One of the many components that are looked at to determine auto insurance rates is where you choose to live in Louisville. Areas with a lot of weather claims or more people are more likely to have higher rates, whereas more rural areas profit from lower rates.
The table below sorts the highest-priced areas in Kentucky for a company car to buy an auto insurance policy in. Louisville is ranked at #1 with a yearly cost of $2,112 for the average policy, which is approximately $176 per month.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | Louisville | $2,112 |
| 2 | Frankfort | $1,778 |
| 3 | Jeffersontown | $1,719 |
| 4 | Ashland | $1,707 |
| 5 | Paducah | $1,647 |
| 6 | Saint Matthews | $1,643 |
| 7 | Murray | $1,597 |
| 8 | Elizabethtown | $1,595 |
| 9 | Radcliff | $1,590 |
| 10 | Danville | $1,581 |
| 11 | Madisonville | $1,568 |
| 12 | Georgetown | $1,551 |
| 13 | Winchester | $1,547 |
| 14 | Henderson | $1,495 |
| 15 | Hopkinsville | $1,493 |
| 16 | Covington | $1,487 |
| 17 | Erlanger | $1,478 |
| 18 | Richmond | $1,475 |
| 19 | Nicholasville | $1,474 |
| 20 | Independence | $1,466 |
| 21 | Bowling Green | $1,461 |
| 22 | Lexington | $1,454 |
| 23 | Florence | $1,441 |
| 24 | Fort Thomas | $1,397 |
| 25 | Owensboro | $1,390 |
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Annual rates are estimated as the specific Louisville residence address can decrease or increase insurance rates greatly.
The vehicle model requiring insurance is one of the biggest factors that determines whether or not you can buy economical coverage for a company car. Vehicles with limited speed and performance, excellent safety ratings, or a low likelihood of having liability claims will cost much less to insure than higher performance models. The next table features car insurance premiums for a number of the most budget-friendly vehicles to buy insurance for.
| Insured Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Ford Escape Limited 4WD | $1,898 |
| Hyundai Elantra SE Touring Station Wagon | $1,908 |
| Honda Accord LX-P 4-Dr Sedan | $1,912 |
| Honda CR-V LX 2WD | $1,972 |
| Chevrolet Malibu LS | $2,067 |
| Toyota RAV4 Sport 4WD | $2,074 |
| Toyota Prius | $2,124 |
| Ford Explorer XLT AWD | $2,139 |
| Ford Edge SE 2WD | $2,172 |
| Ford Fusion SEL 4-Dr Sedan | $2,216 |
| Ford Focus SE 4-Dr Sedan | $2,226 |
| Ford F-150 XL Regular Cab 4WD | $2,222 |
| Chevrolet Equinox LT AWD | $2,261 |
| Toyota Camry LE | $2,271 |
| Volkswagen Jetta SE 2.5 Station Wagon | $2,291 |
| Dodge Grand Caravan Crew | $2,306 |
| Chevrolet Impala LT | $2,329 |
| GMC Sierra 2500HD SLE Regular Cab 2WD | $2,365 |
| Chevrolet Silverado Crew Cab Hybrid 4WD | $2,368 |
| Toyota Tacoma Double Cab TRD Off-Road Package 4WD | $2,383 |
| Dodge Ram Crew Cab Laramie 2WD | $2,404 |
| GMC Sierra 3500HD SLT Crew Cab 2WD | $2,410 |
| Hyundai Sonata GLS 4-Dr Sedan | $2,419 |
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Prices based on single male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Kentucky minimum liability limits. Discounts applied include homeowner, multi-policy, multi-vehicle, claim-free, and safe-driver. Prices do not factor in specific location which can impact premiums noticeably.
Looking at the rates, we can infer that models like the Ford Escape, Hyundai Elantra, Honda Accord, and Honda CR-V are some of the more affordable vehicles to insure for your employer’s vehicle.
Full coverage rates compared to liability only
Paying less for auto insurance is important to most vehicle owners, and one way to find cheap insurance for a company car is to not pay for full coverage. The illustration below shows the difference between yearly insurance costs with full coverage and liability only. The data is based on no claims or driving citations, $500 deductibles, marital status is single, and no discounts are factored in.
On average, comprehensive and collision coverage on your policy costs an additional $2,088 per year more than just buying liability insurance. A very common question is if paying for full coverage is worth it. There is no definitive rule to drop physical damage coverage on your policy, but there is a guideline you can use. If the yearly cost for physical damage coverage is 10% or more of the replacement cost of your vehicle minus the policy deductible, then you may need to consider dropping full coverage.
How accidents and violations affect rates in Louisville
A great way to obtain cheap auto insurance prices in Kentucky for your employer’s vehicle is to drive safe and avoid accidents and violations. The illustration below shows how speeding tickets and accidents can impact insurance rates for different age groups. The rates are based on a single female driver, comp and collision included, $250 deductibles, and no policy discounts are applied.
In the chart above, the average cost of an auto insurance policy in Kentucky per year with no violations or accidents is $1,633. Receive one speeding ticket and the average cost swells to $1,849, an increase of $216 each year. Now throw in one accident along with the one speeding ticket and the yearly cost of auto insurance for a company car goes up to an average of $2,454. That’s an increase of $822, or $68 per month, just for not driving responsibly!
Tips for finding more affordable insurance for a company car
The list below shows some penny-pinching suggestions that can help Kentucky drivers get more affordable coverage.
- Drive attentively and avoid accidents
- Avoid getting tickets or violations
- Better credit scores save money
- Avoid filing small claims
- Higher comprehensive and collision coverage deductibles will save money
- Buying your home and auto policies from the same company can earn a discount
- Shop around and save
The final tip is very critical, as was affirmed in the article above. Insurance rates change constantly, so drivers shouldn’t be resistant to change to a new company if you find a better deal.
Brand loyalty is great, but it’s not a good idea if that loyalty ends up costing a lot of money. It only take a few minutes to compare rates and find cheaper auto insurance for a company car in Louisville.