How Much are Auto Insurance Rates for Drivers with Bad Credit in Lexington?

The words “low-cost” and “auto insurance” really don’t belong together, especially when looking for the cheapest coverage for drivers with bad credit. Because it’s not cheap, let’s go over a few of the factors the can have a considerable influence on car insurance rates, and come up with some ways to take a little off your next policy.

One of the many criteria that aid in calculating the annual cost of car insurance is where your car is garaged in Lexington. Regions with larger populations or more claims will most likely pay more, whereas areas with less crime or weather claims get the luxury of paying less.

The information below lists the most expensive cities in Kentucky for drivers with bad credit to purchase car insurance in. Lexington is ranked #17 costing $1,514 for coverage, which is around $126 monthly.

Car insurance prices in Lexington
Rank City Annual Rate
1 Louisville $2,176
2 Frankfort $1,795
3 Jeffersontown $1,736
4 Ashland $1,673
5 Saint Matthews $1,643
6 Radcliff $1,638
7 Elizabethtown $1,611
8 Paducah $1,599
9 Danville $1,581
10 Murray $1,565
11 Madisonville $1,552
12 Georgetown $1,551
13 Henderson $1,541
14 Richmond $1,535
15 Covington $1,532
16 Winchester $1,517
17 Lexington $1,514
18 Florence $1,485
19 Hopkinsville $1,478
20 Independence $1,466
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Rate information is estimated as the specific garaging location can raise or lower premiums greatly.

Deciding which company quotes the best car insurance rates for drivers with bad credit may require more work in order to find the most economical policy. Each auto insurer used slightly different criteria for setting rates, so let’s rank the car insurance companies that tend to have lower prices in Kentucky.

Keep in mind that Lexington car insurance rates are impacted by many things that may substantially change the cost of your policy. Improving your credit score, adding a teenager to your policy, or getting a few speeding tickets may generate price changes that can make some companies more affordable than competitors.

Cheap Insurance Rates with Bad Credit

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Kentucky auto insurance company rankings
Rank Company Cost Per Year
1 Cincinnati Insurance $1,093
2 Kentucky Farm Bureau $1,128
3 USAA $1,187
4 Auto-Owners $1,413
5 Motorists Mutual $1,617
6 Grange Mutual $1,625
7 Travelers $1,663
8 State Farm $1,793
9 Westfield $1,832
10 Safe Auto $1,932
11 Nationwide $2,003
12 Progressive $2,077
13 Electric $2,160
14 State Auto $2,166
15 Encompass $2,358
16 GEICO $2,365
17 Safeco $2,681
18 MetLife $3,053
19 Shelter $3,135
20 Liberty Mutual $3,598
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Cincinnati Insurance generally has some of the most affordable car insurance rates in Lexington at around $1,093 per year. Kentucky Farm Bureau, USAA, Auto-Owners, and Motorists Mutual also are some of the best Lexington, KY auto insurance companies.

As shown in the table above, if you are a policyholder with Kentucky Farm Bureau and switched to Cincinnati Insurance, you might realize a yearly price reduction of around $35. Kentucky drivers with USAA may save as much as $94 a year, and Auto-Owners policyholders might see rate reductions of $320 a year.

These estimates are averaged across all drivers and vehicles and are not factoring in a vehicle location for drivers with bad credit. So the insurer that fits your situation best may not even be in the top 21 companies in the list above. That affirms the importance of why you need to quote rates from many companies using your own personal information and vehicle type.

The vehicle that is being insured is a large consideration in finding low-cost auto insurance for drivers with bad credit. Vehicles with reasonable performance levels, good crash test ratings, or a track record of few liability claims will cost substantially less to insure than high performance models.

The information below estimates auto insurance prices for the most cost-effective automobiles to insure in Kentucky.

