Figuring out which companies quote the most affordable auto insurance rates for high risk drivers will involve a tad more effort in order to find the best policy. Each auto insurance company uses a different method to set premium rates, so let’s examine the overall cheapest auto insurance companies in Kentucky.
It’s important to know that Lexington auto insurance rates are calculated based on many things which can significantly increase or decrease the price of your policy. Simply having a birthday, buying a different vehicle, or getting a DUI can trigger rate changes that may make certain companies cheaper than competitors.
Find the Best Cheap Insurance for Risky Drivers
Cincinnati Insurance normally has some of the most affordable car insurance rates in Lexington at around $1,082 per year. This is $1,061 less than the average rate paid by Kentucky drivers of $2,143. Kentucky Farm Bureau, USAA, Auto-Owners, and Motorists Mutual also qualify as some of the lowest-priced Lexington, KY car insurance companies.
As shown above, if you are currently insured with USAA and switched to Cincinnati Insurance, you could realize annual savings of around $93. Policyholders with Auto-Owners could save as much as $275 a year, and Motorists Mutual customers might lower prices by up to $519 a year.
Be aware that those policy prices are averages across all ages of drivers and types of vehicles and and are not calculated with a specific location for high risk drivers. So the company that is most affordable for your situation may not even be in the top 21 companies shown above. That illustrates why you need to get quotes using your own driver information and specific vehicle type.
The vehicle model that is being insured is a large factor when shopping for the most economical car insurance for high risk drivers. Vehicles with high performance features, a lack of safety features, or an increased likelihood of liability claims will cost much more to insure than safer, lower-performance models.
The list below features car insurance prices for a number of the more affordable vehicles to buy insurance for.
| Vehicle Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V EX-L 4WD | $3,031 |
| Ford Escape Limited 2WD | $3,040 |
| Hyundai Elantra SE Touring Station Wagon | $3,191 |
| Toyota Prius | $3,377 |
| Jeep Wrangler Rubicon 4WD 2-Dr | $3,545 |
| Jeep Grand Cherokee Laredo 2WD | $3,547 |
| Dodge Grand Caravan SXT | $3,580 |
| Ford F-150 XLT Regular Cab 4WD | $3,630 |
| Toyota Camry XLE | $3,709 |
| Toyota Corolla LE | $3,716 |
| Toyota Tacoma Double Cab 4WD | $3,715 |
| Nissan Altima 2.5 4-Dr Sedan | $3,722 |
| Chevrolet Equinox LTZ 2WD | $3,742 |
| Start Your Quote Go | |
Prices above based on single female driver age 40, two speeding tickets, two at-fault accidents, $1,000 deductibles, and Kentucky minimum liability limits. Discounts applied include multi-policy, multi-vehicle, and homeowner. Estimates do not factor in specific zip code location which can modify prices significantly.
Looking at the rates, we can assume that cars like the Honda CR-V, Ford Escape, and Hyundai Elantra are most likely to be some of the most budget-friendly vehicles to insure for high risk drivers. Prices will be more costly because of the fact that there is more inherent risk for high risk drivers, but overall those particular models will most likely have the cheapest auto insurance rates compared to other types of vehicles.
How much more does full coverage cost?
Buying cheaper auto insurance is the goal of most vehicle owners, and one of the quickest ways to pay less for insurance for high risk drivers is to not insure for full coverage. The chart below compares yearly insurance costs when comparing full coverage to liability only. The data assumes no claims or driving citations, $100 deductibles, single status, and no additional discounts are factored in.
Averaged out for all age groups, full coverage on your policy costs $1,873 per year more than just buying liability only. Lot’s of drivers question if paying for full coverage is worth it. There is no clear-cut formula of when to exclude physical damage coverage, but there is a broad guideline. If the yearly cost of full coverage is about 10% or more of the vehicle’s replacement cost less your deductible, the it may be a good time to stop paying for full coverage.
For example, let’s say your vehicle’s replacement cost is $7,500 and you have $1,000 physical damage deductibles. If your vehicle is severely damaged, the most your company will settle for is $6,500 after paying the physical damage deductible. If premiums are more than $650 annually for your policy with full coverage, then it’s probably a good time to buy liability coverage only.
There are a few situations where eliminating full coverage is not a good idea. If you still owe a portion of the original loan, you have to carry full coverage to protect the lienholder’s interest. Also, if you cannot afford to purchase a different vehicle if your current one is damaged, you should not remove full coverage.
Discounts on Lexington insurance rates
Insurance providers that sell policies for high risk drivers may also give you discounts that may potentially lower prices by 40% or more if you are eligible for them. Larger auto insurance companies and a summarized list of policyholder discounts can be found below.
- American Family may have discounts that include Steer into Savings, defensive driver, good driver, early bird, accident-free, air bags, and good student.
- Nationwide has discounts for business or organization, good student, easy pay, anti-theft, and accident-free.
- MetLife has savings for good driver, accident-free, multi-policy, claim-free, and defensive driver.
- 21st Century may offer discounts for air bags, student driver, 55 and older, early bird, homeowners, anti-lock brakes, and driver training.
- Farmers Insurance policyholders can earn discounts including bundle discounts, pay in full, mature driver, alternative fuel, early shopping, and teen driver.
- Allstate discounts include defensive driver, farm vehicle, premier discount, early signing, utility vehicle, and premier plus.
The illustration below shows the comparison of auto insurance rates with and without discounts applied. The data assumes a female driver, three citations and two at-fault accidents, Kentucky state minimum liability limits, comp and collision included, and $250 deductibles.
The first bar for each age group shows the average rate with no discounts. The lower bar shows the rates with vehicle safety, paid-in-full, continuous coverage, multiple vehicle, passive restraint, and anti-theft discounts applied. When taking advantage of discounts, theamount saved on auto insurance for high risk drivers is 29% or $1,896.
Insurance rate increases from tickets or accidents
The obvious way to receive low auto insurance rates for high risk drivers is to drive carefully and maintain a clean driving record. The illustration below demonstrates how speeding tickets and at-fault collisions can increase insurance prices for each age group. The rate quotes are based on a single male driver, full coverage, $250 deductibles, and no policy discounts are applied.
The chart shows that the average cost of car insurance in Lexington per year with no accidents or violations is $2,293. Get written up for two speeding tickets and the average cost rises to $3,040, an increase of $747 each year. Now get two accidents along with the two speeding tickets and the annual cost of auto insurance for high risk drivers increases to an average of $5,816. That’s an increase of $3,523, or $294 per month, just for not being attentive to the road!