Cheapest Car Insurance Quotes for Homeowners in Kentucky

Anytime the topic is car insurance, the words “affordable” or “cheap” really should not be used as a descriptor for car insurance rates. Please forgive the oxymoron, but cheap auto insurance for homeowners can be difficult to find. But don’t despair, because we will tell you how you can still get car insurance that is cheaper than what you have now.

Determining which company has the lowest-priced insurance rates for homeowners will take a tad more effort than just comparing rates from one or two companies.

Each insurer has a unique formula for filing rates in each state, so let’s look at the rankings for the insurance companies with the overall cheapest rates in Kentucky. It’s a good idea to be aware that Kentucky insurance rates are based on many factors which can significantly increase or decrease the cost of coverage. Simply turning a year older, moving to a new city, or having a fender bender can produce rate changes that can cause some rates to be more affordable than others.

Cheap Insurance Rates for Homeowners

Compare Rates and Save

google.charts.setOnLoadCallback(drawKYT5qcibChart);function drawKYT5qcibChart() {var data = google.visualization.arrayToDataTable([[‘Company’, ‘Rate’, { role: ‘style’ }], [‘Cincinnati Insurance’, 1115, ‘#F08550’], [‘Kentucky Farm Bureau’, 1174, ‘#C86E42’], [‘USAA’, 1223, ‘#A65B37’], [‘Auto-Owners’, 1413, ‘#8A4B2D’], [‘Motorists Mutual’, 1553, ‘#733E25’]]);var options = {title: ‘Top Five Low-Priced Auto Insurance Companies in Kentucky’,titleTextStyle: {color: ‘#333’, fontSize: 17, bold: true},width: ‘100%’,height: 300,’chartArea’: {left:0,top:50,’width’: ‘100%’, ‘height’: ‘70%’},bar: {groupWidth: “90%”},legend: {position: ‘none’},vAxis: {viewWindowMode:’explicit’,viewWindow:{max:1653,min:0}}};var formatter = new google.visualization.NumberFormat({fractionDigits: 0,prefix: ‘$’});var view = new google.visualization.DataView(data);view.setColumns([0, 1,{ calc: “stringify”,sourceColumn: 1,type: “string”,role: “annotation” },2]);formatter.format(data,1);formatter.format(data,2);var chart = new google.visualization.ColumnChart(document.getElementById(‘qcibt5cic’));chart.draw(view, options);}

Cincinnati Insurance may have some of the most affordable car insurance rates in Kentucky at around $1,115 per year. Kentucky Farm Bureau, USAA, Auto-Owners, and Motorists Mutual also rank well as some of the more affordable Kentucky car insurance companies.

In the above example, if you are a policyholder with Auto-Owners and switched to Kentucky Farm Bureau, you might realize an annual premium reduction of around $239. Policyholders with Motorists Mutual might save as much as $379 a year, and Grange Mutual customers might lower prices by $387 a year.

Bear in mind that those policy rates are averages for all ages of drivers and types of vehicles and and are not calculated with a price decrease for homeowners. So the company that has the cheapest rates for you may not even be included in the chart above. That underscores the importance of why you need to get auto insurance quotes using your own driver and vehicle profiles.

One of the more important factors that help determine car insurance rates is where your residence is in Kentucky. Urban areas that are densely populated like Louisville, Jeffersontown, and Saint Matthews tend to pay higher rates, whereas areas with fewer weather claims and lower vehicle theft rates get the luxury of paying less.

The next table sorts the most costly cities in Kentucky for homeowners to purchase a policy in.

Annual rates are comparative as the specific Kentucky residence address can modify price quotes noticeably.

Cost difference between full coverage and liability

Finding the cheapest car insurance for homeowners in Kentucky is important to most people, and one way to find cheaper insurance is to not insure for full coverage. The illustration below shows the difference between insurance prices with liability coverage only compared to full coverage. The information is based on no tickets, no at-fault accidents, $1,000 deductibles, single marital status, and no discounts are taken into consideration.

google.charts.setOnLoadCallback(drawFclqcibChart);function drawFclqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘Full Coverage with $1,000 Deductibles’, ‘Liability Only’],[‘Age 20’, 2327,991],[‘Age 30’, 1233,547],[‘Age 40’, 1199,507],[‘Age 50’, 1097,475],[‘Age 60’, 1065,467],[‘Age 70’, 1321,621]]);var options = {title: ‘Full Coverage and Liability Only Rates’,titleTextStyle: {color: ‘#333’,fontSize: 17,bold: true},width: ‘100%’,height: 500,’chartArea’: {left:100,top:50,’width’: ‘100%’, ‘height’: ‘70%’},legend: {position: ‘bottom’},colors: [‘#6791b9′,’#98bee2’],hAxis: {title: ‘Annual Auto Insurance Cost for Average Vehicle in Kentucky’,minValue: 0,format: ‘$###,###’},vAxis: {title: ‘Age of Insured’}};var formatter = new google.visualization.NumberFormat({fractionDigits: 0,prefix: ‘$’});formatter.format(data,1);formatter.format(data,2);var chart = new google.visualization.BarChart(document.getElementById(‘qcibfcl’));chart.draw(data, options);}

As an average for all age groups, comp and collision coverage costs $1,374 per year over and above liability only. That brings up the question when is the right time to remove full coverage. There isn’t a written rule that is best for determining when to drop physical damage coverage, but there is a general convention. If the annual cost of 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.

For example, let’s assume your vehicle’s settlement value is $5,500 and you have $1,000 full coverage deductibles. If your vehicle is destroyed, you would only receive $4,500 after paying your policy deductible. If you are currently paying more than $450 annually to have full coverage, the it may be a good time to stop paying for full coverage.