Wouldn’t life be great if we could just tell you the single company that has the cheapest policy rates after a speeding ticket? Unfortunately, it’s just not that easy, as there are a lot of unknown elements such as whether or not you own a home, how old you are, what coverage limits you want, and what physical damage coverage deductibles you want, that all factor into the price you pay. We know insurance is not everyone’s favorite topic, but in this article we will cover the best ways to save money and will give you a good beginning to your search for cheaper coverage.
Deciding which companies have the best auto insurance rates after a speeding ticket will require a tad more effort in order to find coverage that fits your budget.
Each insurance company has a proprietary formula to determine rates, so we need to take a look at the lowest cost auto insurance companies in Kentucky. We do need to point out that Lexington auto insurance rates are impacted by many factors that will increase or decrease the price you have to pay for coverage. Simply turning a year older, filing a claim, or getting a DUI can trigger rate changes resulting in some companies being more affordable than competitors.
Best Car Insurance Prices with Licence Points
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Cincinnati Insurance | $1,093 |
| 2 | Kentucky Farm Bureau | $1,128 |
| 3 | USAA | $1,187 |
| 4 | Auto-Owners | $1,371 |
| 5 | Motorists Mutual | $1,553 |
| 6 | Grange Mutual | $1,609 |
| 7 | Travelers | $1,631 |
| 8 | State Farm | $1,793 |
| 9 | Westfield | $1,888 |
| 10 | Safe Auto | $1,913 |
| 11 | Nationwide | $2,024 |
| 12 | Progressive | $2,077 |
| 13 | Electric | $2,160 |
| 14 | State Auto | $2,232 |
| 15 | Encompass | $2,382 |
| 16 | GEICO | $2,413 |
| 17 | Safeco | $2,709 |
| 18 | MetLife | $3,053 |
| 19 | Shelter | $3,231 |
| 20 | Liberty Mutual | $3,744 |
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Cincinnati Insurance quotes some of the most affordable car insurance rates in Lexington at around $1,093 a year. This is $1,050 less than the average rate paid by Kentucky drivers of $2,143. Kentucky Farm Bureau, USAA, Auto-Owners, and Motorists Mutual also make the cut as some of the more affordable Lexington, KY auto insurance companies.
As shown above, if you are a policyholder with Auto-Owners and switched to Cincinnati Insurance, you could see a yearly savings of around $278. Policyholders with Motorists Mutual might save as much as $460 a year, and Grange Mutual insureds might cut rates by $516 a year.
Be aware that those rates are averaged for all types of drivers and the different vehicles they drive and do not take into consideration a specific location after a speeding ticket. So the car insurance company that fits you best may not even be in the list above. That is why you need to compare rates from multiple companies using your own driver data and vehicle information.
After a few driving violations, one of the largest criteria that aid in calculating the annual cost of car insurance is the neighborhood you call home in Lexington. Areas with more people or even just a higher incidence of claims tend to pay more, whereas areas with lower crime rates and fewer weather claims receive better rates.
The table below rates the most expensive cities in Kentucky after a speeding ticket to purchase a policy in. Lexington is ranked at #15 with the yearly price of $1,514 for the average policy, which is about $126 monthly.
| Rank | City | Annual Premium |
|---|---|---|
| 1 | Louisville | $2,112 |
| 2 | Frankfort | $1,742 |
| 3 | Jeffersontown | $1,736 |
| 4 | Ashland | $1,724 |
| 5 | Saint Matthews | $1,643 |
| 6 | Radcliff | $1,606 |
| 7 | Paducah | $1,599 |
| 8 | Henderson | $1,557 |
| 9 | Madisonville | $1,552 |
| 10 | Danville | $1,549 |
| 11 | Murray | $1,549 |
| 12 | Elizabethtown | $1,547 |
| 13 | Nicholasville | $1,519 |
| 14 | Winchester | $1,517 |
| 15 | Lexington | $1,514 |
| 16 | Georgetown | $1,506 |
| 17 | Florence | $1,485 |
| 18 | Hopkinsville | $1,478 |
| 19 | Bowling Green | $1,476 |
| 20 | Richmond | $1,475 |
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Rate quotes are estimated as zip code location can impact premium rates substantially.
The type of vehicle requiring insurance is probably the largest consideration when trying to find low-priced insurance after a speeding ticket. Vehicles with lower performance, excellent safety ratings, or a low likelihood of having liability claims will cost substantially less to insure than higher performance models. The data below presents auto insurance prices for a number of the most cost-effective vehicles to buy insurance for.
