If you've ever solicited a quote for auto insurance in Kentucky, you've gone through the data points of your personal records and driving history with an insurance agent. This is standard operating procedure for auto insurance, no matter what state you live in, but the Commonwealth of Kentucky does have several factors that influence the specific auto insurance policies. Nobody cherishes the idea of perusing the fine print of auto insurance, but this overview will provide you with a basic guide to understand how these factors contribute to your personal auto insurance policy.
Kentucky's Optional or Choice No Fault Insurance
Along with Pennsylvania and New Jersey, Kentucky is the only other optional no fault state for auto insurance. More commonly known as choice no fault insurance, residents can choose between opting into a no fault insurance system or a traditional tort system. Simply put, if you want to be able to sue someone for minor damages resulting from a car accident, choose the traditional tort system. If not, choose the no-fault system. Note: If you choose the tort system, you can also be sued by someone else. In Kentucky, if you fail to specify a preference, you're defaulted into the no-fault system. Plus, if you do opt for the no-fault system, you'll need to carry a minimum of $10,000 personal injury protection.
Quantitative No Fault Insurance: It may sound scary to relinquish your right to sue a third-party in the case of a car accident, but you're only doing so in a limited capacity. If your medical costs exceed $1,000 or you suffer serious or permanent injury, you can reclaim this right. Likewise, if you inflict more than $1,000 worth of personal damage on a third-party, you may be sued for these damages.
Average Cost for Kentucky Auto Insurance Quotes
You might think that this unique status for auto insurance has a considerable impact on the state's average auto insurance premium costs. In fact, Kentucky is very near the national average for auto insurance costs (KY-$720, US-$795). Moreover, despite inflationary pressure, the average cost of Kentucky auto insurance is actually going down, as it has consistently dropped each year from its recent 2004 high of $758. Of course, depending on your personal history and driving record, your Kentucky auto insurance quotes may bear very little resemblance to this figure, but it does give you some idea of what other people are paying and what people from other states are paying. (Were you to live in North Dakota, your average auto insurance policy would cost only $512. In D.C., by contrast, it's $1,140.)
Kentucky Auto Insurance: Minimum Requirements
- Bodily Injury Liability: $25,000 per person/$50,000 limit
- Property Damage Liability: $10,000 limit
- Personal Injury Protection: $10,000 limit (when opting for the no-fault system)
Kentucky Auto Insurance Quotes
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