One of the many components that aid in calculating the amount you pay for auto insurance is where you choose to live in Lexington. Areas with more people or even just a higher incidence of claims tend to have more expensive auto insurance rates, whereas areas with less crime or weather claims have the luxury of lower rates.
The next table sorts the highest-priced places in Kentucky for low credit scores to purchase car insurance in. Lexington is ranked #20 with a yearly cost of $1,469 for the average policy, which is about $122 per month.
|Rank||City||Premium Per Year|
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Rates are approximated as specific Lexington zip code can influence coverage prices considerably.
The vehicle requiring insurance is one of the largest considerations when comparing cheap insurance for low credit scores. Vehicles with more horsepower, a lack of safety features, or an increased likelihood of liability claims will cost much more to insure than safer, lower-performance models.
The table below ranks coverage rates for a handful of the most budget-friendly automobiles to buy insurance for.
|Insured Vehicle||Estimated Cost for Full Coverage|
|Ford Escape XLS 2WD||$975|
|Honda CR-V LX 2WD||$985|
|Chevrolet Impala LS||$1,002|
|Hyundai Elantra SE Touring Station Wagon||$1,029|
|Jeep Wrangler Unlimited Sahara 2WD 4-Dr||$1,052|
|Ford Explorer XLT 4WD||$1,057|
|Toyota Corolla XLE||$1,077|
|Nissan Rogue S AWD||$1,092|
|Kia Optima LX||$1,102|
|Toyota Tacoma 4WD||$1,098|
|Dodge Grand Caravan Hero||$1,119|
|Toyota RAV4 Sport 4WD||$1,128|
|Chevrolet Silverado LT Extended Cab 4WD||$1,119|
|Ford Focus S 4-Dr Sedan||$1,126|
|Chevrolet Silverado 3500HD LTZ Crew Cab 2WD||$1,134|
|Honda Civic LX 4-Dr Sedan||$1,157|
|Chevrolet Malibu LT||$1,176|
|Dodge Ram Crew Cab TRX 4WD||$1,186|
|GMC Sierra 3500HD SLT Crew Cab 2WD||$1,188|
|Honda Odyssey Touring||$1,201|
|Ford Fusion SEL 4-Dr Sedan||$1,208|
|Ford Edge Sport AWD||$1,205|
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Data rating is based on single male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Kentucky minimum liability limits. Discounts applied include multi-policy, homeowner, claim-free, multi-vehicle, and safe-driver. Price estimates do not factor in specific garaging location which can decrease or increase coverage prices noticeably.
Looking at the numbers, we can expect models like the Ford Escape, Honda CR-V, Chevrolet Impala, Hyundai Elantra, and Toyota Prius will be a few of the less-costly vehicles to insure for bad credit.
Establishing which companies offer the cheapest auto insurance rates for low credit scores calls for a little more sweat in order to find the best policy.
Every car insurance company has their own unique process for setting prices, so let’s take a look at the auto insurance companies that tend to be cheaper in Kentucky.
Find Cheaper Auto Insurance in Kentucky
|Rank||Company||Cost Per Year|
|2||Kentucky Farm Bureau||$1,174|
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Cincinnati Insurance may offer some of the best car insurance rates in Lexington at around $1,082 per year. This is $1,061 less than the average premium paid by Kentucky drivers of $2,143. Kentucky Farm Bureau, USAA, Auto-Owners, and Motorists Mutual also are some of the cheapest Lexington, KY insurance companies.
In the rate table above, if you have coverage with Auto-Owners and switched to Cincinnati Insurance, you could realize an annual premium reduction of in the vicinity of $331. Policyholders with Motorists Mutual might save as much as $487 a year, and Grange Mutual insureds might reduce rates by $495 a year.
If you would like to find cheaper car insurance rates, click here to begin a quote or visit any of the companies below.
These rates are averaged for all insureds and vehicles and and are not calculated with a specific location for low credit scores. So the insurer that is best for you may not even be in the top 21 companies in the list above. That helps illustrate why you need to quote rates from as many companies as possible using your own driver data and vehicle information.
