One of the more important considerations that are looked at to help calculate auto insurance rates is where you keep your vehicle. Cities with more crime and/or more people will most likely pay more, whereas areas with fewer weather claims and lower vehicle theft rates tend to receive slightly lower rates.
The following table ranks the priciest cities in Kentucky for 17 year olds in which to buy car insurance. Lexington is ranked #19 with a yearly cost of $1,469 for the average insurance policy, which is approximately $122 per month.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | Louisville | $2,112 |
| 2 | Frankfort | $1,725 |
| 3 | Jeffersontown | $1,685 |
| 4 | Ashland | $1,656 |
| 5 | Saint Matthews | $1,643 |
| 6 | Radcliff | $1,638 |
| 7 | Paducah | $1,631 |
| 8 | Danville | $1,581 |
| 9 | Madisonville | $1,568 |
| 10 | Murray | $1,565 |
| 11 | Henderson | $1,557 |
| 12 | Elizabethtown | $1,547 |
| 13 | Georgetown | $1,536 |
| 14 | Covington | $1,532 |
| 15 | Nicholasville | $1,519 |
| 16 | Winchester | $1,501 |
| 17 | Hopkinsville | $1,478 |
| 18 | Richmond | $1,475 |
| 19 | Lexington | $1,469 |
| 20 | Florence | $1,441 |
| 21 | Erlanger | $1,435 |
| 22 | Independence | $1,422 |
| 23 | Bowling Green | $1,418 |
| 24 | Fort Thomas | $1,412 |
| 25 | Owensboro | $1,376 |
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Premium costs are approximated as vehicle location can increase or decrease rates substantially.
Establishing which insurers offer the cheapest car insurance rates for 17 year olds calls for a tad more effort in order to find the best price. Each company has a proprietary formula for setting prices, so let’s take a look at the most competitive car insurance companies in Lexington, KY.
Keep in mind that Kentucky car insurance rates are determined by lots of factors which can significantly increase or decrease the price you pay. Simply getting older, becoming a homeowner, or getting a couple of tickets can cause premium changes resulting in some companies being much cheaper than others.
Best Cheap Insurance Rates for Teens
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Cincinnati Insurance | $1,115 |
| 2 | Kentucky Farm Bureau | $1,163 |
| 3 | USAA | $1,175 |
| 4 | Auto-Owners | $1,371 |
| 5 | Motorists Mutual | $1,553 |
| 6 | Grange Mutual | $1,609 |
| 7 | Travelers | $1,663 |
| 8 | Westfield | $1,832 |
| 9 | State Farm | $1,848 |
| 10 | Safe Auto | $1,991 |
| 11 | Progressive | $2,056 |
| 12 | Nationwide | $2,064 |
| 13 | Electric | $2,160 |
| 14 | State Auto | $2,232 |
| 15 | Encompass | $2,312 |
| 16 | GEICO | $2,437 |
| 17 | Safeco | $2,681 |
| 18 | MetLife | $3,084 |
| 19 | Shelter | $3,167 |
| 20 | Liberty Mutual | $3,598 |
| Quote Your Rates Go | ||
Cincinnati Insurance offers some of the lowest car insurance rates in Lexington at around $1,115 per year. Kentucky Farm Bureau, USAA, Auto-Owners, and Motorists Mutual also rank well as some of the cheaper Lexington, KY car insurance companies.
As illustrated above, if you buy coverage from Motorists Mutual and switched to Kentucky Farm Bureau, you might see an annual savings of about $390. Drivers with Grange Mutual may save as much as $446 a year, and Travelers policyholders might see rate reductions of $500 a year.
Remember that these policy prices are averaged for all types of insureds and vehicles and and are not figured with a specific location for 17 year olds. So the auto insurance company that fits you best may not even be in the top 21 companies shown above. That’s why you need to get quotes using your own personalized driver profile and vehicle information.
