If you live in Kentucky, your insurance rates vary widely—for example, auto rates fall well below national averages, homeowners insurance is a touch above national average, and healthcare insurance is significantly more.
Taking the time to educate yourself on Kentucky insurance rates and requirements is a good way to make sure you are not over or underinsured, helping you to save money now and in the future if you ever need to file a claim.
Kentucky Insurance Rates for Autos
Kentucky is one of three states that offer optional no-fault car insurance, so insurance shoppers can opt for no-fault insurance or a traditional tort system. Basic differences include:
- No-fault. With no-fault car insurance, in an accident no fault is recorded and each car's insurance company pays their own costs. Because no fault is specified, drivers cannot sue each other for damages resulting from an accident (unless the ensuing medical bills are over $1,000). Drivers must also carry Personal Injury Protection (PIP) coverage.
- Tort. With the traditional tort system, fault is established in an accident and drivers are allowed to sue each other, even over minor injuries. With this insurance, you will need to carry the state liability requirements, which cover the medical and repair costs of the other car(s) if you are found at fault.
If you opt for the tort system, you must have $25,000/$50,000 bodily injury liability and $10,000 property damage liability. No-fault drivers must carry PIP insurance of at least $10,000.
Kentucky Insurance Rates for Homes
Kentucky residents have three main options when it comes to homeowners insurance. These include:
- Basic. This policy protects your home from 11 perils that homeowners are likely to see, including fire, hail, damage from vehicles and aircraft, and theft.
- Broad form. This policy covers all of the perils the basic policy does, as well as falling objects, weight of ice and snow, and freezing. In addition to covering your home, it also covers the garage, other structures on your property, and the contents of your home.
- Special form. This includes everything broad form covers and also adds additional unique coverage, which can include paint spills, countertop damage, and damaged flooring from aquarium spills.
If you live in an area prone to flooding, you will want to include flood insurance in your Kentucky insurance rates. It is sold separately through the National Flood Insurance Program.
Kentucky Health Insurance Rates
Even though they are higher than average, Kentucky residents can save on their health insurance in a number of ways, including:
- Opting for higher deductibles and copays
- Considering private insurance
- Opting out of coverage that won't be used, like maternity or vision
Saving on Kentucky Insurance Rates
The best way to save on your Kentucky insurance rates is to shop around and compare prices. This may sound time consuming, and it is—unless you use a comprehensive site like localinsurance.com. Not only can you find information on all types of Kentucky insurance, but you can also get quotes to compare from local companies quickly and easily.
