The words “economical” and “insurance” really shouldn’t be used together, especially when you are shopping around for the cheapest coverage for 19 year olds. Because it’s not cheap, let’s learn about a few of the things that determine insurance premiums, and see how we can help you take a little off your next policy.
One of the more important things that are looked at to determine insurance cost is where your car is garaged. Cities with larger populations tend to have more expensive auto insurance rates, whereas areas with less congestion have the luxury of cheap car insurance rates.
The following table lists the most expensive areas in Kentucky for 19 year olds to purchase car insurance in. Lexington is ranked #21 with the annual price of $1,454 for coverage, which is around $121 each month.
|Rank||City||Average Per Year|
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Rate quotes are approximated as zip code location can influence coverage prices significantly.
The vehicle that needs insurance is a large factor when quoting low-priced insurance for 19 year olds. Vehicles with high performance engines, poor crash test ratings, or an increased likelihood of liability claims will cost substantially more to insure than safer, lower-performance models. The list below shows car insurance prices for some of the most cost-effective vehicles to insure.
|Vehicle Make and Model||Estimated Cost for Full Coverage|
|Honda CR-V LX 2WD||$2,478|
|Ford Escape XLT 4WD||$2,507|
|Volkswagen Jetta S 2.5 Station Wagon||$2,681|
|Ford Explorer XLT 4WD||$2,766|
|Ford F-150 XLT Super Cab 4WD||$2,797|
|Ford Edge Limited 2WD||$2,911|
|GMC Sierra SLE Crew Cab 2WD||$2,940|
|Nissan Altima 2.5 4-Dr Sedan||$2,950|
|Chevrolet Silverado LT Extended Cab 4WD||$2,940|
|Dodge Grand Caravan Hero||$2,945|
|Toyota RAV4 Limited 4WD||$2,940|
|Toyota Tacoma Double Cab TRD Off-Road Package 4WD||$2,971|
|Jeep Wrangler Unlimited Sahara 2WD 4-Dr||$3,023|
|Hyundai Elantra GLS 4-Dr Sedan||$3,114|
|Toyota Corolla XLE||$3,121|
|Chevrolet Impala LTZ||$3,114|
|Honda Odyssey EX-L||$3,120|
|Jeep Grand Cherokee Limited 4WD||$3,145|
|Ford Fusion SE 4-Dr Sedan||$3,153|
|Chevrolet Equinox LTZ 2WD||$3,145|
|GMC Sierra 2500HD SLE Crew Cab 4WD||$3,151|
|Chevrolet Malibu LTZ||$3,145|
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Data based on single female driver age 19, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Kentucky minimum liability limits. Discounts applied include claim-free, and safe-driver. Rate quotes do not factor in your specific Lexington, KY location which can revise auto insurance rates significantly.
Looking at the rates, makes and models like the Honda CR-V, Ford Escape, and Volkswagen Jetta should be some of the most affordable vehicles to insure for teenage drivers. Car insurance rates will be more expensive because there is more claim risk for 19 year olds, but overall those particular models will probably have the least expensive rates that you are likely to find.
Figuring out which company has the best auto insurance rates for 19 year olds will involve more time in order to find the lowest price. Every insurance provider has a different process for determining rates, so we’ll take a look at the overall cheapest auto insurance companies in Lexington, KY.
It’s a good idea to know that Kentucky auto insurance rates are impacted by many factors which can substantially decrease or increase your annual premium. Simply turning a year older, buying a home, or getting a ticket for careless driving may cause policy rate changes resulting in some companies being cheaper than before.
Best Car Insurance Prices for Teens
Cincinnati Insurance may have some of the cheapest car insurance rates in Lexington at around $1,126 per year. This is $1,017 less than the average policy premium paid by Kentucky drivers of $2,143. Kentucky Farm Bureau, USAA, Auto-Owners, and Grange Mutual would also make the list of some of the more affordable Lexington, KY insurance companies.
As illustrated above, if you are a customer of Auto-Owners and switched to Kentucky Farm Bureau, you may realize annual savings of approximately $250. Kentucky drivers with Grange Mutual might save as much as $446 a year, and Motorists Mutual customers might cut rates by $454 a year.
Understand that those premiums are averages across all ages of drivers and types of vehicles and and are not figured with an exact vehicle garaging location for 19 year olds. So the company that has the cheapest rates for you may not even be in the top 21 companies in the list above. That emphasizes why you need to compare rates from as many companies as possible using your own specific driver and vehicle information.
Liability-only versus full coverage
Lowering the price of auto insurance is probably important to the majority of vehicle owners, and an effective way to buy cheap insurance for 19 year olds is to only buy liability insurance. The chart below shows the difference between yearly insurance costs with full physical damage coverage and with liability coverage only. The data is based on no claims or driving citations, $500 deductibles, single status, and no policy discounts are applied.
