The vehicle on the policy is one of the biggest factors when consumers are trying to find the best auto insurance for used cars. Vehicles with lots of horsepower, poor safety ratings, or a high likelihood of having liability claims will cost much more to insure than safer, lower-performance models. The data below estimates insurance premiums for the most economical automobiles to buy coverage for.
| Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Ford F-150 XL Super Cab 2WD | $2,053 |
| Honda CR-V EX 4WD | $2,093 |
| Ford Escape Limited 2WD | $2,167 |
| Chevrolet Impala LS | $2,170 |
| Nissan Altima 2.5 4-Dr Sedan | $2,213 |
| Jeep Wrangler Sport Islander Package 4WD 2-Dr | $2,241 |
| Toyota Tacoma Double Cab TRD Sport Package 4WD | $2,253 |
| Toyota Prius | $2,278 |
| Volkswagen Jetta S 2.5 Station Wagon | $2,284 |
| Ford Edge Limited AWD | $2,333 |
| Nissan Rogue S 2WD | $2,370 |
| Chevrolet Equinox LTZ AWD | $2,373 |
| Ford Fusion SEL 4-Dr Sedan | $2,383 |
| Chevrolet Silverado LS Crew Cab 4WD | $2,373 |
| Ford F-350 XL Crew Cab Cabela Package 2WD | $2,416 |
| Jeep Grand Cherokee Laredo 2WD | $2,423 |
| Toyota RAV4 4WD | $2,429 |
| Compare Cheap Rates Go | |
Data based on single male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Kentucky minimum liability limits. Discounts applied include claim-free, homeowner, multi-policy, safe-driver, and multi-vehicle. Rate quotes do not factor in the specific area where the vehicle is garaged which can influence premiums considerably.
Looking at the rates, you can presume that vehicles like the Ford F-150, Honda CR-V, and Ford Escape are most likely going to be the cheapest vehicles to insure for pre-owned vehicles.
One of the more important factors that determine the amount you pay for auto insurance is where you keep your vehicle in Louisville. More densely populated places tend to have higher auto insurance costs, whereas areas with fewer weather claims and lower vehicle theft rates tend to receive slightly lower rates.
The following table shows the most expensive areas in Kentucky for used cars to purchase a policy in. Louisville shows up at #1 with a yearly premium of $2,090 for the average policyholder, which is approximately $174 each month.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | Louisville | $2,090 |
| 2 | Frankfort | $1,778 |
| 3 | Jeffersontown | $1,736 |
| 4 | Saint Matthews | $1,711 |
| 5 | Ashland | $1,707 |
| 6 | Radcliff | $1,654 |
| 7 | Paducah | $1,647 |
| 8 | Madisonville | $1,568 |
| 9 | Murray | $1,565 |
| 10 | Elizabethtown | $1,563 |
| 11 | Winchester | $1,563 |
| 12 | Danville | $1,549 |
| 13 | Georgetown | $1,536 |
| 14 | Richmond | $1,520 |
| 15 | Henderson | $1,495 |
| 16 | Covington | $1,487 |
| 17 | Florence | $1,485 |
| 18 | Erlanger | $1,478 |
| 19 | Hopkinsville | $1,478 |
| 20 | Lexington | $1,469 |
| 21 | Independence | $1,466 |
| 22 | Nicholasville | $1,459 |
| 23 | Fort Thomas | $1,440 |
| 24 | Bowling Green | $1,433 |
| 25 | Owensboro | $1,376 |
| Find the Best Rates Go | ||
Premium costs are comparative as the vehicle garaging location can increase or decrease insurance rates noticeably.
Figuring out which company offers the most affordable insurance rates for used cars may require more time than just picking a company at random.
Every insurance provider has a unique approach to set their prices, so let’s examine the most competitive insurance companies in Kentucky.
Cheap Insurance Rates for Used Cars
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Cincinnati Insurance | $1,126 |
| 2 | Kentucky Farm Bureau | $1,139 |
| 3 | USAA | $1,211 |
| 4 | Auto-Owners | $1,371 |
| 5 | Grange Mutual | $1,561 |
| 6 | Motorists Mutual | $1,569 |
| 7 | Travelers | $1,663 |
| 8 | State Farm | $1,867 |
| 9 | Westfield | $1,888 |
| 10 | Safe Auto | $1,991 |
| 11 | Progressive | $2,056 |
| 12 | Nationwide | $2,085 |
| 13 | Electric | $2,139 |
| 14 | State Auto | $2,232 |
| 15 | Encompass | $2,288 |
| 16 | GEICO | $2,341 |
| 17 | Safeco | $2,791 |
| 18 | MetLife | $3,084 |
| 19 | Shelter | $3,231 |
| 20 | Liberty Mutual | $3,708 |
| Quote Your Rates Go | ||
Cincinnati Insurance quotes some of the cheapest car insurance rates in Louisville at around $1,126 a year. Kentucky Farm Bureau, USAA, Auto-Owners, and Grange Mutual are also some of the lowest-priced Louisville, KY car insurance companies.
