What Insurance is Cheapest for Seniors in Louisville?

The words “low-priced” and “insurance” really shouldn’t be used in the same sentence, especially when trying to find the best insurance rates for seniors. Because it’s not cheap, let’s start the ball rolling by going over some things that have a considerable impact on auto insurance rates, and find out if you can lower the cost of the next policy you buy.

For senior citizens, one of the more important criteria that aid in calculating the price you pay for insurance is your zip code in Louisville. Areas with a lot of weather claims or more people tend to have more expensive car insurance rates, whereas areas with lower vehicle theft rates and fewer weather claims have the benefit of cheaper car insurance.

The following table ranks the most expensive cities in Kentucky for seniors to purchase auto insurance in. Louisville is listed at #1 with an annual premium of $2,176 for the average insured, which is around $181 per month.

How much is car insurance in Louisville?
Rank City Annual Premium
1 Louisville $2,176
2 Frankfort $1,795
3 Jeffersontown $1,736
4 Ashland $1,673
5 Saint Matthews $1,660
6 Radcliff $1,638
7 Elizabethtown $1,611
8 Paducah $1,599
9 Danville $1,581
10 Madisonville $1,568
11 Murray $1,565
12 Hopkinsville $1,523
13 Richmond $1,520
14 Nicholasville $1,519
15 Georgetown $1,506
16 Winchester $1,501
17 Henderson $1,495
18 Bowling Green $1,476
19 Covington $1,472
20 Lexington $1,469
21 Erlanger $1,463
22 Florence $1,441
23 Independence $1,422
24 Fort Thomas $1,397
25 Owensboro $1,376
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Price information shown is approximated as the specific garaging location can impact prices substantially.

The car, truck, or SUV you are trying to insure is one of the biggest factors when shopping around for economical coverage for seniors. Vehicles with lots of speed or power, poor passenger safety features, or an increased likelihood of liability claims will cost significantly more to insure than safer, lower-performance models. The list below shows car insurance premiums for the more affordable vehicles to buy coverage for.

Cheapest Vehicles to Insure in Louisville, KY
Vehicle Insured Estimated Cost for Full Coverage
Ford Escape XLS 4WD $1,460
Honda CR-V EX-L 4WD $1,492
Volkswagen Jetta S 2.5 Station Wagon $1,585
Honda Odyssey LX $1,600
Toyota Prius $1,618
Toyota Tacoma 4WD $1,632
Dodge Grand Caravan CV $1,641
Ford Explorer XLT 2WD $1,632
Ford Edge SEL 2WD $1,692
Chevrolet Malibu Hybrid $1,725
Ford Fusion S 4-Dr Sedan $1,731
Toyota RAV4 Sport 4WD $1,725
Ford F-150 FX2 2WD $1,758
Ford Focus SEL 4-Dr Sedan $1,784
Toyota Corolla S $1,817
Chevrolet Impala LTZ $1,824
Toyota Camry SE $1,817
Hyundai Elantra SE 4-Dr Sedan $1,825
Nissan Rogue SL 2WD $1,847
Chevrolet Silverado LS Extended Cab 2WD $1,854
Jeep Grand Cherokee Limited 2WD $1,850
GMC Sierra SLE Crew Cab 4WD $1,859
Chevrolet Equinox LTZ 2WD $1,850
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Premium data assumes married male driver age 60, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Kentucky minimum liability limits. Discounts applied include claim-free, safe-driver, homeowner, multi-policy, and multi-vehicle. Rate information does not factor in specific location information which can decrease or increase premium rates considerably.

Based upon the table data, we can expect cars like the Ford Escape, Honda CR-V, and Volkswagen Jetta are likely to be a few of the most economical vehicles to insure for senior citizens.

Cost difference between full coverage and liability

Paying a lower price for auto insurance is the goal of the majority of vehicle owners, and one of the fastest ways to save on the cost of insurance for seniors is to buy liability only. The example below shows the difference between car insurance costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The price estimates are based on no claims or driving citations, $250 deductibles, marital status is single, and no policy discounts are applied.

If we average the cost for all age groups, physical damage insurance costs $2,293 per year over liability only. At some point, almost every driver questions if it’s a good idea to buy full coverage. There is no specific rule for dropping full coverage, but there is a guideline you can consider. If the annual cost of coverage is about 10% or more of replacement cost minus your deductible, then it’s probably a good time to buy liability coverage only.

Insuring your vehicle with a good quality company is hard considering how many different companies insure vehicles in Louisville. The ranking information shown below may help you select which car insurance companies to look at comparing price quotes from.

The ratings below include large, nationwide insurance companies, so companies that focus mainly on Kentucky business are not included in this list. To view rates from these and other competitive companies, click here.

Top 10 Major Auto Insurers 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+

Illustration showing the impact of accidents and violations

In a perfect world, the ideal way to get low auto insurance premiums in Kentucky for senior citizens is to be a careful driver and avoid accidents and traffic citations. The chart below demonstrates how speeding tickets and at-fault fender-benders can raise insurance rates for each different age category. The premium estimates are based on a single female driver, full physical damage coverage, $1,000 deductibles, and no discounts are applied to the premium.

In the previous chart, the average cost of an auto insurance policy in Louisville per year with no accidents and a clean driving record is $1,769. Add in one speeding ticket and the average cost hikes up to $2,009, an increase of $240 each year. Then add in two accidents along with the one speeding ticket and the yearly cost of auto insurance for seniors goes up to an average of $4,242. That’s an increase of $2,473, or $206 per month, just for not keeping your driving record clean!

You may be paying too much for car insurance

Louisville, KY auto insurance rates are impacted by many factors that may substantially change the price of your policy. Simply getting older, moving to a new city, or getting a ticket for careless driving can trigger rate changes that can cause some rates to be cheaper than competitors. Not only may your situation change, but insurance companies change prices at least once a year in order to be able to pay unexpected claims. An extended period of higher than normal claims may cause high rates, while profitable underwriting can result in lower-cost Louisville car insurance rates.

To help illustrate this point, the bar chart below demonstrates which company has the cheapest car insurance in Louisville, KY for a 45-year-old female driver with a good driving record, no prior claims, and great credit. Based on her personal profile, Cincinnati Insurance offers the best car insurance rates in Louisville at $1,628 per year. This is $515 less than the average price paid by Kentucky drivers of $2,143. Kentucky Farm Bureau, USAA, Auto-Owners, and Grange Mutual are the rest of the most affordable Louisville, KY auto insurance companies.

In this next rate comparison, we will give the driver from above a couple of claims, a lower credit rating, and a couple of points charged on her driving record. Because each company has a proprietary formula to determining premium rates, getting updated rate quotes may result in a significantly different list of the cheapest companies as shown below.

Travelers now has the lowest car insurance rate in Louisville with Kentucky Farm Bureau, USAA, State Farm, and Auto-Owners also being competitive. This demonstrates why it is critical to shop around to get the cheapest auto insurance quotes for seniors.

Auto insurance prices are influenced by many risk factors and change substantially, so the cheapest rate a year ago may now be an over-priced policy.