Best Cheap Insurance for a Toyota RAV4 in Kentucky
Enter your Kentucky zip code below to view companies that have cheap auto insurance rates.
UPDATED: Nov 16, 2019
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When talking about car insurance, the word cheap should never be used anywhere in the article as a descriptor for auto insurance rates. It’s just reality that cheap car insurance for a Toyota RAV4 is just plain contradictory. Don’t let that get you down, though, because we will show you how you can find and buy coverage that is cheaper than your current rate.
The chances of finding cheaper coverage for a Toyota RAV4 in Kentucky hinges on many factors such as the safety features of your vehicle, the likelihood of vehicle theft, and if you have a clean driving record. Drivers pay on average $840 per year to buy insurance for a Toyota RAV4, but that price is an estimate calculated based on a 40-year-old married male who needs full coverage including both comprehensive and collision and $500 policy deductibles.
It’s more than likely you are not 40 and maybe not even a male, possibly single instead of married, and maybe you have sub-par credit that needs to be factored in. Auto insurance rates are unique for each driver, so the best method for finding the most affordable coverage for your Toyota is to make a habit of comparing rates at every renewal.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|RAV4 Sport 2WD||$186||$316||$336||$20||$100||$958||$80|
|RAV4 Limited 2WD||$186||$316||$336||$20||$100||$958||$80|
|RAV4 Limited 4WD||$186||$316||$336||$20||$100||$958||$80|
|RAV4 Limited 4WD||$186||$316||$336||$20||$100||$958||$80|
|RAV4 Sport 4WD||$186||$316||$336||$20||$100||$958||$80|
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Price data assumes married male driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Kentucky minimum liability limits. Discounts applied include claim-free, safe-driver, homeowner, multi-policy, and multi-vehicle. Rates do not factor in specific zip code location which can influence price quotes considerably.
Finding good, low-cost auto insurance is not easy, and deciding which companies quote the cheapest auto insurance rates for a Toyota RAV4 will require additional perseverance. Every car insurance company has a different process for determining prices, so let’s begin by taking a look at the auto insurance companies with the overall cheapest rates in Kentucky.
|Rank||Company||Cost Per Year|
|2||Kentucky Farm Bureau||$1,139|
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Cincinnati Insurance may have some of the most affordable car insurance rates in Kentucky at around $1,082 a year. Kentucky Farm Bureau, USAA, Auto-Owners, and Grange Mutual would also be considered some of the most economical Kentucky auto insurance companies.
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As shown in the table above, if you currently have a policy with Auto-Owners and switched to Cincinnati Insurance, you might see savings of in the vicinity of $331. Customers with Grange Mutual could save as much as $527 a year, and Motorists Mutual customers might reduce rates by $535 a year.
Be aware that those prices are averaged across all drivers and vehicles in Kentucky and do not take into consideration a specific rate factor for a Toyota RAV4. So the auto insurance company that fits your situation best may not even be featured in the list above. That illustrates why you need to get rate quotes from many companies using your own personalized driver profile and vehicle information.
Enter your zip code below to view companies that have cheap auto insurance rates.
Comparison of full coverage and liability-only policies
Finding the best cheap insurance for a Toyota RAV4 in Kentucky should be important to most drivers, and an easy way to find cheaper insurance is to buy liability only. The diagram below compares premium costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The prices are based on no tickets, no at-fault accidents, $100 deductibles, single status, and no other discounts are factored in.
If we average all the age groups together, physical damage coverage on your policy costs an additional $2,222 per year more than carrying just liability coverage. That brings up the question when is the right time to remove full coverage. There isn’t a steadfast formula to stop buying comp and collision coverage, but there is a guideline you can consider. If the yearly cost of comp and collision coverage is more than about 10% of any settlement you would receive from your insurance company, then it might be time to buy liability only.
For example, let’s pretend your vehicle’s replacement value is $5,500 and you have $1,000 physical damage deductibles. If your vehicle is destroyed, the most your company will settle for is $4,500 after the policy deductible has been paid. If it’s costing you more than $450 annually for your policy with full coverage, then it’s probably a good time to buy liability coverage only.
Why you should be shopping around
Kentucky auto insurance rates are based on many factors which can significantly increase or decrease the cost of having a policy. Simply turning a year older, increasing deductibles, or getting a few speeding tickets can trigger price changes resulting in some rates now being more affordable than the competition.
Not only may your risk profile change, but auto insurance companies modify pricing as needed in order to protect their financial rating. Larger than normal claims may cause additional price hikes, while a better loss history may cause more affordable RAV4 insurance rates.
To illustrate this example, the bar chart below shows a variety of companies that have the cheapest car insurance in Kentucky for a 40-year-old female driver with a clear driving record, no claims, and good credit. If we estimate rates based on her personal profile, Cincinnati Insurance might offer the lowest car insurance rates in Kentucky at $1,126 annually. This is $1,017 less than the average premium paid by Kentucky drivers of $2,143. Kentucky Farm Bureau, USAA, Auto-Owners, and Grange Mutual also make the list of the best Kentucky auto insurance companies.
In the next rate comparison, we’ll give the driver from above a claim surcharge, slightly worse credit, and a blemish on her driving record. Because each company has a unique formula for determining rates in each state, comparing rates could now result in a slightly different list of the cheapest companies as shown below.
Travelers now has the best car insurance rate in Kentucky with USAA, Kentucky Farm Bureau, State Farm, and Westfield completing the list. This shows why it is important to perform an extensive rate comparison when trying to get the most budget-friendly car insurance rates for a Toyota RAV4.
Rates consist of many things and change frequently, so the most economical option two years ago may now be quite expensive.
Find the best cheap insurance for a Toyota RAV4 in Kentucky
The list below summarizes a few penny-pinching solutions that can help Kentucky drivers quote the cheapest coverage.
- Increase your credit score
- Higher physical damage deductibles lower rates
- Save money by observing traffic laws and speed limits
- Avoid accidents
- Buy a safer vehicle
- Compare prices frequently to find the best deal
That last piece of advice is very critical, as we emphasized in the prior article. Prices charged by auto insurers in Kentucky adjust often, so drivers shouldn’t hesitate to buy a different policy if a more affordable rate is found. Having a favorite company is great, but we do not recommend it if that loyalty results in overpaying money that could be spent on other things. Now is a great time to compare rates to find cheaper auto insurance for a Toyota RAV4.
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