How Much is Car Insurance for Homeowners in Lexington?

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.

How much does car insurance cost in Lexington, KY?
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
Find Cheaper Rates Go

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

Start Your Free Quote

Cheapest insurance companies in Kentucky
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
Find Cheaper Rates Go

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.

Cheapest Vehicles to Insure in Lexington, KY
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
Compare Cheap Rates Go

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.

Best 15 Insurance Companies for Homeowners in Lexington
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
Compare Rates Now Go

Data Source: 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.