Unthinkable but true, most car insurance customers renewed their policy with the same company for well over three years, and practically 40% of car insurance customers have never compared rates from other carriers. Louisville drivers could save 30% a year by just comparing quotes, but they mistakenly think it’s difficult to compare rates and save money.
If you want to find the absolute lowest rates, then the best way to save money on car insurance rates is to do a yearly price comparison from insurers that insure vehicles in Louisville.
Step 1: Try to learn a little about how your policy works and the things you can change to prevent high rates. Many factors that are responsible for high rates like accidents, traffic violations, and a not-so-good credit rating can be improved by making minor driving habit or lifestyle changes. This article provides ideas to help prevent expensive coverage and get discounts that may be available to you.
Step 2: Request price quotes from direct, independent, and exclusive agents. Exclusive and direct companies can only quote rates from one company like Progressive or Allstate, while agents who are independent can provide price quotes from many different companies. Compare rates now
Step 3: Compare the quotes to your existing coverage to determine if you can save on Malibu insurance. If you find a better price, make sure coverage is continuous and does not lapse.
The critical component of shopping around is that you’ll want to compare the same coverage limits and deductibles on each price quote and and to look at as many companies as you can. This guarantees a fair rate comparison and a thorough selection of prices.
How to get cheap Chevy Malibu insurance in Louisville, Kentucky
Just remember that comparing more prices increases your odds of finding a lower rate than you’re paying now.
The following companies are ready to provide price quotes in Louisville, KY. If you want the best cheap car insurance in Louisville, it’s a good idea that you get rate quotes from several of them to get the best price comparison.
Analysis of Chevy Malibu rates
The data table below showcases a range of insurance costs for Chevy Malibu models. Being aware of how car insurance prices are figured can be valuable when making decisions on which coverage to buy.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Get Your Own Custom Quote Go|
Table data represents married male driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and Kentucky minimum liability limits. Discounts applied include multi-vehicle, safe-driver, multi-policy, claim-free, and homeowner. Premium amounts do not factor in zip code location which can decrease or increase insurance rates greatly.
Rate difference between full and liability-only coverage
The diagram below illustrates the comparison of Chevy Malibu insurance costs when comparing full coverage to liability only. The premiums are based on no violations or claims, $250 deductibles, drivers are not married, and no other discounts are factored in.
When to drop full coverage
There is no clear-cut rule of when to stop paying for full coverage on your policy, but there is a general school of thought. If the annual cost of having full coverage is 10% or more of the settlement you would receive from your company, then you might consider buying liability only.
For example, let’s assume your Chevy Malibu replacement cost is $3,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled, the most you would receive is $2,000 after paying the physical damage deductible. If premiums are more than $200 annually for your policy with full coverage, then it’s probably a good time to buy liability coverage only.
There are some cases where only buying liability is not a good plan. If you haven’t paid off your loan, you must maintain physical damage coverage in order to keep the loan. Also, if your finances do not allow you to purchase a different vehicle if your current one is damaged, you should keep full coverage on your policy.
Auto insurance just makes sense
Despite the fact that auto insurance is not cheap in Louisville, insurance serves an important purpose.
First, the majority of states have mandatory liability insurance requirements which means state laws require a specific minimum amount of liability protection in order to drive the car legally. 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 have a loan on your car, most banks will force you to have comprehensive coverage to protect their interest in the vehicle. If you cancel or allow the policy to lapse, the lender may have to buy a policy to insure your Chevy at a significantly higher premium and make you pay for it.
Third, auto insurance protects both your assets and your car. It will also cover all forms of medical expenses that are the result of an accident. Liability insurance also pays expenses related to your legal defense if you cause an accident and are sued. If your Chevy gets damaged, comprehensive and collision coverage will cover the damage repairs after a deductible is paid.
The benefits of insuring your Malibu are definitely more than the cost, especially for larger claims. As of last year, the average driver in Kentucky is wasting up to $855 a year so it’s very important to do a rate comparison once a year at a minimum to help ensure money is not being wasted.
Smart Consumers Can Lower Insurance Rates
Smart consumers have a good feel for the factors that go into determining the level of your policy premiums. If you have some idea of what impacts premium levels, this allows you to make good choices that could help you find lower premium levels.