Discounts on Lexington auto insurance
Car insurance companies that offer quotes for 17 year olds may also offer policy discounts that could reduce prices by 30% or more if you meet specific criteria. Popular car insurance companies and a selection of discounts are detailed below.
- Farmers Insurance offers premium reductions for early shopping, electronic funds transfer, bundle discounts, switch companies, mature driver, homeowner, and distant student.
- Esurance may offer discounts for defensive driver, paid-in-full, Pac-12 alumni, safety device, emergency road assistance, anti-lock brakes, and anti-theft.
- State Farm may have discounts that include multiple autos, student away at school, good driver, passive restraint, and driver’s education.
- GEICO may include discounts for multi-policy, driver training, good student, membership and employees, military active duty, and anti-theft.
- Allstate offers discounts for defensive driver, EZ pay plan discount, premier discount, economy car, senior citizen, auto/life discount, and 55 and retired.
The diagram below illustrates the comparison of insurance rates with and without discounts applied to the rates. The information is based on a female driver, no accidents, no driving violations, Kentucky state minimum liability limits, comprehensive and collision coverage, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second bar shows the rates with paid-in-full, passive restraint, anti-theft, good student, vehicle safety, and continuous coverage discounts applied. When these discounts are applied to the policy premium, theaverage amount saved on car insurance for 17 year olds is 28% or $514.
Lexington car insurance companies ranked
Ending up with a good quality car insurance company can be challenging considering how many choices you have in Lexington. The information below can help you decide which coverage providers to look at when comparing insurance rates for 17 year olds.
These ratings include the largest companies in the United States, so smaller regional companies are not included in the list. To compare prices from these top-rated insurers and more, click this link.
Top 10 Major Auto Insurance Providers Overall in Lexington
- Travelers
- USAA
- AAA Insurance
- Nationwide
- Allstate
- State Farm
- The Hartford
- Safeco Insurance
- Progressive
- American Family
Top 10 Major Auto Insurance Providers in Lexington Ranked by Customer Satisfaction
- USAA – 91%
- AAA Insurance – 90%
- Esurance – 90%
- Nationwide – 89%
- Travelers – 88%
- Progressive – 88%
- Safeco Insurance – 88%
- State Farm – 88%
- Allstate – 88%
- The Hartford – 87%
Rate comparison of full coverage and liability-only
Saving on car insurance is probably important to the majority of vehicle owners, and an effective way to pay less for insurance for 17 year olds is to not pay for full coverage. The chart below compares insurance costs with full coverage compared to only the Kentucky minimum liability coverage. The price estimates are based on no claims or violations, $100 deductibles, drivers are not married, and no discounts are taken into consideration.
If averaged out across all ages, comprehensive and collision coverage on your policy costs $2,508 per year more than buying just liability insurance. That is a large expense which might make you wonder if you should buy full coverage at all. There is no written rule for excluding physical damage coverage, but there is a guideline you can consider. If the yearly cost for physical damage coverage is more than about 10% of the vehicle’s replacement cost less your deductible, then it may be the right time to buy liability only.
There are some cases where dropping full coverage is not a good idea. If you still have a lienholder on your title, you have to carry full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if your emergency fund is not enough to purchase a different vehicle in case of an accident, you should maintain full coverage.
How to find cheaper insurance for 17 year olds
Here are a few money-saving ideas that can help you get cheaper coverage.
- Violations and traffic tickets increase rates
- Safer vehicles generally have cheaper insurance rates
- Being accident-free can lower rates significantly
- Insure your home and auto with the same company
- Having too many claims will increase rates substantially
- Compare rates and switch if you can find a better deal
That last idea is very critical, as we noted in this article. Coverage prices can be changed at any time, so don’t hesitate to change to a new company if you find a better deal. Staying with the same company for years is fine, but is isn’t recommended if it’s costing you money that could be used for better things. Now is a great time to compare rates to find cheaper car insurance for 17 year olds in Lexington.