Averaged for all age groups, physical damage coverage on your policy costs $1,687 per year more than buying just liability insurance. That is a big expense that brings up the question if you should buy full coverage. There is no exact formula that works best for making the decision to drop physical damage coverage on your policy, but there is a general guideline. If the annual cost of comprehensive and collision coverage is about 10% or more of the settlement you would receive from your company, then it could be time to drop full coverage.
There are some scenarios where only buying liability is not a good plan. If you still have a lienholder on your title, you have to carry full coverage in order to satisfy the requirements of the loan. Also, if you can’t afford to buy a different vehicle if your current one is totaled, you should keep full coverage on your policy.
The information below illustrates how your deductible choice can influence annual premium costs when searching for cheap insurance for 19 year olds. The costs are based on a married male driver, comp and collision included, and no additional discounts are factored in.
In the chart above, a 50-year-old driver could lower their car insurance rates by $316 a year by switching from a $100 deductible to a $500 deductible, or save $478 by changing to a $1,000 deductible. Young drivers, like the 20-year-old example, could shave $1,060 annually just by using higher deductibles.
When increasing deductibles, it is important to have spare funds to be able to pay the extra out-of-pocket expense, which is the one shortcoming of high deductibles.
Low rates can quickly become overpriced
Kentucky auto insurance rates are impacted by many factors that may substantially change the price you have to pay for coverage. Improving your credit score, increasing liability limits, or getting a couple of tickets can cause premium changes resulting in some rates now being more affordable than before. In addition, car insurance companies amend pricing without warning in order to offset underwriting gains or losses. An unexpected high level of claims can result in higher prices, while long-term profits can result in cheaper Lexington car insurance rates.
To help illustrate this point, the bar chart below shows the company with the cheapest car insurance in Lexington, KY for a 35-year-old female driver with no prior claims, no tickets, and good financial standing. When comparing rates based on her current situation, Cincinnati Insurance may offer the most affordable car insurance rates in Lexington at $1,167 annually. This is $976 less than the average rate paid by Kentucky drivers of $2,143. Kentucky Farm Bureau, USAA, Auto-Owners, and Motorists Mutual are also on the list of the best Lexington, KY auto insurance companies.
The chart below compares rates after we give the driver from the first rate comparison a claim surcharge, a little lower credit rating, and a traffic citation. Due to the fact that every auto insurer has a proprietary formula for establishing rates, analyzing rate quotes may now show a different set of the cheapest Lexington car insurance companies as shown below.
Travelers now has the lowest car insurance rate in Lexington with USAA, Kentucky Farm Bureau, State Farm, and Westfield also being competitive. This illustrates why it is so important to compare many different companies to get the most affordable insurance rates for 19 year olds.
Insurance prices are made up of many different factors and change frequently, so the best price the last time you shopped your coverage around may now be costing you a lot of money.
How to find low-cost car insurance for 19 year olds
It is possible to find better rates, and here are some of the recommended thrifty ideas that can help Lexington drivers get lower-cost auto insurance.
- Higher comprehensive and collision coverage deductibles will save money
- If your vehicles are older, consider dropping full coverage
- Do not get tickets
- Avoid at-fault accidents and claims
- If possible, pay for small claims out-of-pocket
- Shop around for cheaper prices
The last item on the list is very vital, as we noted in this article. Car insurance prices can be changed at any time, so don’t be afraid to change to a new company if a more affordable price is available. Having brand loyalty is commendable, but is isn’t recommended if that stubbornness costs you money that could be used for better things. It only take a few minutes to shop around and find cheaper car insurance for 19 year olds in Lexington.
The agents listed below can most likely help you make a decision which car insurance policy is best, as some people prefer to have a little guidance when comparing insurance rates for 19 year olds. It can be complicated to find coverage yourself, and using a licensed agent can provide you satisfaction knowing your policy gives you adequate coverage when you need it most.
To locate a Lexington insurance agent close to where you live, click the link at the bottom or click here to compare prices now.
Triad Insurance Agency, Inc.
1216 S Broadway – Lexington, KY 40504 – (859) 255-0806
Keystone Sills Insurance Agency
210 Malabu Dr – Lexington, KY 40502 – (859) 276-1881
Neely Taylor-Wade Insurance
133 Walton Ave – Lexington, KY 40508 – (859) 233-7855
Allstate Insurance: Tom Barrick
2891 Richmond Rd Ste 115 – Lexington, KY 40509 – (859) 268-3222
Wallace Barber – State Farm Insurance Agent
340 E New Cir Rd #120 – Lexington, KY 40505 – (859) 543-0300