Average car insurance cost in Owensboro, KY

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The average car insurance cost in Owensboro, Kentucky is $1,863 per year, according to Insure.com data analysis. Also, the car insurance rates in Owensboro is $365 less than the average rates in Kentucky and $32 less than the national average.

Most insurance providers consider factors such as location, city demographics, population density, and average resident age, accident rates, theft and vandalism rates while determining your car insurance premium. This may lead to either lower or higher costs compared to other regions.

This article provides details on the most and least expensive car insurance companies in Owensboro, the average car insurance rates categorized by age and gender, and the cost of car insurance in Owensboro based on coverage limits. Whether you’re a new driver or an experienced driver, this article will help you find the most cost-effective auto insurance in Owensboro. Read on to learn more.

Cheap car insurance companies in Owensboro

Travelers offers the cheapest car insurance in Owensboro, at an average of $1,340 per year with full coverage limits of 100/300/100.

The second cheapest company in Owensboro is Auto-Owners, offering car insurance rates at $1,386 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 Owensboro 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 Owensboro, Kentucky:

Read about the best car insurance companies.

Average car insurance cost in Owensboro by coverage limits

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

• State minimum coverage: $543 per year (limits are 25/50/25)
• Liability only coverage: $698 per year (limits are 50/100/50)
• Full coverage: $1,863 per year (limits are 100/300/100)
• Non-owners coverage: $339 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 Owensboro

In Owensboro, Kentucky, the average annual car insurance premium for female drivers is $1,844 per year.

While the average annual cost for male drivers is $1,883 per year, which is $39 more than what female drivers pay, according to a rate analysis by Insure.com.

According to the Insurance Information Institute, statistics demonstrate that women are generally regarded as safer drivers than men. 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 Owensboro

In Owensboro, car insurance rates are highest for teens, averaging $6,081 per year or $507 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 $3,103 annually for their car insurance, which is $2,978 less than what teens pay for their coverage.

In Owensboro, adult drivers pay an average of $1,872 per year for car insurance, while senior drivers pay $1,863 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 Owensboro

If we look at the car insurance rates trends in Owensboro, Kentucky, it was on an upward swing from 2022 to 2023. From 2022 to 2023, the rates increase overall by 30%, or $428.

The table below shows the trend for last four years:

Conclusion

Car insurance rates in Owensboro are lower than the average rates in Kentucky. Drivers in Owensboro 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.