The words “low-priced” and “auto insurance” really should not be used together, especially when you are searching for the best insurance rates for teenage males. In an attempt to save some money, let’s go over some of the things that influence insurance rates, and figure out some ways to cut the cost of the next policy you buy.
One of the many considerations that are looked at to determine car insurance rates is where you keep your car. Larger areas are more likely to have higher rates, whereas areas with lower vehicle theft rates and fewer weather claims have the luxury of cheap car insurance rates.
The next table sorts the most expensive places in Kentucky for teenage males to buy auto insurance in. Lexington makes the list at #13 having an annual price of $1,514 on average, which is about $126 monthly.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | Louisville | $2,112 |
| 2 | Frankfort | $1,742 |
| 3 | Ashland | $1,724 |
| 4 | Jeffersontown | $1,685 |
| 5 | Saint Matthews | $1,660 |
| 6 | Radcliff | $1,654 |
| 7 | Paducah | $1,631 |
| 8 | Murray | $1,613 |
| 9 | Elizabethtown | $1,563 |
| 10 | Madisonville | $1,552 |
| 11 | Danville | $1,534 |
| 12 | Covington | $1,517 |
| 13 | Lexington | $1,514 |
| 14 | Henderson | $1,511 |
| 15 | Nicholasville | $1,504 |
| 16 | Winchester | $1,501 |
| 17 | Hopkinsville | $1,493 |
| 18 | Georgetown | $1,491 |
| 19 | Florence | $1,485 |
| 20 | Erlanger | $1,478 |
| Find Cheaper Insurance Go | ||
Table data uses approximated as zip code location can decrease or increase coverage rates noticeably.
Establishing which companies quote the best car insurance rates for teenage males will take a little more sweat than just quoting one company’s rates. Each auto insurance company uses their own method for establishing rates, so let’s take a look at the most competitive car insurance companies in Lexington.
Best Insurance Companies for Teens
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Cincinnati Insurance | $1,093 |
| 2 | Kentucky Farm Bureau | $1,128 |
| 3 | USAA | $1,223 |
| 4 | Auto-Owners | $1,357 |
| 5 | Grange Mutual | $1,561 |
| 6 | Travelers | $1,614 |
| 7 | Motorists Mutual | $1,617 |
| 8 | Westfield | $1,832 |
| 9 | State Farm | $1,848 |
| 10 | Safe Auto | $1,932 |
| 11 | Electric | $2,076 |
| 12 | Progressive | $2,077 |
| 13 | Nationwide | $2,085 |
| 14 | State Auto | $2,254 |
| 15 | Encompass | $2,358 |
| 16 | GEICO | $2,437 |
| 17 | Safeco | $2,763 |
| 18 | MetLife | $3,053 |
| 19 | Shelter | $3,231 |
| 20 | Liberty Mutual | $3,744 |
| Find Your Rate Go | ||
Cincinnati Insurance may offer some of the cheapest car insurance rates in Lexington at around $1,093 each year. Kentucky Farm Bureau, USAA, Auto-Owners, and Grange Mutual also make the cut as some of the cheapest Lexington, KY auto insurance companies.
As the rates illustrate above, if you currently have coverage with Grange Mutual and switched to Kentucky Farm Bureau, you might achieve savings of upwards of $433. Insureds with Travelers may save as much as $486 a year, and Motorists Mutual policyholders might lower prices by up to $489 a year.
Remember that these prices are averages across all insureds and vehicles and do not take into consideration a specific vehicle garaging location for teenage males. So the insurer that has the cheapest rates for you may not even be in the top 21 companies in the list above. That affirms the importance of why you need to compare rates from as many companies as possible using your own driver data and vehicle information.
Price comparison of only insuring for liability
Reducing premiums for car insurance is important to the majority of people, and one good way to find cheaper insurance for teenage males is to only buy liability coverage. The diagram below illustrates the difference between insurance prices when comparing full coverage to liability only. The premium estimates are based on no claims or driving citations, $500 deductibles, drivers are not married, and no other discounts are factored in.
