Finding reliable, reasonably-priced auto insurance is hard enough, and determining which companies have the most affordable auto insurance rates for Lyft drivers will require even more shopping around. Each auto insurer has their own guidelines to set premium rates, so we’ll go over the overall cheapest auto insurance companies in Lexington, KY.
It’s a good idea to be aware that Lexington, KY auto insurance rates are impacted by many things that will increase or decrease the policy price. This price variability is why Lexington drivers need to spend some time comparing rates to find the most economical insurance rates for Lyft drivers. Insurance rates can be altered by many things and change substantially, so the most economical company three years ago may now be an over-priced policy.
Cheapest Insurance Rates for Your Lyft Vehicle
Cincinnati Insurance may offer some of the cheapest car insurance rates in Lexington at around $1,115 per year. Kentucky Farm Bureau, USAA, Auto-Owners, and Motorists Mutual also make the cut as some of the most economical Lexington, KY insurance companies.
As shown in the rates above, if you currently buy coverage from Auto-Owners and switched to Cincinnati Insurance, you might achieve annual savings of upwards of $242. Kentucky drivers with Motorists Mutual might save as much as $502 a year, and Grange Mutual insureds might reduce prices by as much as $510 a year.
To discover how much you can save, click here to start a quote or click several companies below for low rates.
Understand that those estimates are averages for all drivers and vehicles and and are not calculated with a specific location for Lyft drivers. So the auto insurance company that fits your age and vehicle best may not even be in the top 21 companies in the list above. That underscores the importance of why you need to get car insurance quotes using your own driver data and vehicle information.
One of the many components that determine insurance cost is where you normally keep your vehicle. Areas with high crime rates or more dense population will most likely pay more, whereas more rural areas have the luxury of cheap car insurance rates.
The next table rates the most expensive cities in Kentucky for Lyft drivers to purchase auto insurance in. Lexington makes the list at #20 with an annual cost of $1,469 for the average policy, which is about $122 each month.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | Louisville | $2,090 |
| 2 | Frankfort | $1,795 |
| 3 | Jeffersontown | $1,719 |
| 4 | Ashland | $1,707 |
| 5 | Saint Matthews | $1,643 |
| 6 | Paducah | $1,631 |
| 7 | Elizabethtown | $1,611 |
| 8 | Radcliff | $1,606 |
| 9 | Madisonville | $1,568 |
| 10 | Murray | $1,565 |
| 11 | Henderson | $1,557 |
| 12 | Danville | $1,534 |
| 13 | Covington | $1,532 |
| 14 | Georgetown | $1,506 |
| 15 | Winchester | $1,501 |
| 16 | Florence | $1,485 |
| 17 | Hopkinsville | $1,478 |
| 18 | Richmond | $1,475 |
| 19 | Nicholasville | $1,474 |
| 20 | Lexington | $1,469 |
| 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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Rates are estimated as the specific zip code location can raise or lower coverage prices considerably.
The chart below illustrates how your choice of deductibles can affect insurance premiums when searching for cheap insurance for Lyft drivers. The data assumes a married male driver, comp and collision included, and no additional discounts are factored in.
As shown above, a 40-year-old driver could cut expenses by $226 a year by switching from a $100 deductible to a $500 deductible, or save $344 by choosing a $1,000 deductible. Youthful drivers, like the 20-year-old, could save $756 or even more by selecting a higher deductible. If you do make the decision to raise your deductibles, it will be required to have additional funds in a savings account to cover the extra out-of-pocket expense. This is the primary disadvantage of choosing high deductibles.
Discounts on Lexington insurance rates
Auto insurance companies that offer cheap quotes for Lyft drivers may also provide policy discounts that can lower rates by 25% or more if you can meet the requirements. A few popular companies and a summarized list of policyholder discounts can be found below.
- State Farm offers premium reductions for multiple autos, accident-free, anti-theft, good student, good driver, and passive restraint.
- Esurance may offer discounts for DriveSense, anti-theft, multi-policy, renters, claim free, multi-car, and online quote.
- Progressive includes discounts for continuous coverage, online quote discount, good student, multi-vehicle, and homeowner.
- Liberty Mutual has savings for multi-policy, newly married, teen driver discount, good student, exclusive group savings, and new vehicle discount.
- Auto-Owners Insurance discounts include group or association, anti-theft, paperless, good student, student away at school, and company car.
- GEICO policyholders can earn discounts including emergency military deployment, driver training, federal employee, membership and employees, seat belt use, defensive driver, and anti-theft.
The illustration below illustrates the difference between car insurance costs with and without discounts applied to the policy rates. The data assumes a male driver, no claims or driving citations, Kentucky state minimum liability limits, comp and collision included, and $100 deductibles. The first bar for each age group shows insurance cost with no discounts. The lower bar shows the rates with passive restraint, accident-free, homeowner, vehicle safety, multiple policy, and anti-theft discounts applied. When these discounts are applied to the policy premium, the average savings per year on auto insurance for Lyft drivers is 28% or $698.
Why are you paying too much for Lexington car insurance?
Lexington, KY auto insurance rates are based on many factors that can increase the cost of your policy. Simply turning a year older, having a claim, or getting into an accident may generate price changes that can make some companies more affordable than before. Not only may things change on your end, but companies change their prices without warning to adjust for heavy claims or excess profits. Unexpectedly high claims can cause more expensive premiums, while lower claim expenses can produce lower-priced Lexington car insurance rates.
The chart below shows the companies that have the cheapest car insurance in Lexington, KY for a 45-year-old female driver with no accidents, a clean driving record, and a good credit history. If we look at prices based on her current rating profile, Cincinnati Insurance has the most affordable car insurance rates in Lexington at $1,167 a year. This is $976 less than the average price 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.
The example below compares rates after we give the driver from the first example some claims, a little lower credit rating, and a speeding ticket. Because each company uses their own formula for filing rates in each state, getting updated rate quotes most likely will result in a different list of affordable Lexington car insurance companies as shown below.
Kentucky Farm Bureau now has the cheapest rate in Lexington, KY with Travelers, USAA, State Farm, and Westfield completing the list. This example illustrates why it is so important to compare rates when trying to get the cheapest insurance quotes for Lyft drivers. Rates are influenced by many risk factors and can change substantially, so the best option three years ago may now cost much more than other companies.