Buying affordable auto insurance for a Honda Accord in Kentucky hinges on an enormous amount of rating factors such as whether you are single or married, if you have prior claims, and the deductible amount you use. Drivers in Kentucky pay approximately $1,086 each year for Accord insurance, but that is a valuation using a 50-year-old single male driver with full comprehensive and collision coverage and $100 deductibles.
Odds are that you’re not a 50-year-old male, maybe you are married instead of single, or maybe you just want different deductibles. Having even a minor difference in policy rating criteria or coverages could end up with a large change in rates.
Everyone has unique insurance needs, and this illustrates why the best method for finding cheap insurance rates for your Honda is to compare rates from as many companies as possible.
The trim level of your vehicle will influence price, so the price you pay to insure a Accord LX 4-Dr Sedan will cost $386 less than the insurance cost for the higher-end Accord EX-L 2-Dr Coupe trim level, as shown in the prices below.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Accord LX 4-Dr Sedan | $210 | $430 | $314 | $18 | $94 | $1,066 | $89 |
| Accord EX 4-Dr Sedan | $210 | $430 | $314 | $18 | $94 | $1,066 | $89 |
| Accord LX-P 4-Dr Sedan | $210 | $430 | $314 | $18 | $94 | $1,066 | $89 |
| Accord EX-L 4-Dr Sedan | $242 | $522 | $314 | $18 | $94 | $1,190 | $99 |
| Accord EX 2-Dr Coupe | $242 | $616 | $416 | $24 | $124 | $1,422 | $119 |
| Accord LX-S 2-Dr Coupe | $242 | $616 | $416 | $24 | $124 | $1,422 | $119 |
| Accord EX-L 2-Dr Coupe | $272 | $616 | $416 | $24 | $124 | $1,452 | $121 |
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Cost estimates assume single male driver age 50, no speeding tickets, no at-fault accidents, $100 deductibles, and Kentucky minimum liability limits. Discounts applied include multi-policy, safe-driver, homeowner, claim-free, and multi-vehicle. Prices do not factor in your specific Louisville location which can increase or decrease coverage prices greatly.
Shopping around for reasonably-priced auto insurance is not the easiest thing to do, and finding out which companies quote the lowest-priced insurance rates for a Honda Accord calls for a bit more work. Each auto insurance company uses a different method for setting prices, so we’ll go over the insurance companies with the overall cheapest rates in Louisville, KY.
It’s important that readers know that Louisville, KY insurance rates are impacted by many factors that control the price of coverage. This price variation is why it is crucial to do a thorough rate comparison to get the cheapest car insurance quotes for a Honda Accord. Insurance prices are calculated by many risk factors and change frequently, so the lowest-price company a year ago may now be quite expensive.
Best Car Insurance Prices for Your Accord
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Cincinnati Insurance | $1,115 |
| 2 | Kentucky Farm Bureau | $1,139 |
| 3 | USAA | $1,175 |
| 4 | Auto-Owners | $1,371 |
| 5 | Motorists Mutual | $1,553 |
| 6 | Grange Mutual | $1,561 |
| 7 | Travelers | $1,614 |
| 8 | Westfield | $1,814 |
| 9 | State Farm | $1,867 |
| 10 | Safe Auto | $1,991 |
| 11 | Nationwide | $2,003 |
| 12 | Progressive | $2,056 |
| 13 | Electric | $2,097 |
| 14 | State Auto | $2,254 |
| 15 | Encompass | $2,312 |
| 16 | GEICO | $2,413 |
| 17 | Safeco | $2,763 |
| 18 | Shelter | $3,135 |
| 19 | MetLife | $3,177 |
| 20 | Liberty Mutual | $3,634 |
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Cincinnati Insurance may have some of the cheapest car insurance rates in Louisville at around $1,115 each year. This is $1,028 less than the average policy premium paid by Kentucky drivers of $2,143. Kentucky Farm Bureau, USAA, Auto-Owners, and Motorists Mutual are also some of the lowest-priced Louisville, KY car insurance companies.
In the above rates, if you have coverage with Motorists Mutual and switched to Kentucky Farm Bureau, you could see yearly savings of roughly $414. Policyholders with Grange Mutual might save as much as $422 a year, and Travelers insureds might lower prices by $475 a year.
It’s important to note that these premiums are averages for all ages of drivers and types of vehicles and do not factor in a specific vehicle garaging location for a Honda Accord. So the auto insurance company that fits your needs best may not even be in the top 21 companies shown above. That underscores the importance of why you need to get rate quotes from many companies using your own driver data and vehicle information.
The illustration below shows how choosing a deductible can influence yearly insurance costs when trying to find cheap insurance for a Honda Accord. The rate quotes are based on a married male driver, comprehensive and collision coverage, and no other discounts are factored in.
A 50-year-old driver could lower their policy premium by $226 a year by increasing from a $100 deductible up to a $500 deductible, or save $344 by selecting a $1,000 deductible. Young drivers, like the 20-year-old, could save up to $756 or even more by selecting a higher deductible. When choosing a higher deductible, it is essential to have enough spare savings to satisfy the extra out-of-pocket expense. That is the one disadvantage of using higher deductibles.
Here’s why you should shop around
Kentucky insurance rates are calculated based on many things that can increase the cost of a policy. Simply having another birthday, having a teenage driver, or getting a couple of tickets can produce rate changes that may make certain companies more affordable than competitors.
In addition, insurers modify rates every year to ensure their profitability. Higher than normal claims may result in more expensive premiums, while lower claims may cause more affordable Accord insurance rates.
For example, the bar chart below demonstrates which company has the cheapest car insurance in Louisville, KY for a 45-year-old male driver with no prior accidents, a clean driving record, and solid credit. If we estimate rates based on his current situation, Cincinnati Insurance has the best car insurance rates in Louisville at $1,661 per year. This is $482 less than the average rate paid by Kentucky drivers of $2,143. Kentucky Farm Bureau, USAA, Auto-Owners, and Motorists Mutual round out the rest of the cheapest Louisville, KY auto insurance companies.
The chart below compares rates after we give the driver from the above example an accident surcharge, less-than-perfect credit, and a stop sign violation. Because each company has their own formula to set policy rates, analyzing rates could now result in a significantly different list of the cheapest companies as shown below.
Kentucky Farm Bureau now has the best price in Louisville, KY with Travelers, USAA, Cincinnati Insurance, and State Farm now rounding out the top five. This example shows why it is crucial to do a thorough rate comparison when trying to get the most affordable insurance quotes for a Honda Accord.
Car insurance prices consist of many different factors and change substantially, so the lowest-price company when you last compared rates may now cost much more than other companies.
How to find budget-friendly auto insurance for a Honda Accord
It’s not impossible to find cheaper rates, and here are a few penny-pinching ideas that can help you find lower-cost auto insurance.
- Assess whether full coverage is needed
- Home or renters coverage can save on auto insurance
- Good credit can mean cheaper rates
- The safer your car, the less it costs to insure
- Staying accident-free helps keep rates low
- Compare quotes from other companies often
The last tip in the list is highly vital, as was noted in this article. Insurance rates in Louisville fluctuate considerably, so drivers shouldn’t be reluctant to switch companies if a more affordable rate is found.
Brand loyalty is not necessarily bad, but it’s not recommended if that loyalty results in overpaying big bucks every year. Spend a few minutes and compare rates and find cheaper auto insurance for a Honda Accord.