Indiana isn’t a state that has insurance premiums that can be considered overboard when you compare them to the national average. In fact, if you’re looking for cheap car insurance Indiana is probably one of the best states to get it. The average insurance premium for a normal, adult driver is about $1300 a year, which isn’t bad at all. Especially when you compare with the average car insurance rates of other states. However, if you know what to look for when looking for a good car insurance company in Indiana, you can save up to $400 extra on your insurance coverage.
When checking up on some of the car insurance quotes Indiana insurance companies have to offer you, you might notice that the cost of a premium for the minimum coverage required by state law is quite well-separated from the normal state average for insurance premiums for adult drivers with clean records.
State Farm Insurance, which is one of the top insurance companies in the state, offers a policy for your car insurance that will only cost $418 in premiums for a basic coverage plan, whilst Nationwide Insurance offers the same plane for over $870.
Not Everyone in Indiana Gets the Same Quotes
When shopping around for good car insurance quotes in Indiana, you must remember that no two people will receive the exact same quote. Each company calculates its premiums for different people based on a complex formula that includes factors like how old you are, where you live, and your credit history. The only way to compare the different costs for yourself is to actively request quotes from the top contenders for car insurance in the state.
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Below are five of the top-rated insurance companies in Indiana, in order of the price of their quotes for a middle-aged driver living in Indianapolis, the state capital, with a clean driving record. Remember that a more populated region means a bump in the cost of premiums for that area.
State Farm Insurance was the lowest, whilst Country Financial came in at $460. The Indiana Farm Bureau was $498, and the Auto Owners insurance company was $543. The most expensive premium cost was with Nationwide insurance.
Now, there is nothing wrong with picking any one of these companies. They are all rated by their customers as having some of the best customer service, stability, and payouts in Indiana. In fact, some of them are among the top rated in the entire country. You need good customer service in your insurance company, because this is going to be your saving grace in the event of an accident.
How to Save Even More Money on Your Cheap Car Insurance Indiana
You might be perfectly happy with your car insurance plan. However, most car insurance companies in Indiana aren’t great at loyalty programs. You can’t expect your insurance company to lower your premiums simply because you have been with them for a long time. Here is a quick tip on getting those premiums lowered instead of raised over time.
Every year, you should shop around for a new insurance company. Go online, check out the quotes from other companies than your own, and make this a habit each year. The reason you should do this is that most insurance companies in Indiana (especially the larger ones) actually analyze your web shopping data and spending activity to calculate your premiums each year.
If they see that you are shopping around for cheaper deals, they will be far more reticent about increasing your premiums. In fact, you might even see them lowered as your insurance company tries to keep you with them. Those “price optimization” bumps in the premiums that you have been seeing in the past will be no more with this simple step being performed.
Now, price optimization isn’t a completely ethical practice. To many customers, it feels like a violation of their privacy. If you happen to live in the Hoosier State, though, remember that it banned this practice back in 2015. Check your insurance company contract – if you see price optimization still in there, make a big deal of it so that they back off!
You can use our quotes tool to find cheap car insurance near you: insurance companies near me.
What is the Minimum Coverage in Indiana?
You should do your research into the minimum coverage allowed by the state of Indiana for car insurance. You must be covered for at least $25,000 for bodily harm to any person involved in an accident, $50,000 for bodily harm in total, $10,000 for damage to property during a collision. This amounts to a plan that insurance companies will refer to as 25/50/10.
If you get medical payment coverage with this basic insurance plan, you should have an additional $1,000 added to your policy, which will still be higher than the average for the state. The reason for this is that if you live in Indianapolis or another major city in Indiana, you are bound to see higher premium costs than in a rural region.
Cheap Car Insurance Is Rarely the Best
Did you know that every driver has, on average, an accident every 18 years? For injuries that don’t kill you, you’re going to have to spend an average of over $80,000. Now consider the coverage you have with the minimum state coverage in Indiana. If your damages only amount to about $10,000 you should be fine, but if you have anything more than $25,000 in personal damages to the people in the accident, you’re going to be in a lot of trouble. This is because your car insurance policy, if it is the most basic one, will only pay off the $25,000 it covers and will then leave you on your own to handle the rest. The result? A lawsuit, most likely.
Now, it might be very appealing to just get yourself the lowest insurance policy and stick to it. If you truly want the cheapest plan for the long run though, get car insurance quotes in Indiana from all the different insurance companies in the area. Try to get a coverage that is a little more comprehensive. While the cheapest plan in the short term might save you about $100 a year in premiums, you will be looking at jail time if you can’t afford to pay the damages incurred in an accident later. If you want better protection, you should look into buying cheap full coverage car insurance.
How to Pick the Cheapest Car Insurance Rates in Indiana
When choosing car insurance policies in the Hoosier State, there aren’t many factors you can control. For example, you can’t change either your age or your driving record. However, other factors like your address and your daily mileage are changeable. Here are some of the ways you can save money on your insurance policy.
- If you can go to the DMV in your spare time in Indianapolis, there is a Defensive Driving training course you can complete. Most insurance companies are very open to lowering premiums if you have this course completed.
- Make sure you ask about discounts at your insurance company. Different companies have different discounts available. One of the best ways to get a discount is to have more than one insurance policy of any type with the same company.
- If you’re getting married soon and you have a car insurance plan, you can lower your rates by keeping the company informed. The same goes for if you have a college degree, so make sure you try your hardest to get the premiums lowered using this.
- This might seem silly to you, but you can also try moving to a different zip code within Indiana. While you shouldn’t move just for the insurance rates, it might be useful to call and ask for a new quote on your current policy after a move. Rates can reduce by a significant amount depending on your zip code.
- You can also try to raise your credit rating. This is a process that can take a long time to work, but it will benefit you in more ways than one.
- If you haven’t bought a car yet, think about the model of the vehicle. Is it a larger vehicle with a higher safety rating? This will lower your premium simply because you own it. Another way to get a lower premium with certain companies is to own a hybrid car.
- This one might make you feel a little uncomfortable, so you don’t have to do it if you don’t want to. You can lower your premiums by allowing your insurance company to track your driving using a special GPS device installed on your car. The less risks you take on the road, the more likely you are to have lowered premiums.
One factor that affects your insurance premiums in Indiana is the cost of car repairs in the state. In Indiana, the home of the Indianapolis 500, car repairs can cost a pretty penny, with a light engine repair setting you back by about $400. The more your repairs cost, the more your insurance premiums will be! This is just one reason why you might be seeing higher premiums in your city than in the other 49 states.