Want to learn the secrets to finding the cheapest auto insurance rates in Richmond, KY? Richmond consumers have a choice when looking for the lowest priced car insurance. They can either spend hours driving around getting price quotes or use the internet to make rate comparisons.
There is a right way and a wrong way to compare auto insurance rates so you're going to learn the absolute fastest way to get price quotes for a new or used and find the lowest price.
Shockingly, the vast majority of consumers in Kentucky kept their coverage with the same auto insurance company for more than four years, and practically 40% of auto insurance customers have never shopped around. U.S. insurance shoppers can save up to $860 each year, but they just don't understand the benefits if they switched to a cheaper policy.
You should take the time to compare rates every six months because auto insurance prices are adjusted regularly by insurance companies. Just because you found the best price on auto insurance last year other companies may now be cheaper. Ignore everything you know about auto insurance because you're about to learn the fastest and easiest way to find the best coverage while lowering your premiums.
Auto insurance quotes and discounts
Auto insurance is expensive, but there may be some discounts that you may not even be aware of. A few discounts will automatically apply at quote time, but a few must be asked for before you get the savings.
- Low Miles Discount - Keeping the miles down may allow you to get better prices on cars that stay parked.
- Multi-Vehicle Discounts - Purchasing coverage when you have multiple vehicles with the same company can reduce rates for all insured vehicles.
- Pay Early and Save - By paying your policy upfront rather than paying in monthly installments you may reduce your total bill.
- Telematics Data - Policyholders that allow driving data submission to study where and when they drive through the use of a telematics system like Allstate's Drivewise may see discounts as long as the data is positive.
- Senior Citizen Rates - Drivers over the age of 55 could receive a small discount on rates.
- Multi-line Discount - If the company offers life insurance, you could get a discounted auto insurance rate on car insurance if you buy life insurance from them.
- Multi-policy Discount - If you can bundle your auto and home insurance with the same company you could get a discount of as much as 10 to 15 percent.
- Driver's Education for Students - Teen drivers should take driver's ed class as it can save substantially.
One last thing about discounts, most of the big mark downs will not be given to the entire cost. A few only apply to specific coverage prices like comp or med pay. So even though they make it sound like you would end up receiving a 100% discount, nobody gets a free ride.
Larger auto insurance companies and a summarized list of policyholder discounts are included below.
- Farm Bureau may offer discounts for driver training, good student, multi-policy, multi-vehicle, and 55 and retired.
- MetLife discounts include good student, multi-policy, defensive driver, claim-free, good driver, accident-free
- Progressive policyholders can earn discounts including online quote discount, online signing, good student, multi-policy, multi-vehicle, homeowner, and continuous coverage.
- AAA may have discounts that include good driver, good student, education and occupation, AAA membership discount, multi-policy, and anti-theft.
- American Family has discounts for defensive driver, early bird, TimeAway discount, Steer into Savings, accident-free, and mySafetyValet.
- GEICO offers premium reductions for anti-theft, defensive driver, emergency military deployment, seat belt use, federal employee, multi-policy, and air bags.
- State Farm includes discounts for driver's education, good driver, student away at school, accident-free, and good student.
Before buying, ask every company the best way to save money. Savings might not be offered everywhere. If you would like to see a list of auto insurance companies with discount rates in Richmond, click this link.
Finding cheap car insurance quotes isn't really that difficult. The only thing you need to do is invest a little time getting comparison quotes online with multiple companies.
The auto insurance companies shown below can provide comparison quotes in Kentucky. If the list has multiple companies, we recommend you visit as many as you can in order to find the most competitive rates.
