Wouldn't it be nice if we could look into our crystal ball and tell you one specific company that has the cheapest insurance for hybrid vehicles? Regrettably, it's not quite that easy, as there are a ton of unknowns such as whether you are a man or a woman, tickets or driving violations, what coverage limits you need, and your financial responsibility, that all impact the cost of coverage. We will try to teach you about the best ways to pay less and educate you enough to have a good start in finding the cheapest car insurance in Kentucky.
The type of vehicle driven is a large consideration when consumers are trying to find the most affordable coverage for hybrid vehicles. Vehicles with higher performance characteristics, poor safety ratings, or an increased likelihood of liability claims will cost much more to insure than safer models. The information below estimates coverage rates for a number of the most affordable vehicles to buy insurance for.
|Vehicle Insured||Estimated Cost for Full Coverage|
|Honda Accord EX 4-Dr Sedan||$964|
|Honda CR-V EX 4WD||$987|
|Volkswagen Jetta SE 2.5 Station Wagon||$1,034|
|Jeep Grand Cherokee Laredo 4WD||$1,044|
|Ford Escape Limited 4WD||$1,049|
|Ford Edge SE 2WD||$1,057|
|Dodge Grand Caravan CV||$1,080|
|Ford F-150 STX Regular Cab 4WD||$1,087|
|Ford Focus SEL 4-Dr Sedan||$1,080|
|Honda Odyssey EX||$1,118|
|Chevrolet Silverado LT Extended Cab 2WD||$1,125|
|Toyota Tacoma 2WD||$1,118|
|Toyota Corolla XRS||$1,121|
|Chevrolet Malibu LS||$1,142|
|Ford Explorer Eddie Bauer AWD||$1,163|
|Chevrolet Impala LT||$1,173|
|Toyota Camry LE||$1,179|
|Chevrolet Equinox LS AWD||$1,173|
|Toyota RAV4 Limited 4WD||$1,182|
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Data variables include single male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Kentucky minimum liability limits. Discounts applied include claim-free, homeowner, safe-driver, multi-vehicle, and multi-policy. Premium amounts do not factor in vehicle location which can change auto insurance rates substantially.
Based upon these rates, you can assume that makes and models like the Honda Accord, Honda CR-V, Volkswagen Jetta, Jeep Grand Cherokee, and Ford Escape are some of the cheapest vehicles to insure for hybrids.
For hybrids, one of the largest components that determine the annual cost of car insurance is where you normally keep your vehicle. Areas with increased crime or more people tend to pay more, whereas more rural areas profit from lower rates.
The illustration below rates the highest-priced places in Kentucky for hybrid vehicles to buy an auto insurance policy in. Lexington is listed at #16 with a yearly premium of $1,514 for the average insured, which is around $126 per month.
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Information shown are estimated as vehicle location can raise or lower prices substantially.
Full coverage rates compared to liability-only
Saving money when shopping for car insurance is probably important to most drivers, and one of the quickest ways to reduce the cost of insurance for hybrid vehicles is to not buy full coverage. The illustration below illustrates the comparison of insurance prices with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The data is based on no claims or driving violations, $1,000 deductibles, marital status is single, and no discounts are taken into consideration.
If we average the cost for ages 20 through 70, physical damage insurance costs $1,374 per year more than just insuring for liability. That brings up the question if full coverage is worth the money. There is no set guideline of when to stop paying for full coverage, but there is a general guideline you can use. If the annual cost of having full coverage is about 10% or more of the vehicle's replacement cost less your deductible, then it's probably a good time to buy liability coverage only.
The example below highlights how deductible choice can impact insurance costs when researching cheap insurance for hybrid vehicles. The price estimates are based on a married female driver, comp and collision included, and no discounts are factored in.
A 40-year-old driver could reduce rates by $224 a year by switching the physical damage coverage from a $100 deductible to a $500 deductible, or save $338 by choosing a $1,000 deductible. Youthful drivers, like the 20-year-old, could lower their rates up to $554 or even more by selecting a higher deductible. If you do decide to increase your deductibles, it will now be necessary to have plenty of money set aside to cover the extra out-of-pocket expense. This is the primary disadvantage of choosing high deductibles.
Get discounts on Lexington insurance
Auto insurance companies that provide coverage for hybrid vehicles may have discounts that could reduce prices by as much as 35% if you qualify for them. Companies and their possible discounts can be found below.
- American Family includes discounts for multi-vehicle, Steer into Savings, accident-free, defensive driver, air bags, and good driver.
- Farm Bureau offers premium reductions for renewal discount, multi-vehicle, youthful driver, driver training, and 55 and retired.
- State Farm offers discounts for multiple policy, good driver, defensive driving training, good student, student away at school, and safe vehicle.
- Travelers may offer discounts for early quote, home ownership, payment discounts, continuous insurance, and good student.
- The Hartford offers discounts including defensive driver, anti-theft, vehicle fuel type, bundle, good student, air bag, and driver training.
- GEICO discounts include federal employee, anti-theft, driver training, membership and employees, and five-year accident-free.
- Progressive may include discounts for homeowner, multi-vehicle, multi-policy, continuous coverage, online signing, and online quote discount.
The example below illustrates the comparison of insurance rates with and without discounts applied to the policy premium. The information is based on a female driver, no claims or driving citations, Kentucky state minimum liability limits, full physical damage coverage, and $100 deductibles. The first bar for each age group shows the price with no discounts. The second bar shows the rates with passive restraint, accident-free, marriage, multiple policy, claim-free, and safe-driver discounts applied. When taking advantage of discounts, the average savings per year on car insurance for hybrid vehicles is 28% or $658.
Why you are probably overpaying for car insurance
Kentucky car insurance rates are influenced by many factors which can substantially change the policy price. Simply having another birthday, having a teenage driver, or getting a driving violation may generate price changes that may make certain companies more affordable than the competition. Not only may your risk profile change, but car insurance companies file new Kentucky car insurance rates as often as every quarter to reflect underwriting profits or losses. Heavier than normal losses can cause higher priced premiums, while lower claim expenses can cause more affordable Lexington car insurance rates.
The chart below shows which company has the cheapest car insurance in Lexington, KY for a 35-year-old female driver with a clear driving record, no claims, and solid credit. Based on her personal profile, Cincinnati Insurance has the lowest car insurance rates in Lexington at $1,190 per year. This is $953 less than the average price paid by Kentucky drivers of $2,143. Kentucky Farm Bureau, USAA, Auto-Owners, and Motorists Mutual are the rest of the cheapest Lexington, KY auto insurance companies.
In the next rate comparison, we'll give the driver from the first set of rates an accident surcharge, a lower credit score, and a few blemishes on her driving record. Since every car insurance company uses their own calculation to set premium rates, getting updated rate quotes may now result in a different ranking of affordable companies as shown below.
Travelers now has the best auto insurance rate in Lexington with Kentucky Farm Bureau, USAA, State Farm, and Auto-Owners now rounding out the top five. This example shows why drivers need to spend some time comparing rates when trying to find the lowest insurance rates for hybrid vehicles.
Insurance rates are influenced by many factors and can change substantially, so the most economical option when you last compared rates may now cost much more than other companies.