Safe drivers pay cheaper rates
In a perfect world, the best way to maintain low auto insurance prices in Kentucky for bad credit is to be a safe driver and avoid accidents and traffic citations. The information below demonstrates how speeding tickets and at-fault collisions can drive up insurance premiums for different age groups of insureds. The rates are based on a married female driver, comp and collision included, $100 deductibles, and no discounts are applied to the premium.
In the example above, the average cost of car insurance in Lexington per year with no accidents or violations is $1,611. Get one speeding ticket and the average cost hikes up to $1,871, an increase of $260 each year. Then add in two accidents along with the one speeding ticket and the yearly cost of auto insurance for low credit scores goes up to an average of $3,996. That’s an increase of $2,385, or $199 per month, just for not driving responsibly!
The information below shows how choosing a deductible can impact insurance costs when searching for cheap insurance for low credit scores. The premiums are based on a single male driver, comprehensive and collision coverage, and no discounts are factored in.
The data above shows that a 40-year-old driver could lower their policy premium by $364 a year by switching from a $100 deductible to a $500 deductible, or save $548 by choosing a $1,000 deductible. Younger drivers, like the Age 20 chart data, could roll back prices up to $1,214 or even more by using higher deductibles when buying full coverage.
When insureds make the decision to increase the deductibles on their policy, it will be required to have spare funds to offset the extra out-of-pocket expense, which is the main drawback of higher deductibles.
Comparing rates can save you money
Kentucky auto insurance rates are calculated based on many things which can substantially change the price you pay for coverage. Improving your credit score, getting married, or getting a ticket for careless driving may cause policy rate changes that can cause some rates to be cheaper than competitors.
Also, auto insurance companies change the rates they charge in Kentucky as often as every quarter in order to maintain liquidity for claims. Heavy losses may cause more expensive prices, while profitable underwriting may cause lower-priced Lexington car insurance rates.
The graph below shows which company has the cheapest car insurance in Lexington, KY for a 35-year-old male driver with no prior accidents, a clean driving record, and great credit. If we look at prices based on his personal risk profile, Cincinnati Insurance may offer the most affordable car insurance rates in Lexington at $1,178 a year. This is $965 less than the average policy premium paid by Kentucky drivers of $2,143. Kentucky Farm Bureau, USAA, Auto-Owners, and Travelers are also included in the best Lexington, KY auto insurance companies.
In this example, we will give the driver from the first rate comparison an accident claim, a lower credit score, and a few traffic violations. Because each company has a unique formula for determining rates, comparing insurance quotes could result in a different list of affordable Lexington car insurance companies as shown below.
Grange Mutual now has the best price on car insurance in Lexington, KY with Kentucky Farm Bureau, USAA, State Farm, and Auto-Owners now being in the top five. This shows why it is important to spend some time comparing rates when trying to get the best car insurance rates for low credit scores. Rates are influenced by many risk factors and can increase or decrease at any time, so the cheapest option three years ago may now be quite expensive.
How to find cheaper auto insurance for low credit scores
Below you’ll find many money-saving ideas that can help you locate more affordable coverage.
- Avoid getting citations and tickets
- Bundle home and auto and save
- Do not get into accidents that are your fault
- Having too many claims will increase rates substantially
- Buy vehicles with five-star safety ratings
- Compare rate quotes often
The final tip is highly necessary, as was noted in the prior article. Insurance rates in Lexington vary greatly, so you should be ready to buy from a different company if you find a cheaper price.
Staying with the same company for years is fine, but it’s not a great idea if that loyalty ends up costing a small fortune. If you have a few minutes, compare prices to find cheaper car insurance for low credit scores.
If you aren’t sure which coverage you need and prefer to have a professional recommendation when shopping around for cheaper insurance for low credit scores, the agencies below can help you make a decision which coverage fits your budget. To locate a Lexington car insurance agency using an interactive map, click the button at the bottom of the list.
State Farm: Bethany Hicks
1050 Chinoe Rd #100 – Lexington, KY 40502 – (859) 264-0246
Kentucky Insurance Inc
1750 Alexandria Dr – Lexington, KY 40504 – (859) 277-8877
GEICO Insurance Agent
3100 Old Todds Rd #110 – Lexington, KY 40509 – (859) 286-8655
Shelter Insurance – Dawan Hart
2050 Regency Rd – Lexington, KY 40503 – (859) 276-2661