Finding dependable, budget auto insurance is hard enough, and figuring out which companies offer the most affordable insurance rates for electric cars may require additional perseverance.
Every car insurance company has a different formula for determining rates, so we’ll take a look at the most competitive insurance companies in Kentucky. It’s important to know that Kentucky insurance rates are impacted by many things which can substantially decrease or increase the policy premium. That is why it is critical to perform an extensive rate comparison when trying to find the best auto insurance quotes for electric cars. Insurance rates can be determined by many different factors and change dramatically, so the cheapest rate the last time you shopped your coverage around may now not even be in the top five.
Best Auto Insurance Prices for EV’s
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| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Cincinnati Insurance | $1,093 |
| 2 | Kentucky Farm Bureau | $1,128 |
| 3 | USAA | $1,175 |
| 4 | Auto-Owners | $1,399 |
| 5 | Motorists Mutual | $1,553 |
| 6 | Grange Mutual | $1,609 |
| 7 | Travelers | $1,614 |
| 8 | State Farm | $1,812 |
| 9 | Westfield | $1,814 |
| 10 | Safe Auto | $1,913 |
| 11 | Nationwide | $2,085 |
| 12 | Progressive | $2,140 |
| 13 | Electric | $2,160 |
| 14 | State Auto | $2,254 |
| 15 | Encompass | $2,312 |
| 16 | GEICO | $2,365 |
| 17 | Safeco | $2,763 |
| 18 | MetLife | $3,053 |
| 19 | Shelter | $3,135 |
| 20 | Liberty Mutual | $3,634 |
| Find Your Rate Go | ||
Cincinnati Insurance has some of the most affordable car insurance rates in Louisville at around $1,093 annually. Kentucky Farm Bureau, USAA, Auto-Owners, and Motorists Mutual also are some of the most economical Louisville, KY auto insurance companies.
In the above example, if you are insured with Motorists Mutual and switched to Kentucky Farm Bureau, you may realize a yearly price reduction of upwards of $425. Policyholders with Grange Mutual could save as much as $481 a year, and Travelers insureds might reduce prices by as much as $486 a year.
To find out how much you can save, click here or click through to the companies below.
Be aware that those rates are averages for all insureds and vehicles and are not factoring in an exact location for electric cars. So the car insurance company that fits your age and vehicle best may not even be in the top 21 companies shown above. That is why you need to compare prices as often as possible using your own driver information and specific vehicle type.
The vehicle to be insured is a significant factor when quoting low-cost car insurance for electric cars. Vehicles with economical engines, an excellent safety record, or a positive history of liability claims will cost significantly less to insure than high performance models. The table below estimates auto insurance premiums for a selection of the cheaper automobiles to buy insurance for.
| Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V LX 2WD | $2,023 |
| Honda Accord EX 4-Dr Sedan | $2,028 |
| Toyota Tacoma Double Cab 4WD | $2,188 |
| Toyota Prius | $2,250 |
| Ford Escape Limited 4WD | $2,256 |
| Ford F-150 XL Crew Cab 4WD | $2,311 |
| Kia Optima LX | $2,345 |
| Nissan Rogue S AWD | $2,350 |
| Honda Odyssey EX W/Rear Entertainment | $2,348 |
| Ford Fusion S 4-Dr Sedan | $2,397 |
| Chevrolet Equinox LS AWD | $2,402 |
| Toyota RAV4 Limited 4WD | $2,397 |
| Toyota Camry LE | $2,402 |
| Ford Explorer Eddie Bauer AWD | $2,443 |
| Ford Focus SES 2-Dr Coupe | $2,464 |
| Jeep Grand Cherokee Laredo 4WD | $2,471 |
| GMC Sierra 2500HD SLT Extended Cab 4WD | $2,467 |
| Dodge Grand Caravan SXT | $2,519 |
| Toyota Corolla LE | $2,528 |
| Hyundai Elantra GLS 4-Dr Sedan | $2,534 |
| Compare Rates Now Go | |
Data rating is based on single male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Kentucky minimum liability limits. Discounts applied include multi-vehicle, safe-driver, multi-policy, claim-free, and homeowner. Estimates do not factor in specific location which can raise or lower auto insurance rates significantly.
Looking at the rates, we can assume that models like the Honda CR-V, Honda Accord, Toyota Tacoma, and Toyota Prius are most likely to be some of the most budget-friendly vehicles to insure for eco-friendly vehicles.
For eco-friendly vehicles, one of the big criteria that determine auto insurance rates is where your car is garaged. Areas with high crime rates or more dense population will most likely pay more, whereas less populated areas have the luxury of lower rates.
