Wouldn’t it be excellent if we could just give you the name of the single company that has the best insurance prices for college graduates? That is not the case, however, as there are many unknown aspects such as if you want full coverage, what level of deductibles you wish to have, and if you currently have coverage, that all help calculate your car insurance rates. We will try to teach you about the causes of high insurance rates and should give you a good start in finding the cheapest car insurance.
The vehicle model you are insuring is a large consideration when shopping around for low-priced coverage for college graduates. Vehicles with limited speed and performance, an excellent safety record, or a low likelihood of having liability claims will cost substantially less to insure than high performance models.
The table below showcases insurance costs for a selection of the most economical vehicles to insure.
|Vehicle||Estimated Cost for Full Coverage|
|Ford Escape XLS 2WD||$841|
|Chevrolet Malibu Hybrid||$997|
|Toyota RAV4 Limited 4WD||$1,005|
|Toyota Tacoma Double Cab 4WD||$1,018|
|Honda CR-V LX 4WD||$1,032|
|Volkswagen Jetta S 2.5 Station Wagon||$1,045|
|Toyota Corolla S||$1,049|
|Ford F-150 XLT Regular Cab 2WD||$1,057|
|Nissan Rogue S 2WD||$1,072|
|GMC Sierra SLE Extended Cab 4WD||$1,070|
|Honda Civic Hybrid 4-Dr Sedan||$1,075|
|Ford Edge SE AWD||$1,118|
|Honda Odyssey LX||$1,130|
|Toyota Camry Hybrid||$1,139|
|Ford Explorer XLT AWD||$1,155|
|Dodge Ram 3500 Crew Cab SLT 2WD||$1,157|
|Dodge Grand Caravan Crew||$1,162|
|Hyundai Elantra GLS 4-Dr Sedan||$1,201|
|Nissan Altima 2.5 4-Dr Sedan||$1,220|
|Chevrolet Impala LT||$1,230|
|Chevrolet Equinox LTZ AWD||$1,222|
|Hyundai Sonata GLS 4-Dr Sedan||$1,224|
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Table data assumes single female driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Kentucky minimum liability limits. Discounts applied include claim-free, safe-driver, multi-vehicle, multi-policy, and homeowner. Table data does not factor in specific garaging location which can alter price quotes greatly.
Looking at the data, you can see that models like the Ford Escape, Chevrolet Malibu, Toyota RAV4, and Toyota Tacoma are the more affordable vehicles to insure for college grads.
Buying low-priced auto insurance is easier said than done, and determining which company offers the best insurance rates for college graduates will require even more diligence.
Each insurance company uses their own formula for setting prices, so we need to take a look at the insurance companies with the overall best prices in Lexington. It’s important to understand that Lexington insurance rates are determined by lots of factors that will increase or decrease the policy price. This is why it is critical to do a thorough rate comparison to find cheap car insurance quotes for college graduates. Rates are determined by many things and can change substantially, so the most economical company the last time you compared rates may now be one of the higher cost companies.
Compare Cheap Insurance Quotes for Grads
|Rank||Company||Cost Per Year|
|2||Kentucky Farm Bureau||$1,163|
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Cincinnati Insurance may offer some of the cheapest car insurance rates in Lexington at around $1,082 per year. This is $1,061 less than the average premium paid by Kentucky drivers of $2,143. Kentucky Farm Bureau, USAA, Auto-Owners, and Grange Mutual would also be considered some of the most economical Lexington, KY insurance companies.
As shown in the rates above, if you currently have coverage with Auto-Owners and switched to Cincinnati Insurance, you could realize a yearly price reduction of roughly $289. Policyholders with Grange Mutual could save as much as $479 a year, and Motorists Mutual customers might reduce prices by as much as $535 a year.
Bear in mind that those rates are averaged across all types of drivers and the different vehicles they drive and are not factoring in a specific vehicle garaging location for college graduates. So the auto insurance company that can offer you the best rate may not even be in the top 21 companies shown above. That underscores the importance of why you need to compare as many prices as possible using your own specific driver and vehicle information.
Picking the top auto insurance provider is difficult considering how many choices there are in Lexington. The ranking information shown next could help you analyze which auto insurance companies to look at when shopping car insurance rates for college graduates.
The rankings below are only made up of large insurance companies, so companies that focus mainly on Kentucky business will not be included in these rankings. To get rate quotes from the insurers below and more, follow this link.