|Make, Model, and Trim Level||Annual Policy Premium||6-month Policy Premium||Monthly Premium|
|Chevrolet Malibu LTZ||$924||$462||$77|
|Chevrolet Silverado LT Crew Cab 4WD||$1,228||$614||$102|
|Dodge Ram Crew Cab Sport 4WD||$1,002||$501||$84|
|Ford Escape Limited 4WD||$836||$418||$70|
|Ford F-150 Lariat Super Cab 2WD||$1,014||$507||$85|
|Ford Focus SES 2-Dr Coupe||$1,206||$603||$101|
|Honda Accord EX-L 2-Dr Coupe||$1,004||$502||$84|
|Honda CR-V LX 4WD||$980||$490||$82|
|Honda Civic EX-L 4-Dr Sedan||$1,096||$548||$91|
|Jeep Wrangler Rubicon 4WD 2-Dr||$860||$430||$72|
|Kia Optima LX||$1,196||$598||$100|
|Mazda 3 S Sport 4-Dr Sedan||$1,418||$709||$118|
|Nissan Altima 3.5 SR 2-Dr Coupe||$1,190||$595||$99|
|Toyota Camry Hybrid||$1,180||$590||$98|
|Toyota Corolla XRS||$1,350||$675||$113|
|Get Your Own Custom Quote Go|
Price data assumes single male driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and Kentucky minimum liability limits. Discounts applied include homeowner, safe-driver, claim-free, multi-policy, and multi-vehicle. Rate information does not factor in specific zip code location which can decrease or increase coverage rates significantly.
Full coverage or liability only
The chart below shows the difference between Ford Focus insurance prices when comparing full coverage to liability only. The rate quotes are based on no violations or claims, $250 deductibles, single female driver, and no other discounts are factored in.
Ford Focus rates are for example purposes only. To get rates for your specific vehicle, click here.
Guidelines for dropping full coverage
There is no clear-cut formula of when to phase out physical damage coverage on your policy, but there is a general school of thought. If the yearly cost for physical damage coverage is about 10% or more of the vehicle's replacement cost less your deductible, then it might be time to buy liability only.
For example, let's assume your Ford Focus replacement cost is $4,000 and you have $1,000 physical damage deductibles. If your vehicle is severely damaged, you would only receive $3,000 after the policy deductible has been paid. If it's costing in excess of $300 a year for physical damage coverage, then it might be time to buy liability only.
There are some circumstances where eliminating full coverage is not a good idea. If you haven't satisfied your loan, you have to carry full coverage as part of the loan requirements. Also, if your savings is not enough to buy a different vehicle if your current one is in an accident, you should not consider dropping full coverage.
When to stop buying full coverage
There isn't a written rule that works best for making the decision to drop comp and collision coverage, but there is a general guideline. If the annual cost of your full coverage insurance is more than around 10% of the replacement cost minus the deductible, the it may be a good time to stop paying for full coverage.
For example, let's pretend your Chevrolet Cruze settlement value is $6,000 and you have $1,000 deductibles. If your vehicle is severely damaged, the most you would receive is $5,000 after paying the physical damage deductible. If premiums are more than $500 annually for comprehensive and collision coverage, then you might consider buying liability only.
There are some circumstances where dropping physical damage coverage is not a good plan. If you still have a lienholder on your title, you have to maintain full coverage in order to satisfy the requirements of the loan. Also, if your finances do not allow you to purchase a different vehicle if your current one is totaled, you should not consider dropping full coverage.
Smart consumers save more
Cheap insurance in Richmond can be sourced online and from local insurance agents, and you should be comparing both to get a complete price analysis. There are still a few companies who may not have rate quotes online and many times these smaller companies sell through independent insurance agencies.
Consumers switch companies for a variety of reasons including poor customer service, denial of a claim, extreme rates for teen drivers and even high prices. No matter why you want to switch, finding the right insurance provider is pretty simple and you could end up saving a buck or two.
We just showed you many tips how you can get a better price on insurance in Richmond. The most important thing to understand is the more times you quote, the better chance you'll have of finding inexpensive Richmond auto insurance quotes. You may even be surprised to find that the biggest savings come from a company that doesn't do a lot of advertising.
Much more information about insurance in Kentucky is located at these links:
- Choosing an Insurance Company (Insurance Information Institute)
- What Auto Insurance is Cheapest in Louisville, Kentucky? (FAQ)
- What Insurance is Cheapest for a Honda Civic in Kentucky? (FAQ)
- Who Has Cheap Auto Insurance Rates for Active Military in Kentucky? (FAQ)
- How Much are Kentucky Car Insurance Rates for a Toyota RAV4? (FAQ)
- Insuring a Leased Car (Insurance Information Institute)
- Coverage Information (Progressive Insurance)
- Keeping Children Safe in Crashes Video (iihs.org)