Wouldn’t it be so easy if we could just give you the name of the best company in Louisville that has the cheapest coverage for drivers with good credit? It’s just not that easy, however, as there are a whole bunch of unknown aspects like whether you are female or male, if you are a homeowner or renter, the likelihood of vehicle theft where you live, and if you have ever had a gap in coverage, that all help calculate your car insurance rates. We are going to cover the best ways to save on auto insurance and will hopefully give you a good start to your coverage search.
The vehicle model you are seeking coverage for is one of the main factors that determines the availability of the best cheap coverage for drivers with good credit. Vehicles with higher performance characteristics, a lack of advanced safety features, or a history of substantial liability claims will cost significantly more to insure than more economical and safe models. The data below shows car insurance costs for a selection of the cheapest vehicles to insure in Kentucky.
| Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V EX-L 2WD | $1,856 |
| Ford Escape Limited 4WD | $1,972 |
| Hyundai Elantra GLS Touring Station Wagon | $2,054 |
| Honda Odyssey EX W/Rear Entertainment | $2,111 |
| Chevrolet Silverado LS Regular Cab 2WD | $2,148 |
| Chevrolet Malibu LS | $2,151 |
| Nissan Altima 2.5 4-Dr Sedan | $2,161 |
| Toyota RAV4 Sport 4WD | $2,151 |
| Ford Edge Sport AWD | $2,266 |
| Toyota Prius | $2,275 |
| Nissan Rogue S AWD | $2,303 |
| GMC Sierra SL Crew Cab 4WD | $2,309 |
| GMC Sierra 2500HD SLE Extended Cab 4WD | $2,314 |
| Ford Explorer Eddie Bauer 2WD | $2,315 |
| Ford F-150 XL Regular Cab 4WD | $2,320 |
| Jeep Grand Cherokee Laredo 2WD | $2,354 |
| Volkswagen Jetta 2.0T Station Wagon | $2,388 |
| Toyota Tacoma Double Cab 4WD | $2,427 |
| Honda Civic LX 4-Dr Sedan | $2,436 |
| Toyota Camry Hybrid | $2,461 |
| Toyota Camry Hybrid | $2,471 |
| Dodge Grand Caravan Crew | $2,482 |
| Toyota Corolla XLE | $2,485 |
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Data rating is 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 multi-policy, safe-driver, homeowner, multi-vehicle, and claim-free. Information does not factor in vehicle garaging location which can increase or decrease coverage rates significantly.
Looking at the data, you can expect vehicles like the Honda CR-V, Ford Escape, Hyundai Elantra, and Honda Odyssey are most likely going to be a few of the most economical vehicles to insure for financially responsible drivers.
For financially responsible drivers, one of the big considerations that help determine the amount you pay each year for auto insurance is where your residence is in Louisville. Regions with more people or even just more weather-related claims are more likely to have higher rates, whereas areas with lower vehicle theft rates and fewer weather claims can boast about having cheaper rates.
The next table lists the most costly cities in Kentucky for drivers with good credit to purchase auto insurance in. Louisville ranks #1 with an annual rate of $2,154 for the average policy, which is approximately $180 per month.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | Louisville | $2,154 |
| 2 | Frankfort | $1,742 |
| 3 | Jeffersontown | $1,668 |
| 4 | Saint Matthews | $1,660 |
| 5 | Ashland | $1,656 |
| 6 | Radcliff | $1,654 |
| 7 | Madisonville | $1,600 |
| 8 | Paducah | $1,583 |
| 9 | Danville | $1,581 |
| 10 | Winchester | $1,563 |
| 11 | Henderson | $1,557 |
| 12 | Georgetown | $1,551 |
| 13 | Murray | $1,549 |
| 14 | Elizabethtown | $1,547 |
| 15 | Hopkinsville | $1,538 |
| 16 | Nicholasville | $1,519 |
| 17 | Covington | $1,487 |
| 18 | Richmond | $1,475 |
| 19 | Florence | $1,471 |
| 20 | Lexington | $1,469 |
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Rate quotes are approximated as the specific garaging location can impact auto insurance rates significantly.
How to get discounts on Louisville insurance
Auto insurance companies that provide coverage for drivers with good credit may also provide price discounts that could potentially reduce rates by 35% or more if you meet the requirements. Companies and a partial list of their discounts can be found below.
- Travelers may include discounts for good student, home ownership, early quote, continuous insurance, driver training, and student away at school.
- 21st Century offers discounts for anti-lock brakes, good student, driver training, air bags, student driver, defensive driver, and homeowners.
- State Farm may offer discounts for multiple autos, good driver, passive restraint, good student, and multiple policy.
- GEICO offers premium reductions for defensive driver, multi-policy, emergency military deployment, anti-theft, five-year accident-free, and federal employee.
- SAFECO may have discounts that include bundle discounts, teen safety rewards, accident prevention training, anti-lock brakes, safe driver, anti-theft, and teen safe driver.
- AAA has savings for pay-in-full, education and occupation, good driver, AAA membership discount, anti-theft, and multi-car.
The example below shows the difference between insurance prices with and without discounts applied to the policy premium. The data is based on a male driver, no accidents or driving violations, Kentucky state minimum liability limits, full physical damage coverage, and $500 deductibles.
The first bar for each age group shows the average annual price with no discounts. The lower bar shows the rates with claim-free, defensive driving course, anti-theft, passive restraint, marriage, and homeowner discounts applied. When discounts are applied, theamount saved on insurance for drivers with good credit is 28% or $575.
Impact of violations and accidents on rates
In a perfect world, the best way to find the cheapest insurance rates in Kentucky for financially responsible drivers is to drive safely and have a clean driving record. The example below illustrates how traffic citations and at-fault claims influence car insurance rates for each different age group. The prices are based on a single male driver, full physical damage coverage, $100 deductibles, and no other discounts are factored in.
In the chart above, the average cost of car insurance in Kentucky per year with no violations or accidents is $2,086. Get written up for two speeding tickets and the average cost swells to $2,774, an increase of $688 each year. Now get two accidents along with the two speeding tickets and the yearly cost of insurance for drivers with good credit increases to an average of $5,105. That’s an increase of $3,020, or $252 per month, just for being a little careless behind the wheel!
The chart below shows how different deductible levels can change insurance prices when researching cheap insurance for drivers with good credit. The prices are based on a married male driver, full coverage, and no discounts are factored in.
In the chart above, a 30-year-old driver could reduce rates by $340 a year by changing their physical damage coverage from a $100 deductible up to a $500 deductible, or save $512 by using a $1,000 deductible. Younger drivers, like the 20-year-old, could drop their prices up to $1,034 each year by using a higher deductible.
If you make the decision to raise deductibles, it is essential to have enough in a savings account to cover the extra out-of-pocket expense, which is the one disadvantage of using larger deductibles.