The words “low-cost” and “insurance” probably shouldn’t be used in the same sentence, specifically when trying to find the best coverage prices for teachers. Because of the high cost, let’s teach you a few of the factors that have a considerable impact on car insurance premiums, and find some ways to lower the price of your next policy.
The car, truck, or SUV that is being insured is a significant factor when comparing the cheapest coverage for teachers. Vehicles with reasonable performance levels, excellent safety ratings, or a low likelihood of liability claims will cost substantially less to insure than adrenaline junky models. The information below presents coverage costs for a number of the cheaper automobiles to buy coverage for.
| Vehicle Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Toyota Prius | $2,121 |
| Hyundai Elantra GLS Touring Station Wagon | $2,156 |
| Honda CR-V EX-L 4WD | $2,215 |
| Chevrolet Impala LS | $2,218 |
| Toyota RAV4 4WD | $2,262 |
| Chevrolet Silverado LS Extended Cab 4WD | $2,270 |
| Ford Edge SE 2WD | $2,290 |
| Jeep Wrangler Sport Islander Package 4WD 2-Dr | $2,297 |
| Ford Explorer Limited AWD | $2,305 |
| Ford F-150 FX4 4WD | $2,313 |
| Dodge Grand Caravan SXT | $2,305 |
| Ford Escape Limited 4WD | $2,333 |
| Toyota Camry XLE | $2,383 |
| Find Cheaper Rates Go | |
Data assumes single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Kentucky minimum liability limits. Discounts applied include multi-policy, safe-driver, homeowner, claim-free, and multi-vehicle. Price estimates do not factor in zip code location which can lower or raise premiums noticeably.
By looking at the data, you can infer that vehicles like the Toyota Prius, Hyundai Elantra, and Honda CR-V will be some of the most budget-friendly vehicles to insure for teachers and educators.
For teachers and educators, one of the largest components that help determine the amount you pay for auto insurance is your address. Regions with larger populations or more claims tend to pay slightly more, whereas areas with lower vehicle theft rates and fewer weather claims have the gratification of cheaper auto insurance rates.
The table below lists the most expensive places in Kentucky for teachers to buy an auto insurance policy in. Louisville makes the list at #1 with a yearly cost of $2,090 for car insurance, which is around $174 monthly.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | Louisville | $2,090 |
| 2 | Frankfort | $1,795 |
| 3 | Jeffersontown | $1,736 |
| 4 | Ashland | $1,724 |
| 5 | Saint Matthews | $1,711 |
| 6 | Madisonville | $1,616 |
| 7 | Murray | $1,613 |
| 8 | Paducah | $1,599 |
| 9 | Danville | $1,596 |
| 10 | Elizabethtown | $1,595 |
| 11 | Radcliff | $1,590 |
| 12 | Winchester | $1,563 |
| 13 | Henderson | $1,541 |
| 14 | Richmond | $1,520 |
| 15 | Covington | $1,517 |
| 16 | Lexington | $1,514 |
| 17 | Nicholasville | $1,504 |
| 18 | Georgetown | $1,491 |
| 19 | Hopkinsville | $1,478 |
| 20 | Erlanger | $1,478 |
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Rate quotes are approximated as specific Louisville zip code can lower or raise premiums greatly.
Determining which company offers the most affordable car insurance rates for teachers calls for a little more sweat in order to find the lowest price.
Each auto insurer has their own unique process for setting rates, so let’s look at the rankings for the car insurance companies with the overall cheapest rates in Louisville. It’s important that you understand Kentucky car insurance rates are determined by lots of factors that control your annual premium. Simply getting older, buying a home, or having an accident can trigger rate changes that can make some companies more affordable than the competition.
Best Auto Insurance Prices for Educators
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Cincinnati Insurance | $1,093 |
| 2 | Kentucky Farm Bureau | $1,163 |
| 3 | USAA | $1,211 |
| 4 | Auto-Owners | $1,357 |
| 5 | Motorists Mutual | $1,601 |
| 6 | Grange Mutual | $1,609 |
| 7 | Travelers | $1,614 |
| 8 | State Farm | $1,867 |
| 9 | Westfield | $1,870 |
| 10 | Safe Auto | $1,972 |
| 11 | Electric | $2,076 |
| 12 | Progressive | $2,077 |
| 13 | Nationwide | $2,085 |
| 14 | State Auto | $2,254 |
| 15 | Encompass | $2,312 |
| 16 | GEICO | $2,437 |
| 17 | Safeco | $2,709 |
| 18 | MetLife | $3,053 |
| 19 | Shelter | $3,231 |
| 20 | Allstate | $3,712 |
| Compare Rates Now Go | ||
Cincinnati Insurance offers some of the cheapest car insurance rates in Louisville at around $1,093 a year. Kentucky Farm Bureau, USAA, Auto-Owners, and Motorists Mutual also make the cut as some of the cheapest Louisville, KY car insurance companies.
