What Insurance is Cheapest for High Risk Drivers in Louisville?

For high risk drivers, one of the more important components that are looked at to help calculate the amount you pay for auto insurance is where you live in Louisville. Areas with more people or more claims tend to pay slightly more, whereas less populated areas benefit from lower coverage costs.

The information below lists the priciest cities in Kentucky for high risk drivers to buy auto insurance in. Louisville makes the list at #1 with the yearly price of $2,154 for the average insured, which is about $180 each month.

How much does auto insurance cost in Louisville?
Rank City Annual Premium
1 Louisville $2,154
2 Frankfort $1,795
3 Jeffersontown $1,719
4 Saint Matthews $1,694
5 Ashland $1,673
6 Radcliff $1,606
7 Paducah $1,599
8 Murray $1,597
9 Madisonville $1,568
10 Elizabethtown $1,563
11 Henderson $1,557
12 Danville $1,549
13 Covington $1,532
14 Nicholasville $1,504
15 Winchester $1,501
16 Hopkinsville $1,493
17 Georgetown $1,491
18 Richmond $1,490
19 Florence $1,471
20 Lexington $1,469
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Premium costs are approximated as specific location information can lower or raise premiums noticeably.

Determining which company has the most affordable auto insurance rates for high risk drivers will take more work in order to find the best price. Every insurance provider has a proprietary method for determining rates, so let’s take a look at the most affordable auto insurance companies in Louisville, KY.

It’s important that readers know that Louisville auto insurance rates are influenced by many factors that control the price of coverage. Improving your credit score, filing a claim, or getting caught speeding can trigger changes in premium that can cause some rates to be cheaper than competitors.

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Kentucky car insurance ranked by cost per year
Rank Company Cost Per Year
1 Cincinnati Insurance $1,082
2 Kentucky Farm Bureau $1,139
3 USAA $1,175
4 Auto-Owners $1,413
5 Grange Mutual $1,577
6 Motorists Mutual $1,617
7 Travelers $1,631
8 State Farm $1,793
9 Westfield $1,870
10 Safe Auto $1,991
11 Nationwide $2,003
12 Progressive $2,077
13 Electric $2,160
14 State Auto $2,166
15 Encompass $2,312
16 GEICO $2,413
17 Safeco $2,791
18 MetLife $3,177
19 Shelter $3,231
20 Allstate $3,712
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Cincinnati Insurance may have some of the most affordable car insurance rates in Louisville at around $1,082 annually. This is $1,061 less than the average price paid by Kentucky drivers of $2,143. Kentucky Farm Bureau, USAA, Auto-Owners, and Grange Mutual would also make the list of some of the cheaper Louisville, KY auto insurance companies.

As the example above demonstrates, if you currently have a policy with Grange Mutual and switched to Kentucky Farm Bureau, you may realize a yearly savings of around $438. Drivers with Motorists Mutual could save as much as $478 a year, and Travelers customers might see rate reductions of $492 a year.

These estimates are averages across all drivers and vehicles and do not take into consideration an exact zip code location for high risk drivers. So the car insurance company that has the lowest price for you may not even be in the top 21 companies in the list above. That helps illustrate why you need to get rate quotes using your own individual information.

The vehicle that is being insured is probably the biggest factor when trying to find the cheapest auto insurance for high risk drivers. Vehicles with limited top-end speed, a great safety record, or a low likelihood of liability claims will cost significantly less to insure than adrenaline junky models. The next list features coverage premiums for some of the most budget-friendly vehicles to insure.

Cheapest Vehicles to Insure in Louisville, KY
Vehicle Estimated Cost for Full Coverage
Honda Accord LX 4-Dr Sedan $6,665
Ford Escape Limited 2WD $6,826
Honda CR-V EX 4WD $6,834
Toyota Prius $6,966
Ford Explorer XLT 4WD $7,315
Honda Odyssey LX $7,540
Dodge Grand Caravan Hero $7,664
Chevrolet Impala LS $7,819
Toyota Tacoma 2WD $7,828
Ford Edge Limited 2WD $7,886
Toyota RAV4 Limited 4WD $7,974
Ford F-150 Lariat Crew Cab 2WD $7,977
Chevrolet Malibu LT $8,062
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Data rating is based on single male driver age 30, two speeding tickets, two at-fault accidents, $1,000 deductibles, and Kentucky minimum liability limits. Discounts applied include multi-vehicle, multi-policy, and homeowner. Rate information does not factor in garaging location in Louisville, KY which can influence coverage prices greatly.

