If saving money is your primary concern, then the best way to get affordable auto insurance rates in Louisville is to compare quotes annually from companies who sell auto insurance in Kentucky. Rates can be compared by following these steps.
- Take a little time to learn about coverages and the measures you can control to lower rates. Many factors that result in higher rates like tickets, at-fault accidents, and a negative credit rating can be remedied by making minor driving habit or lifestyle changes.
- Request rate estimates from direct, independent, and exclusive agents. Exclusive agents and direct companies can only give rate quotes from a single company like GEICO or Allstate, while independent agencies can give you price quotes for many different companies.
- Compare the new rates to your current policy premium to see if switching to a new carrier will save money. If you can save some money, make sure the effective date of the new policy is the same as the expiration date of the old one.
- Notify your current company of your intent to cancel your current policy and submit payment along with a signed and completed policy application to your new insurance company. As soon as you have the new policy, place your new certificate of insurance in an accessible location in your vehicle.
An important bit of advice to remember is to compare the same liability limits and deductibles on each quote and and to look at as many companies as you can. Doing this enables the most accurate price comparison and the most accurate and complete price analysis.
Inconceivable but true, the vast majority of auto insurance customers in Kentucky have stayed with the same insurance company for more than four years, and nearly the majority have never shopped around. U.S. drivers can save hundreds of dollars each year just by shopping around, but they feel it’s too difficult to shop around.
Informed Drivers Know How to Find Insurance for Less
Many different elements are taken into consideration when pricing auto insurance. Some are pretty understandable such as your driving record, although some other factors are more obscure like where you live or your vehicle rating. When buying insurance it’s important to understand some of the elements that help determine your policy premiums. If you have some idea of what positively or negatively impacts your premiums, this helps enable you to make changes that may result in lower premium levels.
- Your career may increase rates – Do you have a high-stress occupation? Occupations such as lawyers, airline pilots, and accountants usually pay higher premium rates attributed to stressful work requirements and extremely grueling work hours. Conversely, careers like farmers, students and the unemployed pay lower than average rates.
- Only buy what you need – Policies have additional extra coverages that can waste your money but may not be useful. Add-on coverages like personal injury protection, towing coverage, and extra life insurance coverage are some examples. These coverages may sound good when discussing your needs, but your money might be better spent on other coverage so eliminate them to save money.
- Claims cost money – Companies in Kentucky award discounts to insureds that do not abuse their auto insurance. If you frequently file small claims, you can pretty much guarantee either policy cancellation or increased premiums. Your insurance policy is meant to be used in the event of more catastrophic claims.
- Liability is cheap – The liability coverage on your policy is the coverage that protects you if ever you are responsible for damages caused by your negligence. Your policy’s liability insurance provides legal defense which can be incredibly expensive. This coverage is relatively inexpensive compared to other policy coverages, so buy as much as you can afford.
- Never allow your policy to lapse – Going without insurance is a sure-fire way to trigger a rate increase. Not only will you pay higher rates, getting caught without coverage may earn you a steep fine or even jail time.
- Drive a safer car and pay less – Cars with high safety ratings cost less to insure. Safer cars have better occupant injury protection and any reduction in injury severity translates into fewer and smaller insurance claims which can result in lower premiums.
- Raising deductibles lowers premiums – Physical damage protection, also called ‘full coverage’, is used to repair damage to your vehicle. Some examples of claims that would be covered are a broken windshield, vandalism, and damage from a fallen tree branch. The deductibles you choose are the amount of money you are willing to pay before a claim is paid by your company. The more of the claim you pay before a claim is paid (deductible), the lower your rates will be.
Do men or women drive better? – Over the last 30 years, statistics show that men are more aggressive behind the wheel. That doesn’t necessarily mean that men are WORSE drivers than women. Females and males tend to get into auto accidents in similar percentages, but the males have accidents that have higher claims. Men also get ticketed for serious violations like DWI (DUI) or reckless driving.
