Cheapest Insurance for Used Cars in Kentucky

When shopping for car insurance for pre-owned vehicles, one of the many criteria that is used to calculate auto insurance rates is the neighborhood you call home. Cities with more crime and/or more people like Louisville, Jeffersontown, and Ashland tend to have higher rates, whereas areas that tend to be more rural benefit from lower rates.

The table below lists the highest-priced areas in Kentucky for used cars to purchase auto insurance in.

Information shown are comparative as the specific zip code location can change premium rates noticeably.

The type of vehicle on the policy is one of the biggest factors that determines whether or not you find the cheapest insurance for used cars in Kentucky. Vehicles with lots of speed or power, a lack of safety features, or a track record of large liability claims will cost quite a bit more to insure than safer models.

The table below ranks auto insurance rates for a selection of the most affordable automobiles to buy coverage for.

Above prices assume single female driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Kentucky minimum liability limits. Discounts applied include homeowner, safe-driver, multi-vehicle, claim-free, and multi-policy. Table data does not factor in garaging location in Kentucky which can modify coverage prices noticeably.

Based upon these rates, you can figure that makes and models like the Honda CR-V, Honda Odyssey, Hyundai Santa Fe, Hyundai Tucson, and Toyota RAV4 are most likely to be the more affordable vehicles to insure for pre-owned vehicles.

Finding out which companies quote the cheapest auto insurance rates for used cars may require a bit more effort than just quoting one company’s rates. Every insurance company uses their own formula for filing rates in each state, so we need to take a look at the auto insurance companies with the overall cheapest rates in Kentucky.

It’s important to understand that Kentucky auto insurance rates are determined by lots of factors which can substantially change the price you pay. Improving your credit score, filing a claim, or having an accident may cause policy rate changes that can now make some companies much cheaper than others.

Lowest Insurance Price Quotes for Used Cars

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Cincinnati Insurance has some of the cheapest car insurance rates in Kentucky at around $1,126 per year. Kentucky Farm Bureau, USAA, Auto-Owners, and Motorists Mutual are also some of the lowest-priced Kentucky car insurance companies.

As shown in the table above, if you buy coverage from Auto-Owners and switched to Kentucky Farm Bureau, you might see savings of approxmiately $271. Customers with Motorists Mutual might save as much as $489 a year, and Grange Mutual insureds might reduce rates by $497 a year.

Understand that those rates are averages for all types of drivers and the different vehicles they drive and do not factor in a price decrease for used cars. So the auto insurance company that is best suited for you may not even be in the above list. That illustrates why you need to get car insurance quotes using your own driver and vehicle profiles.

The chart below illustrates how choosing a deductible can increase or decrease insurance premiums when trying to find cheap insurance for used cars. The premiums assume a single male driver, comprehensive and collision coverage, and no additional discounts are factored in.

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As shown above, a 50-year-old driver could lower their policy premium by $268 a year by increasing from a $100 deductible up to a $500 deductible, or save $404 by switching to a $1,000 deductible. Even younger insureds, such as the 20-year-old chart data, could save up to $880 or even more by using a higher deductible.

If you do raise deductibles, it is necessary to have enough savings set aside to cover the extra out-of-pocket expense, which is the main disadvantage of using high deductibles.

Full coverage rates vs. liability-only

Finding the cheapest insurance for used cars in Kentucky is probably important to most drivers, and an easy way to buy cheaper insurance is to only pay for liability coverage. The diagram below visualizes the comparison of insurance costs when comparing full coverage to liability only. The information is based on no driving violations, no at-fault accidents, $1,000 deductibles, drivers are single, and no discounts are applied to the premium.

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As an average for all age groups, physical damage insurance costs an extra $1,374 per year over liability only. That brings up the question if buying full coverage is a good investment. There isn’t a steadfast formula for excluding comprehensive and collision coverage on your policy, but there is a general convention. If the annual cost of your full coverage insurance is 10% or more of any settlement you would receive from your insurance company, the it may be a good time to stop paying for full coverage.

For example, let’s pretend your vehicle’s book value is $7,000 and you have $1,000 physical damage deductibles. If your vehicle is destroyed, the most your company would pay you is $6,000 after paying the physical damage deductible. If you are currently paying more than $600 a year to have full coverage, then you might want to think about dropping full coverage.

How to find more affordable car insurance for used cars

The list below shows some thrifty solutions that can help you quote the cheapest coverage.

• Buying car and homeowners insurance together can save money
• Safer vehicles generally have cheaper insurance rates
• Avoid accidents and claims
• Improve your credit
• Do not pay for full coverage if not needed
• Comparison shop frequently

That last idea is notably necessary, as we emphasized in the prior information. Auto insurance prices adjust frequently, so you should be ready to switch to a new company if a lower-cost policy is available.

Having a favorite company is great, but we do not recommend it if your bullheadedness ends up costing you a small fortune. It takes less than five minutes to shop around and find cheaper auto insurance for used cars.