I’m sure you’ve seen the captivating ads from car insurance companies like Progressive, Allstate, and Farmers that claim the cheapest rates, so you should just select the one with the best jingle, right?
Unfortunately, it’s not that simple as there are a lot of unknown aspects like the crime level of your neighborhood, your marital status, and whether you just need liability insurance. This article delves into the different scenarios that increase car insurance cost and also should give you a good beginning to your quest for cheaper car insurance in Louisville.
The type of vehicle requiring insurance is one of the largest factors when shopping for the cheapest coverage for college graduates. Vehicles with lots of speed or power, a lack of modern safety features, or high incidents of liability claims will cost quite a bit more to insure than more modest models. The table below ranks coverage premiums for some of the more affordable automobiles to insure.
|Make and Model||Estimated Cost for Full Coverage|
|Honda Accord EX 4-Dr Sedan||$1,987|
|Ford Escape Limited 2WD||$2,036|
|Hyundai Elantra GLS Touring Station Wagon||$2,054|
|Honda CR-V EX-L 2WD||$2,109|
|Ford Edge SEL AWD||$2,112|
|Jeep Grand Cherokee Laredo 4WD||$2,152|
|Volkswagen Jetta S 2.5 Station Wagon||$2,164|
|Jeep Wrangler Sport Islander Package 4WD 2-Dr||$2,179|
|Ford Focus SES 4-Dr Sedan||$2,227|
|Honda Odyssey Touring||$2,310|
|Toyota Corolla XRS||$2,320|
|Chevrolet Equinox LTZ AWD||$2,310|
|Chevrolet Malibu LTZ||$2,318|
|Ford Explorer XLT 2WD||$2,316|
|Ford F-350 XL Crew Cab Cabela Package 2WD||$2,349|
|Toyota RAV4 Sport 2WD||$2,355|
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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 multi-vehicle, multi-policy, claim-free, safe-driver, and homeowner. Price estimates do not factor in Louisville, KY location which can alter rates considerably.
Looking at the rates, we can tell that models like the Honda Accord, Ford Escape, Hyundai Elantra, Honda CR-V, and Ford Edge are most likely going to be a few of the cheapest vehicles to insure for college grads.
For college grads, one of the big considerations that aid in calculating car insurance rates is where you live in Louisville. Areas with more people or even just a higher incidence of claims tend to have higher rates, whereas areas with less crime or weather claims benefit from lower prices.
The following table sorts the highest-priced areas in Kentucky for college graduates in which to purchase auto insurance. Louisville comes in at #1 with the yearly price of $2,154 for the average insurance policy, which is approximately $180 each month.
|Rank||City||Average Per Year|
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Table data uses estimated as the garaging address in Louisville can increase or decrease coverage rates significantly.
Get discounts on Louisville insurance rates
Auto insurance companies that provide coverage for college graduates could also offer rate discounts that can lower rates by 40% or more if you are eligible. A list of insurance companies and some of the discounts are outlined below.
- State Farm may have discounts that include multiple autos, multiple policy, anti-theft, Drive Safe & Save, driver’s education, and Steer Clear safe driver discount.
- GEICO has savings for defensive driver, multi-policy, federal employee, membership and employees, and air bags.
- Liberty Mutual offers premium reductions for new move discount, multi-policy, multi-car, new graduate, and good student.
- The Hartford may offer discounts for vehicle fuel type, driver training, anti-theft, air bag, and defensive driver.
- MetLife discounts include defensive driver, claim-free, accident-free, multi-policy, good driver, good student
- Progressive may include discounts for online quote discount, multi-policy, multi-vehicle, continuous coverage, homeowner, online signing, and good student.
The illustration below shows the comparison of insurance costs with and without discounts applied to the rates. The rate quotes are based on a female driver, no claims or driving violations, Kentucky state minimum liability limits, full physical damage coverage, and $1,000 deductibles.
The first bar for each age group shows premium with no discounts. The second shows the rates with accident-free, vehicle safety, defensive driving course, marriage, safe-driver, and multiple policy discounts applied. In this example, the average savings per year on insurance for college graduates is 28% or $365.