Cheapest Vehicles to Insure in Lexington, KY
Vehicle Make and Model Estimated Cost for Full Coverage
Honda CR-V LX 2WD $1,001
Hyundai Elantra GLS Touring Station Wagon $1,011
Ford F-150 XLT Regular Cab 2WD $1,005
Ford Escape XLT 2WD $1,033
Chevrolet Equinox LS AWD $1,085
Toyota Tacoma Double Cab 4WD $1,094
Toyota RAV4 Sport 4WD $1,085
Chevrolet Malibu LT $1,106
Toyota Prius $1,113
Ford Explorer XLT 4WD $1,122
Honda Odyssey EX-L W/Rear Entertainment $1,143
Toyota Corolla LE $1,150
Hyundai Sonata GLS 4-Dr Sedan $1,163
Jeep Grand Cherokee Limited 2WD $1,165
Jeep Wrangler Rubicon 4WD 2-Dr $1,174
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Data assumes single male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Kentucky minimum liability limits. Discounts applied include safe-driver, homeowner, multi-vehicle, multi-policy, and claim-free. Price information does not factor in your specific Lexington, KY location which can modify premiums noticeably.

Based upon the table data, cars like the Honda CR-V, Hyundai Elantra, and Ford F-150 are likely to be a few of the most affordable vehicles to insure for people with poor credit. Auto insurance rates will tend to be more expensive just because there is more inherent risk for drivers with bad credit, but in general those particular vehicles will have the cheapest car insurance rates that you are likely to find.

Types of discounts on Lexington auto insurance rates

Car insurance for people with poor credit in Lexington, KYInsurers that offer coverage for drivers with bad credit may have policy discounts that may potentially lower prices by 25% or more if you meet certain criteria. The best car insurance companies and some of their more popular discounts are included below.

The chart below visualizes the comparison of insurance rates with and without discounts. The information is based on a female driver, no tickets, no at-fault accidents, Kentucky state minimum liability limits, comprehensive and collision coverage, and $250 deductibles.

The first bar for each age group shows the average rate with no discounts. The second bar shows the rates with safe-driver, multiple policy, vehicle safety, multiple vehicle, anti-theft, and homeowner discounts applied. When taking advantage of discounts, the average savings per year on car insurance for drivers with bad credit is 28% or $605.

Picking a highly-rated car insurance provider can be challenging considering how many different insurance companies sell coverage in Lexington. The rank data in the lists below could help you select which car insurance companies you want to consider putting your business with. These ratings are only made up of companies with a nationwide focus, so companies that may only write in Kentucky will not be included in this list.

Top Ten Car Insurance Companies for Drivers with Bad Credit in Lexington, KY
Company Value Customer Service Claims Customer Satisfaction A.M Best Rating Overall Score
Travelers 93 98 99 88% A++ 95.1
USAA 83 99 100 91% A++ 94.1
AAA Insurance 91 95 92 90% A 93.3
Nationwide 85 95 97 89% A+ 92.4
Allstate 77 100 97 88% A+ 90.7
State Farm 80 94 96 88% A++ 90.6
The Hartford 88 93 91 87% A+ 90.4
Safeco Insurance 91 95 85 88% A 90.2
Progressive 88 94 83 88% A+ 90.1
American Family 91 86 95 83% A 89.7
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Data Source: Best Car Insurance Companies

Can you find cheaper Lexington car insurance?

Lexington, KY car insurance rates are calculated based on many things that will increase or decrease the price you have to pay. Getting older, moving to a new city, or getting a few speeding tickets can trigger rate changes that can make some companies cheaper than competitors.

Not only that, but insurance companies file new rates as often as every three months to ensure their profitability. Higher than normal claim frequency or severity may cause high rates, while a better loss history may produce cheaper Lexington car insurance rates.

The bar chart below shows rates for the cheapest car insurance in Lexington, KY for a 40-year-old female driver with no violations or accidents, and solid credit. If we compare prices based on her current risk profile, Cincinnati Insurance offers the lowest car insurance rates in Lexington at $1,214 per year. This is $929 less than the average price 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.

Now we will pretend the driver in the first example an at-fault accident, bad credit, and a traffic ticket or two. Since each auto insurance company uses their own method to set their prices, analyzing rates could result in a significantly different list of the cheapest companies as shown below.

Kentucky Farm Bureau now has the cheapest price in Lexington with Travelers, USAA, State Farm, and Auto-Owners now being in the top five. This shows why it is critical to compare as many rates as possible to find the most budget-friendly car insurance rates for drivers with bad credit. Car insurance prices can be determined by many things and change frequently, so the most affordable company the last time you shopped your coverage around may now be costing you a lot of money.