Affordable Mitsubishi Lancer Insurance in Louisville

Did a good deal turn out to be high-priced Mitsubishi Lancer insurance in Louisville? It’s a common feeling and many Louisville drivers have buyer’s remorse.

Everyone knows that auto insurance companies don’t want policyholders to shop around. Drivers who get price comparisons will probably move their business because of the high probability of finding coverage at a more affordable price. A study discovered that people who routinely shopped for cheaper coverage saved an average of $72 a month compared to policyholders who never shopped around for lower prices.

If finding the cheapest price for car insurance is your intention, then having an understanding of the best way to compare coverages can make the process more efficient.

Big-name insurance companies like GEICO, 21st Century and Progressive promote their brand names with ad campaigns and it can be hard to ignore the propaganda and take the time to shop coverage around.

You should make it a habit to get comparison quotes occasionally because prices fluctuate regularly. Just because you had the best deal on Mitsubishi Lancer insurance in Louisville on your last policy there may be better deals available now. Block out anything you think you know about insurance because I’m going to let you in on the secrets to the proper way to find better coverage on Mitsubishi Lancer insurance in Louisville at a better price.

If you have a policy now, you will most likely be able to buy cheaper auto insurance using this strategy. Locating the best insurance company for you in Louisville is really not that difficult. But Kentucky consumers must learn how big insurance companies market on the web.

Best Mitsubishi Lancer insurance rate quotes in Kentucky

The following companies can provide free quotes in Louisville, KY. If multiple companies are listed, it’s a good idea that you get rate quotes from several of them in order to get a fair rate comparison.

Insurance rate breakdown

The data table shown next showcases detailed analysis of rate quotes for Mitsubishi Lancer models. Being more informed about how auto insurance premiums are determined helps drivers make smart choices when selecting a coverage provider.

Table data assumes single male driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Kentucky minimum liability limits. Discounts applied include multi-policy, homeowner, multi-vehicle, claim-free, and safe-driver. Rate quotes do not factor in specific Louisville garaging location which can impact price quotes substantially.

Physical damage deductible comparison

One of the hardest decisions when shopping for auto insurance is how high should your deductibles be. The figures shown below may help to conceptualize the price difference between low and high coverage deductibles. The first price estimate table uses a $250 deductible for comprehensive and collision coverage and the second rate chart uses a $1,000 deductible.

Prices above based on married male driver age 30, no speeding tickets, no at-fault accidents, and Kentucky minimum liability limits. Discounts applied include safe-driver, multi-vehicle, multi-policy, claim-free, and homeowner. Price information does not factor in garaging location in Louisville which can impact insurance rates greatly.

Based on the data above, we can derive that using a $250 deductible will cost you approximately $30 more each month or $360 each year across all Mitsubishi Lancer models than selecting the higher $1,000 deductible. Since you would pay $750 more to file a claim with a $1,000 deductible as compared to a $250 deductible, if you tend to average at a minimum 25 months between claims, you would more than likely save some money if you opt for a higher deductible.

Safe drivers Louisville pay cheaper rates

The diagram below shows how speeding tickets and at-fault accidents drive up Mitsubishi Lancer car insurance costs for different age groups of insureds. The rates are based on a single male driver, full coverage, $500 deductibles, and no discounts are factored in.

Should you buy full coverage?

The example below illustrates the comparison of Mitsubishi Lancer insurance rates with full coverage and liability only. The information is based on no violations or claims, $250 deductibles, single marital status, and no discounts are taken into consideration.

Guidelines for dropping full coverage

There is no definitive guideline of when to drop comprehensive and collision coverage on your policy, but there is a general guideline you can use. If the annual cost of having full coverage is more than around 10% of the settlement you would receive from your company, then you might consider buying liability only.

For example, let’s assume your Mitsubishi Lancer book value is $6,000 and you have $1,000 deductibles. If your vehicle is totaled, the most you would receive is $5,000 after the deductible is paid. If premium cost is more than $500 annually for your policy with full coverage, then it might be time to consider dropping full coverage.

