Shopping around for cheap auto insurance is challenging, and determining which companies have the cheapest auto insurance rates for drivers over age 50 will involve even more perseverance. Every insurance provider has their own process for determining prices, so we’ll go over the auto insurance companies that tend to have lower prices in Lexington, KY.
Best Car Insurance Prices for Age 50+
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Cincinnati Insurance | $1,115 |
| 2 | Kentucky Farm Bureau | $1,139 |
| 3 | USAA | $1,223 |
| 4 | Auto-Owners | $1,399 |
| 5 | Motorists Mutual | $1,553 |
| 6 | Grange Mutual | $1,561 |
| 7 | Travelers | $1,614 |
| 8 | State Farm | $1,867 |
| 9 | Westfield | $1,870 |
| 10 | Safe Auto | $1,932 |
| 11 | Nationwide | $2,064 |
| 12 | Progressive | $2,077 |
| 13 | Electric | $2,160 |
| 14 | State Auto | $2,188 |
| 15 | Encompass | $2,358 |
| 16 | GEICO | $2,365 |
| 17 | Safeco | $2,763 |
| 18 | MetLife | $3,053 |
| 19 | Shelter | $3,263 |
| 20 | Allstate | $3,712 |
| View More Rates Go | ||
Cincinnati Insurance may offer some of the best car insurance rates in Lexington at around $1,115 each year. Kentucky Farm Bureau, USAA, Auto-Owners, and Motorists Mutual also qualify as some of the most economical Lexington, KY insurance companies.
In the above example, if you currently have coverage with USAA and switched to Cincinnati Insurance, you might realize a yearly savings of upwards of $108. Drivers with Auto-Owners could save as much as $284 a year, and Motorists Mutual policyholders might cut rates by $438 a year.
If you want to see how much you could save, click here to start a quote or click several companies below for low rates.
Bear in mind that those premiums are averaged across all ages of drivers and types of vehicles and and are not calculated with an exact zip code location for drivers over age 50. So the insurer that can offer the best rates for your situation may not even be in the top 21 companies shown above. That helps illustrate why you need to compare as many prices as possible using your own driver and vehicle profiles.
The make and model of vehicle that is being insured is one of the largest factors when comparison shopping for the best car insurance for drivers over age 50. Vehicles with higher performance, a lack of safety features, or a track record of large liability claims will cost substantially more to insure than more economical and safe models. The list below estimates car insurance prices for the more affordable vehicles to buy insurance for.
| Vehicle Insured | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V LX 4WD | $873 |
| Hyundai Elantra GLS Touring Station Wagon | $879 |
| Ford Escape Limited 4WD | $946 |
| Volkswagen Jetta S 2.5 Station Wagon | $953 |
| Toyota Prius | $965 |
| Ford Explorer XLT 2WD | $976 |
| Ford Edge SEL 2WD | $1,012 |
| Ford Focus SE 4-Dr Sedan | $1,017 |
| Chevrolet Silverado LS Regular Cab 2WD | $1,028 |
| Toyota RAV4 2WD | $1,031 |
| Dodge Grand Caravan SXT | $1,049 |
| Ford F-150 FX4 4WD | $1,058 |
| Toyota Tacoma Double Cab 4WD | $1,049 |
| Jeep Wrangler Unlimited Sport Islander Package 4WD 4-Dr | $1,060 |
| Toyota Corolla XLE | $1,087 |
| Find Cheaper Rates Go | |
Cost estimates assume single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Kentucky minimum liability limits. Discounts applied include claim-free, multi-vehicle, safe-driver, homeowner, and multi-policy. Premium amounts do not factor in specific Lexington, KY garaging location which can influence price quotes greatly.
Looking at the rates, vehicles like the Honda CR-V, Hyundai Elantra, Ford Escape, and Volkswagen Jetta will definitely be a few of the less-costly vehicles to insure for older drivers.
Full coverage or liability only
Saving money when shopping for auto insurance should be important to most drivers, and one easy way to find cheaper insurance for drivers over age 50 is to only pay for liability coverage. The example below illustrates the difference between insurance costs with full coverage compared to only the Kentucky minimum liability coverage. The data is based on no accidents or driving violations, $500 deductibles, single marital status, and no discounts are applied to the premium.
Averaged for all age groups, comp and collision coverage costs an extra $2,088 per year more than just buying liability insurance. That amount may make you wonder if physical damage coverage is worth the money. There isn’t a written rule for excluding comprehensive and collision coverage on your policy, but there is a guideline you can consider. If the annual cost of comprehensive and collision coverage is more than 10% of the settlement you would receive from your company, the it may be a good time to stop paying for full coverage.
The example below shows how choosing a deductible can increase or decrease annual premium costs when getting quotes for cheap insurance for drivers over age 50. The rate quotes are based on a married male driver, full coverage, and no discounts are applied to the premium.
The data above shows that a 40-year-old driver could pocket $226 a year by switching the physical damage coverage from a $100 deductible to a $500 deductible, or save $344 by using a $1,000 deductible. Even younger insureds, such as the Age 20 example, could drop their prices as much as $756 or more by using higher deductibles when buying full coverage. When increasing deductibles, it will now be necessary to have plenty of discretionary funds to enable you to pay the extra out-of-pocket expense, which is the primary disadvantage of high deductibles.
Why you should be shopping around
Lexington, KY auto insurance rates are calculated based on many things that can increase the price you have to pay for coverage. Improving your credit score, moving to a different location, or having a fender bender can produce rate changes resulting in some rates now being more affordable than others. Not only that, but car insurance companies amend premium rates every year in order to offset underwriting gains or losses. Heavier than normal losses can cause more expensive prices, while less frequent claims may produce lower-priced Lexington car insurance rates.
As an example, the graph below compares the cheapest car insurance in Lexington, KY for a 40-year-old male driver with no violations or accidents, and a good credit rating. When quoting prices based on his current risk factors, Cincinnati Insurance might offer the best car insurance rates in Lexington at $1,184 each year. This is $959 less than the average rate paid by Kentucky drivers of $2,143. Kentucky Farm Bureau, USAA, Auto-Owners, and Grange Mutual are the rest of the cheapest Lexington, KY auto insurance companies.
In this example, we will give the driver from the first rate comparison a couple of claims, poor credit, and a speeding citation. Since each company has their own guidelines to determining premium rates, comparing prices may now show a different ranking of the cheapest car insurance companies in Lexington as shown below.
Kentucky Farm Bureau now has the lowest price in Lexington, KY with Travelers, USAA, State Farm, and Auto-Owners also having competitive pricing. This example demonstrates why Kentucky drivers need to take the time to shop around when trying to find the most affordable car insurance quotes for drivers over age 50.
Auto insurance prices are impacted by many things and can change without notice, so the lowest-price company two years ago may now be quite expensive.
The auto insurance agents in Lexington shown below can aid you in deciding which policy fits your needs best, as many consumers aren’t sure which coverage to buy and prefer to get some guidance when comparing insurance rates for drivers over age 50. It can be difficult to do it yourself, and getting advice from a licensed Kentucky insurance agent can give you satisfaction knowing your policy gives you enough protection. To locate a Lexington auto insurance agent by location nearest to you, click the button at the bottom.
- Keith Renfro – State Farm Insurance Agent
3101 Clays Mill Rd Suite 402 – Lexington, KY 40503 – (859) 278-8415 - Allstate Insurance: Bryon Elkins
3101 Richmond Rd #311a – Lexington, KY 40509 – (859) 488-2531 - Boggs Insurance Agency, Inc.
1353 W Main St # 2 – Lexington, KY 40508 – (859) 977-2055