One of the more important factors that are looked at to help calculate insurance cost is your zip code. Cities with larger populations or higher claim trends tend to have more expensive auto insurance rates, whereas areas with lower crime rates and fewer weather claims tend to receive cheaper rates.
The illustration below ranks the priciest cities in Kentucky to buy an auto insurance policy in. Lexington is ranked at #16 costing $1,499 for the average policy, which is about $125 per month.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | Louisville | $2,154 |
| 2 | Frankfort | $1,742 |
| 3 | Jeffersontown | $1,719 |
| 4 | Saint Matthews | $1,694 |
| 5 | Ashland | $1,656 |
| 6 | Madisonville | $1,600 |
| 7 | Elizabethtown | $1,595 |
| 8 | Radcliff | $1,590 |
| 9 | Paducah | $1,583 |
| 10 | Danville | $1,581 |
| 11 | Murray | $1,565 |
| 12 | Winchester | $1,563 |
| 13 | Henderson | $1,557 |
| 14 | Covington | $1,532 |
| 15 | Nicholasville | $1,504 |
| 16 | Lexington | $1,499 |
| 17 | Georgetown | $1,491 |
| 18 | Hopkinsville | $1,478 |
| 19 | Bowling Green | $1,476 |
| 20 | Richmond | $1,475 |
| 21 | Florence | $1,441 |
| 22 | Independence | $1,436 |
| 23 | Erlanger | $1,435 |
| 24 | Owensboro | $1,432 |
| 25 | Fort Thomas | $1,397 |
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Rate quotes are approximated as the specific Lexington residence address can raise or lower premiums substantially.
Seeing where Lexington ranks price-wise, trying to find low-priced car insurance is not the easiest thing to do, and deciding which companies quote the lowest-priced insurance rates in Lexington takes even more work. Every car insurance company has a proprietary method for establishing rates, so let’s begin by taking a look at the insurance companies with the overall best prices in Kentucky.
It’s important that readers know that Lexington insurance rates are impacted by many factors that control the cost of a policy. Improving your credit rating, increasing liability limits, or getting caught speeding can produce rate changes that can now make some companies cheaper than before.
Cheap Insurance Rates in Lexington
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| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Cincinnati Insurance | $1,115 |
| 2 | Kentucky Farm Bureau | $1,139 |
| 3 | USAA | $1,187 |
| 4 | Auto-Owners | $1,357 |
| 5 | Motorists Mutual | $1,569 |
| 6 | Grange Mutual | $1,609 |
| 7 | Travelers | $1,680 |
| 8 | State Farm | $1,793 |
| 9 | Westfield | $1,888 |
| 10 | Safe Auto | $1,972 |
| 11 | Nationwide | $2,064 |
| 12 | Electric | $2,076 |
| 13 | Progressive | $2,140 |
| 14 | State Auto | $2,188 |
| 15 | Encompass | $2,382 |
| 16 | GEICO | $2,413 |
| 17 | Safeco | $2,763 |
| 18 | MetLife | $3,146 |
| 19 | Shelter | $3,231 |
| 20 | Liberty Mutual | $3,634 |
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Cincinnati Insurance generally has 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 lowest-priced Lexington, KY car insurance companies.
As depicted above, if you are currently insured with Kentucky Farm Bureau and switched to Cincinnati Insurance, you could realize a yearly savings of in the neighborhood of $24. Policyholders with USAA could save as much as $72 a year, and Auto-Owners insureds might see rate reductions of $242 a year.
Be aware that those policy prices are averaged across all types of drivers and the different vehicles they drive and and are not figured with an exact location in Lexington. So the company that fits your needs best may not even be in the top 21 companies in the list above. That points out the importance of why you need to compare prices as often as possible using your own individual information.
The type of vehicle that is being insured is probably the largest consideration when shopping for the most affordable insurance in Lexington. Vehicles with more horsepower, a lack of safety features, or a track record of large liability claims will cost much more to insure than more modest models. The data below presents coverage rates for some of the most affordable automobiles to buy coverage for.
| Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V LX 4WD | $1,022 |
| Honda Odyssey EX W/Rear Entertainment | $1,087 |
| Toyota Camry LE | $1,109 |
| Toyota RAV4 Sport 4WD | $1,116 |
| Ford Escape Limited 4WD | $1,111 |
| Dodge Grand Caravan SE | $1,144 |
| Ford Focus SEL 4-Dr Sedan | $1,146 |
| Hyundai Elantra Blue 4-Dr Sedan | $1,154 |
| Chevrolet Impala LTZ | $1,168 |
| Toyota Prius | $1,170 |
| Ford Edge SEL 2WD | $1,185 |
| Chevrolet Malibu LTZ | $1,187 |
| Jeep Grand Cherokee Limited 2WD | $1,192 |
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Data assumes single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Kentucky minimum liability limits. Discounts applied include safe-driver, multi-vehicle, claim-free, multi-policy, and homeowner. Table data does not factor in specific Lexington, KY garaging location which can decrease or increase coverage rates substantially.
