For people who own their homes, one of the largest factors that are looked at to help calculate auto insurance rates is where your residence is. Areas with more people or even just a higher incidence of claims tend to have more expensive auto insurance rates, whereas areas with lower crime rates and fewer weather claims benefit from lower prices.
The illustration below sorts the most expensive areas in Kentucky for homeowners in which to buy car insurance. Lexington shows up at #14 costing $1,514 for the average insured, which is approximately $126 each month.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | Louisville | $2,154 |
| 2 | Frankfort | $1,795 |
| 3 | Ashland | $1,673 |
| 4 | Jeffersontown | $1,668 |
| 5 | Saint Matthews | $1,660 |
| 6 | Radcliff | $1,654 |
| 7 | Paducah | $1,631 |
| 8 | Murray | $1,565 |
| 9 | Winchester | $1,563 |
| 10 | Madisonville | $1,552 |
| 11 | Danville | $1,549 |
| 12 | Elizabethtown | $1,547 |
| 13 | Nicholasville | $1,519 |
| 14 | Lexington | $1,514 |
| 15 | Henderson | $1,511 |
| 16 | Georgetown | $1,506 |
| 17 | Hopkinsville | $1,493 |
| 18 | Bowling Green | $1,476 |
| 19 | Richmond | $1,475 |
| 20 | Covington | $1,472 |
| 21 | Independence | $1,466 |
| 22 | Florence | $1,441 |
| 23 | Fort Thomas | $1,440 |
| 24 | Erlanger | $1,435 |
| 25 | Owensboro | $1,376 |
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Information shown are approximated as specific Lexington garaging address can revise premium rates noticeably.
Locating affordable insurance is not most people’s favorite thing to do, and deciding which insurers offer the most affordable insurance rates for homeowners will involve even more rate comparisons. Each insurance company has a different process to set policy rates, so let’s begin by taking a look at the most affordable insurance companies in Lexington.
Find Cheaper Auto Insurance for Homeowners
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Cincinnati Insurance | $1,093 |
| 2 | Kentucky Farm Bureau | $1,163 |
| 3 | USAA | $1,211 |
| 4 | Auto-Owners | $1,413 |
| 5 | Grange Mutual | $1,561 |
| 6 | Motorists Mutual | $1,601 |
| 7 | Travelers | $1,614 |
| 8 | State Farm | $1,812 |
| 9 | Westfield | $1,814 |
| 10 | Safe Auto | $1,972 |
| 11 | Nationwide | $2,024 |
| 12 | Progressive | $2,056 |
| 13 | Electric | $2,097 |
| 14 | State Auto | $2,254 |
| 15 | Encompass | $2,312 |
| 16 | GEICO | $2,365 |
| 17 | Safeco | $2,791 |
| 18 | MetLife | $3,146 |
| 19 | Shelter | $3,263 |
| 20 | Liberty Mutual | $3,634 |
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Cincinnati Insurance may offer some of the lowest car insurance rates in Lexington at around $1,093 per year. This is $1,050 less than the average rate paid by Kentucky drivers of $2,143. Kentucky Farm Bureau, USAA, Auto-Owners, and Grange Mutual also qualify as some of the lowest-priced Lexington, KY auto insurance companies.
As shown above, if you currently buy coverage from Auto-Owners and switched to Cincinnati Insurance, you may see yearly savings of in the neighborhood of $320. Kentucky drivers with Grange Mutual may save as much as $468 a year, and Motorists Mutual customers might reduce prices by as much as $508 a year.
Remember that these policy prices are averaged across all ages of drivers and types of vehicles and and are not calculated with an exact location for homeowners. So the car insurance company that fits you best may not even be in the list above. That points out the importance of why you need to get auto insurance quotes using your own driver and vehicle profiles.
The type of vehicle needing coverage is one of the largest considerations when comparing cheaper coverage for homeowners. Vehicles with higher performance characteristics, poor passenger safety features, or high incidents of liability claims will cost much more to insure than safer, lower-performance models.