The illustration below highlights how deductible selection can influence premium costs when trying to find cheap insurance for college graduates. The price estimates are based on a single female driver, comp and collision included, and no discounts are factored in.
The chart above illustrates that a 40-year-old driver could pocket $310 a year by switching from a $100 deductible to a $500 deductible, or save $468 by changing to a $1,000 deductible. Young drivers, like the age 20 example, could save up to $788 each year by using a higher deductible.
If you do raise deductibles, it is important to have enough savings set aside to enable you to cover the extra out-of-pocket expense, which is the one shortcoming of high deductibles.
The importance of shopping around
Louisville, KY insurance rates are impacted by many factors which can substantially change the policy price. Simply improving your credit, adding a teenager to your policy, or getting a reckless driving citation can produce rate changes that may make certain companies much cheaper than others.
Not only may things change on your end, but companies change the rates they charge in Kentucky at least once a year in order to protect their financial rating. Higher than normal claim frequency or severity can result in increased rates, while better underwriting may produce lower-cost Louisville car insurance rates.
To illustrate this point, the chart below compares the cheapest car insurance in Louisville, KY for a 45-year-old male driver with no violations or accidents, and a good credit rating. When quoting prices based on his current rating profile, Cincinnati Insurance has the lowest car insurance rates in Louisville at $1,711 each year. This is $432 less than the average policy premium paid by Kentucky drivers of $2,143. Kentucky Farm Bureau, USAA, Auto-Owners, and Grange Mutual also make the list of the best Louisville, KY auto insurance companies.
In the next rate comparison, we’ll give the driver in the first example a chargeable accident, a little lower credit rating, and a traffic citation. Since each auto insurer uses their own method to establish rates, comparing insurance quotes may now present a slightly different list of cheap Louisville auto insurance companies as shown below.
Kentucky Farm Bureau now has the best price on car insurance in Louisville, KY with Travelers, USAA, State Farm, and Westfield completing the list. This example proves why it is important to spend some time comparing rates to find the lowest insurance quotes for college graduates.
Insurance prices are determined by many things and change frequently, so the best company a year ago may now be one of the higher cost companies.
How to find low-cost car insurance for college graduates
Below you’ll find some of the better penny-pinching suggestions that can help drivers locate cheap coverage.
- Higher comprehensive and collision coverage deductibles will save money
- Avoid accidents and claims
- Save money by obeying traffic laws and keeping a clean driving record
- Higher credit scores can equal lower rates
- Drive safe vehicles
- Assess whether full coverage is needed
- Comparison shop frequently
The last idea is extremely crucial, as was discussed in the prior article. Coverage rates fluctuate constantly, so don’t be hesitant to switch companies if a better deal can be had. Many drivers prefer to stick with one company, but it isn’t a good idea if that loyalty results in overpaying a wad of cash every year. In just a couple of minutes you could compare prices to find cheaper insurance for college graduates in Louisville.
The insurance agencies listed below can probably help you decide which policy is best, as lots of people like to have professional advice when trying to find lower insurance rates for college grads. It can be hard to find the cheapest auto insurance company, so a licensed agent can give peace of mind knowing you have sufficient coverage for your assets.
To find an agent close to where you live, click the link after the list or click here to get price quotes now.
- Matt Miller – State Farm Insurance Agent
8321 Preston Hwy – Louisville, KY 40219 – (502) 964-6288
- Vince Jarboe – State Farm Insurance Agent
5101 New Cut Rd – Louisville, KY 40214 – (502) 380-3800
- Milt Nugent – State Farm Insurance Agent
1005 Dupont Square N – Louisville, KY 40207 – (502) 897-6426
- Claude Reynolds Insurance
6801 Dixie Hwy #232 – Louisville, KY 40258 – (502) 933-2255
- Nationwide Insurance: Jerry Kays Insurance Inc
3701 Taylorsville Rd #1a – Louisville, KY 40220 – (502) 459-0833