Figuring out which companies have the lowest-priced auto insurance rates for drivers under 25 may require a little more work in order to find coverage that fits your budget. Every auto insurer has a different process for determining rates in each state, so let’s take a look at the auto insurance companies with the overall best prices in Lexington, KY.
It’s important to know that Lexington auto insurance rates are impacted by many things which can significantly increase or decrease the price you pay for coverage. Simply getting older, moving to a different location, or getting into an accident can trigger rate changes resulting in some companies being cheaper than before.
Compare Cheap Insurance Quotes for Young Drivers
Cincinnati Insurance offers some of the best car insurance rates in Lexington at around $1,115 each year. Kentucky Farm Bureau, USAA, Auto-Owners, and Motorists Mutual also qualify as some of the lowest-priced Lexington, KY auto insurance companies.
As the rates illustrate above, if you have coverage with Auto-Owners and switched to Kentucky Farm Bureau, you may see annual savings of approximately $236. Customers with Motorists Mutual could save as much as $454 a year, and Grange Mutual customers might cut rates by $462 a year.
Remember that these estimates are averaged for all drivers and vehicles and and are not calculated with an exact zip code location for drivers under 25. So the car insurance company that is most affordable for your situation may not even be in the top 21 companies shown above. That’s why you need to compare prices as often as possible using your own personalized driver profile and vehicle information.
The car, truck, or SUV driven is a significant factor in finding cheaper auto insurance for drivers under 25. Vehicles with lots of speed or power, a lack of safety features, or a high likelihood of having liability claims will cost more to insure than more economical and safe models. The table below outlines car insurance prices for some of the most affordable vehicles to buy coverage for.
| Insured Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Ford Escape XLS 4WD | $1,853 |
| Honda CR-V EX-L 2WD | $1,880 |
| Jeep Wrangler Sport 4WD 2-Dr | $1,932 |
| Volkswagen Jetta S 2.5 Station Wagon | $1,998 |
| Toyota Prius | $2,025 |
| Dodge Grand Caravan SE | $2,077 |
| Ford F-150 XL Regular Cab 4WD | $2,087 |
| Honda Civic DX 4-Dr Sedan | $2,169 |
| Ford Edge SEL AWD | $2,175 |
| Ford Focus S 4-Dr Sedan | $2,169 |
| Toyota Tacoma Double Cab 4WD | $2,196 |
| Toyota RAV4 Limited 2WD | $2,201 |
| Nissan Altima 2.5 4-Dr Sedan | $2,196 |
| Chevrolet Malibu LS | $2,206 |
| Ford Explorer Limited 4WD | $2,223 |
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Data based on single female driver age 20, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Kentucky minimum liability limits. Discounts applied include safe-driver, and claim-free. Information does not factor in specific garaging location which can influence prices greatly.
Looking at the numbers, you can infer that makes and models like the Ford Escape, Honda CR-V, Jeep Wrangler, and Volkswagen Jetta should be a few of the most affordable vehicles to insure for drivers age 25 and younger. Auto insurance rates will be more costly because of the fact that there is a higher risk for drivers under 25, but generally speaking those particular vehicles will have the cheapest car insurance rates compared to other vehicles.
Ratings for Kentucky auto insurance companies
Finding a high-quality auto insurance provider can be difficult considering how many companies sell insurance in Kentucky. The company ratings in the lists below could help you choose which insurers to look at to insure your vehicles.
These rankings are only comprised of companies that write coverage in many states, so smaller companies are not factored into the list. To view rates and find the cheapest rates for drivers under 25, follow this link.
Top 10 Large Auto Insurers in Lexington Ranked by Value
- Travelers
- American Family
- AAA Insurance
- Safeco Insurance
- Progressive
- The Hartford
- Erie Insurance
- The General
- Esurance
- 21st Century
Top 10 Large Auto Insurers in Lexington Ranked by Claims Service
- Travelers
- Allstate
- Nationwide
- State Farm
- GEICO
- Liberty Mutual
- American Family
- Esurance
- AAA Insurance
- The Hartford
Cost comparison with and without full coverage
Finding the cheapest auto insurance is important to most vehicle owners, and an easy way to find cheap insurance for drivers under 25 is to only buy liability insurance. The diagram below illustrates the difference between insurance premiums with and without physical damage coverage. Data assumes no accidents, no driving violations, $500 deductibles, single marital status, and no additional discounts are factored in.
Averaged for all age groups, full coverage on your policy costs an extra $1,541 per year more than carrying just liability coverage. That is a large expense which might make you wonder if paying for full coverage is a waste of money. There is no written rule that is best for determining when to drop comprehensive and collision coverage on your policy, but there is a general guideline you can use. If the yearly cost of comp and collision coverage is more than 10% of the settlement you would receive from your company, then you may want to consider only buying liability coverage.
For example, let’s say your vehicle’s replacement cost is $11,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled, the most your company would pay you is $10,000 after the policy deductible has been paid. If you are currently paying more than $1,000 a year for your policy with full coverage, then it might be time to consider dropping full coverage.
There are some scenarios where dropping full coverage is not in your best interest. If you haven’t satisfied your loan, you have to keep full coverage to protect the lienholder’s interest. Also, if your finances do not allow you to purchase a different vehicle in the even your car is totaled, you should keep full coverage in place.
How to find the cheapest insurance for drivers under 25
Lowering your rates is not difficult, and here are some money-saving solutions that can help you quote more affordable car insurance.
- Accident-free drivers may qualify for discounts
- Buying home and auto insurance together can earn discounts
- Get cheaper liability coverage by choosing a safer vehicle
- Good credit can save money
- Do not pay for full coverage on older vehicles
- Look for cheaper rates once a year by shopping around
The final tip is incredibly significant, as we noted in the prior information. Prices can be modified anytime, so drivers shouldn’t be reluctant to buy a policy from a new company if a more affordable rate is found. Being loyal to a particular company is commendable, but is isn’t recommended if that stubbornness costs you several hundred dollars every year. If you have a few minutes, now is a great time to compare rates to find cheaper insurance for drivers under 25 in Lexington.