You have seen the captivating commercials from companies like Progressive, Allstate, and Nationwide that make promises of dirt cheap rates. So drivers just need to pick one randomly, right?
Unfortunately, it’s not that simple as there are a whole bunch of unknown factors like any driving violations you may have, if you have maintained coverage continuously, and how well you maintain your credit. The information below covers the best ways to save on auto insurance and will give you a solid foundation to find cheaper car insurance.
The vehicle model needing coverage is one of the largest considerations that determines if you can find the cheapest insurance for Uber drivers. Vehicles with lots of speed or power, poor passenger safety features, or an increased likelihood of liability claims will cost much more to insure than more modest models. The next table presents car insurance prices for a handful of the more affordable vehicles to insure in Kentucky.
| Vehicle Insured | Estimated Cost for Full Coverage |
|---|---|
| Hyundai Elantra SE Touring Station Wagon | $2,138 |
| Ford Escape XLS 2WD | $2,157 |
| Honda CR-V EX 4WD | $2,208 |
| Honda Accord LX 4-Dr Sedan | $2,220 |
| Toyota Prius | $2,397 |
| Dodge Grand Caravan SE | $2,416 |
| Ford Explorer XLT 2WD | $2,425 |
| Toyota Corolla S | $2,457 |
| Ford F-150 XL Crew Cab 4WD | $2,467 |
| Jeep Grand Cherokee Limited 2WD | $2,502 |
| Chevrolet Malibu LTZ | $2,509 |
| Toyota Tacoma 4WD | $2,505 |
| Jeep Wrangler Rubicon 4WD 2-Dr | $2,511 |
| Toyota RAV4 Limited 4WD | $2,556 |
| Volkswagen Jetta S 4-Dr Sedan | $2,561 |
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Cost estimates assume single male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Kentucky minimum liability limits. Discounts applied include homeowner, multi-policy, claim-free, safe-driver, and multi-vehicle. Table data does not factor in specific Louisville, KY garaging location which can raise or lower insurance rates significantly.
Based upon the rates shown, we can expect vehicles like the Hyundai Elantra, Ford Escape, Honda CR-V, and Honda Accord are the cheaper vehicles to insure for Uber vehicles.
One of the more important components that help determine insurance cost is where you choose to live. Larger areas will most likely pay more, whereas areas that tend to be more rural benefit from lower prices.
The next table shows the most costly cities in Kentucky for Uber drivers to purchase auto insurance in. Louisville comes in at #1 having an annual price of $2,112 on average, which is approximately $176 per month.
| Rank | City | Premium Per Year |
|---|---|---|
| 1 | Louisville | $2,112 |
| 2 | Frankfort | $1,795 |
| 3 | Jeffersontown | $1,685 |
| 4 | Ashland | $1,673 |
| 5 | Saint Matthews | $1,643 |
| 6 | Radcliff | $1,638 |
| 7 | Madisonville | $1,616 |
| 8 | Paducah | $1,599 |
| 9 | Danville | $1,581 |
| 10 | Winchester | $1,563 |
| 11 | Elizabethtown | $1,563 |
| 12 | Murray | $1,549 |
| 13 | Georgetown | $1,506 |
| 14 | Nicholasville | $1,504 |
| 15 | Henderson | $1,495 |
| 16 | Hopkinsville | $1,493 |
| 17 | Richmond | $1,490 |
| 18 | Covington | $1,487 |
| 19 | Independence | $1,480 |
| 20 | Lexington | $1,469 |
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Rate information is comparative as the specific area where the vehicle is garaged can revise coverage prices substantially.
Reckless driving habits raise car insurance rates
The recommended way to find affordable car insurance prices for Uber vehicles is to be a good driver and not have accidents or get tickets. The diagram below demonstrates how traffic citations and at-fault collisions influence car insurance rates for each age group. The premiums assume a married male driver, comprehensive and collision coverage, $250 deductibles, and no discounts are applied.
The data above shows the average cost of an auto insurance policy per year with no accidents and a clean driving record is $1,467. Get one speeding ticket and the average cost jumps to $1,684, an increase of $217 each year. Then throw in one accident along with the one speeding ticket and the yearly cost of car insurance for Uber drivers jumps again to an average of $2,289. That’s an increase of $822, or $69 per month, just for not driving attentively!
Should you buy full coverage?
Finding the cheapest car insurance is the goal of most vehicle owners, and one good way to reduce the cost of insurance for Uber drivers is to only pay for liability coverage. The illustration below illustrates the comparison of auto insurance costs with and without full coverage. The rate quotes are based on no violations or accidents, $100 deductibles, drivers are single, and no discounts are taken into consideration.
If averaged out across all ages, physical damage insurance costs $1,873 per year more than just buying liability only. At some point, every insured wonders if buying full coverage is a good investment. There is no exact formula of when to eliminate full coverage on your policy, but there is a broad guideline. If the yearly cost of full coverage is more than 10% of the replacement cost of your vehicle minus the policy deductible, then you might want to think about dropping full coverage.
For example, let’s assume your vehicle’s book value is $4,500 and you have $1,000 policy deductibles. If your vehicle is totaled in an accident, the most you would receive is $3,500 after paying your deductible. If premium cost is more than $350 a year for your policy with full coverage, the it may be a good time to stop paying for full coverage.
Choosing a good quality insurance company can be challenging considering how many different companies insure vehicles in Louisville. The company information in the lists below can help you analyze which car insurance companies to look at purchasing a policy from. The ratings below are for major nationwide insurance companies, so smaller companies that only insure vehicles in Kentucky will not be included in these rankings.
Top 10 Major Auto Insurers in Louisville Ranked by A.M. Best Rating
- Travelers – A++
- USAA – A++
- GEICO – A++
- State Farm – A++
- Erie Insurance – A+
- Esurance – A+
- Progressive – A+
- Nationwide – A+
- The Hartford – A+
- Allstate – A+
Top 10 Major Auto Insurers in Louisville Ranked by Claims Service
- Travelers
- Allstate
- Nationwide
- State Farm
- GEICO
- Liberty Mutual
- American Family
- Esurance
- AAA Insurance
- The Hartford
The professional agents shown below are willing to answer your questions and help you decide which coverage fits your budget, since many consumers aren’t sure which coverage to buy and prefer to have the advice of a professional agent when comparing insurance rates for Uber vehicles. It’s not always simple to find the cheapest car insurance policy, so using a licensed agent can bring peace of mind knowing your coverage gives you adequate protection. To find a Louisville insurance agent nearest to you, click the button below the list or click here to compare price quotes now.
- Clay Robinson – State Farm Insurance Agent
8145 New La Grange Rd – Louisville, KY 40222 – (502) 426-1511 - Justin Roper – State Farm Insurance Agent
8800 Dixie Hwy b – Louisville, KY 40258 – (502) 271-3211 - Dolack Insurance Agency Inc.
4050 Westport Rd – Louisville, KY 40207 – (502) 333-0577 - Dick Newton – State Farm Insurance Agent
3110 Taylorsville Rd – Louisville, KY 40205 – (502) 458-9543 - Jeremy Graham – State Farm Insurance Agent
5438 New Cut Rd Ste 102 – Louisville, KY 40214 – (502) 368-6529