The information below shows the difference between Honda Accord insurance rates for male and female drivers. The premium estimates are based on no claims or driving citations, comp and collision included, $100 deductibles, drivers are not married, and no discounts are taken into consideration.
Insurance losses for a Honda Accord – Car insurance companies take into consideration historical loss data for every vehicle when determining insurance costs. Vehicles that the data shows to have increased losses will have a higher cost to insure. The table below illustrates the collected loss data for Honda Accord vehicles.
For each type of coverage, the claim probability for all vehicles, regardless of make or model, is represented as 100. Numbers shown that are under 100 represent a good loss history, while numbers above 100 indicate higher probability of having a loss or statistically larger losses.
Honda Accord Insurance Claim Statistics Specific Honda Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Honda Accord 91 85 90 122 117 94 Honda Accord Hybrid 96 80 98 89 76 84 Honda Accord Crosstour 4dr 2WD 85 97 83 122 113 94 Honda Accord Crosstour 4dr 4WD 99 102 94 120 93BETTERAVERAGEWORSE
Empty fields indicate not enough data collected
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Honda Accord insurance charts and tables
The information shown next outlines estimates of policy rates for Honda Accord models. Having a good understanding how insurance premiums are figured helps drivers make decisions when shopping your coverage around.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Accord LX 4-Dr Sedan||$176||$324||$336||$20||$100||$956||$80|
|Accord LX 4-Dr Sedan||$176||$324||$336||$20||$100||$956||$80|
|Accord EX 4-Dr Sedan||$176||$324||$336||$20||$100||$956||$80|
|Accord LX-P 4-Dr Sedan||$176||$324||$336||$20||$100||$956||$80|
|Accord LX-P 4-Dr Sedan||$176||$324||$336||$20||$100||$956||$80|
|Accord EX-L 4-Dr Sedan||$202||$394||$336||$20||$100||$1,052||$88|
|Accord EX 2-Dr Coupe||$202||$464||$446||$26||$134||$1,272||$106|
|Accord LX-S 2-Dr Coupe||$202||$464||$446||$26||$134||$1,272||$106|
|Accord EX-L 2-Dr Coupe||$226||$464||$446||$26||$134||$1,296||$108|
|Get Your Own Custom Quote Go|
Price data assumes single male driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Kentucky minimum liability limits. Discounts applied include safe-driver, multi-policy, multi-vehicle, claim-free, and homeowner. Rate quotes do not factor in Louisville location which can change price quotes significantly.
The illustration below shows how different deductible levels and can affect Honda Accord insurance costs for different ages of insureds. The premium estimates are based on a married female driver, comp and collision included, and no other discounts are factored in.
Accidents and violations increase rates
The illustration below demonstrates how traffic citations and at-fault fender-benders can raise Honda Accord auto insurance costs for each age group. The prices are based on a married female driver, full physical damage coverage, $250 deductibles, and no discounts are applied.
Do you need full coverage?
The illustration below illustrates the difference between Honda Accord auto insurance costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The data assumes no driving violations, no at-fault accidents, $500 deductibles, marital status is single, and no discounts are applied to the premium.
When to stop buying physical damage coverage
There isn’t a steadfast formula to exclude full coverage, but there is a guideline you can use. If the annual cost of your full coverage insurance is more than around 10% of the replacement cost of your vehicle minus the policy deductible, then it could be time to drop full coverage.
For example, let’s assume your Honda Accord book value is $8,000 and you have $1,000 deductibles. If your vehicle is totaled in an accident, you would only receive $7,000 after paying your deductible. If premiums are more than $700 a year for physical damage coverage, then it might be time to consider dropping full coverage.
There are a few cases where buying only liability insurance is not a good idea. If you still have a loan on your vehicle, you are required to maintain full coverage as part of the loan conditions. Also, if you cannot afford to purchase a different vehicle if your current one is totaled, you should keep full coverage on your policy.