As shown above, if you currently buy coverage from USAA and switched to Cincinnati Insurance, you might see a yearly price reduction of upwards of $85. Kentucky drivers with Auto-Owners may save as much as $245 a year, and Grange Mutual insureds might reduce prices by as much as $435 a year.
These premium estimates are averages for all types of insureds and vehicles and and are not figured with an exact vehicle garaging location for used cars. So the company that has the lowest price for you may not even be in the top 21 companies shown above. That points out the importance of why you need to get auto insurance quotes using your own specific driver information and vehicle.
Tickets and at-fault accidents raise rates
The obvious way to maintain the cheapest insurance prices in Louisville for pre-owned vehicles is to be a cautious driver and avoid accidents and violations. The illustration below highlights how speeding tickets and fender-benders can impact insurance costs for different age categories. The data assumes a married male driver, comprehensive and collision coverage, $250 deductibles, and no discounts are applied.
In the previous chart, the average cost of a car insurance policy per year with no violations or accidents is $1,467. Factor in one speeding ticket and the average cost surges to $1,684, an increase of $217 each year. Now get one accident along with the one speeding ticket and the annual cost of insurance for used cars increases to an average of $2,289. That’s an increase of $822, or $69 per month, just for not paying attention while driving!
Discount Louisville car insurance rates
Car insurance companies that offer coverage for used cars may additionally offer price discounts that can lower rates by 25% or more if you meet the requirements. A list of insurance companies and their possible discounts are outlined below.
- Mercury Insurance may have discounts that include location of vehicle, anti-theft, good student, ease of repair, and good driver.
- Farmers Insurance policyholders can earn discounts including business and professional, alternative fuel, distant student, bundle discounts, good student, homeowner, and youthful driver.
- Farm Bureau may offer discounts for youthful driver, driver training, good student, 55 and retired, renewal discount, safe driver, and multi-policy.
- State Farm has savings for Drive Safe & Save, multiple autos, multiple policy, safe vehicle, and good student.
- Allstate offers premium reductions for utility vehicle, multi-policy, good payer, anti-lock brakes, and new car.
- GEICO offers discounts for seat belt use, anti-theft, defensive driver, five-year accident-free, emergency military deployment, and federal employee.
The diagram below compares car insurance rates with and without discounts applied to the premium. The data is based on a female driver, a clean driving record, no at-fault accidents, Kentucky state minimum liability limits, full coverage, and $1,000 deductibles. The first bar for each age group shows the average rate with no discounts. The second shows the rates with multiple policy, vehicle safety, claim-free, multiple vehicle, anti-theft, and marriage discounts applied. When discounts are factored in, theamount saved on insurance for used cars is 28% or $488.
Who has the cheapest Louisville car insurance?
Kentucky insurance rates are impacted by many factors that will increase or decrease the policy price. Simply having a birthday, having a claim, or getting a driving violation may generate price changes that can cause some rates to be cheaper than others.
Not only may your risk profile change, but insurers modify rates at least once a year in order to remain profitable. An unexpected high level of claims may result in high rates, while profitable underwriting can produce lower-cost Louisville car insurance rates.
To illustrate this example, the data below shows which company has the cheapest car insurance in Louisville, KY for a 35-year-old male driver with no violations or accidents, and excellent credit. If we compare prices based on his personal risk profile, Cincinnati Insurance offers the lowest car insurance rates in Louisville at $1,667 per year. This is $476 less than the average policy premium paid by Kentucky drivers of $2,143. Kentucky Farm Bureau, USAA, Auto-Owners, and Motorists Mutual are the remaining cheapest Louisville, KY auto insurance companies.
The chart below compares rates after we give the driver in the first example a claim or two, bad credit, and a blemish on his driving record. Since every car insurance company uses their own formula for setting prices, comparing prices may now present a different list of the cheapest companies as shown below.
Grange Mutual now has the best insurance rate in Louisville with USAA, Kentucky Farm Bureau, Cincinnati Insurance, and State Farm now being in the top five. This example proves why consumers need to take the time to compare lots of rates when trying to find affordable car insurance quotes for used cars. Prices are made up of many different factors and change substantially, so the best price the last time you shopped around may now be quite expensive.
Ideas for finding the cheapest car insurance for used cars
Lowering your rates is not difficult, and here are some of the better thrifty ideas that can help Louisville drivers get cheap auto insurance.
- Frequent claims may make car insurance unaffordable
- Higher credit scores may earn you cheaper rates
- Be a cautious driver
- Buying your home and auto policies from the same company can earn a discount
- At-fault accidents can raise rates significantly
- Increase deductibles to save money
- Comparison shop at least every other year
That last tip is certainly vital, as was discussed in the article above. Coverage rates in Louisville can be modified anytime, so don’t be tentative to switch to a new company if a lower price can be found. Brand loyalty is great, but it’s not a great idea if it’s costing you big bucks every year. It takes less than five minutes to compare prices and find cheaper auto insurance for used cars.