Top 10 Major Car Insurance Companies in Lexington Ranked by Claims Service
- State Farm
- Liberty Mutual
- American Family
- AAA Insurance
- The Hartford
Top 10 Major Car Insurance Companies Overall in Lexington
- AAA Insurance
- State Farm
- The Hartford
- Safeco Insurance
- American Family
Insurance rate increases from tickets or accidents
One of the best ways to snag low insurance prices in Kentucky for college grads is to drive carefully and avoid traffic citations and accidents. The example below demonstrates how traffic citations and at-fault fender-benders can drive up car insurance rates for different age groups. The premium estimates are based on a single male driver, comprehensive and collision coverage, $1,000 deductibles, and no discounts are applied to the premium.
In the previous example, the average cost of car insurance in Lexington per year with no accidents or violations is $1,486. Add in one speeding ticket and the average cost jumps to $1,676, an increase of $190 each year. Then throw in one accident along with the one speeding ticket and the yearly cost of insurance for college graduates goes up to an average of $2,204. That’s an increase of $718, or $60 per month, just for not being more responsible behind the wheel!
Low rates can quickly become overpriced
Lexington insurance rates are influenced by many factors which can significantly increase or decrease the price you pay for coverage. Simply improving your credit, having a claim, or getting a speeding ticket can trigger changes in premium resulting in some companies being cheaper than competitors. Also, auto insurance companies amend premium rates as often as every quarter to ensure their profitability. An unexpected high level of claims can result in a rate increase, while long-term profits may produce cheaper Lexington car insurance rates.
To illustrate this point, the graph below demonstrates which company has the cheapest car insurance in Lexington, KY for a 30-year-old female driver with no accidents or violations, and good credit. If we estimate prices based on her current risk profile, Cincinnati Insurance may have the lowest car insurance rates in Lexington at $1,172 a year. This is $971 less than the average premium paid by Kentucky drivers of $2,143. Kentucky Farm Bureau, USAA, Auto-Owners, and Grange Mutual are also on the list of the top five cheapest Lexington, KY auto insurance companies.
Let’s now give the driver in the first chart a claim or two, poor credit, and a speeding ticket. Due to the fact that every auto insurer has their own unique process for determining rates in each state, comparing insurance quotes may result in a slightly different list of cheap Lexington auto insurance companies as shown below.
Travelers now has the best car insurance rate in Lexington with Kentucky Farm Bureau, USAA, Westfield, and State Farm also having competitive pricing. This example demonstrates why Lexington drivers need to perform an extensive rate comparison when trying to get affordable car insurance quotes for college graduates. Rates consist of many risk factors and can change substantially, so the most economical company three years ago may now be one of the more expensive options.
The auto insurance agents in Lexington shown below are a good start to answer your questions and help you decide which policy is best, since some drivers have questions and prefer to get some guidance when shopping for cheaper insurance for college graduates. It’s not always simple to find the cheapest rates, and insurance agents can provide satisfaction knowing you have suitable coverage if you have an accident. To find an agent close to you, click the button below the list.
Boggs Insurance Agency, Inc.
1353 W Main St # 2 – Lexington, KY 40508 – (859) 977-2055
Kentucky Insurance Group-Joe Downs
989 Governors Ln – Lexington, KY 40513 – (859) 277-8877
Allstate Insurance: Bryon Elkins
3101 Richmond Rd #311a – Lexington, KY 40509 – (859) 488-2531
Keystone Sills Insurance Agency
210 Malabu Dr – Lexington, KY 40502 – (859) 276-1881
Kentucky Insurance Inc
1750 Alexandria Dr – Lexington, KY 40504 – (859) 277-8877
How to find more affordable auto insurance for college graduates
Here are a few thrifty solutions that can help drivers quote cheap car insurance.
- Better credit rating means better rates
- Try paying for small claims out-of-pocket
- Increase your deductibles
- Save money by only buying liability coverage for older vehicles
- Vehicles with good safety ratings are usually cheaper to insure
- Buying home and auto insurance together can earn discounts
- Compare rates regularly and switch companies to save money
That last tip is notably vital, as we discussed in the prior information. Auto insurance rates change constantly, so drivers shouldn’t be reluctant to change to a new company if a cheaper price is available.
Loyalty to a specific company is fine, but it’s not a great idea if your bullheadedness ends up costing you a fortune every year. If you have a few minutes, shop around to find cheaper auto insurance for college graduates in Lexington.