Cut your car insurance rates with discounts
Car insurance is expensive, but discounts can save money and there are some available that could help you make your next renewal payment. Many discounts should be triggered at the time of quoting, but a few need to be asked about prior to receiving the credit. If you do not double check each discount you qualify for, you are just wasting money.
- Anti-theft Discount – Cars optioned with advanced anti-theft systems are less likely to be stolen and will save you 10% or more on Accord insurance in Louisville.
- Anti-lock Brake Discount – Cars and trucks equipped with ABS or steering control can reduce accidents and qualify for as much as a 10% discount.
- Military Deployment Discount – Having a family member in the military may lower your prices slightly.
- Fewer Miles Equal More Savings – Fewer annual miles on your Honda may allow you to get better rates on cars that stay parked.
- Safe Drivers – Drivers without accidents can save up to 40% or more on their Louisville auto insurance quote than less cautious drivers.
- Paperless Signup – Some of the larger companies will discount your bill up to fifty bucks for buying your policy on the internet.
- Claim Free – Louisville drivers who stay claim-free can save substantially when compared to policyholders that have many claims.
- Include Life Insurance and Save – Larger insurance carriers have lower rates if you buy auto and life insurance together.
- Telematics Devices – Drivers who elect to allow their car insurance company to look at driving habits remotely such as Progressive’s Snapshot could save a few bucks as long as the data is positive.
Don’t be shocked that most discounts do not apply to the entire policy premium. Most only reduce the cost of specific coverages such as comprehensive or collision. If you do the math and it seems like adding up those discounts means a free policy, companies wouldn’t make money that way.
The information below shows the comparison of Honda Accord annual premium costs with and without discounts applied to the policy premium. The premiums are based on a male driver, no driving violations, 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 marriage, multi-car, homeowner, claim-free, safe-driver, and multi-policy discounts applied.
If you would like to view companies that offer some of these discounts in Kentucky, click here.
Kentucky car insurance company ratings
Finding a high-quality insurer can be difficult considering how many different companies there are to choose from in Kentucky. The company information shown below may help you analyze which car insurance providers you want to consider putting your business with.
Top 10 Louisville Car Insurance Companies Ranked by Customer Satisfaction
- USAA – 91%
- AAA Insurance – 90%
- Esurance – 90%
- Mercury Insurance – 89%
- Nationwide – 89%
- Travelers – 88%
- Progressive – 88%
- Safeco Insurance – 88%
- State Farm – 88%
- Allstate – 88%
Top 10 Louisville Car Insurance Companies Ranked by Claims Service
- State Farm
- Liberty Mutual
- American Family
- AAA Insurance
- Titan Insurance
Persistence is the key to affordable rates
Cheap Honda Accord insurance in Louisville can be bought online and from local insurance agents, so you need to quote Louisville auto insurance with both so you have a total pricing picture. A few companies do not offer rate quotes online and many times these smaller providers only sell through independent insurance agencies.
Insureds who switch companies do it for a variety of reasons including policy cancellation, lack of trust in their agent, extreme rates for teen drivers and delays in responding to claim requests. It doesn’t matter why you want to switch choosing a new company is actually quite simple.
We’ve covered quite a bit of information on how to save on Honda Accord insurance in Louisville. The key thing to remember is the more rate comparisons you have, the higher your chance of finding the cheapest Honda Accord rate quotes. You may even find the lowest premium rates are with the smaller companies.
Additional insurance information can be read at the links below
- Warning systems don’t curb driver distraction (Insurance Institute for Highway Safety)
- How Much is Auto Insurance for Felons in Louisville? (FAQ)
- Who Has Cheap Auto Insurance for 17 Year Olds in Louisville? (FAQ)
- Who Has the Cheapest Louisville Auto Insurance Rates for a Subaru Forester? (FAQ)
- How to Avoid Common Accidents (State Farm)
- When is the Right Time to Switch Car Insurance Companies? (Allstate)
- Auto Theft Statistics (Insurance Information Institute)