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

Why You Might Pay Lower Rates in Louisville

When buying insurance it’s important to understand some of the things that aid in calculating the price you pay for insurance. When consumers understand what impacts premium levels, this empowers consumers to make smart changes that could result in lower insurance prices. Many different elements are considered when you get a price on insurance. Some of the criteria are obvious such as your driving record, although others are less apparent such as whether you are married or how safe your car is.

The itemized list below are some of the things used by your company to calculate rates.

• Higher rates for policy lapses – Driving without insurance is against the law and you will pay a penalty because you let your insurance lapse. In addition to paying higher premiums, being ticketed for driving with no insurance could result in fines or a revoked license.
• Lower premiums for vehicles with better crash test results – Cars with five star safety ratings can get you lower premiums. These vehicles reduce injuries and fewer injuries means less money paid by your insurance company which can result in lower premiums. If the Mitsubishi Lancer is rated at a minimum an “acceptable” rating on the Insurance Institute for Highway Safety website you may pay a lower rate.
• Only buy coverage you need – There are quite a few extra add-on coverages that can add up if you aren’t careful. Coverages for coverage for rental cars, high-cost glass coverage, and extra equipment coverage may be costing you every month. They may seem like a good idea when you first buy your policy, but if you’ve never needed them in the past remove them from your policy.
• Drive less and pay lower prices – The higher the mileage driven in a year’s time the higher the price you pay to insure it. A lot of companies calculate prices based upon how the vehicle is primarily used. Vehicles that sit idle most of the time qualify for better rates as compared to vehicles used primarily for driving to work. It’s always a good idea to double check that your insurance policy reflects the correct usage for each vehicle. A policy that improperly rates your Lancer may be costing you higher rates.
• Premiums are affected by your credit history – Having a bad credit history is a large factor in determining your rates. If your credit can be improved, you could pay less to insure your Mitsubishi Lancer by spending a little time repairing your credit. People with good credit tend to be less risk to insure than drivers with worse credit.

• Insurance losses for a Mitsubishi Lancer – Car insurance companies use data from past claims as a tool for profitable underwriting. Models that the data determines to have a trend towards higher claims will have higher rates. The table below illustrates the historical loss data for Mitsubishi Lancer vehicles.

  For each coverage category, the claim amount for all vehicles combined as an average equals 100. Numbers under 100 suggest a better than average loss history, while values over 100 point to more frequent losses or an increased probability of a larger loss.

  
  

  Mitsubishi Lancer Insurance Claim Statistics

  Vehicle Make and Model	Collision	Property Damage	Comp	Personal Injury	Medical Payment	Bodily Injury
  Mitsubishi Lancer 2WD	153	146	127	192	218	172
  Mitsubishi Lancer 4WD	149	131	148	135
  Mitsubishi Lancer Evolution 4WD	225	123	221

  BETTER

  AVERAGE

  WORSE

  Empty fields indicate not enough data collected
  Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years

Slash rates with these rate reducing discounts

Some insurers don’t always list all discounts very clearly, so the following is a list of a few of the more common as well as the least known auto insurance savings.

• Discount for Swiching Early – Some companies reward drivers for switching policies prior to your current Lancer insurance policy expiring. You can save around 10% with this discount.
• Payment Discounts – If paying your policy premium upfront rather than paying monthly you can actually save on your bill.
• Anti-theft System – Cars, trucks, and SUVs optioned with advanced anti-theft systems are stolen less frequently and that can save you a little bit as well.
• ABS Braking Discount – Cars and trucks that have anti-lock braking systems can stop better under adverse conditions so companies give up to a 10% discount.
• Low Mileage Discounts – Low annual miles could be rewarded with slightly better premium rates than normal.
• Professional Memberships – Participating in a professional or civic organization could trigger savings when shopping for auto insurance.
• Military Rewards – Having a deployed family member may lower your prices slightly.
• Seat Belts Save more than Lives – Buckling up and requiring all passengers to wear their seat belts could save 15% on the medical payments or PIP coverage costs.
• Air Bags and Passive Restraints – Factory air bags or motorized seat belts may earn rate discounts as much as 30%.

