Many popular car insurance providers serve motorists in the state of Kentucky. A few you might recognize are Allstate, Chubb, Farmers, Liberty Mutual, Nationwide, Geico, and Progressive. Having numerous Kentucky providers to choose from affords several benefits to motorists. Auto owners can find just the right amount of coverage to meet their needs. And to add icing to the cake, they can find a provider that caters to them specifically. For instance, a high risk driver can't purchase car insurance from just any company in Kentucky. It will have to be a company that specializes in high risk policies. Also, drivers in Kentucky can compare quotes from many providers to find the most affordable insurance rates. Here are some other helpful facts to get you started.
Kentucky Insurance Requirements
The state of Kentucky requires motorists to carry a minimum amount of liability auto coverage for each automobile. For Bodily Injury coverage, the limit is $25,000 per individual and $50,000 per accident. Property Damage coverage in the amount of $10,000 is required, and Personal Injury Protection in the amount of $10,000 is also required. Motorists may choose to purchase car insurance based on a Tort system or no-fault system in Kentucky. The state does not require the purchase of uninsured/underinsured motorist coverage; however, it's wise to consider this option so you won't be left with a huge bill or without a vehicle if someone causes you to be in an accident and has no car insurance.
Rate Comparison in Kentucky
When comparing car insurance rates in Kentucky, look for the cheapest quote from a well known, dependable company. Be wary of fly-by-night providers that might not be around very long. These may promise very low rates, but in the long run, you might end up paying more or losing your coverage altogether.
Use the national average as well as the Kentucky state average as a starting point. The average premium for the state of Kentucky was estimated at $1,931 in 2009, whereas the national average was estimated at $1,735. These figures are not set in stone. Car insurance providers can arrive at their own figures using various factors and statistics. This gives you an opportunity to compare companies to see which are higher or lower than the average.
Another important thing to consider is the company's financial standing. Take a look at car insurance rating sites online, such as A. M. Best. Sites such as these will rate insurers on the basis of financial stability. Such companies as Progressive and Geico are very stable and have a great rating, but lesser known companies might have a lower rating. This doesn't mean you shouldn't go with a small company, but just make sure it has been around a while and shows promise for the future.
Note any discounts you can receive, such as those for keeping a clear driving record, getting good grades (for students), taking driving classes, etc. You might also be rewarded with lower car insurance rates if you have a good credit score. Other factors that can boost your savings include automobile safety and security features, bundled policies (for multiple cars and your homeowners insurance) and a higher deductible.
Easy Online Tools for Comparison
Use online quote comparison sites to determine which car insurance provider can provide adequate coverage to fit your budget. Ask questions about all the discounts being offered... you don't want to miss even one! If you have a not-so-perfect driving record, compare quotes until you find a provider that appears to issue high risk policies. You can also check with the Department of Insurance in Kentucky to find out what's available for high risk drivers.
If you have a teenage driver, consider adding her to your policy at the start. This might save you money on the premium and give her time for plenty of practice until she's able to buy her own vehicle. Suggest that she save up and pay total cash for her first vehicle. This will enable her to buy a liability-only policy and save big by avoiding collision rates.
Whether you live in Lexington, Louisville, Covington, Frankfort or Henderson, you'll find numerous offerings to fit every budget when searching for Kentucky auto insurance.