability is not a good idea. If you still have a lienholder on your title, you have to maintain full coverage to protect the lienholder’s interest in the vehicle. Also, if you can’t afford to buy a different vehicle if your current one is in an accident, you should maintain full coverage.

Affordable Louisville car insurance rates with discounts

The price of auto insurance can be rather high, but you can get discounts to help bring down the price. Some discounts will apply when you get a quote, but less common discounts must be specially asked for before being credited.

• Driving Data Discount – Insureds that choose to allow their insurance company to track where and when they drive by using a small device installed in their vehicle such as Allstate’s Drivewise and State Farm’s In-Drive system may see discounts if they have good driving habits.
• Membership in Organizations – Joining qualifying clubs or civic groups can get you a small discount on your next renewal.
• Student Discount for Driver Training – Cut your cost by having your teen driver successfully complete driver’s ed class in high school.
• Defensive Driving Course – Participating in a course that instructs on driving safety can save you 5% or more and make you a better driver.
• Louisville Homeowners Discount – Just being a homeowner can save a few bucks since owning and maintaining a home demonstrates responsibility.
• E-sign Discounts – Some insurance companies provide a small discount for completing your application online.
• Safety Restraint Discount – Drivers who require all occupants to use a seat belt can save up to 15% off the personal injury premium cost.
• Low Mileage Discounts – Fewer annual miles on your Lincoln may enable drivers to earn lower prices on the low mileage vehicles.

It’s important to understand that most credits do not apply to the entire cost. A few only apply to the cost of specific coverages such as medical payments or collision. So even though you would think having all the discounts means you get insurance for free, it doesn’t quite work that way.

The illustration below visualizes the comparison of Lincoln MKT yearly insurance costs with and without discounts being applied to the rates. The rate quotes are based on a male driver, a clean driving record, no at-fault accidents, Kentucky state minimum liability limits, comprehensive and collision coverage, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with claim-free, multi-policy, homeowner, safe-driver, marriage, and multi-car discounts applied.

A few of the larger companies and some of their more popular discounts include:

• GEICO may include discounts for daytime running lights, seat belt use, federal employee, anti-theft, five-year accident-free, good student, and military active duty.
• Mercury Insurance offers discounts including good driver, low natural disaster claims, good student, multi-car, location of vehicle, and ease of repair.
• Farmers Insurance may offer discounts for homeowner, youthful driver, pay in full, distant student, electronic funds transfer, business and professional, and teen driver.
• Auto-Owners Insurance discounts include paid in full, air bags, safe vehicle, multiple vehicles, anti-lock brakes, and good student.
• Liberty Mutual includes discounts for teen driver discount, preferred payment discount, exclusive group savings, newly retired, new vehicle discount, and safety features.
• SAFECO may have discounts that include drive less, anti-lock brakes, teen safety rewards, teen safe driver, anti-theft, and bundle discounts.
• Progressive policyholders can earn discounts including multi-policy, online signing, continuous coverage, online quote discount, homeowner, and good student.
• USAA has savings for loyalty savings, good student, vehicle storage, family discount, multi-vehicle, and new vehicle.

Before purchasing a policy, check with all the companies which discounts you qualify for. Some discounts might not apply in your state.