The words “bargain” and “insurance” really shouldn’t be used together, in particular when searching for the best car insurance for college students. To help control this cost, let’s learn about some things the can have a considerable influence on auto insurance rates, and see if we can help you reduce the cost of your next policy.
One of the more important criteria that are looked at to determine car insurance rates is where you call home. More densely populated places tend to pay slightly more, whereas more rural areas benefit from lower rates.
The following table sorts the most expensive areas in Kentucky for college students in which to buy car insurance. Lexington is listed at #20 with the yearly price of $1,454 for car insurance, which is about $121 monthly.
| Rank | City | Premium Per Year |
|---|---|---|
| 1 | Louisville | $2,090 |
| 2 | Frankfort | $1,725 |
| 3 | Ashland | $1,707 |
| 4 | Jeffersontown | $1,685 |
| 5 | Saint Matthews | $1,660 |
| 6 | Radcliff | $1,654 |
| 7 | Paducah | $1,631 |
| 8 | Danville | $1,581 |
| 9 | Elizabethtown | $1,563 |
| 10 | Winchester | $1,563 |
| 11 | Madisonville | $1,552 |
| 12 | Georgetown | $1,551 |
| 13 | Murray | $1,549 |
| 14 | Richmond | $1,520 |
| 15 | Henderson | $1,511 |
| 16 | Covington | $1,487 |
| 17 | Hopkinsville | $1,478 |
| 18 | Nicholasville | $1,474 |
| 19 | Florence | $1,471 |
| 20 | Lexington | $1,454 |
| 21 | Fort Thomas | $1,440 |
| 22 | Independence | $1,436 |
| 23 | Erlanger | $1,420 |
| 24 | Bowling Green | $1,418 |
| 25 | Owensboro | $1,376 |
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Annual rates are estimated as the garaging address in Lexington can impact coverage rates noticeably.
Deciphering which company quotes the best insurance rates for college students involves a little more effort in order to find coverage that fits your budget. Every car insurance company has a different process for setting rates, so let’s take a look at the insurance companies with the overall best prices in Lexington.
It’s important to understand that Lexington, KY insurance rates are impacted by many things that may substantially change the price you have to pay for coverage. Simply turning a year older, buying a home instead of renting, or getting a ticket for running a stop sign may cause policy rate changes that may make certain companies more affordable than the competition.
Cheapest Insurance Rates for College Students
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| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Cincinnati Insurance | $1,093 |
| 2 | Kentucky Farm Bureau | $1,174 |
| 3 | USAA | $1,175 |
| 4 | Auto-Owners | $1,413 |
| 5 | Grange Mutual | $1,609 |
| 6 | Travelers | $1,614 |
| 7 | Motorists Mutual | $1,617 |
| 8 | State Farm | $1,793 |
| 9 | Westfield | $1,888 |
| 10 | Safe Auto | $1,972 |
| 11 | Nationwide | $2,003 |
| 12 | Electric | $2,139 |
| 13 | Progressive | $2,140 |
| 14 | State Auto | $2,254 |
| 15 | Encompass | $2,358 |
| 16 | GEICO | $2,437 |
| 17 | Safeco | $2,763 |
| 18 | Shelter | $3,135 |
| 19 | MetLife | $3,177 |
| 20 | Allstate | $3,712 |
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Cincinnati Insurance generally has some of the best car insurance rates in Lexington at around $1,093 a year. Kentucky Farm Bureau, USAA, Auto-Owners, and Grange Mutual also are some of the best Lexington, KY auto insurance companies.
As shown above, if you have coverage with Kentucky Farm Bureau and switched to Cincinnati Insurance, you may realize an annual premium reduction of in the vicinity of $81. Insureds with USAA may save as much as $82 a year, and Auto-Owners policyholders might lower prices by up to $320 a year.
If you want to find out if you’re overpaying, click here to start your free quote or visit several of the following companies.
It’s important to note that these premium estimates are averages across all types of drivers and the different vehicles they drive and are not factoring in an exact vehicle garaging location for college students. So the company that has the cheapest rates for you may not even be in the top 21 companies shown above. That emphasizes why you need to compare as many prices as possible using your own personalized driver profile and vehicle information.
The car, truck, or SUV that is being insured is a large consideration when comparison shopping for cheaper coverage for college students. Vehicles with average performance, good crash test ratings, or low incidents of liability claims will cost less to insure than fast, unsafe models. The table below illustrates coverage premiums for some of the more affordable vehicles to buy insurance for.
| Make, Model, and Trim Level | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V LX 2WD | $2,323 |
| Ford Escape XLT 4WD | $2,360 |
| Chevrolet Silverado LS Regular Cab 4WD | $2,552 |
| Honda Odyssey LX | $2,560 |
| Toyota Prius | $2,567 |
| Ford Explorer XLT 2WD | $2,588 |
| Ford F-150 XL Regular Cab 4WD | $2,597 |
| Ford Focus SE 4-Dr Sedan | $2,725 |
| Ford Edge Limited 2WD | $2,732 |
| Volkswagen Jetta 2.0T Station Wagon | $2,740 |
| Chevrolet Impala LT | $2,761 |
| Toyota RAV4 Limited 4WD | $2,769 |
| Chevrolet Malibu LS | $2,761 |
| Dodge Grand Caravan Crew | $2,795 |
| Honda Civic EX 4-Dr Sedan | $2,898 |
| Hyundai Elantra GLS 4-Dr Sedan | $2,934 |
| Toyota Tacoma X-Runner 2WD | $2,939 |
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Data assumes single male 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. Price information does not factor in vehicle garaging location which can raise or lower premiums greatly.
