I’m sure you’ve seen the captivating commercials from car insurance companies like Allstate and GEICO guaranteeing the cheapest rates. So drivers should just pick the one with the best commercial, right?
It’s just not that simple, as there are a ton of unknown factors such as the type of vehicle you drive, if you are a homeowner or renter, and what coverage limits you need, that all factor into the price you pay. This article will detail the best ways to avoid high prices and will hopefully give you a good start in finding the cheapest insurance.
Determining which companies have the cheapest auto insurance rates for single moms will involve a bit more effort than just quoting one company’s rates.
Each auto insurance company has a different process to establish rates, so we will examine the lowest cost auto insurance companies in Lexington. It’s a good idea to know that Lexington auto insurance rates are determined by lots of factors that can increase the cost of having a policy. Simply getting older, moving to a new city, or having an at-fault accident may prompt premium changes that can now make some companies much cheaper than others.
Find Cheaper Car Insurance for Single Moms
Cincinnati Insurance has some of the most affordable car insurance rates in Lexington at around $1,082 each year. Kentucky Farm Bureau, USAA, Auto-Owners, and Motorists Mutual also rank well as some of the most economical Lexington, KY auto insurance companies.
As shown above, if you buy coverage from USAA and switched to Cincinnati Insurance, you could realize a yearly savings of approximately $141. Insureds with Auto-Owners might save as much as $317 a year, and Motorists Mutual policyholders might reduce prices by as much as $519 a year.
To see how much you can save, click here to start your custom quote or visit any of the companies below.
Understand that those estimates are averages for all drivers and vehicles and and are not figured with an exact vehicle garaging location for single moms. So the company that fits your age and vehicle best may not even be in the list above. That’s why you need to get quotes using your own specific driver information and vehicle.
For single parents, one of the largest components that are looked at to determine the annual cost of car insurance is where you normally keep your vehicle. Areas with increased crime or more people are more likely to pay higher prices, whereas areas with fewer weather claims and lower vehicle theft rates benefit from having to pay less for coverage.
The table below rates the highest-priced areas in Kentucky for single moms to buy car insurance in. Lexington makes the list at #15 with an annual cost of $1,514 for the average policyholder, which is approximately $126 each month.
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Premium costs are estimated as the specific area where the vehicle is garaged can revise prices substantially.
The type of vehicle to be insured is a significant factor when shopping for the best insurance for single moms. Vehicles with more horsepower, poor passenger safety features, or a track record of large liability claims will cost quite a bit more to insure than more economical and safe models. The next list showcases car insurance costs for a number of the most cost-effective vehicles to buy insurance for.
|Make, Model, and Trim Level||Estimated Cost for Full Coverage|
|Ford Escape XLT 2WD||$919|
|Hyundai Elantra GLS Touring Station Wagon||$924|
|Chevrolet Malibu Hybrid||$1,092|
|Jeep Grand Cherokee Laredo 4WD||$1,101|
|Ford Explorer Eddie Bauer 4WD||$1,111|
|Jeep Wrangler Unlimited Sport 4WD 4-Dr||$1,129|
|Honda CR-V EX-L 2WD||$1,157|
|Ford Edge SE 2WD||$1,161|
|Ford F-150 Lariat Crew Cab Harley 2WD||$1,168|
|Honda Civic Hybrid 4-Dr Sedan||$1,174|
|Dodge Ram Crew Cab SLT 2WD||$1,190|
|Ford Focus SE 2-Dr Coupe||$1,227|
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Data rating is based on 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, multi-vehicle, multi-policy, safe-driver, and homeowner. Estimates do not factor in specific zip code location which can impact auto insurance rates considerably.
Looking at the rates, we can expect cars like the Ford Escape, Hyundai Elantra, Chevrolet Malibu, and Jeep Grand Cherokee are likely to be a few of the more affordable vehicles to insure for single parents.
The information below demonstrates how choosing different deductibles can increase or decrease premium costs when researching cheap insurance for single moms. The price estimates are based on a married male driver, full physical damage coverage, and no additional discounts are factored in.
In the chart above, a 30-year-old driver could lower rates by $340 a year by changing their physical damage coverage from a $100 deductible up to a $500 deductible, or save $512 by choosing a $1,000 deductible. Young drivers, like the Age 20 chart data, have the ability to save $1,034 every year by using a higher deductible. If you make the decision to raise deductibles, it is necessary to have enough savings to be able to pay the extra out-of-pocket expense, which is the main disadvantage of using high deductibles.
Violations and accidents raise rates
In a perfect world, the ideal way to earn the most affordable auto insurance prices for single parents is to be an attentive driver and avoid traffic citations and accidents. The diagram below highlights how speeding tickets and at-fault collisions raise car insurance costs for different age categories. Data assumes a single male driver, comp and collision included, $100 deductibles, and no other discounts are factored in.
The chart shows that the average cost of a car insurance policy in Kentucky per year with no violations or accidents is $2,552. Factor in one speeding ticket and the average cost surges to $2,874, an increase of $321 each year. Now add in one accident along with the one speeding ticket and the yearly cost of auto insurance for single moms increases to an average of $3,790. That’s an increase of $1,237, or $103 per month, just for being a little careless behind the wheel!
The benefit of shopping around
Kentucky auto insurance rates are influenced by many factors that may substantially change the price you have to pay. Turning one year older, buying another vehicle, or having an at-fault accident may prompt premium changes resulting in some rates now being much cheaper than others. Not only may your situation change, but insurance companies modify rates at least once a year to adjust for heavy claims or excess profits. An unexpected high level of claims can cause more expensive premiums, while less frequent claims can cause more affordable Lexington car insurance rates.
To help illustrate this point, the bar chart below shows which company has the cheapest car insurance in Lexington, KY for a 45-year-old female driver with a good driving record, no prior claims, and good credit. If we estimate rates based on her current situation, Cincinnati Insurance may have the cheapest car insurance rates in Lexington at $1,191 a year. This is $952 less than the average policy premium paid by Kentucky drivers of $2,143. Kentucky Farm Bureau, USAA, Auto-Owners, and Grange Mutual are also included in the top five cheapest Lexington, KY auto insurance companies.
In this next rate comparison, we will give the driver in the first chart a chargeable accident, bad credit, and a speeding ticket. Because each company has their own formula to establish rates, comparing quotes could now result in a slightly different list of the cheapest Lexington car insurance companies as shown below.
Kentucky Farm Bureau now has the lowest car insurance rate in Lexington, KY with Travelers, USAA, State Farm, and Westfield now being in the top five. This shows why it is critical to shop around to get the lowest insurance rates for single moms. Auto insurance prices are calculated by many risk factors and can increase or decrease at any time, so the cheapest rate when you last compared rates may now be wasting a lot of money.