The words “low-priced” and “auto insurance” really shouldn’t be used together, specifically when you are looking for the best insurance rates for retired military. To help control this cost, let’s introduce you to a few of the things that influence insurance premiums, and find some ways to shave a little off the next policy you buy.
The car, truck, or SUV requiring insurance is probably the most important factor when comparing the most economical car insurance for retired military. Vehicles with reasonable performance levels, advanced safety features, or a track record of few liability claims will cost much less to insure than adrenaline junky models.
The table below presents auto insurance prices for the most budget-friendly vehicles to buy coverage for.
| Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Ford Escape XLS 2WD | $834 |
| Ford Explorer XLT AWD | $935 |
| Honda CR-V EX 4WD | $968 |
| Chevrolet Impala LS | $970 |
| Chevrolet Equinox LT AWD | $989 |
| Ford F-150 XL Super Cab 4WD | $1,022 |
| Jeep Wrangler Sport Islander Package 4WD 2-Dr | $1,036 |
| Toyota Prius | $1,044 |
| Ford Edge SEL 2WD | $1,059 |
| Ford Fusion Sport 4-Dr Sedan | $1,061 |
| Nissan Rogue S 2WD | $1,066 |
| Jeep Grand Cherokee Limited 4WD | $1,061 |
| Toyota RAV4 Limited 2WD | $1,081 |
| Toyota Tacoma Double Cab 4WD | $1,091 |
| Toyota Camry LE | $1,081 |
| Dodge Grand Caravan Crew | $1,102 |
| Volkswagen Jetta LE 4-Dr Sedan | $1,112 |
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Table data represents 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-policy, homeowner, safe-driver, and multi-vehicle. Rate quotes do not factor in specific location which can change premium rates considerably.
Based upon these rates, you can infer that cars like the Ford Escape, Ford Explorer, Honda CR-V, Chevrolet Impala, and Chevrolet Equinox will be a few of the most affordable vehicles to insure for veterans.
One of the many things that determine auto insurance rates is your address in Lexington. Cities with larger populations will most likely have higher rates, whereas areas with lower crime rates and fewer weather claims have the luxury of lower rates.
The table below ranks the most expensive areas in Kentucky for retired military to buy car insurance in. Lexington makes the list at #17 with the annual price of $1,499 on average, which is about $125 per month.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | Louisville | $2,090 |
| 2 | Frankfort | $1,795 |
| 3 | Ashland | $1,673 |
| 4 | Jeffersontown | $1,668 |
| 5 | Radcliff | $1,654 |
| 6 | Saint Matthews | $1,643 |
| 7 | Madisonville | $1,616 |
| 8 | Elizabethtown | $1,595 |
| 9 | Paducah | $1,583 |
| 10 | Danville | $1,581 |
| 11 | Murray | $1,549 |
| 12 | Winchester | $1,547 |
| 13 | Hopkinsville | $1,523 |
| 14 | Nicholasville | $1,519 |
| 15 | Covington | $1,517 |
| 16 | Henderson | $1,511 |
| 17 | Lexington | $1,499 |
| 18 | Georgetown | $1,491 |
| 19 | Richmond | $1,490 |
| 20 | Florence | $1,485 |
| 21 | Erlanger | $1,478 |
| 22 | Fort Thomas | $1,455 |
| 23 | Independence | $1,436 |
| 24 | Bowling Green | $1,418 |
| 25 | Owensboro | $1,390 |
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Premium amounts are estimated as the specific area where the vehicle is garaged can increase or decrease coverage prices substantially.
Finding out which company offers the lowest-priced auto insurance rates for retired military involves a tad more effort than just comparing a company or two. Each company has a unique formula to set policy rates, so we’ll take a look at the lowest cost auto insurance companies in Kentucky.
