Who Has the Cheapest Louisville Car Insurance for Retired Military?

For veterans, one of the largest components that determine the cost of insurance is where you normally keep your vehicle in Louisville. Areas with increased crime or more people are more likely to pay higher prices, whereas more rural areas have the enjoyment of a little cheaper coverage.

The illustration below shows the highest-priced areas in Kentucky for retired military to purchase car insurance in. Louisville makes the list at #1 with the yearly price of $2,112 for the average insurance policy, which is around $176 monthly.

Car insurance prices in Louisville
Rank City Premium Per Year
1 Louisville $2,112
2 Frankfort $1,725
3 Ashland $1,724
4 Jeffersontown $1,719
5 Saint Matthews $1,694
6 Elizabethtown $1,611
7 Radcliff $1,606
8 Paducah $1,599
9 Murray $1,597
10 Madisonville $1,552
11 Danville $1,534
12 Hopkinsville $1,523
13 Winchester $1,517
14 Henderson $1,511
15 Georgetown $1,506
16 Lexington $1,499
17 Richmond $1,490
18 Erlanger $1,478
19 Covington $1,472
20 Florence $1,471
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Premium costs are estimated as the vehicle garaging location can influence prices significantly.

The make and model of vehicle you are insuring is a significant factor that determines whether or not you find cheap coverage for retired military. Vehicles with higher performance characteristics, poor safety ratings, or a track record of large liability claims will cost much more to insure than more modest models. The next table outlines insurance rates for some of the most budget-friendly vehicles to insure in Kentucky.

Cheapest Vehicles to Insure in Louisville, KY
Make and Model Estimated Cost for Full Coverage
Dodge Grand Caravan CV $2,092
Ford Explorer XLT 4WD $2,101
Honda CR-V EX 4WD $2,185
Volkswagen Jetta S 4-Dr Sedan $2,207
Chevrolet Malibu Hybrid $2,217
Toyota Tacoma Double Cab 4WD $2,250
Ford Escape XLT 2WD $2,287
Honda Accord EX 4-Dr Sedan $2,293
GMC Sierra SLT Extended Cab 2WD $2,365
Chevrolet Silverado 2500HD LT Crew Cab 4WD $2,373
Hyundai Sonata GLS 4-Dr Sedan $2,368
GMC Sierra 3500HD SLT Extended Cab 2WD $2,408
Ford Focus SE 2-Dr Coupe $2,483
Honda Odyssey LX $2,510
Ford Fusion Sport AWD 4-Dr Sedan $2,523
Kia Optima SX $2,526
Toyota Camry Hybrid $2,531
Toyota RAV4 Limited 4WD $2,532
Toyota Camry LE $2,539
Toyota Prius $2,541
Dodge Ram Crew Cab Sport 2WD $2,569
Chevrolet Impala LS $2,656
Nissan Altima 2.5 S 4-Dr Sedan $2,662
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Data variables include single female driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Kentucky minimum liability limits. Discounts applied include multi-vehicle, safe-driver, homeowner, multi-policy, and claim-free. Premium costs do not factor in specific location which can change premium rates greatly.

Looking at the rates, you can conclude that models like the Dodge Grand Caravan, Ford Explorer, Honda CR-V, Volkswagen Jetta, and Chevrolet Malibu are most likely to be the less-costly vehicles to insure for veterans.

Finding good, reasonably-priced auto insurance is not the easiest thing to accomplish, and finding out which company quotes the cheapest insurance rates for retired military calls for even more shopping around.

Each auto insurer uses their own method to determine premium rates, so let’s take a look at the most competitive insurance companies in Louisville. It’s a good idea to be aware that Louisville insurance rates are influenced by many factors which can substantially change the policy premium. Getting older, increasing deductibles, or having an at-fault accident may generate price changes that can cause some rates to be more affordable than before.