| Insured Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V EX-L 2WD | $1,203 |
| Ford Escape Limited 2WD | $1,208 |
| Toyota Prius | $1,205 |
| Chevrolet Silverado LS Regular Cab 4WD | $1,261 |
| Chevrolet Equinox LS 2WD | $1,286 |
| Ford Explorer XLT AWD | $1,288 |
| Ford F-150 XLT Crew Cab 2WD | $1,309 |
| Toyota Tacoma Double Cab 4WD | $1,311 |
| Ford Focus SEL 4-Dr Sedan | $1,332 |
| Hyundai Elantra GLS 4-Dr Sedan | $1,357 |
| Toyota Corolla LE | $1,367 |
| Chevrolet Malibu LS | $1,363 |
| Kia Optima LX | $1,377 |
| Chevrolet Silverado 2500HD LT Crew Cab 4WD | $1,382 |
| GMC Sierra SLE Crew Cab 2WD | $1,389 |
| Volkswagen Jetta 2.0T 4-Dr Sedan | $1,382 |
| Jeep Grand Cherokee Laredo 2WD | $1,388 |
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Cost estimates assume married male driver age 30, two speeding tickets, no at-fault accidents, $1,000 deductibles, and Kentucky minimum liability limits. Discounts applied include claim-free, homeowner, multi-vehicle, and multi-policy. Estimates do not factor in zip code location which can lower or raise prices considerably.
Based upon the rates shown, we can conclude that vehicles like the Honda CR-V, Ford Escape, and Toyota Prius are a few of the more affordable vehicles to insure after a few driving violations.
Finding a highly-rated car insurance company is difficult considering how many companies sell coverage in Kentucky. The ranking data below may help you choose which car insurance companies you want to consider when buying insurance after a speeding ticket.
These rankings only include companies that write coverage in many states, so companies with more of a regional focus are not included in this list. To view rates and find the cheapest rates after a speeding ticket, simply click here.
| 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 |
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Data Source: Insure.com Best Car Insurance Companies
The information below shows how choosing a deductible can raise or lower insurance costs when searching for cheap insurance after a speeding ticket. The information is based on a single female driver, comp and collision included, and no discounts are factored in.
As shown above, a 40-year-old driver could lower their car insurance rates by $362 a year by switching their comprehensive and collision coverages from a $100 deductible to a $500 deductible, or save $546 by using a $1,000 deductible. Even younger drivers, like the age 20 example, could shave as much as $920 or more by using a higher deductible.
When raising deductibles, it is necessary to have enough in a savings account to enable you to pay the extra out-of-pocket expense. This is the primary disadvantage of choosing high deductibles.
Discounts on Lexington auto insurance rates
Insurers that provide policies after a speeding ticket may also provide policy discounts that can lower rates by as much as 35% or more if you meet specific criteria. A few popular companies and their possible discounts can be found below.
- Farmers Insurance offers discounts for youthful driver, electronic funds transfer, early shopping, homeowner, multi-car, bundle discounts, and pay in full.
- State Farm offers discounts including Drive Safe & Save, multiple policy, defensive driving training, driver’s education, anti-theft, and good driver.
- Liberty Mutual has savings for preferred payment discount, newly married, good student, new graduate, multi-policy, exclusive group savings, and hybrid vehicle.
- MetLife includes discounts for good student, defensive driver, good driver, multi-policy, claim-free, accident-free
- Progressive policyholders can earn discounts including good student, multi-policy, online quote discount, homeowner, online signing, continuous coverage, and multi-vehicle.
The illustration below compares insurance prices with and without discounts applied to the policy rates. The rate quotes are based on a female driver, no accidents and one traffic ticket, Kentucky state minimum liability limits, full coverage, and $1,000 deductibles.
The first bar for each age group shows the average rate with no discounts. The second bar shows the rates with multiple vehicle, marriage, anti-theft, paperless filing, continuous coverage, and vehicle safety discounts applied. In this example, the average amount saved each year on auto insurance after a speeding ticket is 28% or $415.
Comparing rates can save you money
Kentucky auto insurance rates are influenced by many factors which can significantly increase or decrease the price you pay. Simply improving your credit, getting divorced, or having an accident can trigger price changes that can make some companies cheaper than others. Not only may your situation change, but companies modify pricing every year to adjust for heavy claims or excess profits. Heavy losses can result in rate hikes, while lower claims may produce lower-priced Lexington car insurance rates.
To help illustrate this point, the chart below shows the cheapest car insurance in Lexington, KY for a 45-year-old female driver with no accidents or violations, and a good credit rating. If we estimate prices based on her current rating profile, Cincinnati Insurance may offer the lowest car insurance rates in Lexington at $1,126 annually. This is $1,017 less than the average rate paid by Kentucky drivers of $2,143. Kentucky Farm Bureau, USAA, Auto-Owners, and Grange Mutual are also included in the cheapest Lexington, KY auto insurance companies.
In this example, we will give the driver from above an accident claim, poor credit, and a stop sign violation. Because every insurance company has their own process for determining rates, comparing quotes may result in a slightly different list of cheap Lexington auto insurance companies as shown below.
Kentucky Farm Bureau now has the best insurance rate in Lexington, KY with USAA, Travelers, State Farm, and Westfield completing the list. This example proves why Kentucky drivers need to compare many different companies when trying to get the cheapest insurance rates after a speeding ticket.
Auto insurance prices can be altered by many things and change frequently, so the cheapest company the last time you checked may now be quite expensive.