Finding decent, affordable insurance is hard enough, and determining which company quotes the best insurance rates for state employees will take even more diligence. Each auto insurance company has a unique formula for filing rates in each state, so first let’s look at the rankings for the most budget-friendly insurance companies in Kentucky.
Find the Cheapest Car Insurance in Kentucky
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Cincinnati Insurance | $1,115 |
| 2 | Kentucky Farm Bureau | $1,128 |
| 3 | USAA | $1,187 |
| 4 | Auto-Owners | $1,413 |
| 5 | Motorists Mutual | $1,569 |
| 6 | Travelers | $1,614 |
| 7 | Grange Mutual | $1,625 |
| 8 | State Farm | $1,812 |
| 9 | Westfield | $1,814 |
| 10 | Safe Auto | $1,972 |
| 11 | Nationwide | $2,003 |
| 12 | Electric | $2,097 |
| 13 | Progressive | $2,140 |
| 14 | State Auto | $2,232 |
| 15 | Encompass | $2,312 |
| 16 | GEICO | $2,437 |
| 17 | Safeco | $2,709 |
| 18 | MetLife | $3,053 |
| 19 | Shelter | $3,167 |
| 20 | Liberty Mutual | $3,634 |
| Quote Your Rates Go | ||
Cincinnati Insurance generally has some of the cheapest car insurance rates in Lexington at around $1,115 annually. This is $1,028 less than the average price paid by Kentucky drivers of $2,143. Kentucky Farm Bureau, USAA, Auto-Owners, and Motorists Mutual would also make the list of some of the cheapest Lexington, KY insurance companies.
As shown in the rates above, if you are a policyholder with Kentucky Farm Bureau and switched to Cincinnati Insurance, you might see yearly savings of upwards of $13. Policyholders with USAA might save as much as $72 a year, and Auto-Owners policyholders might reduce prices by as much as $298 a year.
To find out how much you can save, click here to get a free quote or quote rates from the companies below.
It’s important to note that these estimates are averages across all drivers and vehicles and and are not figured with a specific vehicle garaging location for state employees. So the auto insurance company that fits you best may not even be in the list above. That is why you need to compare rates from as many companies as possible using your own driver information and specific vehicle type.
The make and model of vehicle you are trying to insure is one of the main factors when consumers are trying to find cheaper auto insurance for state employees. Vehicles with lots of horsepower, a lack of advanced safety features, or a history of substantial liability claims will cost quite a bit more to insure than more modest models. The next table features insurance costs for some of the cheaper automobiles to buy coverage for.
| Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V EX-L 2WD | $892 |
| Dodge Grand Caravan CV | $976 |
| Honda Accord LX-P 4-Dr Sedan | $984 |
| Honda Odyssey EX W/Rear Entertainment | $1,012 |
| Ford Escape Limited 4WD | $1,039 |
| Jeep Wrangler Unlimited Sahara 2WD 4-Dr | $1,060 |
| Ford Explorer XLT 2WD | $1,068 |
| Hyundai Elantra GLS 4-Dr Sedan | $1,087 |
| Toyota Prius | $1,091 |
| Volkswagen Jetta SEL 4-Dr Sedan | $1,106 |
| Nissan Altima 3.5 SR 4-Dr Sedan | $1,112 |
| Chevrolet Impala LS | $1,110 |
| Ford F-150 Lariat King Ranch 4WD | $1,127 |
| Jeep Grand Cherokee Laredo 4WD | $1,131 |
| Toyota RAV4 2WD | $1,139 |
| Find Cheaper Rates Go | |
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 claim-free, safe-driver, homeowner, multi-policy, and multi-vehicle. Price estimates do not factor in Lexington, KY location which can revise premiums significantly.
Looking at the numbers, cars like the Honda CR-V, Dodge Grand Caravan, Honda Accord, Honda Odyssey, and Ford Escape will be the less-costly vehicles to insure for state workers.
