How to Know You're Throwing Money Away for Auto Insurance in Prospect

Are you sick and tired of not being able to afford each month for car insurance? You're in the same situation as the majority of other car owners in Kentucky. With so many auto insurance companies to choose from, it's nearly impossible to pick the most affordable insurer.

Be sure to get all your discounts

Properly insuring your vehicles can get expensive, but companies offer discounts to reduce the price significantly. Larger premium reductions will be automatically applied when you quote, but a few need to be specially asked for before you get the savings. If you don't get every credit available, you're paying more than you need to.

Use Seat Belts - Using a seat belt and requiring all passengers to buckle their seat belts could cut 10% or more off the personal injury premium cost.
Employee of Federal Government - Being employed by or retired from a federal job can save as much as 8% with a few auto insurance companies.
Multiple Policy Discount - When you combine your home and auto insurance with one company you will save up to 20% off your total premium.
Air Bag Discount - Cars that have air bags can receive discounts up to 30%.
Driver's Ed - Have your child successfully complete driver's ed class if it's offered in school.

Keep in mind that most of the big mark downs will not be given to the entire cost. Most only apply to the cost of specific coverages such as comp or med pay. Just because it seems like all the discounts add up to a free policy, it just doesn't work that way. But any discount will help reduce the amount you have to pay.

To see a list of insurance companies who offer auto insurance discounts in Kentucky, follow this link.

Cheap Prospect Auto Insurance Comparisons

There are several ways you can shop for auto insurance but some are less labor-intensive and much quicker. You can waste a lot of time talking to insurance agencies in Prospect, or you can utilize the web for quick rates.

Many insurance companies participate in a marketplace that allows shoppers to complete one form, and each participating company returns a competitive quote for coverage. This eliminates the need for quote forms to each individual auto insurance company.

To submit your quote information now, click to open in new window.

The one downside to comparing rates this way is you are unable to specify which carriers to get quotes from. So if you prefer to pick specific providers to compare rates, we have assembled a list of low cost auto insurance companies in Kentucky. Click to view list.

Whichever way you use, ensure you're using apples-to-apples information on every quote you get. If you use higher or lower deductibles it will be impossible to determine which rate is truly the best in Prospect.

Understand what determines the rate you pay

An important part of buying insurance is that you know some of the elements that help determine auto insurance rates. When you know what positively or negatively influences your rates helps enable you to make changes that will entitle you to lower auto insurance prices.

The following are a few of the "ingredients" that factor into prices.

Always keep insurance in force - Allowing your auto insurance policy to lapse will be a guaranteed way to bump up your auto insurance costs. Not only will rates go up, but being ticketed for driving with no insurance will get you a steep fine or even jail time.You may need to submit proof of financial responsibility or a SR-22 with the Kentucky DMV.
Frequent auto insurance claims increase rates - Companies in Kentucky provide discounts to drivers who do not rely on their insurance for small claims. If you file claims often, you can expect either a policy non-renewal or much higher rates. Auto insurance is intended to be relied upon for major claims that would cause financial hardship.
Where you live - Being located in a rural area can save you money when buying auto insurance. City drivers have traffic congestion and much longer commute distances. Fewer drivers means reduced accidents.
Clean credit earns discounts - Having a bad credit history is a large factor in your rate calculation. If your credit is not that good, you could pay less to insure your by improving your rating. Consumers who have excellent credit tend to be less risk to insure than those with lower credit scores.
Multi-policy discounts can save money - Many companies provide better rates to people who have multiple policies with them, otherwise known as a multi-policy discount. Even with this discount, you may still want to compare rates to confirm you are receiving the best rates possible. You may still find better rates by splitting coverages up.
Marriage pays dividends - Having a spouse can get you a discount when buying auto insurance. Having a significant other usually means you are more mature and it's statistically proven that drivers who are married are more cautious.
Bump up deductibles to save - Your deductibles define the amount you are required to spend in the event of a claim. Coverage for physical damage, termed comprehensive and collision coverage on your policy, protects your car from damage. Some examples of claims that would be covered are running into the backend of another car, damage caused by hail, and rolling your vehicle. The higher the amount the insured has to pay upfront, the less your company will charge you for insurance.
Traffic citations inflate rates - A bad driving record has a big impact on rates. Even one moving violation may increase your cost by as much as thirty percent. Drivers with clean records receive lower rates compared to drivers with tickets. If you have flagrant violations like hit and run, DWI or reckless driving convictions may find they need to submit a SR-22 or proof of financial responsibility with the DMV in their state in order to keep their license.

Is there truth in advertising?

Kentucky drivers can't get away from ads for the lowest price auto insurance from companies such as Progressive, Allstate and GEICO. They all say the same thing that you can save after switching your policy.

But how can every company say the same thing?

All companies can use profiling for the right customer that is profitable for them. For example, a driver they prefer might be profiled as a mature driver, is a homeowner, and chooses high deductibles. A propective insured who fits that profile is entitled to the best price and is almost guaranteed to save a lot of money.

Drivers who don't measure up to this ideal profile will be quoted a higher premium which usually ends up with business not being written. Company advertisements say "people who switch" but not "drivers who get quotes" save that kind of money. That's why insurance companies can state the savings.

This emphasizes why drivers must compare as many rates as you can. It's not possible to predict the company that will give you the biggest savings.

Best coverage at the best price

When buying insurance coverage, don't be tempted to reduce coverage to reduce premium. There are too many instances where an accident victim reduced physical damage coverage only to regret at claim time that their decision to reduce coverage ended up costing them more. Your strategy should be to buy enough coverage at an affordable rate while still protecting your assets.

Affordable auto insurance can be purchased on the web in addition to many Prospect insurance agents, and you need to price shop both to have the best selection. Some insurance companies do not provide the ability to get a quote online and these regional insurance providers work with independent agents.

Learn more today

More information can be found on the website for the Kentucky Department of Insurance through this link. Kentucky drivers can find a variety of consumer forms, download brochures, view agent and company licensing information, and find out industry alerts.

Additional helpful sites include this site for auto insurance information in Kentucky and this list of agents in Prospect, KY.