Who Has Affordable Auto Insurance for Homeowners in Louisville?

You have seen the captivating commercials from car insurance companies like Liberty Mutual, State Farm, and Progressive that promise dirt cheap rates, so drivers just need to pick one at random, right?

That is not the case, however, as there are a ton of unknown elements such as where you live, the safety features built into your vehicle, and your financial stability. This article covers the types of situations that result in high rates and will hopefully give you a good start in finding the cheapest insurance.

Figuring out which company offers the most affordable car insurance rates for homeowners requires a little more effort than just comparing rates from one or two companies. Every auto insurer has a proprietary method to determine rates, so let’s take a look at the overall cheapest car insurance companies in Louisville.

It’s important that you understand Louisville, KY car insurance rates are impacted by many things that can increase the policy premium. Improving your credit score, having a teenage driver, or getting caught speeding may prompt premium changes that can now make some companies more affordable than competitors.

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Cheapest Kentucky car insurance ranked by price
Rank Company Cost Per Year
1 Cincinnati Insurance $1,093
2 Kentucky Farm Bureau $1,174
3 USAA $1,175
4 Auto-Owners $1,399
5 Motorists Mutual $1,601
6 Grange Mutual $1,609
7 Travelers $1,680
8 Westfield $1,814
9 State Farm $1,848
10 Safe Auto $1,932
11 Nationwide $2,085
12 Progressive $2,119
13 Electric $2,160
14 State Auto $2,254
15 Encompass $2,382
16 GEICO $2,413
17 Safeco $2,763
18 MetLife $3,146
19 Shelter $3,263
20 Liberty Mutual $3,744
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Cincinnati Insurance normally has some of the cheapest car insurance rates in Louisville at around $1,093 a year. Kentucky Farm Bureau, USAA, Auto-Owners, and Motorists Mutual would also be considered some of the lowest-priced Louisville, KY auto insurance companies.

As depicted above, if you are a policyholder with Motorists Mutual and switched to Kentucky Farm Bureau, you could earn a yearly price reduction of roughly $427. Policyholders with Grange Mutual may save as much as $435 a year, and Travelers insureds might realize rate reductions of up to $506 a year.

To discover how much you can save, click here to start your free quote or quote rates from the companies below.

Bear in mind that those prices are averaged across all drivers and vehicles in Kentucky and are not factoring in a specific zip code for homeowners. So the car insurance company that has the cheapest rates for you may not even be in the top 21 companies in the list above. That illustrates why you need to quote rates from many companies using your own driver and vehicle profiles.

The vehicle you are insuring is one of the largest factors that determines the availability of the best cheap auto insurance for homeowners. Vehicles with lots of speed or power, a lack of safety features, or high incidents of liability claims will cost much more to insure than safer, lower-performance models.

The list below ranks coverage premiums for a handful of the cheapest automobiles to insure.

Cheapest Vehicles to Insure in Louisville, KY
Make and Model Estimated Cost for Full Coverage
Honda Accord LX-P 4-Dr Sedan $1,844
Ford Escape Limited 4WD $2,001
Ford Explorer XLT 2WD $2,069
Ford F-150 XL Crew Cab 4WD $2,109
Ford Edge Limited 2WD $2,140
Chevrolet Impala LT $2,183
Toyota RAV4 Sport 2WD $2,192
Chevrolet Malibu LT $2,223
Honda CR-V EX 2WD $2,263
Toyota Camry XLE $2,297
Toyota Corolla XLE $2,304
Chevrolet Equinox LTZ AWD $2,337
Toyota Prius $2,345
Jeep Grand Cherokee Limited 2WD $2,337
Jeep Wrangler Unlimited Sahara 4WD 4-Dr $2,378
Ford F-350 XL Crew Cab 2WD $2,381
Ford Focus S 4-Dr Sedan $2,455
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Data based on single female driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Kentucky minimum liability limits. Discounts applied include multi-policy, homeowner, claim-free, safe-driver, and multi-vehicle. Table data does not factor in specific zip code location which can impact coverage prices considerably.

