This would be a really short article if we could simply tell you the company that has the best insurance prices in Kentucky. Unfortunately, it’s not that simple as there are a whole bunch of unknown aspects like whether you are a man or a woman, when you were born, the amount of coverage you want, and if you own a home. In this article, we will cover the best ways to save on auto insurance and also should give you a good beginning to your search for cheaper coverage.
The vehicle model to be insured is one of the biggest factors when comparing economical coverage for welfare recipients. Vehicles with average performance, good safety features, or low incidents of liability claims will cost substantially less to insure than higher performance models. The data below showcases auto insurance prices for some of the more affordable automobiles to buy insurance for.
| Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Ford Escape XLS 2WD | $1,981 |
| Honda Accord LX-P 4-Dr Sedan | $1,986 |
| Honda Odyssey LX | $1,990 |
| Honda CR-V EX-L 2WD | $2,030 |
| Chevrolet Malibu Hybrid | $2,145 |
| Jeep Grand Cherokee Laredo 4WD | $2,150 |
| Dodge Ram Quad Cab ST 2WD | $2,184 |
| Ford F-150 SVT Raptor Super Cab 4WD | $2,192 |
| Jeep Wrangler Unlimited Sahara 2WD 4-Dr | $2,209 |
| Hyundai Elantra GLS 4-Dr Sedan | $2,260 |
| Toyota Prius | $2,269 |
| Chevrolet Equinox LTZ AWD | $2,300 |
| Dodge Grand Caravan CV | $2,306 |
| GMC Sierra 3500HD SLT Extended Cab 2WD | $2,342 |
| Chevrolet Impala LT | $2,351 |
| GMC Sierra SL Extended Cab 2WD | $2,360 |
| Ford F-350 XL Crew Cab Turbo Diesel 2WD | $2,382 |
| Toyota RAV4 2WD | $2,418 |
| Toyota Camry LE | $2,424 |
| Toyota Camry Hybrid | $2,454 |
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Table data assumes single male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Kentucky minimum liability limits. Discounts applied include safe-driver, claim-free, multi-vehicle, multi-policy, and homeowner. Rates do not factor in vehicle location which can increase or decrease insurance rates noticeably.
Based upon these rates, cars like the Ford Escape, Honda Accord, Honda Odyssey, and Honda CR-V are some of the cheapest vehicles to insure for drivers on welfare.
Finding reliable, cheap insurance is not most people’s favorite thing to do, and finding out which company quotes the best car insurance rates for welfare recipients involves additional perseverance. Every insurance company has a unique approach for filing rates in each state, so let’s begin by examining the car insurance companies that tend to have lower prices in Kentucky.
Cheap Insurance Rates in Kentucky
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| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Cincinnati Insurance | $1,126 |
| 2 | Kentucky Farm Bureau | $1,128 |
| 3 | USAA | $1,223 |
| 4 | Auto-Owners | $1,357 |
| 5 | Motorists Mutual | $1,601 |
| 6 | Grange Mutual | $1,609 |
| 7 | Travelers | $1,614 |
| 8 | Westfield | $1,832 |
| 9 | State Farm | $1,848 |
| 10 | Safe Auto | $1,932 |
| 11 | Nationwide | $2,003 |
| 12 | Progressive | $2,056 |
| 13 | Electric | $2,076 |
| 14 | State Auto | $2,232 |
| 15 | GEICO | $2,341 |
| 16 | Encompass | $2,382 |
| 17 | Safeco | $2,681 |
| 18 | MetLife | $3,053 |
| 19 | Shelter | $3,135 |
| 20 | Liberty Mutual | $3,598 |
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Cincinnati Insurance normally has some of the cheapest car insurance rates in Louisville at around $1,126 a year. This is $1,017 less than the average rate paid by Kentucky drivers of $2,143. Kentucky Farm Bureau, USAA, Auto-Owners, and Motorists Mutual also make the cut as some of the best Louisville, KY auto insurance companies.
As shown in the rates above, if you are a customer of Kentucky Farm Bureau and switched to Cincinnati Insurance, you may realize annual savings of in the neighborhood of $2. Drivers with USAA may save as much as $97 a year, and Auto-Owners insureds might lower prices by up to $231 a year.
Bear in mind that those premium estimates are averages for all drivers and vehicles in Kentucky and and are not figured with an exact zip code location for welfare recipients. So the car insurance company that can offer you the lowest price may not even be in the top 21 companies in the list above. That is why you need to quote rates from many companies using your own personal information and vehicle type.
One of the many things that are looked at to determine the amount you pay for auto insurance is the neighborhood you call home. Areas with more people or more claims are more likely to pay higher prices, whereas more rural areas benefit from having to pay less for coverage.