- Single drivers may pay more – Having a significant other may earn you lower rates when buying car insurance. Having a spouse translates into being more mature and it’s statistically proven that married drivers tend to have fewer serious accidents.
Traffic violations are costly – Your driving record can have a huge impact on auto insurance premiums. Even one speeding ticket or other violation may increase your cost forty percent or more. Drivers with clean records have lower premiums compared to bad drivers. Drivers with license-revoking violations such as DUI or reckless driving may be required to complete a SR-22 to the state department of motor vehicles in order to legally drive.
The information below illustrates how speeding tickets and at-fault fender-benders can drive up Chevy Malibu auto insurance costs for each age group. The rate quotes are based on a married male driver, comp and collision included, $100 deductibles, and no policy discounts are applied.
- Premiums may be higher where you live – Having an address in less populated areas can save you money when buying car insurance. Urban drivers have more traffic problems and higher rates of accident claims. Fewer drivers and short commutes corresponds to lower accident rates and also fewer theft and vandalism claims.
- You might want pay the minor policy claims yourself – If you are a frequent claim filer, you can look forward to either higher rates or even cancellation. Companies in Kentucky provide lower rates to insureds who are not frequent claim filers. Your car insurance is meant to be used in the event of claims that pose a financial burden.
High performance vehicles cost more to insure – The make and model of the car you are insuring makes a huge difference in your rates. Lower performance four cylinder passenger cars generally receive the lowest base rates, but the cost you end up paying is determined by many additional factors.
The following data assumes a married female driver age 20, full coverage with $100 deductibles, and no discounts or violations. The data compares Chevrolet Malibu rates compared to other makes and models that have a range of risk factors.
- Vocation stress can affect rates – Did you know your job can affect your rates? Jobs like military personnel, architects, and miners usually pay the highest rates because of job stress and incredibly demanding work hours. On the flip side, jobs like actors, historians and the unemployed get better rates.
Insurance loss statistics a Chevy Malibu – Insurance companies use statistical claims data to help set a rate to offset losses. Models that statistically have increased losses will cost more for coverage.
The information below illustrates the compiled insurance loss statistics for Chevy Malibu vehicles. For each policy coverage type, the claim probability for all vehicles averaged together is set at 100. Values below 100 suggest a positive loss record, while percentage values above 100 indicate higher probability of having a loss or statistically larger claims.
Chevrolet Malibu Insurance Loss Statistics Specific Chevrolet Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Chevrolet Malibu 94 100 109 139 145 120BETTERAVERAGEWORSE
Statistics from IIHS.org for 2013-2015 Model Years
Slash rates with these discounts on Chevy Malibu insurance in Louisville
Some insurance providers do not list every available discount in a way that’s easy to find, so below is a list some of the more common and also the more inconspicuous discounts that may be available. If you’re not getting every credit possible, you could be getting lower rates.
- Seat Belts Save more than Lives – Drivers who always wear seat belts and also require passengers to fasten their seat belts can save a little off the medical payments premium.
- Pay Early and Save – By making one initial payment instead of paying each month you could save up to 5%.
- Service Members Pay Less – Being deployed with a military unit could mean lower premium rates.
- Driving Data Discount – Drivers that enable data collection to look at driving manner remotely such as State Farm’s In-Drive may see discounts if their driving habits are good.
- No Accidents – Good drivers with no accidents are rewarded with significantly better rates on Louisville car insurance quote when compared to drivers who are more careless.
- Air Bag Discount – Factory options such as air bags may get savings of more than 20%.
A little note about advertised discounts, many deductions do not apply to the whole policy. The majority will only reduce the cost of specific coverages such as physical damage coverage or medical payments. Despite the fact that it seems like you would end up receiving a 100% discount, you aren’t that lucky.
The chart below illustrates the difference between Chevy Malibu insurance costs with and without discounts applied. The premiums assume a female driver, a clean driving record, no claims, 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, multi-policy, multi-car, homeowner, marriage, and safe-driver discounts applied.
Larger insurance companies and a selection of discounts can be found below.
- GEICO offers premium reductions for air bags, multi-vehicle, anti-theft, military active duty, and multi-policy.
