Kentucky is a choice no-fault insurance state, meaning car owners have the flexibility of selecting their desired limits of bodily injury (BI) and property damage coverage. Although minimum limits required by Kentucky may be met, all drivers are strongly encouraged to increase these amounts as medical expenses and income loss associated with serious accidents quickly add up. Kentucky law also mandates all drivers carry at least $25,000 of property damage liability coverage as minimum coverage requirements.
Cost of auto insurance in Kentucky varies significantly based on various factors, including age, gender and driving history. It’s essential that drivers shop around and compare quotes from multiple insurers in order to find their optimal policy rate; MoneyGeek Kentucky Car Insurance Calculator helps drivers do just this – providing an estimate cost of policy based on rating factors within 10 minutes or so!
Men in general tend to pay more for car insurance than women, though the gap narrows with age. Young drivers also typically incur higher premiums because of limited experience on the road; however, younger adults can sometimes save by being included as additional drivers on their parents’ policies.
One key element in determining car insurance premiums is a driver’s credit score. Drivers with excellent credit can often enjoy stable low rates that stay affordable over time, while those with poor credit often face increasing premiums that only become more costly over time. Luckily, there are companies who provide affordable coverage even to drivers with bad credit ratings.
Car insurance rates may also depend on your zip code. This is because accident statistics, medical care prices and traffic congestion levels all play a factor. Luckily, most top car insurers offer competitive rates throughout Kentucky so it shouldn’t be impossible to find affordable car insurance no matter where you reside.
Kentucky car insurance premiums average about $2,124 annually for full coverage policies, which is slightly more than the national average of $2,014. Various factors can impact this figure including adding a teenage driver to a policy and age of the driver themselves.
Before shopping for car insurance policies in Kentucky, it’s essential to understand how their rates are determined. Although the average Kentucky rate may be higher than national average, you can lower it by being a safe driver and comparing different policies with competitive pricing. Also consider increasing deductibles as this may reduce premiums; though doing this might mean spending more out-of-pocket in case of claims but can help bring down overall Kentucky car insurance premiums.