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The average car insurance cost in Richmond, Kentucky is $1,508 per year, according to 2022 data. This is $597 less than the average auto insurance cost in Kentucky and $174 less than the national average, as analyzed by

Average cost in RichmondAverage cost in KentuckyNational average cost

The rates can vary wildly depending on where they are filed. City demographics, including population density and average resident age, will affect how much money you spend on premiums which could make it cheaper or more expensive than other areas with different factors like accident rates, theft and vandalism rates, etc.

The article covers information on – the cheapest car insurance providers in Richmond, the average car insurance rates by age, gender and how much is car insurance in Richmond based on coverage limits. Whether you’re a new driver or have been driving for years, this article can help you find the best deal on cheap car insurance in Richmond. Read on to learn more.

Cheap car insurance companies in Richmond

State Farm offers the cheapest car insurance in Richmond, at an average of $1,244 per year with full coverage limits of 100/300/100.

The second cheapest company in Richmond is USAA, offering car insurance rates at $1,253 per year. USAA offers car insurance only to members of the military, veterans and their immediate families.

As mentioned earlier, car insurance rates vary from one company to another because the factors used to calculate rates vary by insurer. Therefore, comparing quotes from multiple insurers is recommended to find cheap car insurance rates in Richmond before deciding on the policy that matches your requirements.

The table below lists the average annual and monthly costs for the various car insurance companies providing coverage in Richmond, Kentucky:

Company NameAverage annual costAverage monthly cost
State Farm$1,244$104
Kentucky Farm Bureau$1,487$124
Farmers Insurance$2,328$194

Read about the best car insurance companies for 2022.

Average car insurance cost in Richmond by coverage limits

In Richmond, the average car insurance rates based on coverage types are as follows:

  • State minimum coverage: $528 per year (limits are 25/50/25)
  • Liability only coverage: $682 per year (limits are 50/100/50)
  • Full coverage: $1,508 per year (limits are 100/300/100)
  • Non-owners coverage: $365 per year

In most states, drivers must have the state minimum coverage to drive legally, but these vary by state. However, state minimum coverage does not cover any vehicles listed on your policy in an at-fault accident.

To avoid compromising on the coverage and pay out-of-pocket expenses, it is better to have full coverage or non-owner coverage if you don’t own a car but borrow or rent one frequently.

Average car insurance rates by gender in Richmond

The average car insurance rate for a female driver in Richmond, Kentucky, is $1,505 per year.

While the rate for a male driver is $1,508 per year, which is $3 more than what female drivers pay, according to a 2022 rate analysis by

Women are considered to be safer drivers than men, and statistics have proved this, according to the Insurance Information Institute. They often pay less for auto insurance because of their lower rate of severe accidents than men.

Read more on how gender affects car insurance rates.

Average car insurance rates by age in Richmond

In Richmond, car insurance rates are the highest for teens, at $5,448 per year or $454 per month. The rates are higher for teenagers (16- to 19-year-olds) as they are more prone to road accidents due to their lack of experience on the road, according to the Insurance Information Institute. There are driving laws for teens to help them drive better. Also, teen insurance rates can be lowered by adding teens to a parent’s auto insurance policy.

Car insurance rates are bound to decrease as teens grow older and earn a good driving record. Young adults pay $2,631 per year for their car insurance which is $2817 less than what the teens pay for their insurance policy.

The car insurance rates in Richmond for adult and senior drivers are $1,540 and $1,505 per year respectively.

The car insurance rates for adults and seniors are lower than those for teens and young adults. “This is because they are more likely to obey the speed limits and follow the rules of the road,” says the Insurance Information Institute.

Read more on auto insurance for seniors.

The table below depicts the average annual rates for drivers of different age groups:

Age groupAverage annual rates
Teens (16- to 19-year-olds)$5,448
Young adults (20- to 24-year-olds)$2,631
Adults (25- to 55-year-olds)$1,540
Seniors (60- to 75-year-olds)$1,505

If we look at the car insurance rates trends in Richmond, Kentucky, it was on an upward swing from 2016 to 2019. From 2019 to 2022, the rates decreased overall by 12%, or $202.

The table below shows the trend for three years:

2016 rates2019 rates2022 rates


In conclusion, the insurance rates in Richmond, are lower than the average insurance cost in Kentucky. Shopping around and taking advantage of available discounts, drivers in Richmond can find affordable car insurance options. Additionally, many car insurance companies offer discounts for customers who purchase multiple policies through the same company.


Methodology, with the help of Quadrant Information Services, gathered data for car insurance rates in Richmond, Kentucky. The averages are rounded to their nearest sums. The data is based on the sample profile of a 40-year-old male driver who commutes 12 miles to work. All rates are based on the profile of a driver with a clean driving record, good insurance score, and full coverage policy.

The coverage limit for a full coverage policy is 100/300/100 liability with a $500 comprehensive and Collision deductible.

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