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What’s the cheapest car insurance in Kentucky?
Rank Company Cost Per Year
1 Cincinnati Insurance $1,093
2 Kentucky Farm Bureau $1,163
3 USAA $1,175
4 Auto-Owners $1,413
5 Motorists Mutual $1,569
6 Grange Mutual $1,609
7 Travelers $1,680
8 State Farm $1,812
9 Westfield $1,888
10 Safe Auto $1,991
11 Nationwide $2,003
12 Progressive $2,056
13 Electric $2,139
14 State Auto $2,166
15 Encompass $2,288
16 GEICO $2,365
17 Safeco $2,763
18 MetLife $3,084
19 Shelter $3,135
20 Liberty Mutual $3,634
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Cincinnati Insurance normally has some of the best car insurance rates in Louisville at around $1,093 each year. This is $1,050 less than the average premium paid by Kentucky drivers of $2,143. Kentucky Farm Bureau, USAA, Auto-Owners, and Motorists Mutual also are some of the best Louisville, KY car insurance companies.

In the rate table above, if you are insured with Auto-Owners and switched to Kentucky Farm Bureau, you could realize an annual premium reduction of roughly $250. Kentucky drivers with Motorists Mutual may save as much as $406 a year, and Grange Mutual customers might reduce prices by as much as $446 a year.

To see if you’re overpaying, click here to get a free quote or visit several of the following companies.

Be aware that those premiums are averages for all types of drivers and the different vehicles they drive and do not factor in a vehicle location for retired military. So the company that can offer the best rates for your situation may not even be in the top 21 companies in the list above. That illustrates why you need to quote rates from many companies using your own driver information and specific vehicle type.

Violations and accidents raise rates

The common sense way to score the cheapest insurance rates for veterans is to drive safe and avoid at-fault accidents and violations. The illustration below shows how traffic citations and at-fault accidents raise insurance prices for different ages of insureds. The information is based on a married male driver, full 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 violations or accidents is $1,168. Get one speeding ticket and the average cost jumps to $1,344, an increase of $176 each year. Now add in two accidents along with the one speeding ticket and the yearly cost of insurance for retired military jumps again to an average of $3,001. That’s an increase of $1,833, or $153 per month, just for not keeping your driving record clean!

The example below illustrates how your deductible choice can influence yearly insurance costs when quoting cheap insurance for retired military. Data assumes a single male driver, comprehensive and collision coverage, and no policy discounts are applied.

As shown above, a 50-year-old driver could lower rates by $364 a year by switching the physical damage coverage from a $100 deductible to a $500 deductible, or save $548 by choosing a $1,000 deductible. Young drivers, like the 20-year-old example, can save up to $1,214 each year by choosing a higher deductible.

If you make the decision to raise deductibles, it is essential to have enough spare savings to pay the extra out-of-pocket expense, which is the one shortcoming of high deductibles.

Full coverage versus liability-only

Saving money on insurance is probably important to most people, and an effective way to pay lower rates for insurance for retired military is to only buy liability coverage. The illustration below illustrates the difference between annual premium costs with full coverage compared to only the Kentucky minimum liability coverage. The rate quotes are based on no claims or violations, $1,000 deductibles, single marital status, and no additional discounts are factored in.

Averaged out for all age groups, physical damage insurance costs $1,854 per year more than just buying liability only. That proposes the question if you should buy full coverage. There is no written rule of when to exclude full coverage on your policy, but there is a guideline you can consider. If the yearly cost for physical damage coverage is 10% or more of the vehicle’s replacement cost less your deductible, then it may be the right time to buy liability only.

For example, let’s pretend your vehicle’s replacement value is $4,000 and you have $1,000 deductibles. If your vehicle is totaled in an accident, the most you would receive is $3,000 after you pay the deductible. If you are paying over $300 annually for your policy with full coverage, then it’s probably a good time to buy liability coverage only.

The agents below can help you decide which is the best policy, since many people would rather get some professional input when buying car insurance for retired military. It can be challenging to find the best coverage yourself, and a professional agent can bring comfort knowing you have adequate asset protection. To locate a Louisville car insurance agency using an interactive map, click the button below the list.

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How to find low-cost auto insurance for retired military

It is possible to find better rates, and here are some penny-pinching solutions that can help Kentucky drivers locate lower-cost auto insurance.

The last suggestion is notably valuable, as we discussed in the article above. Car insurance rates fluctuate constantly, so don’t hesitate to buy a policy from a new company if a better rate can be found.

Having brand loyalty is commendable, but is isn’t recommended if your bullheadedness ends up costing you lots of hard earned cash every month. It only take a few minutes to compare prices and find cheaper auto insurance for retired military in Louisville.