Trying to buy affordable auto insurance is not most people's favorite thing to do, and finding out which company offers the most affordable car insurance rates for teenagers may require more quotes for comparison. Each insurer has a different process for determining prices, so let's begin by examining the most affordable car insurance companies in Lexington, KY.
Find Cheaper Car Insurance for Teens
|Rank||Company||Cost Per Year|
|2||Kentucky Farm Bureau||$1,174|
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Cincinnati Insurance normally has some of the cheapest car insurance rates in Lexington at around $1,082 annually. Kentucky Farm Bureau, USAA, Auto-Owners, and Motorists Mutual are also some of the more affordable Lexington, KY insurance companies.
As the example above demonstrates, if you buy coverage from Auto-Owners and switched to Cincinnati Insurance, you might achieve a yearly savings of roughly $331. Policyholders with Motorists Mutual might save as much as $487 a year, and Grange Mutual customers might reduce rates by $495 a year.
If you want to find out if you're overpaying, click here or quote prices from the following companies.
Remember that these premium estimates are averaged across all insureds and vehicles and are not factoring in a specific zip code for teenagers. So the insurer that fits you best may not even be in the list above. That's why you need to get rate quotes from many companies using your own specific driver information and vehicle.
For teen drivers, one of the more important components that aid in calculating the amount you pay for auto insurance is where you call home. Cities with larger populations or higher claim trends are more likely to pay higher prices, whereas less populated areas have the gratification of cheaper auto insurance rates.
The following table rates the most costly cities in Kentucky for teenagers to purchase auto insurance in. Lexington is ranked at #21 with a yearly cost of $1,454 for car insurance, which is around $121 monthly.
|Rank||City||Premium Per Year|
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Rate quotes are comparative as the specific area where the vehicle is garaged can decrease or increase auto insurance rates greatly.
The make and model of vehicle driven is a significant factor when consumers are trying to find affordable coverage for teenagers. Vehicles with high performance, poor passenger safety features, or an increased likelihood of liability claims will cost much more to insure than safer, lower-performance models.
The information below outlines auto insurance prices for a selection of the cheaper vehicles to buy insurance for.
|Make and Model||Estimated Cost for Full Coverage|
|Honda CR-V EX 4WD||$3,308|
|Honda Accord EX-L 4-Dr Sedan||$3,521|
|Ford Escape Limited 4WD||$3,528|
|Hyundai Elantra SE Touring Station Wagon||$3,521|
|Jeep Wrangler Sport Islander Package 4WD 2-Dr||$3,637|
|Ford F-150 XL Regular Cab 4WD||$3,672|
|Ford Explorer Eddie Bauer 2WD||$3,682|
|Ford Focus S 4-Dr Sedan||$3,850|
|Nissan Altima 2.5 4-Dr Sedan||$3,885|
|Dodge Grand Caravan Hero||$3,891|
|Toyota RAV4 4WD||$3,885|
|Chevrolet Malibu Hybrid||$3,890|
|Chevrolet Impala LT||$3,885|
|Volkswagen Jetta LE 4-Dr Sedan||$3,893|
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Table data represents single male driver age 17, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Kentucky minimum liability limits. Discounts applied include safe-driver, and claim-free. Price information does not factor in garaging location in Lexington, KY which can affect premium rates considerably.
Based upon these rates, you can conclude that models like the Honda CR-V, Honda Accord, Ford Escape, Hyundai Elantra, and Toyota Prius are most likely going to be the more affordable vehicles to insure for teen drivers. Car insurance rates will trend higher because there is more claim risk for teenagers, but generally speaking those particular vehicles will have the cheapest auto insurance rates that you'll find.
Responsible drivers pay cheaper car insurance rates
The best way to enjoy affordable car insurance prices for teen drivers is to drive safely and avoid getting tickets or having accidents. The diagram below demonstrates how speeding tickets and at-fault claims can influence yearly insurance costs for different categories of driver ages. The data is based on a married male driver, comp and collision included, $250 deductibles, and no discounts are factored in.
In the previous example, the average cost of car insurance in Lexington per year with no accidents and a clean driving record is $1,623. Add in two speeding tickets and the average cost hikes up to $2,243, an increase of $621 each year. Then throw in one accident along with the two speeding tickets and the 12-month cost of car insurance for teenagers increases to an average of $2,864. That's an increase of $1,241, or $103 per month, just for a couple of infractions!
Get discount Lexington insurance
Car insurance companies that provide policies for teenagers may have policy discounts that can reduce rates by as much as 40% or more if you meet eligibility requirements. Larger car insurance companies and a selection of discounts are outlined below.
