Average car insurance cost in Richmond, KY

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According to data from Insure.com, the average annual cost of car insurance in Richmond, Kentucky is $1,919. The auto insurance rates in Richmond is $309 less than the state average and $24 more than the national average.

Car insurance premiums vary significantly based on where they are filed. Factors such as city demographics, population density and average resident age, accident rates, theft, and vandalism rates will influence the amount of premiums you pay.

This article talks in detail about the most affordable car insurance companies in Richmond, the average car insurance rates by age and gender, and how much car insurance cost in Richmond depending on coverage limits. Whether you’re a new driver or an experienced one, this article will help you to find the most affordable car insurance in Richmond. Keep reading to learn more.

Cheap car insurance companies in Richmond

Auto-Owners offers the cheapest car insurance in Richmond, at an average of $1,419 per year with full coverage limits of 100/300/100.

The second cheapest company in Richmond is Kentucky Farm Bureau, offering car insurance rates at $1,423 per year.

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:

Read about the best car insurance companies.

Average car insurance cost in Richmond by coverage limits

In Richmond, the average car insurance rates the coverage levels are as follows:

• State minimum coverage: $588 per year (limits are 25/50/25)
• Liability only coverage: $773 per year (limits are 50/100/50)
• Full coverage: $1,919 per year (limits are 100/300/100)
• Non-owners coverage: $366 per year

In most states, drivers are required to have state minimum coverage to drive legally, although these requirements vary by state. However, it’s important to note that state minimum coverage does not provide coverage for any vehicles listed on your policy in the event of an at-fault accident.

To prevent compromising on coverage and out-of-pocket expenses, it’s advisable to opt for full coverage or non-owner coverage if you frequently borrow or rent a car but do not own one.

Average car insurance rates by gender in Richmond

Based on an analysis by Insure.com, female drivers in Richmond, Kentucky pay an average annual car insurance premium of $1,905. In comparison, male drivers pay $1,933 annually, which is $28 more than what female drivers pay.

According to the Insurance Information Institute, statistics indicate that women are generally considered safer drivers than men. Also, women pay less for car insurance due to the lower rate of severe accidents.

Read more on how gender affects car insurance rates.

Average car insurance rates by age in Richmond

In Richmond, car insurance rates are highest for teens, averaging $6,350 per year or $529 per month. According to the Insurance Information Institute, these higher rates for 16- to 19-year-olds are due to their increased likelihood of road accidents due to their lack of driving experience.

Specific teen driving laws have been implemented to help them become better drivers. Additionally, parents can lower teen insurance rates by adding them to their existing auto insurance policy.

As teens grow older and build a positive driving history, their car insurance rates decrease. Young adults usually pay $3,207 annually for their car insurance, which is $3,143 less than what teens pay for their coverage.

In Richmond, adult drivers pay an average of $1,930 per year for car insurance, while senior drivers pay $1,948 annually.

According to the Insurance Information Institute, rates for adults and seniors are significantly lower than for teens and young adults, as they are more likely to obey speed limits and follow road rules.

Read more on auto insurance for seniors.

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

Car insurance rate trends in Richmond

Examining the trends in car insurance rates in Richmond, Kentucky it was on an upward swing from 2022 to 2023. From 2022 to 2023 rates increase overall by 27%, or $413.

The table below shows the trend for last four years:

Conclusion

Car insurance rates in Richmond are lower than the average rates in Kentucky. Drivers in Richmond can secure affordable car insurance by shopping around and utilizing available discounts. Additionally, many insurance companies offer bundling discounts for customers who purchase multiple policies from the same provider.

Sources

• Insurance Information Institute. “What determines the price of my auto insurance policy,” Accessed September 2024.
• Insurance Information Institute. “Auto insurance for teen drivers,” Accessed September 2024.
• Insurance Information Institute. “Senior driving safety and tips,” Accessed September 2024.

Methodology

Insure.com team worked with Quadrant Information Service to get car insurance data. To determine the average premiums, our team of data analysts and expert editors have analyzed 53,409,632 insurance quotes from 170 insurance companies across 34,588 ZIP codes.

The insurance rates are based on a sample profile of a 40-year-old male and female driver with a clean driving record and a good insurance score. Quotes premiums are for a full coverage policy with limits:

• $100,000 bodily injury per person
• $300,000 bodily injury per accident
• $100,000 property damage per accident
• $500 comprehensive and collision deductible

The quoted insurance rates are for comparison purposes, and your individual rates may vary.

Prachi Singh

Contributing Researcher

 

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Prachi is an insurance writer with a master’s degree in business administration. Through her writing, she hopes to help readers make smart and informed decisions about their finances. She loves to travel and write poetry.