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How much is car insurance in Lexington?
|Area||Average Monthly Car Insurance Premium|
The cost of coverage in Lexington is about $21 a month cheaper than it is for the rest of Kentucky.
If you're considering relocating to Lexington from out of state, you may want to budget a little extra for your insurance. It's about $30 more expensive for coverage in Lexington than the average rates for the U.S. as a whole.
Bear in mind that while these rates are the average costs for drivers in Lexington, it doesn't mean that's what you'll pay. Insurance companies take an array of factors into consideration when determining how much to charge you to insure your vehicle. Age, gender, vehicle make and model, driving record, and in some cases, your credit score, are all factored into assessing the final dollar amount you'll be asked to pay each month.
Don't sweat it however, we've broken down average rates for Lexington residents so that you can get a more accurate idea of what you might pay. If you're not certain that you're getting the cheapest rate for your area, just enter your ZIP Code below to find out!
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Average Car Insurance Rates by Age
|Age Range||Average Premium|
|45-54||Not Enough Data|
The older you are, the more experience you're likely to have behind the wheel, right? That experience can lead to some serious savings when it comes to auto insurance bills. As you can see, 18-24-year-olds pay a lot more than drivers 65 and older.
For every 10 years, you can expect to see a decrease in your monthly premium. Once you hit retirement age, however, you may see your rates start to rise again in Lexington.
Average Car Insurance Rates by Gender
On average, female drivers pay slightly less for car insurance than their male counterparts. In Lexington, however, the difference in monthly rates for car insurance is minimal.
Average Auto Insurance Rates by Driving Record
|Infractions||Average Monthly Premium|
Your driving record can have a huge impact on your car insurance rates. Those with clean records will obviously pay significantly less than those with infractions. The rate for drivers in Lexington with a single accident on their record is about $135 a month. Similarly, drivers with one ticket will typically pay around $129 on average.
Average Insurance Rates by Vehicle
|Vehicle Age||Average Monthly Premium|
|Less Than 1 Year||$95|
|15 Years or Older||$102|
According to the first table above, the cheapest vehicles to insure in Lexington are typically trucks and vans, at $89 per month.
Car owners will see a monthly premium of about $114, while SUV owners usually pay around $112 per month.
Your rates can also vary depending on the age of your vehicle. Generally, newer vehicles are going to cost the most to insure. Once your car is around 5 years old, however, your monthly bill may start to dip back down. In Lexington, vehicles four-to-five years old are the most expensive to insure.
Average Car Insurance Rates by Relationship Status
|Relationship||Average Monthly Premium|
|Single (never married)||$116|
Overall, people who are married will pay slightly less to insure their car. This usually boils down to owners having multiple vehicles on the same policy, something that will often get you a discount.
In Lexington, the difference in rates based on relationship status can be as much as $24 a month.
Average Car Insurance Rates by Housing Situation
|Housing Status||Average Monthly Premium|
|Live with parents||$144|
Another factor that comes into play is your housing status. If you rent your home or apartment, expect to pay around $15 a month more than drivers who own property in Lexington. But if you live with your parents, you can expect to pay a lot more.
That being said, many companies will offer you a discount if you bundle your homeowners or rental insurance policy with your auto insurance.
Car Insurance Companies in Lexington, KY
Recent trends in car insurance for Lexington drivers
The average rates for car insurance are constantly changing, so it's a good idea to know the recent trends in your area when choosing your car insurance policy.
In Lexington, the rates for car insurance had been increasing from 2017-2018, before declining from 2019-2020. They finished down in 2022, at $99 a month.
How does Lexington compare to neighboring areas?
Why are car insurance rates in Lexington different from other areas?
Car insurance companies look at a lot of factors when they're choosing how much to charge for a policy. While we've discussed the ones that affect your personal policy, others are based around your home address. These include things like:
- Number of drivers in the region
- Area laws
- Road Safety (how many accidents each locality has)
- Off-street parking accessibility
A decent level of familiarity with these factors can be helpful when you're ready to purchase of a new policy or thinking about making a move. Different cities and towns will each have different rates, so guides like these are a handy way to learn more.
How can I find the cheapest car insurance in Lexington?
Arming yourself with information about the average costs for drivers in your area will better prepare you for the real deal. The only way to know for sure what your rate will be is by asking for a quote from car insurance companies.
Don't worry, Compare.com does all of that work for you. Put in your ZIP below, answer a few questions, and you'll be comparing the cheapest quotes from the many car insurance companies offering policies in Lexington.
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Lexington Insurance FAQs
What factors affect car insurance quotes in Lexington?
Car insurance companies calculate quotes based on a wide array of factors. These include things like your gender and age, but also factors like your driving record, credit score, address and marital status, as well as your vehicle's year and make and model.
Why is the cost of car insurance in Lexington different from other neighboring cities?
Your address and the city you live in have a significant impact on how much a car insurance company might charge for your policy. Companies take into consideration things like parking situations, local laws, and crime rates when calculating your quote -- all of which can change from city to city.
Which car insurance company will offer me the cheapest rate in Lexington?
Since the factors that go into calculating your monthly payment vary from person to person, there isn't one company that will always offer the cheapest rate to everybody. You can be confident that you're receiving the best price possible by using sites like Compare.com to compare multiple quotes at once.
Do I need to change my insurance if I move to Lexington?
Whenever you relocate or experience another major life event, such as finding a new job or getting married, you should consider revisiting your current insurance policy. Using services like Compare.com to compare quotes from multiple companies at once is a great way to make sure you're getting the cheapest rate for your new location.
Do I need to wait for my policy to expire to switch to a different car insurance company?
No, you can switch companies at any point, no matter how much time is left on your current policy. If you're thinking about moving to Lexington or are wondering if you're paying the best rate for your current area, take 10 minutes and visit Compare.com to find out for sure.
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