In the rate table above, if you currently have a policy with Auto-Owners and switched to Kentucky Farm Bureau, you might realize an annual savings of about $194. Customers with Motorists Mutual may save as much as $438 a year, and Grange Mutual insureds might realize rate reductions of up to $446 a year.
These policy prices are averaged across all ages of drivers and types of vehicles and do not take into consideration an exact location for teachers. So the car insurance company that is most affordable for your situation may not even be in the list above. That point stresses why you need to get rate quotes using your own personalized driver profile and vehicle information.
Choosing a high-quality insurer can be difficult considering how many different companies sell coverage in Louisville. The company rank data in the lists below could help you select which car insurance companies to look at to insure your vehicles. These rankings only include the largest auto insurers in America, so companies that focus mainly on Kentucky business are not included in these rankings.
Top 10 Major Auto Insurance Companies in Louisville Ranked by Claims Service
- Travelers
- Allstate
- Nationwide
- State Farm
- GEICO
- Liberty Mutual
- American Family
- Esurance
- AAA Insurance
- The Hartford
Top 10 Major Auto Insurance Companies Overall in Louisville
- Travelers
- USAA
- AAA Insurance
- Nationwide
- Allstate
- State Farm
- The Hartford
- Safeco Insurance
- Progressive
- American Family
Impact of careless driving on Louisville car insurance rates
In a perfect world, the ideal way to score the best car insurance premiums in Kentucky for teachers and educators is to drive safe and have a clean driving record. The illustration below demonstrates how citations and at-fault collisions can raise auto insurance rates for different age groups. The premiums are based on a married female driver, full coverage, $250 deductibles, and no discounts are applied.
In the chart above, the average cost of car insurance in Kentucky per year with a clean driving record and no accidents is $1,325. Get written up for two speeding tickets and the average cost hikes up to $1,881, an increase of $556 each year. Now add one accident along with the two speeding tickets and the annual cost of car insurance for teachers goes up to an average of $2,436. That’s an increase of $1,111, or $93 per month, just for being a little careless behind the wheel!
Full coverage rates vs. liability-only
Reducing the cost of car insurance is the goal of the majority of drivers, and one of the easiest ways to pay less for insurance for teachers is to not insure for full coverage. The illustration below illustrates the comparison of auto insurance rates when comparing full coverage to liability only. The prices are based on no accidents or driving violations, $250 deductibles, marital status is single, and no discounts are taken into consideration.
If we average the cost for ages 20 through 70, physical damage coverage costs an extra $1,718 per year over liability only. That is a large expense which might make you wonder if full coverage is worth the money. There is no exact rule to stop buying comp and collision coverage, but there is a general school of thought. If the annual cost of having full coverage is about 10% or more of the replacement cost of your vehicle minus the policy deductible, then it’s probably a good time to buy liability coverage only.
For example, let’s assume your vehicle’s settlement value is $8,500 and you have $1,000 full coverage deductibles. If your vehicle is totaled, the most you would get paid by your company is $7,500 after the deductible is paid. If premiums are more than $750 a year to have full coverage, then it may be the right time to buy liability only.
There are some circumstances where dropping physical damage coverage is not in your best interest. If you haven’t paid off your loan, you have to maintain full coverage to protect the lienholder’s interest. Also, if you can’t afford to buy a different vehicle in case of an accident, you should not drop full coverage.
Here’s why you should compare rates often
Louisville, KY car insurance rates are calculated based on many things which can significantly increase or decrease the price you have to pay for coverage. Getting older, buying a different home, or getting a couple of tickets can trigger changes in premium resulting in some companies being affordable when they were higher priced. Not only may your situation change, but car insurance companies modify rates as often as every three months to adjust for gains or losses. An extended period of higher than normal claims can cause rate hikes, while a better loss history may result in cheaper Louisville car insurance rates.
To help illustrate this point, the graph below shows which company has the cheapest car insurance in Louisville, KY for a 30-year-old female driver with no accidents or violations, and good financial standing. When comparing rates based on her current risk profile, Cincinnati Insurance has the lowest car insurance rates in Louisville at $1,754 each year. This is $389 less than the average premium paid by Kentucky drivers of $2,143. Kentucky Farm Bureau, USAA, Auto-Owners, and Motorists Mutual are the remaining cheapest Louisville, KY auto insurance companies.
Now we will give the driver from the first set of rates a couple of claims, a lower credit rating, and a speeding ticket. Since each auto insurance company has their own guidelines for determining rates, analyzing rates may now present a different ranking of the cheapest companies as shown below.
Travelers now has the cheapest auto insurance in Louisville with Kentucky Farm Bureau, USAA, State Farm, and Cincinnati Insurance also being competitive. This example illustrates why it is critical to compare rates when trying to find the cheapest car insurance rates for teachers.
Prices are calculated by many things and can decrease or increase without notice, so the cheapest option a year ago may now cost much more than other companies.