Drivers should understand that most discounts do not apply to the whole policy. Some only reduce the price of certain insurance coverages like liability, collision or medical payments. Just because you may think you could get a free auto insurance policy, you’re out of luck.

The diagram below shows the comparison of Mitsubishi Lancer yearly insurance costs with and without policy discounts. The price estimates are based on a male driver, no accidents, no driving violations, Kentucky state minimum liability limits, full coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with claim-free, marriage, homeowner, multi-car, safe-driver, and multi-policy discounts applied.

For a list of providers with significant discounts in Kentucky, click this link.

Shop online but buy locally

Many drivers still prefer to visit with an insurance agent and we recommend doing that One of the great benefits of comparing insurance online is the fact that drivers can get the best rates and still buy from a local agent.

For easy comparison, once you complete this quick form, your insurance coverage information is instantly submitted to companies in Louisville who will give you bids for your insurance coverage. It makes it easy because there is no need to find an agent because quoted prices will be sent straight to your inbox. You can find lower rates and an insurance agent to talk to. If you have a need to get a comparison quote from a specific company, just find their quoting web page and complete a quote there.

Choosing the best company requires more thought than just the bottom line cost. These questions are important to ask:

• What insurance companies do they work with in Louisville?
• Is vehicle mileage a factor when determining depreciation for repairs?
• Do they regularly work with personal auto policies in Louisville?
• Do you qualify for any additional discounts?
• Can they give you a list of client referrals?
• Which members of your family are coverage by the policy?
• Do they feel the quoted coverages are adequate?
• Is the agent CPCU or CIC certified?

Upon getting positive feedback to any questions you have as well as cheaper Lancer insurance quotes, it’s a good possibility that you have found an insurer that can be relied on to properly insure your vehicles.

Get the best coverage at the best price

We just covered quite a bit of information on how to get a better price on Mitsubishi Lancer insurance in Louisville. It’s most important to understand that the more rate quotes you have, the better your comparison will be. Consumers may even find the lowest car insurance rates are with a lesser-known regional company. Regional companies may cover specific market segments cheaper compared to the large companies like State Farm, GEICO and Nationwide.

Some companies may not have rates over the internet and many times these smaller providers sell through independent agents. Cheaper Mitsubishi Lancer insurance in Louisville can be found online and also from your neighborhood Louisville agents, and you need to comparison shop both to have the best rate selection.

When you buy Louisville car insurance online, make sure you don’t reduce needed coverages to save money. There are a lot of situations where an accident victim reduced uninsured motorist or liability limits only to regret at claim time that the few dollars in savings costed them thousands. Your focus should be to buy a smart amount of coverage for the lowest price, but do not skimp to save money.

Steps to buying discount Mitsubishi Lancer insurance in Louisville

The preferred way to save money on Mitsubishi Lancer insurance is to do a yearly price comparison from companies in Louisville.

1. It will benefit you to learn about how insurance works and the changes you can make to keep rates low. Many policy risk factors that increase rates such as careless driving and a poor credit score can be eliminated by making minor changes in your lifestyle.
2. Obtain price quotes from exclusive agents, independent agents, and direct providers. Exclusive and direct companies can provide rates from one company like GEICO and Allstate, while agents who are independent can provide prices from multiple companies.
3. Compare the new rate quotes to your existing policy and see if there is a cheaper rate. If you can save some money and buy the policy, make sure the effective date of the new policy is the same as the expiration date of the old one.

An important part of this process is that you’ll want to make sure you compare similar deductibles and liability limits on each quote and and to look at as many companies as you can. Doing this ensures a fair rate comparison and the best rate selection.

Additional detailed information can be found at these sites:

• Five Steps to Filing an Auto Insurance Claim (Insurance Information Institute)
• Who Has Cheap Auto Insurance for Teachers in Louisville? (FAQ)
• Air Bags: Potential Dangers to Your Children (Insurance Information Institute)
• Keeping Children Safe in Crashes Video (iihs.org)
• Distracted Driving Statistics (Insurance Information Institute)