Auto insurance premiums vary widely depending on your driving record and policy coverage levels. In Kentucky, the average auto insurance premium is $1,405 per year, slightly below the national average of $1,424. if you have a minimum coverage policy, you’ll pay about $847 a year. But if you have a violation on your record or add a young driver to your policy, the averages jump to $1,683 and $3,944, respectively.
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Prices for auto insurance policies also differ between companies. State Farm’s average annual premium in Kentucky is $872 for a full coverage policy, while MetLife’s average annual premium is $2,212 for the same level of coverage.
moneygeek identified different factors that influence the amount of car insurance in kentucky.
Age and credit history have the most significant impact on kentucky auto insurance costs, but driving history, location, and coverage amounts also play a role.
average car insurance costs in kentucky
why are auto insurance rates reasonable in kentucky?
In kentucky, an auto policy that meets the state’s required minimum liability coverage costs an average of $847 a year. A full coverage auto policy in Kentucky costs an average of $1,405 per year, an increase of $558.
Your average auto insurance rate is higher in kentucky if you buy a full coverage policy that includes comprehensive, liability, and collision coverage. A kentucky minimum liability auto policy is always significantly lower than full coverage, but provides no additional protection.
average cost of car insurance in kentucky by level of coverage
the kentucky state minimum auto insurance policy is the most affordable insurance in the state.
however, to ensure you have adequate coverage, consider upgrading your liability coverage to 50/100/50 or 100/300/100. for example, a 50/100/50 policy includes:
- $50,000 bodily injury liability insurance per person
- $100,000 bodily injury liability insurance per accident
- $50,000 in property damage liability insurance per accident
See also : How Much Is Motorcycle Insurance?
In contrast, a comprehensive coverage policy includes comprehensive and collision coverage. covers damage to your car in addition to your liability coverage.
Your choice of insurance company significantly affects your kentucky auto insurance costs, as each company has different rates.
state farm has the cheapest minimum required auto insurance policy and full coverage insurance options in kentucky that are available to everyone.
usaa is the most affordable option for military families, offering the cheapest liability and full coverage auto insurance in kentucky.
metlife, on average, is the most expensive option for minimum liability coverage and a full coverage auto insurance policy.
average annual car insurance costs in kentucky – by company
Your age plays a big role in determining the cost of car insurance in kentucky. If you’re a young driver, insurance companies think you’re more likely to cause accidents and get more expensive car insurance quotes.
data from moneygeek shows an average cost difference of $2,539 per year between a 16 year old and a 40 year old car insurance policy in kentucky.
As a teen driver in Kentucky, you can save money on car insurance premiums by joining your parents’ policy. If it’s his first time driving, he can get the same rates as teens because insurance companies treat both first-time drivers and young drivers the same way.
average full coverage car insurance costs in kentucky – by age
People with a clean driving record pay a lower insurance premium because it shows they are less likely to have accidents or break traffic laws. If you have a bad driving record, Kentucky auto insurance companies will charge you a higher rate; however, you can still find affordable car insurance options.
Moneygeek’s research shows that with a speeding ticket, you pay an average of $278 more per year in kentucky than someone who has no traffic violations. an accident could increase your auto policy rate by as much as $742 per year.
average full coverage car insurance costs in kentucky, based on driving record
Credit history significantly affects the cost of auto insurance in Kentucky. Moneygeek’s analysis finds that people with a poor credit score in Kentucky pay an average of $1,535 more per year compared to those with a good credit score.
If you have an excellent credit score, your Kentucky auto insurance rate can be an average of $300 less per year than someone with a good credit score.
People with low credit scores or bad credit pay higher car insurance rates; however, by shopping around, you can still find cheap car insurance in kentucky.
average full coverage car insurance costs in kentucky, by credit score
moneygeek’s research finds that kentucky auto insurance rates vary between cities due to several factors.
lexington has the most affordable auto insurance policies in kentucky, with an average annual cost of $1,201, which is less than the average auto insurance cost of $1,405 in the state. Louisville has the most expensive auto insurance rates with an average cost of $1,610 per year, more than $200 above the average kentucky auto policy rate.
If you live in a densely populated area with a higher risk of vehicle accidents and theft, your auto insurance premium will cost more. The likelihood of a natural disaster also influences how much you pay for auto insurance.
average full coverage car insurance costs in kentucky, by city
The following frequently asked questions about kentucky auto insurance rates can help you understand the key details that affect pricing.