The following table rates the highest-priced places in Kentucky for electric cars to buy an auto insurance policy in. Louisville is ranked at #1 with an annual rate of $2,176 for the average policyholder, which is about $181 each month.
| Rank | City | Annual Premium |
|---|---|---|
| 1 | Louisville | $2,176 |
| 2 | Frankfort | $1,725 |
| 3 | Jeffersontown | $1,719 |
| 4 | Saint Matthews | $1,711 |
| 5 | Ashland | $1,673 |
| 6 | Paducah | $1,631 |
| 7 | Madisonville | $1,616 |
| 8 | Radcliff | $1,606 |
| 9 | Murray | $1,597 |
| 10 | Danville | $1,581 |
| 11 | Elizabethtown | $1,563 |
| 12 | Winchester | $1,547 |
| 13 | Hopkinsville | $1,538 |
| 14 | Covington | $1,532 |
| 15 | Henderson | $1,511 |
| 16 | Nicholasville | $1,504 |
| 17 | Georgetown | $1,491 |
| 18 | Bowling Green | $1,476 |
| 19 | Richmond | $1,475 |
| 20 | Lexington | $1,469 |
| 21 | Independence | $1,436 |
| 22 | Erlanger | $1,435 |
| 23 | Florence | $1,427 |
| 24 | Owensboro | $1,418 |
| 25 | Fort Thomas | $1,412 |
| Get a Custom Quote Go | ||
Rates are estimated as the specific geographic location can revise insurance rates considerably.
How to get discounts on Louisville insurance
Auto insurance companies that offer quotes for electric cars may also provide rate discounts that could reduce prices by as much as 40% or more if you meet certain criteria. The best insurance companies and their offered discounts are:
- GEICO offers discounts including driver training, military active duty, multi-vehicle, five-year accident-free, air bags, good student, and membership and employees.
- USAA may include discounts for multi-policy, vehicle storage, good student, defensive driver, safe driver, driver training, and family discount.
- Progressive offers discounts for multi-policy, good student, homeowner, multi-vehicle, online quote discount, and continuous coverage.
- American Family may have discounts that include mySafetyValet, bundled insurance, Steer into Savings, TimeAway discount, early bird, and good driver.
- Esurance has savings for Pac-12 alumni, safety device, anti-theft, defensive driver, and good student.
- Farmers Insurance policyholders can earn discounts including mature driver, alternative fuel, homeowner, electronic funds transfer, teen driver, youthful driver, and switch companies.
- State Farm has discounts for passive restraint, student away at school, defensive driving training, driver’s education, anti-theft, good driver, and accident-free.
The diagram below visualizes the comparison of insurance rates with and without discounts applied to the policy rates. The premiums assume a male driver, no claims or violations, Kentucky state minimum liability limits, full physical damage coverage, and $250 deductibles. The first bar for each age group shows insurance cost with no discounts. The lower bar shows the rates with accident-free, passive restraint, anti-theft, homeowner, multiple policy, and safe-driver discounts applied. When drivers qualify for the discounts, theaverage yearly reduction on insurance for electric cars is 28% or $639.
Best insurance in Kentucky
Insuring your vehicle with a high-quality company is difficult considering how many companies sell insurance in Kentucky. The information in the next section can help you decide which auto insurance companies to look at when shopping your coverage around.
These ratings include companies who write in the majority of U.S. states, so companies with more of a regional focus are not factored into this list. If you would like to check rates from the most competitive companies in Kentucky, click here.
Top 10 Large Auto Insurers Overall in Louisville
- Travelers
- USAA
- AAA Insurance
- Nationwide
- Allstate
- State Farm
- The Hartford
- Safeco Insurance
- Progressive
- American Family
Impact of speeding/accidents on Louisville insurance rates
The ideal way to earn the cheapest insurance prices in Louisville for eco-friendly vehicles is to be a cautious driver and have a clean driving record. The diagram below demonstrates how speeding tickets and fender-benders influence insurance rates for different age groups. The information is based on a married female driver, full coverage, $1,000 deductibles, and no discounts are taken into consideration.
In the chart above, the average cost of car insurance in Louisville per year with a clean driving record and no accidents is $1,396. Get one speeding ticket and the average cost rises to $1,633, an increase of $237 each year. Then add in one accident along with the one speeding ticket and the annual cost of insurance for electric cars jumps again to an average of $2,293. That’s an increase of $896, or $75 per month, just for not driving safely!