Based upon the table data, vehicles like the Honda CR-V, Honda Odyssey, Toyota Camry, and Toyota RAV4 will definitely be the less-costly vehicles to insure for drivers in Lexington.
Get discounts on Lexington auto insurance
Insurers that offer quotes in Lexington may have price discounts that may potentially lower prices by as much as 40% or more if you are eligible. The best auto insurance companies and some of the premium reductions they offer are outlined below.
- Mercury Insurance offers discounts for good student, multi-car, good driver, annual mileage, and low natural disaster claims.
- Farmers Insurance discounts include good student, mature driver, switch companies, electronic funds transfer, business and professional, alternative fuel, and teen driver.
- Farm Bureau may have discounts that include driver training, good student, renewal discount, 55 and retired, and multi-policy.
- State Farm has discounts for anti-theft, Steer Clear safe driver discount, student away at school, defensive driving training, Drive Safe & Save, and driver’s education.
- Allstate may offer discounts for eSmart discount, safe driver, resident student, early signing, senior citizen, premier discount, and auto/life discount.
- GEICO has savings for daytime running lights, good student, five-year accident-free, membership and employees, air bags, and military active duty.
The illustration below visualizes the comparison of insurance costs with and without discounts. The premiums are based on a female driver, no accidents or driving violations, Kentucky state minimum liability limits, full coverage, and $250 deductibles.
The first bar for each age group shows the average annual price with no discounts. The second shows the rates with safe-driver, passive restraint, defensive driving course, accident-free, multiple policy, and marriage discounts applied. When these discounts are applied to the policy premium, theamount saved on auto insurance in Lexington is 28% or $451.
Cost comparison with and without full coverage
Reducing premiums for auto insurance is probably important to the majority of vehicle owners, and one common way to buy cheaper insurance in Lexington is to not buy full coverage. The diagram below illustrates the comparison of auto insurance costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The premium estimates are based on no violations or claims, $250 deductibles, single marital status, and no discounts are applied.
If we average the cost for ages 20 through 70, comprehensive and collision coverage on your policy costs $1,718 per year more than just buying liability insurance. Many drivers will wonder if full coverage is worth the money. There is no exact formula to eliminate physical damage coverage, but there is a guideline you can consider. If the yearly cost of full coverage is 10% or more of the vehicle’s replacement cost less your deductible, then you might want to consider buying only liability coverage.
Poor driving habits will raise your auto insurance rates
A great way to maintain cheap auto insurance premiums in Kentucky for drivers in Lexington is to be a good driver and avoid accidents and traffic citations. The example below illustrates how speeding tickets and at-fault fender-benders drive up insurance costs for each age group. The data is based on a single female driver, full coverage, $250 deductibles, and no discounts are factored in.
The data charted above shows the average cost of auto insurance in Lexington per year with no accidents or violations is $1,633. Add in two speeding tickets and the average cost hikes up to $2,187, an increase of $554 each year. Now throw in one accident along with the two speeding tickets and the annual cost of auto insurance in Lexington increases to an average of $2,743. That’s an increase of $1,110, or $93 per month, just for a couple of infractions!
The auto insurance agents in Lexington shown below can provide answers to your questions and help you determine which coverages you need, since some drivers wish to have the advice of a professional agent when shopping for cheaper insurance for drivers in Lexington. It’s not always simple to find the cheapest auto insurance company, and a professional agent can add comfort knowing your coverage gives you suitable coverage if you ever need to use it.
To find an auto insurance agency using an interactive map, click the button following the list.
- Barnes Insurance Center
1202 Winchester Rd #100 – Lexington, KY 40505 – (859) 253-2728 - Elite Insurance
2408 Sir Barton Way # 375 – Lexington, KY 40509 – (859) 264-9400 - Russ Tucker – State Farm Insurance Agent
1206 N Broadway – Lexington, KY 40505 – (859) 259-0404 - Allstate Insurance: Mike Ison
2121 Richmond Rd Ste 145 – Lexington, KY 40502 – (859) 268-8850