Who Has Affordable Auto Insurance Quotes for Drivers Requiring a SR22 in Louisville?

The words “affordable” and “insurance” really shouldn’t be used together, especially when you are looking for the cheapest car insurance for drivers requiring a SR22. Because of the high cost, let’s introduce you to some things the can have a considerable influence on auto insurance premiums, and find a way to slash the price of the next policy you buy.

Comparing rates for budget insurance is hard enough, and deciding which company has the lowest-priced insurance rates for drivers requiring a SR22 will take even more shopping around. Every auto insurer has their own guidelines for establishing rates, so let’s take a look at the insurance companies with the overall cheapest rates in Kentucky.

Best Car Insurance Prices for SR22 Drivers

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Cheapest Kentucky car insurance ranked by price
Rank Company Cost Per Year
1 Cincinnati Insurance $1,115
2 Kentucky Farm Bureau $1,139
3 USAA $1,223
4 Auto-Owners $1,371
5 Grange Mutual $1,561
6 Motorists Mutual $1,601
7 Travelers $1,614
8 State Farm $1,867
9 Westfield $1,888
10 Safe Auto $1,991
11 Nationwide $2,024
12 Progressive $2,056
13 Electric $2,139
14 State Auto $2,232
15 Encompass $2,358
16 GEICO $2,413
17 Safeco $2,763
18 MetLife $3,053
19 Shelter $3,167
20 Liberty Mutual $3,708
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Cincinnati Insurance generally has some of the most affordable car insurance rates in Louisville at around $1,115 per year. This is $1,028 less than the average rate paid by Kentucky drivers of $2,143. Kentucky Farm Bureau, USAA, Auto-Owners, and Grange Mutual also rank well as some of the lowest-priced Louisville, KY auto insurance companies.

In this example, if you are insured with USAA and switched to Cincinnati Insurance, you might achieve annual savings of about $108. Insureds with Auto-Owners might save as much as $256 a year, and Grange Mutual insureds might lower prices by $446 a year.

To find out how your current rates compare, click here to begin a quote or feel free to get quotes from the companies below.

Remember that these policy prices are averaged for all types of insureds and vehicles and are not factoring in an exact location for drivers requiring a SR22. So the car insurance company that is best suited for you may not even be in the top 21 companies in the list above. That illustrates why you need to compare prices as often as possible using your own personalized driver profile and vehicle information.

The car, truck, or SUV that needs insurance is a large consideration when comparison shopping for low-priced auto insurance for drivers requiring a SR22. Vehicles with higher performance, poor passenger safety features, or high incidents of liability claims will cost substantially more to insure than more economical and safe models.

The next list shows coverage prices for a handful of the more affordable vehicles to buy insurance for.

Cheapest Vehicles to Insure in Louisville, KY
Make, Model, and Trim Level Estimated Cost for Full Coverage
Ford Escape XLT 4WD $6,599
Honda CR-V LX 4WD $6,798
Honda Accord EX-L 4-Dr Sedan $7,176
Volkswagen Jetta S 2.5 Station Wagon $7,237
Toyota Prius $7,255
Ford F-150 STX Regular Cab 2WD $7,307
Chevrolet Silverado LS Regular Cab 4WD $7,313
Jeep Wrangler Sahara 4WD 2-Dr $7,695
Chevrolet Equinox LS 2WD $7,734
Chevrolet Malibu LS $7,743
Ford Explorer Limited 4WD $7,807
Dodge Grand Caravan SXT $7,812
Ford Edge SEL 2WD $7,957
Toyota RAV4 Limited 4WD $7,969
Chevrolet Impala LT $8,045
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Price data assumes single male driver age 40, two speeding tickets, two at-fault accidents, $1,000 deductibles, and Kentucky minimum liability limits. Discounts applied include multi-policy, multi-vehicle, and homeowner. Premium costs do not factor in vehicle garaging location which can influence prices significantly.

Based upon these rates, vehicles like the Ford Escape, Honda CR-V, and Honda Accord will definitely be some of the most affordable vehicles to insure for high risk drivers. The price of auto insurance will tend to be more expensive because there is more liability exposure for drivers requiring a SR22, but overall those vehicles will most likely have the lowest insurance rates that you’ll find.