- MetLife may offer discounts for good student, accident-free, good driver, claim-free, multi-policy, and defensive driver.
- Progressive has savings for online quote discount, multi-vehicle, good student, continuous coverage, multi-policy, homeowner, and online signing.
- Travelers may include discounts for driver training, home ownership, hybrid/electric vehicle, multi-policy, good student, new car, and continuous insurance.
- SAFECO offers discounts including homeowner, teen safe driver, drive less, accident prevention training, anti-lock brakes, and safe driver.
- AAA policyholders can earn discounts including AAA membership discount, multi-policy, pay-in-full, good student, education and occupation, and anti-theft.
Before buying, ask every company what discounts are available to you. Discounts may not be available everywhere.
Insurance agents can find coverage gaps
Many drivers just prefer to go talk to an agent and doing that can be a smart decision A nice benefit of price shopping on the web is that drivers can save money and get cheaper car insurance rates and still have an agent to talk to. Buying from local insurance agencies is especially important in Louisville.
Upon completion of this simple form, your insurance coverage information is immediately sent to local insurance agents that provide free Louisville car insurance quotes for your business. It simplifies rate comparisons since you won’t have to leave your house due to the fact that quote results will go straight to your inbox. Get lower rates without a big time investment. In the event you want to get a rate quote from one company in particular, you would need to go to their quote page and give them your coverage information.
If you are searching for a good Louisville insurance agent, it helps to know the two different agency structures and how they differ in how they quote coverages. Insurance agents in Louisville may be either independent or exclusive depending on the company they work for.
Independent Insurance Agents (or Brokers)
These agents do not have single company limitations so they have the ability to put coverage with lots of companies and potentially find a lower price. If your agent finds better pricing, an independent agent can move your coverage which makes it simple for you.
If you are comparing rate quotes, we highly recommend that you include a couple of independent agencies to get the most accurate price comparison.
Featured below is a list of independent insurance agents in Louisville who may be able to give you rate quotes.
Exclusive Insurance Agencies
Exclusive insurance agents have only one company to place business with such as Allstate, AAA, Farmers Insurance, and State Farm. They are unable to provide other company’s prices so they have no alternatives for high prices. Exclusive agencies are highly trained in insurance sales which helps offset the inability to provide other markets.
Listed below is a short list of exclusive agencies in Louisville that can give you price quotes.
Finding the right insurance agency is decision based upon more than just a cheap quote. Any agent in Louisville should have no problem answering these questions:
- Is the coverage adequate for your vehicle?
- Do they receive special compensation for putting your coverage with one company over another?
- Did they already check your driving record and credit reports?
- What is the financial rating for the quoted company?
- Is vehicle damage repaired with OEM or aftermarket parts?
- Are they actively involved in the community?
- Are there any discounts for paying up front?
- Do they assist clients in filing claims?
In the end, you can save money
Discount Chevy Malibu insurance in Louisville can be sourced both online and from local insurance agents, and you should compare rates from both to have the best selection. There are still a few companies who don’t offer the ability to get quotes online and most of the time these small, regional companies provide coverage only through independent agents.
When trying to cut insurance costs, make sure you don’t skimp on coverage in order to save money. Too many times, drivers have reduced collision coverage only to find out that the small savings ended up costing them much more. Your goal is to buy the best coverage you can find at a price you can afford, but do not sacrifice coverage to save money.
In this article, we presented some good ideas how you can save on Chevy Malibu insurance in Louisville. The most important thing to understand is the more times you quote, the better likelihood of getting inexpensive Louisville car insurance quotes. You may even be surprised to find that the biggest savings come from a small local company. Some small companies may have significantly lower prices on certain market segments compared to the large companies like State Farm or Progressive.
To read more, link through to the following helpful articles:
- Choosing an Insurance Company (Insurance Information Institute)
- Who Has Affordable Louisville Auto Insurance Quotes for Nurses? (FAQ)
- Who Has Cheap Louisville Car Insurance Rates for a Honda Pilot? (FAQ)
- Cellphones, Texting and Driving (iihs.org)
- What does Personal Injury Protection (PIP) Cover? (Allstate)
- What are my Rights when Filing a Claim? (Insurance Information Institute)
- Understanding Rental Car Insurance (Insurance Information Institute)