Smart shoppers know that insurance companies don’t want their policyholders to compare prices. Consumers who shop around for better prices will probably switch auto insurance companies because there is a high probability of finding a cheaper policy. A study discovered that drivers who shopped around every year saved about $865 a year compared to people who never shopped around for cheaper prices.
If finding the cheapest rates on Hyundai Equus insurance in Louisville is why you’re here, then having some knowledge of how to compare coverages can make shopping around easier.
If saving the most money is your goal, then the best way to find cheaper car insurance rates in Louisville is to begin comparing prices regularly from different companies that insure vehicles in Kentucky.
- Step 1: Gain an understanding of how companies set rates and the modifications you can make to prevent rate increases. Many rating criteria that result in higher rates such as traffic citations, accidents, and your credit history can be rectified by making minor driving habit or lifestyle changes.
- Step 2: Request rate estimates from direct carriers, independent agents, and exclusive agents. Exclusive and direct companies can provide rates from one company like GEICO or Allstate, while agents who are independent can provide price quotes from many different companies.
- Step 3: Compare the quotes to your current policy premium to see if a cheaper rate is available in Louisville. If you find a lower rate and switch companies, make sure coverage does not lapse between policies.
- Step 4: Tell your current company of your decision to cancel your current auto insurance policy and submit payment and a completed application to the new company. As soon as you can, put the new certificate verifying proof of insurance along with your vehicle registration.
A valuable tip to remember is to make sure you’re comparing similar coverage information on each price quote and and to get quotes from all possible companies. Doing this guarantees the most accurate price comparison and a better comparison of the market.
Informed Consumers Can Reduce Insurance Rates
Multiple criteria are used in the calculation when you get a price on insurance. Some are obvious such as your driving record, but other factors are more transparent such as whether you are married or your financial responsibility. The best way to find cheaper car insurance is to take a look at the factors that help calculate your premiums. When you know what positively or negatively controls the rates you pay, this helps enable you to make changes that could help you find lower car insurance prices.
The itemized list below are a partial list of the pieces utilized by car insurance companies to help set prices.
- Poor driving leads to higher costs – Getting just one speeding ticket or other violation can bump up the cost by as much as thirty percent. Good drivers receive lower rates as compared to careless drivers. Drivers unfortunate enough to have severe violations like DUI or reckless driving may find that they have to to maintain a SR-22 with the DMV in their state in order to keep their license.
- Get married and pay lower prices – Getting married actually saves money on car insurance. Having a spouse usually means you are more financially stable and it’s statistically proven that married drivers get in fewer accidents.
- Save money by having multiple policies – Many companies afford a discount to customers who carry more than one policy in the form of a multi-policy discount. Even with this discount, it’s still a good idea to shop around to help ensure you have the lowest rates.
- Liability – The liability coverage on your policy will afford coverage if you are found liable for causing personal injury or damage in an accident. This coverage provides legal defense up to the limits shown on your policy. This coverage is relatively inexpensive compared to insuring for physical damage coverage, so do not cut corners here.
- Men drivers tend to cost more – Over the last 30 years, statistics show that females tend to be a little less risky than males. However, this does not mean females are better at driving than males. They both get in at-fault accidents in similar percentages, but males tend to have more serious accidents. Not only are claims higher, but men get more serious tickets like reckless driving and DUI.
- Cut prices and deter theft – Choosing to buy a car with an alarm system can help lower your premiums. Systems that thwart thieves such as vehicle immobilizer systems, General Motors OnStar and LoJack tracking systems all help prevent auto theft and help lower rates.
- Consider raising comp and collision deductibles – Comprehensive and collision coverage deductibles represent how much money you are required to spend out-of-pocket if a covered claim is submitted. Insurance for physical damage to your car, otherwise known as comp (or other than collision) and collision, covers damage that occurs to your car. Some examples of covered claims could be collision with another vehicle, hail damage, or theft of your vehicle. The higher the amount you have to pay, the less your company will charge you for insurance.
- Performance affects insurance prices – The performance of the car, truck or SUV you are buying insurance for makes a huge difference in determining your rates. The lowest rates tend to be for low performance passenger cars, but your final cost has many other factors.
Hyundai Equus insurance loss probability – Insurance companies include the past claim trends for vehicles to determine a price that will be profitable for them. Vehicles that the statistics show to have a higher amount or frequency of claims will have higher rates. The table below illustrates the actual insurance loss data for Hyundai Equus vehicles.
For each policy coverage type, the claim amount for all vehicles, without regard to make or model, is set at 100. Values that are below 100 suggest a positive loss record, while percentages above 100 indicate frequent claims or tendency to have higher losses.
Auto Insurance Loss Data for Hyundai Equus Models Specific Hyundai Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Hyundai Equus 4dr 155 83 225 85BETTERAVERAGEWORSE
Empty fields indicate not enough data collected
Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
Don’t overlook these Hyundai Equus insurance discounts
Companies offering auto insurance do not advertise every available discount very clearly, so the below list has a few of the more well known and also the more inconspicuous discounts that you may qualify for.
- Active Military Service – Being deployed with a military unit could mean lower premium rates.
- Paperless Signup – Some of the larger companies give back up to $50 for buying a policy and signing up on the web.
- Pay Early and Save – By paying your entire bill at once instead of monthly or quarterly installments you can avoid monthly service charges.
- Discounts for Multiple Vehicles – Insuring all your vehicles on one policy could earn a price break for each car.
- Driver Education Discount – Have your child take driver’s ed class in school or through a local driver safety program.
- Multi-line Discount – Not every insurance company offers life insurance, but if they do you may earn a small discount if you purchase some life insurance too.
- Multi-policy Discount – When you have multiple policies with one company you may save nearly 15% which can help you find cheap Equus insurance.
Discounts reduce rates, but you should keep in mind that most discount credits are not given to the entire cost. Some only reduce the price of certain insurance coverages like comp or med pay. Just because it seems like it’s possible to get free car insurance, you’re out of luck.
If you would like to choose from a list of insurance companies who offer cheap Hyundai Equus insurance quotes in Louisville in Louisville, follow this link.
More comparisons equals cheap rates
We just showed you many tips how you can lower your Hyundai Equus insurance auto insurance rates in Louisville. The most important thing to understand is the more rate quotes you have, the better likelihood of getting cheaper Louisville auto insurance quotes. Drivers may even discover the most savings is with a lesser-known regional company. Smaller companies may often insure only within specific states and give better rates compared to the large companies like GEICO and State Farm.
As you quote Louisville auto insurance, it’s very important that you do not reduce needed coverages to save money. In too many instances, an accident victim reduced collision coverage only to regret that it was a big error on their part. The ultimate goal is to get the best coverage possible at the best cost but still have enough coverage for asset protection.
Some companies may not have rate quotes online and these small insurance companies provide coverage only through independent agents. Budget-friendly car insurance in Louisville is possible both online and from local insurance agents, and you should be comparing both to have the best rate selection.
Much more information about car insurance in Kentucky is available at the links below
- Preventing Carjacking and Theft (Insurance Information Institute)
- Who Has the Cheapest Auto Insurance Quotes for High School Students in Louisville? (FAQ)
- How Much are Car Insurance Quotes for a Hyundai Elantra in Louisville? (FAQ)
- Who Has Affordable Louisville Car Insurance for Uber Drivers? (FAQ)
- Smart Auto Insurance Tips (Insurance Information Institute)
- Higher speed limits cause more fatalities (Insurance Institute for Highway Safety)
- What Determines the Price of My Auto Insurance Policy? (Insurance Information Institute)
- How to Avoid Common Accidents (State Farm)