Looking at the data, you can presume that cars like the Honda Accord, Ford Escape, Honda CR-V, and Toyota Prius are a few of the most affordable vehicles to insure for high risk drivers. Auto insurance rates will be higher anyway just because there is more claim exposure for high risk drivers, but overall those models will tend to have the best insurance prices that you’ll find.

Do you need full coverage?

Buying cheaper auto insurance is important to the majority of vehicle owners, and one of the quickest ways to save on the cost of insurance for high risk drivers is to only buy liability coverage. The chart below shows the comparison of car insurance costs with full physical damage coverage and with liability coverage only. The information is based on no claims or driving violations, $250 deductibles, drivers are not married, and no additional discounts are factored in.

If averaged for all ages, comp and collision coverage costs $1,718 per year more than carrying just liability coverage. That raises the question if buying full coverage is a good investment. There is no set guideline for phasing out full coverage on your policy, but there is a general guideline you can use. If the annual cost of having full coverage is about 10% or more of any settlement you would receive from your insurance company, then you may need to consider dropping full coverage.

Discount Louisville car insurance rates

Cheaper Louisville, KY auto insurance for high risk driversInsurance companies that offer coverage for high risk drivers may additionally offer premium discounts that could potentially reduce rates by 40% or more if you qualify for them. A few of the larger companies and some of their more popular discounts are detailed below.

The chart below shows the comparison of car insurance rates with and without discounts applied to the rates. The information is based on a male driver, three citations and one at-fault accident, Kentucky state minimum liability limits, full physical damage coverage, and $1,000 deductibles. The first bar for each age group shows the average rate with no discounts. The second bar shows the rates with continuous coverage, homeowner, multiple policy, passive restraint, paperless filing, and multiple vehicle discounts applied. When these discounts are applied, theaverage amount saved on auto insurance for high risk drivers is 28% or $940.

What is the best auto insurance company in Louisville?

Insuring your vehicle with a good quality auto insurance company can be rather challenging considering how many different companies sell coverage in Kentucky. The information in the next section may help you select which coverage providers to look at to insure your vehicles. The rankings below are only comprised of the largest auto insurers in America, so smaller companies that only insure vehicles in Kentucky are not taken into consideration for this list.

Top 10 Major Car Insurance Companies in Louisville Ranked by A.M. Best Rating

  1. Travelers – A++
  2. USAA – A++
  3. GEICO – A++
  4. State Farm – A++
  5. Erie Insurance – A+
  6. Esurance – A+
  7. Progressive – A+
  8. Nationwide – A+
  9. The Hartford – A+
  10. Allstate – A+

Top 10 Major Car Insurance Companies Overall in Louisville

  1. Travelers
  2. USAA
  3. AAA Insurance
  4. Nationwide
  5. Allstate
  6. State Farm
  7. The Hartford
  8. Safeco Insurance
  9. Progressive
  10. American Family

The importance of comparing Louisville car insurance rates

Louisville auto insurance rates are influenced by many factors that control the cost of having a policy. Simply improving your credit, having a teen driver, or getting caught speeding can trigger price changes that can cause some rates to be more affordable than competitors. Also, insurance companies change their prices as needed to adjust for heavy claims or excess profits. Higher than normal claims may result in additional price hikes, while lower claim levels may produce more affordable Louisville car insurance rates.

To illustrate this example, the chart below shows the company with the cheapest car insurance in Louisville, KY for a 30-year-old female driver with no accidents, a clean driving record, and a good credit history. When comparing rates based on her current rating profile, Cincinnati Insurance may have the most affordable car insurance rates in Louisville at $1,643 per year. This is $500 less than the average price paid by Kentucky drivers of $2,143. Kentucky Farm Bureau, USAA, Auto-Owners, and Grange Mutual are the remainder of the cheapest Louisville, KY auto insurance companies.

The next chart shows rates after we give the driver in the first example a chargeable accident, bad credit, and an imperfect driving record. Since each insurance company has their own unique process for establishing rates, comparing rates most likely will result in a significantly different list of cheap Louisville auto insurance companies as shown below.

Motorists Mutual now has the cheapest insurance rate in Louisville, KY with Kentucky Farm Bureau, USAA, Cincinnati Insurance, and Westfield completing the list. This demonstrates why it is critical to perform a complete rate comparison when trying to get the most affordable car insurance quotes for high risk drivers. Car insurance prices are determined by many different factors and can increase or decrease at any time, so the best price the last time you compared rates may now be wasting a lot of money.