The illustration below ranks the highest-priced places in Kentucky for welfare recipients in which to buy car insurance. Louisville shows up at #1 with a yearly cost of $2,176 for the average insurance policy, which is about $181 per month.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | Louisville | $2,176 |
| 2 | Frankfort | $1,725 |
| 3 | Saint Matthews | $1,694 |
| 4 | Ashland | $1,673 |
| 5 | Jeffersontown | $1,668 |
| 6 | Radcliff | $1,638 |
| 7 | Madisonville | $1,616 |
| 8 | Elizabethtown | $1,611 |
| 9 | Danville | $1,596 |
| 10 | Paducah | $1,583 |
| 11 | Murray | $1,565 |
| 12 | Henderson | $1,557 |
| 13 | Georgetown | $1,551 |
| 14 | Winchester | $1,547 |
| 15 | Covington | $1,532 |
| 16 | Hopkinsville | $1,523 |
| 17 | Richmond | $1,520 |
| 18 | Lexington | $1,514 |
| 19 | Erlanger | $1,478 |
| 20 | Bowling Green | $1,476 |
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Premium costs are approximated as vehicle location can change auto insurance rates substantially.
Rate increases following a ticket or accident
The best way to maintain the best car insurance rates in Kentucky for drivers on welfare is to drive attentively and have a clean driving record. The information below illustrates how speeding tickets and at-fault claims influence annual premium costs for different categories of driver ages. The premium estimates are based on a single female driver, full coverage, $100 deductibles, and no discounts are applied to the premium.
The chart shows that the average cost of a car insurance policy in Louisville per year with no accidents and a clean driving record is $1,777. Receive two speeding tickets and the average cost hikes up to $2,388, an increase of $611 each year. Then add in one accident along with the two speeding tickets and the yearly cost of car insurance for welfare recipients increases to an average of $3,002. That’s an increase of $1,225, or $102 per month, just for being a careless driver!
Cost difference between full coverage and liability
Reducing the cost of car insurance is important to the majority of vehicle owners, and a good way to save on the cost of insurance for welfare recipients is to only buy liability insurance. The example below visualizes the comparison of car insurance costs with full coverage and liability only. The rate quotes are based on no tickets, no at-fault accidents, $1,000 deductibles, marital status is single, and no discounts are applied to the premium.
If we average the cost for ages 20 through 70, physical damage insurance costs $1,374 per year over liability only. That brings up the question when is the right time to remove full coverage. There is no exact formula to delete comprehensive and collision coverage on your policy, but there is a general guideline. If the annual cost of your full coverage insurance is more than around 10% of the replacement cost minus the deductible, then it’s probably a good time to buy liability coverage only.
For example, let’s pretend your vehicle’s claim settlement value is $4,000 and you have $1,000 deductibles. If your vehicle is totaled, the most your company will settle for is $3,000 after paying your policy deductible. If you are paying over $300 annually to have full coverage, then it may be the right time to buy liability only.
There are some conditions where dropping full coverage is not advised. If you haven’t satisfied your loan, you have to keep full coverage as part of the loan requirements. Also, if your finances do not allow you to purchase a different vehicle in the even your car is totaled, you should keep full coverage on your policy.
Types of discounts on Louisville car insurance
Insurance providers that offer cheap quotes for welfare recipients may provide discounts that could potentially reduce rates by 40% or more if you qualify for them. A list of companies and a selection of discounts are shown below.
- State Farm has discounts for defensive driving training, Drive Safe & Save, student away at school, anti-theft, and good student.
- GEICO may include discounts for anti-lock brakes, multi-vehicle, defensive driver, membership and employees, military active duty, and daytime running lights.
- Allstate offers discounts for senior citizen, good student, new car, passive restraint, teenSMART discount, and anti-theft.
- SAFECO offers discounts including bundle discounts, drive less, homeowner, safe driver, multi-car, accident prevention training, and teen safe driver.
- Farm Bureau may have discounts that include good student, 55 and retired, youthful driver, multi-vehicle, renewal discount, multi-policy, and safe driver.
- Progressive offers premium reductions for good student, continuous coverage, online signing, multi-policy, and homeowner.
- AAA may offer discounts for AAA membership discount, education and occupation, good student, good driver, pay-in-full, and multi-car.
The diagram below visualizes the comparison of auto insurance rates with and without discounts applied to the policy rates. The rate quotes are based on a male driver, no accidents or driving violations, Kentucky state minimum liability limits, comprehensive and collision coverage, and $250 deductibles. The first bar for each age group shows the average rate with no discounts. The second bar shows the rates with multiple policy, anti-theft, homeowner, defensive driving course, claim-free, and vehicle safety discounts applied. When drivers qualify for the discounts, the average savings per year on car insurance for welfare recipients is 28% or $474.