Based upon the table data, cars like the Honda CR-V, Ford Escape, and Chevrolet Silverado are most likely to be the cheapest vehicles to insure for students in college. The price for an auto insurance policy will be more expensive just because there is more liability exposure for college students, but overall those particular vehicles will most likely have the least expensive rates available.
Insuring your vehicle with the right car insurance company can be a challenge considering how many different insurance companies sell coverage in Lexington. The ranking information shown below can help you pick which companies you want to consider shopping prices with.
The ratings below include the largest companies in the United States, so smaller companies that only insure vehicles in Kentucky are not taken into consideration for this list. If you would like to check rates from these and other top-rated companies, just click here.
Top 10 Large Auto Insurance Providers in Lexington Ranked by A.M. Best Rating
- Travelers – A++
- USAA – A++
- GEICO – A++
- State Farm – A++
- Erie Insurance – A+
- Esurance – A+
- Progressive – A+
- Nationwide – A+
- The Hartford – A+
- Allstate – A+
The diagram below highlights how deductible choice can raise or lower insurance costs when trying to find cheap insurance for college students. The price estimates are based on a single female driver, comp and collision included, and no discounts are factored in.
A 40-year-old driver could pocket $310 a year by switching their comprehensive and collision coverages from a $100 deductible to a $500 deductible, or save $468 by choosing a $1,000 deductible. Younger drivers, such as the 20-year-old chart data, could save up to $788 every year just by choosing higher deductibles.
When raising deductibles, it will be required to have enough savings to enable you to pay the extra out-of-pocket expense, which is the main inconvenience of larger deductibles.
Get discounts on Lexington insurance rates
Auto insurance companies that offer cheap quotes for college students could also offer premium discounts that may potentially lower prices by as much as 30% if you are eligible to receive them. Large insurance companies and the discounts they provide are shown below.
- State Farm has savings for student away at school, Steer Clear safe driver discount, Drive Safe & Save, anti-theft, defensive driving training, accident-free, and passive restraint.
- Progressive offers discounts including good student, continuous coverage, homeowner, multi-policy, and online quote discount.
- Travelers offers discounts for home ownership, new car, hybrid/electric vehicle, payment discounts, good student, and driver training.
- American Family may have discounts that include multi-vehicle, air bags, TimeAway discount, Steer into Savings, mySafetyValet, early bird, and good driver.
- Liberty Mutual policyholders can earn discounts including multi-car, new vehicle discount, safety features, multi-policy, and new move discount.
The diagram below compares auto insurance costs with and without discounts applied to the rates. The data is based on a female driver, a clean driving record, no at-fault accidents, Kentucky state minimum liability limits, full physical damage coverage, and $250 deductibles. The first bar for each age group shows the price with no discounts. The lower bar shows the rates with good student, anti-theft, paperless filing, paid-in-full, vehicle safety, and passive restraint discounts applied. When drivers qualify for the discounts, the average savings per year on insurance for college students is 21% or $463.
Chances are good that you’re overpaying for Lexington car insurance
Kentucky insurance rates are based on many factors that will increase or decrease the price you have to pay. Improving your credit score, buying a home, or getting a driving violation can produce rate changes that can make some companies more affordable than the competition.
And not only may your rating factors change, but auto insurance companies file new Kentucky car insurance rates multiple times each year to adjust for gains or losses. Heavy losses may cause more expensive prices, while long-term profits may result in cheaper Lexington car insurance rates.
To illustrate this point, the graph below shows the company with the cheapest car insurance in Lexington, KY for a 35-year-old female driver with no accidents, a clean driving record, and good credit. Based on her current situation, Cincinnati Insurance might quote the most affordable car insurance rates in Lexington at $1,191 each year. This is $952 less than the average price paid by Kentucky drivers of $2,143. Kentucky Farm Bureau, USAA, Auto-Owners, and Grange Mutual are the remainder of the cheapest Lexington, KY auto insurance companies.
In the next rate comparison, we’ll give the driver in the first chart a chargeable accident, poor credit, and a traffic ticket or two. Since each company uses their own formula to set premium rates, analyzing rates may now show a different ranking of the cheapest Lexington car insurance companies as shown below.
Kentucky Farm Bureau now has the cheapest insurance rate in Lexington, KY with USAA, Travelers, State Farm, and Auto-Owners completing the list. This shows why Kentucky drivers need to compare as many rates as possible when trying to find the most budget-friendly auto insurance quotes for college students. Insurance prices are calculated by many things and can increase or decrease at any time, so the best option the last time you checked may now be quite expensive.
The insurance agencies listed below can most likely provide answers to your questions and help you determine which auto insurance policy would work best for you, since some people prefer to have a professional recommendation when buying car insurance for college students. It can be difficult to do it yourself, so using a licensed agent can provide comfort knowing you have adequate protection in case of an accident or claim. To locate a Lexington insurance agent nearest to you, click the button following the list or click here to compare prices now.
- Energy Insurance Inc
3008 Atkinson Ave – Lexington, KY 40509 – (859) 273-1549 - Bill Rea – State Farm Insurance Agent
138 E Reynolds Rd #102 – Lexington, KY 40517 – (859) 273-7373 - Nationwide Insurance: Bryan Joseph Mitchell Agency
252 E Third St – Lexington, KY 40508 – (859) 293-2253 - Nicole Wright Insurance Agency
169 E Reynolds Rd #102 – Lexington, KY 40517 – (859) 971-0221 - Allstate Insurance: Joshua Williams
2240 Executive Dr Ste 103 – Lexington, KY 40505 – (859) 243-0162