Compare Cheap Insurance Quotes for Vets
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Cincinnati Insurance | $1,093 |
| 2 | Kentucky Farm Bureau | $1,174 |
| 3 | USAA | $1,223 |
| 4 | Auto-Owners | $1,413 |
| 5 | Grange Mutual | $1,561 |
| 6 | Motorists Mutual | $1,569 |
| 7 | Travelers | $1,614 |
| 8 | Westfield | $1,814 |
| 9 | State Farm | $1,867 |
| 10 | Safe Auto | $1,972 |
| 11 | Progressive | $2,077 |
| 12 | Nationwide | $2,085 |
| 13 | Electric | $2,139 |
| 14 | State Auto | $2,166 |
| 15 | Encompass | $2,358 |
| 16 | GEICO | $2,413 |
| 17 | Safeco | $2,763 |
| 18 | Shelter | $3,135 |
| 19 | MetLife | $3,146 |
| 20 | Liberty Mutual | $3,708 |
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Cincinnati Insurance offers some of the lowest car insurance rates in Lexington at around $1,093 a year. This is $1,050 less than the average rate paid by Kentucky drivers of $2,143. Kentucky Farm Bureau, USAA, Auto-Owners, and Grange Mutual would also be considered some of the lowest-priced Lexington, KY car insurance companies.
In the above rates, if you buy coverage from Auto-Owners and switched to Cincinnati Insurance, you might achieve an annual premium reduction of about $320. Customers with Grange Mutual could save as much as $468 a year, and Motorists Mutual insureds might lower prices by up to $476 a year.
To compare your rates to other Kentucky insurance companies, click here to start a quote or feel free to get quotes from the companies below.
Remember that these prices are averaged across all insureds and vehicles and are not factoring in a specific vehicle garaging location for retired military. So the company that can offer the best rates for your situation may not even be in the top 21 companies shown above. That illustrates why you need to quote rates from many companies using your own specific driver information and vehicle.
The illustration below shows how different deductible levels can impact premium costs when searching for cheap insurance for retired military. The price estimates are based on a married female driver, full physical damage coverage, and no discounts are applied to the premium.
The data above shows that a 50-year-old driver could lower their policy premium by $224 a year by increasing from a $100 deductible to a $500 deductible, or save $338 by selecting a $1,000 deductible. Youthful drivers, like the age 20 example, could lower their rates as much as $554 annually by using higher deductibles when buying full coverage. If you do make the decision to raise your deductibles, it is essential to have plenty of discretionary funds to be able to cover the extra out-of-pocket expense, which is the main disadvantage of using high deductibles.
Buying coverage from a good quality insurance company is difficult considering how many companies sell coverage in Lexington. The company ratings listed below may help you decide which coverage providers you want to consider when comparing insurance rates for retired military. The ratings below include companies with a national presence, so companies that have a smaller presence are not factored into this list.
| 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 |
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Data Source: Insure.com Best Car Insurance Companies
Get discount Lexington auto insurance rates
Insurance companies that offer coverage for retired military may provide special discounts that can reduce rates by 25% or more if you meet eligibility requirements. A few of the larger companies and the discounts they provide can be read below.
- 21st Century may have discounts that include automatic seat belts, homeowners, driver training, early bird, air bags, defensive driver, and theft prevention.
- Progressive has savings for good student, online quote discount, multi-policy, multi-vehicle, homeowner, and online signing.
- State Farm policyholders can earn discounts including Steer Clear safe driver discount, good student, good driver, defensive driving training, and multiple autos.
- Nationwide offers premium reductions for defensive driving, accident-free, easy pay, anti-theft, good student, and multi-policy.
- Esurance offers discounts for DriveSense, good driver, multi-policy, homeowner, and defensive driver.
- The Hartford discounts include defensive driver, driver training, anti-theft, bundle, vehicle fuel type, good student, and air bag.
The chart below illustrates the comparison of insurance costs with and without policy discounts. The information is based on a female driver, no claims or driving citations, Kentucky state minimum liability limits, comp and collision included, and $500 deductibles.
The first bar for each age group shows the price with no discounts. The second bar shows the rates with multiple policy, accident-free, defensive driving course, vehicle safety, anti-theft, and safe-driver discounts applied. When drivers take advantage of discounts, theaverage yearly reduction on auto insurance for retired military is 28% or $444.