It is important that you have an understanding of how much insurance you need and how much you are required to carry. We know that it can all be a bit confusing but that is why we are here to help. We can help you build an insurance policy suited to your needs. The following walks you through the insurance buying process and helps you understand expectations you should have regarding your insurance policy.
Northern Kentucky Auto Insurance
Along with other states, Kentucky requires that drivers carry minimum levels of liability insurance. There are several reasons that these states have set such requirements. These auto insurance requirements help to protect all drivers on the road. Insurance creates a barrier against the potential significant financial losses that tend to follow uninsured drivers. Kentucky’s required levels of liability insurance are often referred to as 25/50/25 policies…
- $25,000 of bodily injury protection per person
- $50,000 of coverage per accident
- $25,000 in property damage coverage
Even with this coverage, there are still many other factors that you need to take into consideration.
Think About More Coverage
While Kentucky has insurance requirements, these are the bare minimum and might not be enough. With that in mind, it is smart to consider upping your level of coverage. You should think about adding collision coverage, medical payments, and even comprehensive coverage to help with the expenses you may face in the event of an accident. In addition, the state levels could potentially not be enough to cover your vehicle’s risks. Your car’s value and the accessories you have added might call for more coverage. Not to mention, your driving history could increase your risks, requiring more coverage.
Liability Limits
All drivers hope that they are getting the best coverage for the lowest amount possible. As with other urban areas, the car insurance rates are higher than the state and national averages. So if you don’t have a good record, you might be forced to pay more than you anticipated, or can even afford, for your coverage. As a result, you will want to save as much as you can. This may even leave you feeling like you need to reduce your coverage to the minimum levels so that you can afford it. Here are a few reasons why…
- Every Kentucky driver has to carry liability insurance. Only carrying the minimum amount that is required by the state can still potentially lead to some hefty financial burdens. So while that low monthly payment can be appealing, you are more likely to suffer from financial struggles should you be in an accident.
- Liability coverage will not pay you, as the policy holder, directly. It actually pays the other people for the damage you may have caused them. So let’s say you hit another vehicle, the bodily injury coverage will pay the others for their medical expenses. Property damage will cover any damaged assets including their vehicle.
Just because you are required by law to carry liability insurance does not mean that is the only protection you need. Majority of policyholders choose to add more liability insurance to their existing policy. They may also choose to add coverage for their own vehicle, medical expenses, and other bills. State policy only includes minimum coverage to make it affordable. If your record is tarnished and driving up your premiums, you might consider dropping your coverage to the base limits but that would be a mistake.
Reasons Not to Drop Coverage
Carrying only the minimum liability limits leave a lot of empty spaces in your coverage. These gaps could mean more personal expenses, if an accident were to occur. Carrying only liability coverage could mean that you do not have any assistance available to cover any personal losses. Your policy does not cover damages from wrecks or bodily injury fees after a hazardous occurrence. There is not a guarantee that the costs from the accident within the limits of your liability coverage. Who is to say that an auto accident won’t cost $50,000 when you only have $25,000 in coverage. What does that mean for you? Potentially having to come up with $25,000 out of your own pockets. Fortunately, you can avoid this situation by upping your coverage. We recommend adding more coverage so that you can avoid these kinds of situations. There are other ways that you might be able to save on your car insurance costs. You may even be able to qualify for discounts despite your record. This means you will still be able to get the most coverage at an affordable rate.
Getting the Best Auto Prices in Kentucky
Be prepared to do a lot of research before you purchase a car. You know what car you want but you need to be mindful of your budget. The auto market in Kentucky is sure to provide you with plenty of options but your main priority should be getting the best price for your car. On top of buying your new ride, you will have to get insured per the state laws. You do not want to get in an auto accident but the number increases daily. Even if you are a cautious driver, there is still a chance that you could be in an accident. We cannot predict the future, but we can do our best to prepare before hand. When it comes to your car, preparation comes in the form of auto insurance.
Decisions to Make Before You Buy a Car
When you purchase a car in Kentucky, there are a few considerations that you need to understand…
- Your Budget – Prior to buying a car, you need to gather all the information needed to help you set a realistic budget. What you can afford will have a big impact on the car you are able to afford.
- Your Needs – After you create a budget, you need to look around to see if the car meets yours requirements. If you will be the only one in the car, your car might not reach capacity. If you are not healthy, you might need a car that is easy to get in and out of.
- Your Wants – Purchasing a new car is a big decision. You are going to invest a decent amount of money into the vehicle, so it should have at least one thing from your want list. Choose the color, style, image, reliability, comfort, and fuel economy you wanted before you buy the car.
Sometimes Prices Are Too Good to Be True
Be wary of policies that are exceptionally cheap as they more than likely only cover the bare minimum and lost in the small print it might state that you need to add additional coverage. The cheapest policies might seem good for your pocketbook, but as you add necessary coverage, you will see a significant increase in your premium. However, it is important to us that you completely understand and educate yourself just in case the bare minimum is all you really need. Prior to comparing premiums, you will have to know which car insurance that you require and what that coverage will provide you.
Ways to Save on Auto Insurance in NKY
Northern Kentucky boasts a lot of traffic as it is conveniently located near Cincinnati, Ohio. As a result, drivers might face higher than average premiums for their auto insurance coverage. Our agents will do their part to help you save on your rates. Here are a few ways you will benefit from working with our team…
- Adjustable Policy Limits – After you get an auto policy, you will be able to decide if you want to add more coverage on your policy. We make it a priority to get you as much coverage as we can while staying within the walls of your budget. We can increase your coverage without letting your premiums rise arbitrarily. At Rollins Insurance, we work alongside many car insurance providers. This allows you to have options when choosing your coverage. We will help you choose the appropriate coverage that has the most affordable premium. As your coverage changes, we will be able to adjust your policy to keep you from carrying too little or too much coverage.
- Deductible Options – If your coverage includes damage to your vehicles like collision and comprehensive insurance, then you likely have a deductible on your coverage. You must pay your deductible before your policy will cover the remaining costs of a damage claim. In some cases, the higher the deductible, the lower your premium. However, higher premiums can be a substantial burden should you have to make a claim. We have experience in helping you tailor your deductibles. Finding the right balance will help you keep your personal costs affordable while stabilizing your premiums.
- Discounts & Savings – Many insurers offer discounts for policyholders. Below are some discounts you might qualify for…
- Accident-free discounts for people who have not wrecked in years.
- Safe driver discounts for people who do not commit traffic offenses.
- Senior discounts for elderly clients who have safety features in their vehicle.
- Military and veteran discounts
- Bundle and save– the more coverage you get, the more you save.
- Invest in anti-theft devices
- Never drive when you are under the influence of drugs and alcohol.
Rollins Insurance represents multiple A-rated insurance companies to make sure we deliver the most competitive rate packages to our clients in Kentucky and Ohio.
Contact us (859-781-7283) for more information or get a free quote!
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About Rollins Insurance
Rollins Insurance is an independent insurance agency providing our clients the best prices with the most coverage possible since 2008. We represent multiple A-rated insurance companies to make sure we deliver the most competitive rate packages to our clients in Kentucky and Ohio. We find that most people are under-insured and over-paying when we meet them. We love what we do and our primary business is Personal Auto, Homeowners, and Life and Health insurance. We are a family-owned and managed business that specializes in providing needs-based insurance services.
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