Based upon the table data, you can expect makes and models like the Honda Accord, Ford Escape, Ford Explorer, and Ford F-150 are most likely to be the most budget-friendly vehicles to insure for people who own their homes.

Liability rates compared to full coverage

Saving on car insurance is the goal of the majority of vehicle owners, and one easy way to lower the cost of insurance for homeowners is to only pay for liability coverage. The information below illustrates the comparison of insurance premiums with full coverage compared to only the Kentucky minimum liability coverage. The rates are based on no tickets, no at-fault accidents, $1,000 deductibles, drivers are not married, and no discounts are applied.

As an average, full coverage on your policy costs an additional $1,854 per year over liability only. That is a large expense which might make you wonder if buying full coverage is worth the money. There is no set rule of when to drop comp and collision coverage, but there is a guideline you can use. If the annual cost of having full coverage is more than 10% of replacement cost minus your deductible, then it may be the right time to buy liability only.

There are a few cases where removing full coverage is not a good idea. If you still owe money on your vehicle, you must maintain physical damage coverage in order to keep the loan. Also, if your savings is not enough to buy a different vehicle if your current one is in an accident, you should keep full coverage in place.

Reckless driving habits raise car insurance rates

The obvious way to maintain the best car insurance rates in Louisville for people who own their homes is to drive carefully and avoid accidents and violations. The chart below shows how violations and at-fault claims can influence auto insurance costs for different ages of insureds. The prices are based on a married male driver, comp and collision included, $100 deductibles, and no discounts are factored in.

In the example above, the average cost of an auto insurance policy in Louisville per year with no violations or accidents is $2,137. Get two speeding tickets and the average cost surges to $2,960, an increase of $823 each year. Then include two accidents along with the two speeding tickets and the annual cost of car insurance for homeowners jumps again to an average of $5,907. That’s an increase of $3,771, or $314 per month, just for not paying attention while driving!

Picking the highest-rated company can be difficult considering how many different insurance companies sell coverage in Kentucky. The company information displayed below may help you choose which companies to look at comparing rates from.

The rankings below include companies that insure vehicles across America, so companies that focus mainly on Kentucky business will not be included in this list. To get price quotes from the insurers below and more, follow this link.

Top Ten Car Insurance Companies for Homeowners in Kentucky
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 are you paying too much for Louisville car insurance?

Louisville, KY car insurance rates are determined by lots of factors that may substantially change the price of coverage. Improving your credit rating, moving to a new city, or getting a DUI may cause policy rate changes that may make certain companies cheaper than competitors. Not only may your risk profile change, but insurers amend pricing every year or even multiple times each year to reflect underwriting profits or losses. Higher than normal claims may cause high rates, while a better loss history can produce lower-priced Louisville car insurance rates.

To illustrate this example, the bar chart below shows which companies have the cheapest car insurance in Louisville, KY for a 35-year-old female driver with no accidents, a clean driving record, and a high credit rating. If we estimate prices based on her personal profile, Cincinnati Insurance may have the most affordable car insurance rates in Louisville at $1,685 each year. This is $458 less than the average premium paid by Kentucky drivers of $2,143. Kentucky Farm Bureau, USAA, Auto-Owners, and Motorists Mutual are the rest of the cheapest Louisville, KY auto insurance companies.

In this next rate comparison, we will give the driver in the first chart a couple of claims, poor credit, and an imperfect driving record. Due to the fact that each insurance company has their own unique process for determining rates in each state, getting updated rate quotes could now result in a significantly different list of the cheapest car insurance companies in Louisville as shown below.

Travelers now has the best price on car insurance in Louisville, KY with Kentucky Farm Bureau, USAA, Westfield, and State Farm also having competitive pricing. This example demonstrates why it is so important to shop around to find cheap insurance rates for homeowners. Car insurance prices are impacted by many things and change frequently, so the lowest-price company the last time you checked may now be wasting a lot of money.