The list below shows car insurance rates for some of the most economical automobiles to insure in Kentucky.
| Vehicle Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Honda Accord EX-L 4-Dr Sedan | $946 |
| Ford Escape XLS 4WD | $955 |
| Dodge Grand Caravan CV | $976 |
| Ford F-150 XLT Super Cab 2WD | $985 |
| Honda CR-V LX 2WD | $984 |
| Toyota RAV4 4WD | $1,031 |
| Toyota Prius | $1,091 |
| Hyundai Sonata GLS 4-Dr Sedan | $1,102 |
| Volkswagen Jetta 2.0T 4-Dr Sedan | $1,106 |
| Ford Fusion Sport 4-Dr Sedan | $1,111 |
| Chevrolet Malibu LTZ | $1,106 |
| Jeep Wrangler Rubicon 4WD 2-Dr | $1,108 |
| Chevrolet Impala LS | $1,110 |
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Cost estimates assume single male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Kentucky minimum liability limits. Discounts applied include homeowner, claim-free, safe-driver, multi-policy, and multi-vehicle. Rates do not factor in vehicle garaging location which can lower or raise premiums noticeably.
By looking at the data, you can presume that makes and models like the Honda Accord, Ford Escape, Dodge Grand Caravan, Ford F-150, and Honda CR-V should be some of the most budget-friendly vehicles to insure for people who own their homes.
The chart below shows how different deductible levels can affect insurance costs when searching for cheap insurance for homeowners. The rate quotes are based on a single male driver, comprehensive and collision coverage, and no discounts are factored in.
The chart above illustrates that a 30-year-old driver could save $408 a year by switching their comprehensive and collision coverages from a $100 deductible up to a $500 deductible, or save $614 by using a $1,000 deductible. Younger drivers, such as the 20-year-old chart data, could lower their rates as much as $1,214 every year just by choosing higher deductibles.
If you do decide to increase your deductibles, it is essential to have enough savings to allow you to pay the extra out-of-pocket expense that comes with higher deductibles.
Poor driving habits will raise your insurance rates
The recommended way to obtain cheap insurance rates for people who own their homes is to drive cautiously and have a clean driving record. The illustration below highlights how traffic violations and at-fault accidents raise auto insurance costs for different ages of insureds. The premium estimates are based on a married female driver, full physical damage coverage, $250 deductibles, and no discounts are factored in.
In the previous chart, the average cost of auto insurance in Kentucky per year with a clean driving record and no accidents is $1,325. Get two speeding tickets and the average cost swells to $1,881, an increase of $556 each year. Now add in one accident along with the two speeding tickets and the 12-month cost of insurance for homeowners increases to an average of $2,436. That’s an increase of $1,111, or $93 per month, just for not driving attentively!
What is the best insurance company in Kentucky?
Selecting a highly-rated auto insurance company can be challenging considering how many companies sell insurance in Lexington. The ranking data in the next section may help you select which car insurance companies you want to consider when looking for cheaper rates. The ratings below are only made up of companies that insure vehicles across America, so companies that only write business in Kentucky or surrounding areas are not factored into the list.
| 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 |
| Esurance | 86 | 90 | 94 | 90% | A+ | 89.5 |
| The General | 86 | 93 | 89 | 84% | A- | 88.2 |
| GEICO | 79 | 89 | 95 | 87% | A++ | 87.8 |
| 21st Century | 86 | 82 | 90 | 84% | A | 86.4 |
| Liberty Mutual | 79 | 87 | 95 | 78% | A | 85.3 |
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Data Source: Insure.com Best Car Insurance Companies
The importance of shopping around
Lexington, KY insurance rates are calculated based on many things that can increase the price you have to pay. Simply improving your credit, moving across town, or getting a couple of tickets may prompt premium changes that can cause some rates to be cheaper than competitors. Not only may things change on your end, but auto insurance companies modify pricing at least once a year to adjust for gains or losses. A period of higher than normal claims may cause high rates, while a better claims history can cause cheaper Lexington car insurance rates.
To illustrate this example, the graph below shows a variety of companies that have the cheapest car insurance in Lexington, KY for a 30-year-old female driver with no accidents, a clean driving record, and a good credit history. When quoting prices based on her personal profile, Cincinnati Insurance might quote the best car insurance rates in Lexington at $1,173 each year. This is $970 less than the average premium paid by Kentucky drivers of $2,143. Kentucky Farm Bureau, USAA, Auto-Owners, and Motorists Mutual are the rest of the most affordable Lexington, KY auto insurance companies.
The next chart shows rates after we give the driver from above an accident claim, a lower credit score, and a couple of points charged on her driving record. Since each company has a unique approach to establish rates, comparing rates may result in a completely different list of the cheapest companies as shown below.
Kentucky Farm Bureau now has the best auto insurance rate in Lexington, KY with Travelers, USAA, Westfield, and State Farm also having competitive pricing. This example shows why Kentucky drivers need to perform an extensive rate comparison to get the most economical car insurance rates for homeowners.
Rates are influenced by many different factors and change substantially, so the lowest-price company the last time you shopped around may now be quite expensive.