- State Farm offers discounts including Drive Safe & Save, accident-free, good driver, Steer Clear safe driver discount, student away at school, anti-theft, and multiple autos.
- Liberty Mutual has savings for teen driver discount, exclusive group savings, new vehicle discount, new move discount, and hybrid vehicle.
- American Family offers discounts for bundled insurance, multi-vehicle, TimeAway discount, air bags, accident-free, and early bird.
- Progressive includes discounts for continuous coverage, multi-vehicle, good student, online signing, online quote discount, and multi-policy.
- Farmers Insurance discounts include pay in full, electronic funds transfer, good student, multi-car, and alternative fuel.
- Auto-Owners Insurance may include discounts for company car, paid in full, paperless, safe driver, good student, teen driver, and mature driver.
- SAFECO policyholders can earn discounts including anti-theft, teen safe driver, bundle discounts, anti-lock brakes, homeowner, and multi-car.
The example below compares premium costs with and without discounts. The costs are based on a male driver, no accidents or driving violations, Kentucky state minimum liability limits, full coverage, and $100 deductibles. The first bar for each age group shows the price with no discounts. The lower bar shows the rates with continuous coverage, paid-in-full, vehicle safety, anti-theft, good student, and passive restraint discounts applied. When drivers qualify for the discounts, theaverage amount saved on car insurance for teenagers is 28% or $906.
Why you are probably overpaying for car insurance
Lexington, KY car insurance rates are determined by lots of factors that will increase or decrease the cost of having a policy. Turning one year older, buying a different vehicle, or having an at-fault accident can produce rate changes resulting in some companies being more affordable than the competition.
In addition to those changes, auto insurance companies change rates as needed to reflect underwriting profits or losses. Heavier than normal losses may result in additional price hikes, while a lower level of claims may cause more affordable Lexington car insurance rates.
For example, the data below shows the cheapest car insurance in Lexington, KY for a 30-year-old male driver with a good driving record, no prior claims, and a good credit rating. If we compare prices based on his current risk factors, Cincinnati Insurance might quote the lowest car insurance rates in Lexington at $1,110 a year. This is $1,033 less than the average rate paid by Kentucky drivers of $2,143. Kentucky Farm Bureau, USAA, Auto-Owners, and Motorists Mutual are also included in the cheapest Lexington, KY auto insurance companies.
Let's now give the driver from the first example a claim, bad credit, and a couple of points charged on his driving record. Because every insurance company has a unique formula for setting prices, analyzing rate quotes could result in a different ranking of cheap Lexington auto insurance companies as shown below.
Kentucky Farm Bureau now has the best price in Lexington with Travelers, USAA, State Farm, and Westfield now rounding out the top five. This example demonstrates why it is so important to perform a complete rate comparison when trying to get the most affordable car insurance rates for teenagers. Auto insurance prices can be determined by many different factors and can change without notice, so the most affordable company the last time you shopped your coverage around may now be quite expensive.
How to find economical auto insurance for teenagers
The list below shows a few penny-pinching suggestions that can help Kentucky drivers get low-cost car insurance.
- Do not insure for full coverage
- Increase your physical damage deductibles
- Be a cautious driver
- Try to remain claim-free
- At-fault accidents will increase rates
- Compare price quotes at least once a year
That last piece of advice is particularly vital, as was noted in this write-up. Car insurance prices vary considerably, so drivers shouldn't be resistant to switch carriers if a lower-cost policy is available. Having a favorite company is fine, but it's not a great idea if that devotion results in you overpaying a small fortune year after year. It only takes a couple minutes to compare prices and find cheaper car insurance for teenagers in Lexington.
If you aren't clear which coverage you need and would like to get help from a professional when buying car insurance for teenagers, the professional agents shown below can help you determine which insurance coverage you need.
To find an agent by location nearest to you, click the button at the bottom of the list.
Tophan Kulkriwes - State Farm Insurance Agent
1010 Monarch St #250 - Lexington, KY 40513 - (859) 276-4422
John Parkhurst - State Farm Insurance
1795 Alysheba Way #2104 - Lexington, KY 40509 - (859) 264-4422
Carroll and Stone Insurance Services
4384 Clearwater Way - Lexington, KY 40515 - (859) 269-1044
Dwight McCarty - State Farm Insurance Agent
3620 Walden Dr #211 - Lexington, KY 40517 - (859) 971-0266
Bray and Oakley Insurance Agency, Inc.
3061 Fieldstone Way - Lexington, KY 40513 - (859) 927-3743