Do you need full coverage?
Finding the cheapest insurance should be important to the majority of drivers, and one way to save on the cost of insurance for state employees is to not insure for full coverage. The diagram below illustrates the difference between car insurance costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The rates are based on no driving violations, no at-fault accidents, $250 deductibles, drivers are not married, and no other discounts are factored in.
As an average, physical damage insurance costs $1,718 per year more than buying just liability insurance. That raises the question if buying full coverage is a good investment. There is no clear-cut rule for phasing out physical damage insurance, but there is a general guideline. If the yearly cost for physical damage coverage is 10% or more of the replacement cost minus the deductible, then you might want to think about dropping full coverage.
For example, let’s assume your vehicle’s replacement cost is $3,000 and you have $1,000 physical damage deductibles. If your vehicle is damaged in an accident, you would only receive $2,000 after paying the physical damage deductible. If it’s costing in excess of $200 a year for comprehensive and collision coverage, then you may want to consider only buying liability coverage.
There are some scenarios where only buying liability is not a good plan. If you still have a lienholder on your title, you are required to maintain full coverage in order to keep the loan. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is totaled, you should not opt for liability only.
Best insurance company in Kentucky
Buying coverage from a high-quality insurer can be a challenge considering how many different companies insure vehicles in Lexington. The company rank data shown below could help you choose which car insurance companies you want to consider when trying to find the cheapest insurance for state employees. The rankings below include insurance companies that insure vehicles in the majority of U.S. states, so companies that may only write in Kentucky are not taken into consideration for these rankings.
| 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: Insure.com Best Car Insurance Companies
Don’t stick with an overpriced policy
Lexington insurance rates are impacted by many factors that can increase the price of coverage. Simply having another birthday, moving across town, or getting a driving violation can trigger changes in premium that can cause some rates to be affordable when they were higher priced.
Additionally, insurers amend premium rates every year or even multiple times each year to adjust for heavy claims or excess profits. A period of increased losses may result in higher prices, while lower claim levels can cause lower-cost Lexington car insurance rates.
The chart below shows the cheapest car insurance in Lexington, KY for a 30-year-old female driver with a clean driving record, no accidents, and a good credit history. If we look at prices based on her personal profile, Cincinnati Insurance might offer the lowest car insurance rates in Lexington at $1,184 annually. This is $959 less than the average rate paid by Kentucky drivers of $2,143. Kentucky Farm Bureau, USAA, Auto-Owners, and Motorists Mutual are the rest of the top five cheapest Lexington, KY auto insurance companies.
The chart below compares rates after we give the driver from the first rate comparison an accident claim, a lower credit rating, and a speeding ticket. Because every insurance company has a proprietary formula for determining prices, comparing insurance quotes most likely will result in a slightly different list of companies as shown below.
USAA now has the cheapest car insurance in Lexington with Travelers, Kentucky Farm Bureau, Westfield, and State Farm also being competitive. This example proves why it is critical to compare rates to find the lowest car insurance rates for state employees. Rates are impacted by many risk factors and change substantially, so the cheapest option two years ago may now be an over-priced policy.
How to find the cheapest insurance for state employees
Lowering your rates is not difficult, and here are some thrifty solutions that can help Kentucky drivers find cheap car insurance.
- Home or renters coverage can save on auto insurance
- Good credit can mean cheaper rates
- Full coverage may not be needed on older vehicles
- Drive vehicles with five-star safety ratings
- Try to remain claim-free
- Increase your policy deductibles
- Comparison shop at least once a year
The last item on the list is highly important, as we discussed in this piece. Insurance prices can change considerably in a year, so don’t be unwilling to switch companies if you can find a cheaper rate. Being loyal to a particular company is commendable, but we do not recommend it if that faithfulness ends up costing you lots of money. It only takes a couple minutes to compare rates to find cheaper auto insurance for state employees in Lexington.