If averaged for all ages, comp and collision coverage costs $1,541 per year over and above liability only. That is a significant amount which raises the question when is it safe to stop buying full coverage. There is no definitive formula to stop paying for physical damage coverage, but there is a guideline you can use. If the annual cost of coverage is more than about 10% of the vehicle’s replacement cost less your deductible, then it could be time to drop full coverage.
For example, let’s assume your vehicle’s settlement value is $5,500 and you have $1,000 full coverage deductibles. If your vehicle is damaged in an accident, the most your company would pay you is $4,500 after the policy deductible has been paid. If premiums are more than $450 a year for physical damage coverage, then it might be time to buy liability only.
Picking the best auto insurance company can be challenging considering how many different insurance companies sell coverage in Kentucky. The company ratings listed below can help you analyze which car insurance providers you want to consider to insure your vehicles.
The ratings below are only comprised of large insurance companies, so companies that may only write in Kentucky will not be included in this list. To get price quotes from these and other competitive companies, just 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 |
| Compare Rates Now Go | ||||||
Data Source: Insure.com Best Car Insurance Companies
Are you paying too much for car insurance in Lexington?
Lexington car insurance rates are based on many factors which can substantially decrease or increase the price you pay. Simply having another birthday, having a claim, or getting a few speeding tickets can trigger price changes resulting in some companies being more affordable than competitors.
Not only that, but car insurance companies amend pricing as often as every three months in order to remain profitable. Significantly higher losses may cause increased rates, while less frequent claims can result in more affordable Lexington car insurance rates.
As an example, the graph below demonstrates which company has the cheapest car insurance in Lexington, KY for a 40-year-old female driver with no accidents or violations, and a good credit history. If we estimate rates based on her current risk profile, Cincinnati Insurance offers the lowest car insurance rates in Lexington at $1,203 each year. This is $940 less than the average price paid by Kentucky drivers of $2,143. Kentucky Farm Bureau, USAA, Auto-Owners, and Motorists Mutual are the remainder of the most affordable Lexington, KY auto insurance companies.
In this example, we will give the driver from the first example some claims, a little lower credit rating, and a few traffic violations. Because each company uses their own method to set policy rates, comparing prices may result in a different list of the cheapest car insurance companies in Lexington as shown below.
USAA now has the best car insurance rate in Lexington with Kentucky Farm Bureau, Travelers, Westfield, and State Farm now being in the top five. This shows why it is critical to take the time to shop around when trying to get the lowest insurance rates for teenage males. Insurance prices can be determined by many risk factors and change frequently, so the lowest-price company the last time you shopped around may now be quite expensive.
How to find more affordable auto insurance for teenage males
The list below details a few penny-pinching suggestions that can help Lexington drivers find low-cost car insurance.
- Improve your credit
- Increase your policy deductibles
- Frequent claims will increase rates
- Save money by bundling your home and auto policies
- Accident-free drivers may qualify for discounts
- Serious violations like DUI or reckless driving can increase rates dramatically
- Check for cheaper rates once a year
That final tip is incredibly critical, as we discussed in this article. Coverage rates can be adjusted at any time, so drivers shouldn’t hesitate to buy a policy from a new company if a cheaper price is available.
Loyalty to a specific company is fine, but it’s not a great idea if that devotion results in you overpaying money that could be used for better things. Spend a few minutes and compare rates and find cheaper auto insurance for teenage males in Lexington.
If you would rather get help from a professional when comparing insurance rates for teen boys, the agents shown below can most likely help you decide which auto insurance policy would work best for you.
To locate a Lexington car insurance agency near you, click the link after the list or click here to compare rates now.
Joe Daugherty – State Farm Insurance Agent
651 Perimeter Dr Ste 204 – Lexington, KY 40517 – (859) 269-4990
Cambridge Insurance
2300 Regency Road – Lexington, KY 40503 – (859) 252-0381
KY Insurance and Investment Grp
3320 Clays Mill Rd Suite 214 – Lexington, KY 40503 – (859) 224-0316
Ky Insurance and Investment
1801 Alexandria Dr – Lexington, KY 40504 – (859) 373-1282