The vehicle requiring insurance is one of the primary factors that determines whether or not you find the lowest-priced coverage for unemployed drivers. Vehicles with high performance engines, poor safety ratings, or a high likelihood of having liability claims will cost much more to insure than more economical and safe models. The table below shows auto insurance premiums for a number of the most cost-effective vehicles to insure.
| Insured Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V EX 2WD | $1,872 |
| Honda Accord LX-P 4-Dr Sedan | $2,048 |
| Hyundai Elantra GLS Touring Station Wagon | $2,054 |
| Ford Edge SE 2WD | $2,054 |
| Toyota Prius | $2,072 |
| Ford Escape Limited 2WD | $2,168 |
| Chevrolet Impala LS | $2,171 |
| Chevrolet Equinox LS 2WD | $2,214 |
| Toyota Corolla LE | $2,334 |
| Chevrolet Malibu LTZ | $2,374 |
| Nissan Altima Hybrid 4-Dr Sedan | $2,380 |
| Toyota Tacoma 2WD | $2,378 |
| Chevrolet Silverado LS Regular Cab 2WD | $2,411 |
| Jeep Grand Cherokee Laredo 2WD | $2,427 |
| Toyota RAV4 Limited 4WD | $2,436 |
| Ford Focus SE 2-Dr Coupe | $2,492 |
| Ford Explorer Limited 2WD | $2,553 |
| Dodge Grand Caravan Crew | $2,561 |
| Jeep Wrangler Unlimited Sport 2WD 4-Dr | $2,563 |
| Dodge Ram 2500 Mega Cab SLT 4WD | $2,575 |
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Data based on single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Kentucky minimum liability limits. Discounts applied include homeowner, multi-policy, safe-driver, claim-free, and multi-vehicle. Table data does not factor in Louisville, KY location which can impact premiums considerably.
Based upon the table data, you can conclude that cars like the Honda CR-V, Honda Accord, Hyundai Elantra, and Ford Edge will be a few of the most economical vehicles to insure for the unemployed.
Finding out which company has the cheapest car insurance rates for unemployed drivers will require a tad more effort than just quoting one company’s rates. Each company has a unique approach to set their prices, so let’s take a look at the most budget-friendly car insurance companies in Louisville.
Keep in mind that Louisville car insurance rates are impacted by many things that may substantially change your annual premium. Improving your credit score, buying a home instead of renting, or getting into an accident may cause policy rate changes that can now make some companies more affordable than before.
Find the Best Cheap Insurance for Job Seekers
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Cincinnati Insurance | $1,126 |
| 2 | Kentucky Farm Bureau | $1,174 |
| 3 | USAA | $1,187 |
| 4 | Auto-Owners | $1,371 |
| 5 | Motorists Mutual | $1,569 |
| 6 | Grange Mutual | $1,625 |
| 7 | Travelers | $1,663 |
| 8 | State Farm | $1,793 |
| 9 | Westfield | $1,870 |
| 10 | Safe Auto | $1,932 |
| 11 | Progressive | $2,056 |
| 12 | Nationwide | $2,064 |
| 13 | Electric | $2,139 |
| 14 | State Auto | $2,166 |
| 15 | Encompass | $2,358 |
| 16 | GEICO | $2,365 |
| 17 | Safeco | $2,709 |
| 18 | MetLife | $3,053 |
| 19 | Shelter | $3,135 |
| 20 | Liberty Mutual | $3,598 |
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Cincinnati Insurance may offer some of the most affordable 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 qualify as some of the cheapest Louisville, KY car insurance companies.
As shown in the table above, if you have coverage with Kentucky Farm Bureau and switched to Cincinnati Insurance, you could see a yearly price reduction of approximately $48. Kentucky drivers with USAA might save as much as $61 a year, and Auto-Owners insureds might lower prices by up to $245 a year.
It’s important to note that these rates are averages for all drivers and vehicles in Kentucky and do not factor in an exact zip code location for unemployed drivers. So the car insurance company that fits you best may not even be in the top 21 companies shown above. That is why you need to compare rates from multiple companies using your own personal information and vehicle type.
Discounts on Louisville insurance
Auto insurance companies that offer quotes for unemployed drivers may provide premium discounts that could lower prices by 35% or more if you can meet the requirements. Large car insurance companies and some of the premium reductions they offer can be found below.
- State Farm has discounts for driver’s education, Drive Safe & Save, passive restraint, defensive driving training, multiple policy, and student away at school.
- GEICO has savings for multi-vehicle, membership and employees, air bags, anti-theft, and defensive driver.
- Progressive policyholders can earn discounts including multi-vehicle, homeowner, continuous coverage, online signing, and online quote discount.
- 21st Century offers premium reductions for early bird, air bags, good student, defensive driver, teen driver, anti-lock brakes, and student driver.
- American Family may offer discounts for TimeAway discount, mySafetyValet, air bags, good driver, multi-vehicle, defensive driver, and Steer into Savings.
- The Hartford offers discounts for defensive driver, anti-theft, air bag, driver training, bundle, and good student.
- AAA may have discounts that include multi-car, pay-in-full, education and occupation, anti-theft, good driver, and good student.
The information below illustrates the difference between auto insurance costs with and without discounts applied to the premium. The information is based on a male driver, no accidents, no driving violations, Kentucky state minimum liability limits, full physical damage coverage, and $100 deductibles. The first bar for each age group shows premium with no discounts. The lower bar shows the rates with passive restraint, multiple policy, vehicle safety, multiple vehicle, anti-theft, and marriage discounts applied. When these discounts are applied to the policy premium, theaverage yearly reduction on car insurance for unemployed drivers is 28% or $516.
Bad driving habits will cost you more
One of the best ways to get cheap car insurance prices for the unemployed is to be a good driver and avoid accidents and violations. The chart below demonstrates how citations and at-fault collisions can impact car insurance costs for different age groups. The rate quotes are based on a married male driver, full physical damage coverage, $250 deductibles, and no discounts are applied.
The data above shows the average cost of an auto insurance policy per year with no violations or accidents is $1,990. Get written up for two speeding tickets and the average cost surges to $2,751, an increase of $761 each year. Now get one accident along with the two speeding tickets and the annual cost of car insurance for unemployed drivers increases to an average of $3,516. That’s an increase of $1,526, or $127 per month, just for being a less-than-perfect driver!
How to find budget-friendly insurance for unemployed drivers
Here are a few penny-pinching solutions that can help drivers find more affordable coverage.
- Drive a car with a high safety rating
- Older vehicles may not need full coverage
- Pay lower rates with good credit
- Higher comprehensive and collision coverage deductibles will save money
- Be a cautious driver
- Remain accident-free and save
- Keep rates low by shopping around frequently
That final tip is notably important, as was stressed in this article. Car insurance prices change a lot, so don’t hesitate to change insurance companies if you can find a cheaper rate.
Having a favorite company is great, but we do not recommend it if that dedication is costing lots of hard earned cash every month. If you have a few minutes, now is a great time to compare prices and find cheaper auto insurance for unemployed drivers in Louisville.