Establishing which company quotes the cheapest car insurance rates for seniors requires a little more effort in order to find the best policy. Every insurance company has their own process to set their prices, so to begin we’ll rank the overall cheapest car insurance companies in Lexington.
It’s a good idea to be aware that Lexington, KY car insurance rates are determined by lots of factors which can significantly increase or decrease the policy price. Turning one year older, getting divorced, or getting a couple of tickets can trigger changes in premium that can cause some rates to be more affordable than the competition.
Best Insurance Companies for Mature Drivers
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Cincinnati Insurance | $1,082 |
| 2 | Kentucky Farm Bureau | $1,163 |
| 3 | USAA | $1,187 |
| 4 | Auto-Owners | $1,413 |
| 5 | Grange Mutual | $1,609 |
| 6 | Motorists Mutual | $1,617 |
| 7 | Travelers | $1,663 |
| 8 | Westfield | $1,814 |
| 9 | State Farm | $1,848 |
| 10 | Safe Auto | $1,913 |
| 11 | Nationwide | $2,003 |
| 12 | Electric | $2,076 |
| 13 | Progressive | $2,077 |
| 14 | State Auto | $2,166 |
| 15 | Encompass | $2,288 |
| 16 | GEICO | $2,365 |
| 17 | Safeco | $2,763 |
| 18 | MetLife | $3,053 |
| 19 | Shelter | $3,231 |
| 20 | Liberty Mutual | $3,634 |
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Cincinnati Insurance generally has some of the lowest car insurance rates in Lexington at around $1,082 per year. Kentucky Farm Bureau, USAA, Auto-Owners, and Grange Mutual also rank well as some of the lowest-priced Lexington, KY auto insurance companies.
As shown in the rates above, if you buy coverage from Kentucky Farm Bureau and switched to Cincinnati Insurance, you might realize a yearly savings of upwards of $81. Kentucky drivers with USAA could save as much as $105 a year, and Auto-Owners customers might reduce rates by $331 a year.
To find cheaper insurance rates for your vehicle, click here to get a free quote or quote rates from the companies below.
Remember that these prices are averages for all insureds and vehicles and and are not figured with an exact vehicle garaging location for seniors. So the company that is most affordable for your situation may not even be in the list above. That underscores the importance of why you need to get auto insurance quotes using your own driver information and specific vehicle type.
For senior citizens, one of the big factors that help determine car insurance rates is your address in Lexington. Cities with larger populations tend to have higher rates, whereas areas that tend to be more rural get the luxury of paying less.
The next table rates the most expensive places in Kentucky for seniors to purchase car insurance in. Lexington makes the list at #20 with the yearly price of $1,469 for the average insured, which is about $122 per month.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | Louisville | $2,090 |
| 2 | Frankfort | $1,778 |
| 3 | Saint Matthews | $1,711 |
| 4 | Jeffersontown | $1,685 |
| 5 | Ashland | $1,673 |
| 6 | Radcliff | $1,654 |
| 7 | Paducah | $1,647 |
| 8 | Murray | $1,613 |
| 9 | Madisonville | $1,600 |
| 10 | Elizabethtown | $1,595 |
| 11 | Danville | $1,581 |
| 12 | Winchester | $1,563 |
| 13 | Henderson | $1,557 |
| 14 | Covington | $1,532 |
| 15 | Hopkinsville | $1,523 |
| 16 | Richmond | $1,520 |
| 17 | Georgetown | $1,506 |
| 18 | Bowling Green | $1,476 |
| 19 | Nicholasville | $1,474 |
| 20 | Lexington | $1,469 |
| 21 | Florence | $1,441 |
| 22 | Fort Thomas | $1,440 |
| 23 | Owensboro | $1,432 |
| 24 | Independence | $1,422 |
| 25 | Erlanger | $1,420 |
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Annual rates are comparative as vehicle location can increase or decrease auto insurance rates considerably.
Selecting a good quality car insurance company can be challenging considering how many different companies insure vehicles in Lexington. The ranking information in the next section can help you analyze which providers to look at putting your business with.
The rankings below are for the largest companies in the United States, so companies without a large exposure are not taken into consideration for this list. If you would like to check rates from these and other companies in Kentucky, click this link.
| 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
Full coverage versus liability only rates
Finding cheaper car insurance is the goal of most people, and a great way to pay lower rates for insurance for seniors is to not pay for full coverage. The chart below compares insurance costs with liability coverage only compared to full coverage. The prices are based on a clean driving record, no at-fault accidents, $500 deductibles, drivers are single, and no policy discounts are applied.
If we average all the age groups together, physical damage insurance costs $1,541 per year over and above liability coverage. That may make you wonder if buying full coverage is worth the money. There is no set rule for eliminating full coverage on your policy, but there is a guideline you can consider. If the annual cost of comprehensive and collision coverage is more than 10% of the settlement you would receive from your company, then it might be time to buy liability only.
The importance of comparing Lexington car insurance rates
Lexington car insurance rates are influenced by many factors that may substantially change the cost of a policy. Turning one year older, buying a home, or getting a couple of tickets can cause premium changes that can make some companies more affordable than the competition.
In addition, car insurance companies change their prices as needed to reflect underwriting profits or losses. Higher than normal claim frequency or severity may cause high rates, while a profitable period can result in cheaper Lexington car insurance rates.
To help illustrate this point, the bar chart below shows a variety of companies that have the cheapest car insurance in Lexington, KY for a 45-year-old male driver with no accidents or violations, and a good credit rating. Based on his current rating profile, Cincinnati Insurance offers the most affordable car insurance rates in Lexington at $1,155 annually. This is $988 less than the average price paid by Kentucky drivers of $2,143. Kentucky Farm Bureau, USAA, Auto-Owners, and Motorists Mutual are the remaining cheapest Lexington, KY auto insurance companies.
Now we will pretend the driver in the first chart some claims, a lower credit rating, and a few traffic violations. Due to the fact that every insurance company has a different formula to establish rates, getting updated rate quotes could result in a completely different list of the cheapest Lexington car insurance companies as shown below.
USAA now has the best price in Lexington with Travelers, Kentucky Farm Bureau, State Farm, and Auto-Owners also being competitive. This example demonstrates why it is critical to compare lots of rates to get the best auto insurance quotes for seniors.
Insurance prices are determined by many different factors and change substantially, so the cheapest company when you last compared rates may now be wasting a lot of money.