How much more does full coverage cost?

Reducing premiums for insurance is important to the majority of drivers, and one good way to lower the cost of insurance for drivers requiring a SR22 is to not insure for full coverage. The example below shows the comparison of premium costs with full coverage and liability only. The rate quotes are based on no claims or driving violations, $250 deductibles, drivers are single, and no additional discounts are factored in.

If the expense is averaged for all age categories, full coverage on your policy costs an additional $1,718 per year more than buying just liability insurance. That is a large expense which might make you wonder if physical damage coverage is worth the money. There is no definitive formula of when to stop paying for 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 replacement cost minus your deductible, then you might want to think about dropping full coverage.

For example, let’s pretend your vehicle’s replacement cost is $5,000 and you have $1,000 full coverage deductibles. If your vehicle is destroyed, the most you would receive is $4,000 after paying your deductible. If premiums are more than $400 annually for physical damage coverage, then it could be time to drop full coverage.

The diagram below demonstrates how deductible levels can raise or lower yearly insurance costs when trying to find cheap insurance for drivers requiring a SR22. The data assumes a single female driver, full coverage, and no discounts are taken into consideration.

In the chart above, a 40-year-old driver could reduce rates by $256 a year by changing from a $100 deductible up to a $500 deductible, or save $390 by changing to a $1,000 deductible. Youthful drivers, such as the 20-year-old example, could lower their rates $656 each year by choosing larger deductibles on their policy. When increasing deductibles, it will be required to have enough in a savings account to pay the extra out-of-pocket expense. That is the one drawback of using higher deductibles.

Insuring your vehicle with a highly-rated insurance company can be a challenge considering how many different companies there are to choose from in Kentucky. The ranking information shown below may help you analyze which auto insurance companies to look at shopping your coverage with.

The ratings below include the largest companies in America, so companies that may only write in Kentucky are not taken into consideration for these rankings. To get price quotes from these and other competitive companies, just click here.

Top Ten Insurance Companies for Drivers Requiring a SR22 in Louisville, KY
Company Value Customer Service Claims Customer Satisfaction A.M Best Rating Overall Score
Travelers 93 98 99 88% A++ 95.1
USAA 83 99 100 91% A++ 94.1
AAA Insurance 91 95 92 90% A 93.3
Nationwide 85 95 97 89% A+ 92.4
Allstate 77 100 97 88% A+ 90.7
State Farm 80 94 96 88% A++ 90.6
The Hartford 88 93 91 87% A+ 90.4
Safeco Insurance 91 95 85 88% A 90.2
Progressive 88 94 83 88% A+ 90.1
American Family 91 86 95 83% A 89.7
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Data Source: Insure.com Best Car Insurance Companies

Why you should shop around

Louisville insurance rates are calculated based on many things that may substantially change the cost of a policy. Simply turning a year older, adding a teenager to your policy, or getting a DUI may generate price changes that can cause some rates to be affordable when they were higher priced. In addition, car insurance companies amend premium rates at least once a year in order to protect their financial rating. A period of increased losses may result in high rates, while profitable underwriting can result in more affordable Louisville car insurance rates.

To illustrate this point, the chart below shows the companies that have the cheapest car insurance in Louisville, KY for a 45-year-old female driver with no prior accidents, a clean driving record, and a good credit rating. When quoting prices based on her personal profile, Cincinnati Insurance offers the best car insurance rates in Louisville at $1,718 each year. This is $425 less than the average premium paid by Kentucky drivers of $2,143. Kentucky Farm Bureau, USAA, Auto-Owners, and Grange Mutual are also included in the cheapest Louisville, KY auto insurance companies.

The chart below compares rates after we give the driver in the first example a chargeable claim, a little lower credit rating, and a speeding citation. Since every insurance provider has a proprietary formula to set premium rates, analyzing rates may now present a substantially altered list of the cheapest companies as shown below.

Kentucky Farm Bureau now has the lowest price on auto insurance in Louisville, KY with Travelers, USAA, Cincinnati Insurance, and State Farm now being in the top five. This example proves why it is crucial to perform an extensive rate comparison to get cheap insurance rates for drivers requiring a SR22. Insurance rates consist of many risk factors and change dramatically, so the best price a year ago may now be quite expensive.