For youthful drivers, one of the largest considerations that are looked at to help calculate auto insurance rates is where your residence is in Louisville. Cities with larger populations likely pay more, whereas areas with less people or fewer weather incidents profit from lower rates.
The following table sorts the highest-priced places in Kentucky for young drivers to buy car insurance in. Louisville is ranked #1 having an annual price of $2,090 for the average policy, which is approximately $174 per month.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | Louisville | $2,090 |
| 2 | Frankfort | $1,742 |
| 3 | Saint Matthews | $1,694 |
| 4 | Jeffersontown | $1,685 |
| 5 | Ashland | $1,656 |
| 6 | Paducah | $1,631 |
| 7 | Madisonville | $1,616 |
| 8 | Radcliff | $1,606 |
| 9 | Elizabethtown | $1,595 |
| 10 | Danville | $1,581 |
| 11 | Georgetown | $1,551 |
| 12 | Murray | $1,549 |
| 13 | Hopkinsville | $1,538 |
| 14 | Nicholasville | $1,504 |
| 15 | Winchester | $1,501 |
| 16 | Lexington | $1,499 |
| 17 | Henderson | $1,495 |
| 18 | Richmond | $1,490 |
| 19 | Erlanger | $1,478 |
| 20 | Covington | $1,472 |
| Find the Best Rates Go | ||
Premium amounts are comparative as the specific Louisville residence address can decrease or increase insurance rates noticeably.
Deciphering which company offers the best car insurance rates for young drivers will involve a little more effort in order to find the lowest price. Every insurance provider has a proprietary formula for determining rates, so let’s take a look at the car insurance companies that tend to be cheaper in Louisville, KY.
It’s important to understand that Louisville car insurance rates are impacted by many things which can substantially decrease or increase the price you have to pay for coverage. Getting older, adding a teenager to your policy, or getting caught speeding can cause premium changes resulting in some companies being much cheaper than others.
Best Auto Insurance Prices for Teens
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Cincinnati Insurance | $1,093 |
| 2 | Kentucky Farm Bureau | $1,174 |
| 3 | USAA | $1,211 |
| 4 | Auto-Owners | $1,357 |
| 5 | Motorists Mutual | $1,569 |
| 6 | Grange Mutual | $1,625 |
| 7 | Travelers | $1,631 |
| 8 | State Farm | $1,793 |
| 9 | Westfield | $1,814 |
| 10 | Safe Auto | $1,972 |
| 11 | Progressive | $2,077 |
| 12 | Nationwide | $2,085 |
| 13 | Electric | $2,160 |
| 14 | State Auto | $2,166 |
| 15 | Encompass | $2,382 |
| 16 | GEICO | $2,437 |
| 17 | Safeco | $2,763 |
| 18 | MetLife | $3,084 |
| 19 | Shelter | $3,167 |
| 20 | Liberty Mutual | $3,708 |
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Cincinnati Insurance normally has some of the best car insurance rates in Louisville at around $1,093 each year. Kentucky Farm Bureau, USAA, Auto-Owners, and Motorists Mutual also qualify as some of the lowest-priced Louisville, KY insurance companies.
As the rates illustrate above, if you currently have coverage with Motorists Mutual and switched to Kentucky Farm Bureau, you might see savings of in the vicinity of $395. Kentucky drivers with Grange Mutual may save as much as $451 a year, and Travelers customers might realize rate reductions of up to $457 a year.
Remember that these premiums are averaged for all drivers and vehicles in Kentucky and do not factor in a specific vehicle garaging location for young drivers. So the auto insurance company that can offer you the lowest price may not even be in the list above. That is why you need to get rate quotes using your own driver and vehicle profiles.
The chart below illustrates how choosing a deductible can influence insurance costs when searching for cheap insurance for young drivers. The data assumes a single female driver, comprehensive and collision coverage, and no other discounts are factored in.
As shown above, a 30-year-old driver could lower rates by $400 a year by switching their comprehensive and collision coverages from a $100 deductible to a $500 deductible, or save $602 by changing to a $1,000 deductible. Young drivers, like the Age 20 chart data, could shave up to $898 or more by choosing a higher deductible.
When using a larger deductible, it is important to have emergency funds available to pay the extra out-of-pocket expense, which is the main disadvantage of using high deductibles.
Cost of full coverage
Reducing premiums for car insurance is important to the majority of vehicle owners, and one easy way to buy cheaper insurance for young drivers is to not pay for full coverage. The chart below visualizes the comparison of car insurance rates with and without full coverage. The price estimates are based on no claims, a clean driving record, $500 deductibles, single marital status, and no discounts are factored in.
As an average for all age groups, comprehensive and collision coverage on your policy costs an extra $2,088 per year more than buying just liability insurance. That is a large expense which might make you wonder if buying full coverage is worth the expense. There is no set guideline of when to eliminate full coverage on your policy, but there is a general school of thought. If the yearly cost of full coverage is more than about 10% of any settlement you would receive from your insurance company, then it could be time to drop full coverage.
Impact of careless driving on Louisville car insurance rates
The obvious way to maintain affordable car insurance prices for youthful drivers is to be a safe driver and avoid accidents and traffic citations. The diagram below demonstrates how citations and at-fault accidents can drive up insurance costs for different ages of insureds. The price estimates are based on a married female driver, comprehensive and collision coverage, $500 deductibles, and no discounts are factored in.
The chart shows that the average cost of auto insurance in Kentucky per year with a clean driving record and no accidents is $1,573. Factor in two speeding tickets and the average cost surges to $2,234, an increase of $661 each year. Now add in two accidents along with the two speeding tickets and the annual cost of car insurance for young drivers goes up to an average of $4,835. That’s an increase of $3,262, or $272 per month, just for not driving carefully!
If you have questions and prefer to get help from a professional when trying to find lower insurance rates for young drivers, the professional agents shown below can help you determine which auto insurance policy fits you best.
To locate a Louisville car insurance agency by location nearest to you, click the button below the list.
- Matt Miller – State Farm Insurance Agent
8321 Preston Hwy – Louisville, KY 40219 – (502) 964-6288 - Dolack Insurance Agency Inc.
4050 Westport Rd – Louisville, KY 40207 – (502) 333-0577 - Tracy Blair Haus State Farm Insurance Agency
11501 Main St – Louisville, KY 40243 – (502) 244-0271