Louisville, named after King Louis the French king, is known to be a highly populated city ranking 29th in the United States. Louisville is filled with crowded roads and traffic blocked streets. Shopping for auto insurance in Louisville KY is expensive as compared to the rest of the state. The standard of living in Louisville is high which in turn affects the auto insurance in Louisville KY rates.
Also, risk factors like thefts, accidents, vandalism are high, hence insurance companies charge higher premiums on car insurance in Louisville Kentucky.
To buy cheap auto insurance, you will have to browse online sites of insurance companies and compare the rates they offer. Also, check for any discount privileges and offers that they provide. Or you can check our list of best car insurance companies. Consult your family and friends and choose wisely keeping in mind budget, financial security, and safety. Auto insurance protects you financially hence having this policy is very important. It also covers legal expenses that might have arisen due to an accident caused by you.
Factors that Determine Auto Insurance in Louisville KY
Auto insurance minimum coverage fluctuates among states. Hence if you are living in Louisville, you will have to pay $25,000 for bodily injury per accident for per person, $50,000 for total bodily injury per accident and $10,000 for any property damage incurred. It is recommended however to buy coverage which is a bit higher than the requirement of the state. If the accident or medical expenses go way higher than the state’s coverage than you might have to pay out of your pocket which is a huge loss for you.
Insurance companies consider certain factors of the driver and his automobile before granting him the policy. The age, make and model of the vehicle is important. If you are driving a costly car, you will have to pay a higher insurance rate. Insurance companies also refer to the National Highway Traffic Safety Administration to check which models of cars have a high risk of accidents. Hence you will find the insurance rates of cars will fluctuate frequently.
The driver’s details like profession, marital status, credit rating, driving record are also important factors. As per the traffic survey, married people tend to be in fewer accidents as they drive carefully. Also if the driver is having a low credit rating and a clean driving history, he will get to pay a lesser premium compared to a driver who is a high-risk factor with multiple road felonies.
If the neighborhood where you reside and park your vehicle has a high risk of road mishaps due to congested traffic, vandalism, these are also considered to be factors which increase your premium. Your vehicle is at a threat of getting robbed or damaged and the insurance company will have to keep paying to get it repaired.
Types of Coverage for Car Insurance in Louisville Kentucky
You can also opt for additional coverage as below:
Liability coverage – If the accident is caused by you, this policy covers up all expenses including medical and property. This coverage option is a mandate in all states and is an important one to purchase.
Collision coverage – This will provide insurance if your vehicle is damaged at the scene of the accident. This is an expensive policy option. If your vehicle is completely totaled, it will pay you its value. But this coverage will not cover damages caused by incidents like theft, illegal activity, natural calamities, etc.
Comprehensive coverage – This will cover for damages to your car other than accident cases like if an animal hit your car while you were driving or a hailstorm damage
Personal Injury Protection coverage – This coverage will handle medical payments of friends and family including yourself if they were in the car at the time of the accident.
Uninsured or Underinsured coverage – Pays for damages and injuries caused to you by an uninsured or underinsured person. If an individual is got badly injured and cannot go back to his job, a months salary is also given and the person is helped with housekeeping service expense is via this coverage.
Always choose your insurance policy wisely. Refer to NAIC (National Association of Insurance Commissioners) as it will give you unbiased reviews of insurance agencies.