I'm sure you've seen the captivating ads from companies like Nationwide, The General, and GEICO that promise dirt cheap rates, so you should just choose any of them, right?
It's not quite that easy, unfortunately, as there are a whole bunch of unknowns such as the vehicle you are insuring, the miles you drive each year, if you have ever had a coverage lapse, and if you are married or single, that all factor into the price you pay. This article will cover the causes of high insurance rates and will hopefully give you a good start to your coverage search.
The vehicle requiring insurance is one of the largest considerations when quoting the best cheap coverage for teenage males. Vehicles with reasonable performance levels, excellent safety ratings, or a positive history of liability claims will cost substantially less to insure than adrenaline junky models. The table below showcases car insurance rates for some of the most economical vehicles to insure in Indiana.
|Vehicle||Estimated Cost for Full Coverage|
|Ford Escape XLT 2WD||$2,243|
|Honda CR-V LX 2WD||$2,249|
|Honda Accord EX-L 4-Dr Sedan||$2,412|
|Ford F-150 XLT Crew Cab 2WD||$2,513|
|Volkswagen Jetta 2.0T Station Wagon||$2,582|
|Ford Focus S 4-Dr Sedan||$2,636|
|Ford Edge SEL 2WD||$2,642|
|Chevrolet Impala LS||$2,636|
|Toyota RAV4 Sport 2WD||$2,659|
|Toyota Camry LE||$2,668|
|Chevrolet Malibu Hybrid||$2,659|
|Dodge Grand Caravan Crew||$2,683|
|Toyota Tacoma Double Cab TRD Sport Package 4WD||$2,689|
|Dodge Ram 3500 Crew Cab Laramie 2WD||$2,683|
|Ford Explorer Limited AWD||$2,692|
|Hyundai Elantra Blue 4-Dr Sedan||$2,782|
|Honda Civic EX 4-Dr Sedan||$2,788|
|Honda Odyssey EX-L W/Navigation||$2,806|
|Toyota Corolla S||$2,812|
|Nissan Altima 2.5 S 4-Dr Sedan||$2,806|
|GMC Sierra SLE Crew Cab 4WD||$2,829|
|Jeep Grand Cherokee Limited 4WD||$2,835|
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Data based on single male driver age 17, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Indiana minimum liability limits. Discounts applied include claim-free, and safe-driver. Rate information does not factor in Indiana location which can impact coverage rates noticeably.
Based upon these rates, we can tell that makes and models like the Ford Escape, Honda CR-V, Honda Accord, Toyota Prius, and Ford F-150 are the less-costly vehicles to insure for teen boys. The cost of auto insurance will be more expensive just due to the fact that there is more claim exposure for teenage males, but overall those particular models will probably have the cheapest car insurance rates available.
For teen boys, one of the more important components that are used to help calculate the amount you pay each year for auto insurance is your zip code in Indiana. Areas with more people or higher crime rates like Gary, Merrillville, and Lawrence tend to pay slightly more, whereas areas with less congestion benefit from lower rates.
The following table sorts the highest-priced places in Indiana for teenage males in which to buy car insurance.
|Rank||City||Average Per Year|
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Annual rates are approximated as specific location information can affect rates greatly.
Finding reliable, affordable car insurance is not the easiest thing to accomplish, and determining which insurers offer the best auto insurance rates for teenage males in Indiana requires a bit more work. Premiums may be significantly pricier than the state average due to the potential for more claims associated with offering insurance for teen boys, but competitively-priced coverage should be achievable if you do a thorough comparison.
Each auto insurer uses a little different formula for determining prices, so to begin we'll rank the auto insurance companies with the most affordable rates in Indiana. It's a good idea to be aware that Indiana auto insurance rates are influenced by many factors that control the cost of coverage. Simply having another birthday, buying a newer car, or getting a ticket for running a stop sign may cause policy rate changes that can cause some rates to be higher when they were quite affordable.
Find the Cheapest Car Insurance for Teens
|Rank||Company||Cost Per Year|
|7||Indiana Farmers Mutual||$867|
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Travelers normally has some of the most affordable car insurance rates in Indiana at around $596 each year. This is $644 less than the average rate paid by Indiana drivers of $1,240. Cincinnati Insurance, USAA, Erie, and Western Reserve also qualify as some of the cheaper Indiana car insurance companies.
As illustrated above, if you currently buy coverage from Western Reserve and switched to Cincinnati Insurance, you may realize yearly savings of in the vicinity of $160. Drivers with The Hartford might save as much as $177 a year, and Indiana Farmers Mutual insureds might reduce prices by as much as $189 a year.
If you would like to find cheaper car insurance rates, click here to begin a quote or visit any of the low-priced companies below.
Understand that those estimates are averaged for all types of insureds and vehicles and do not take into consideration a price surcharge for teenage males. So the insurer that has the cheapest price for you may not even be in the top 36 companies shown above. That points out the importance of why you need to compare rates from multiple companies using your own driver data and vehicle information.
Discount Indiana insurance
Insurance providers that offer cheap quotes for teenage males may have price discounts that can reduce rates by 25% or more if you meet certain criteria. A few of the larger companies and some of their more popular discounts are detailed below.
- State Farm may offer discounts for defensive driving training, multiple policy, passive restraint, safe vehicle, good student, student away at school, and accident-free.
- American Family offers discounts including good student, TimeAway discount, Steer into Savings, good driver, accident-free, bundled insurance, and multi-vehicle.
- GEICO offers discounts for daytime running lights, emergency military deployment, multi-vehicle, driver training, seat belt use, and multi-policy.
- 21st Century may include discounts for homeowners, air bags, anti-lock brakes, good student, early bird, defensive driver, and theft prevention.
- Progressive offers premium reductions for good student, online quote discount, homeowner, continuous coverage, multi-vehicle, and multi-policy.
The illustration below illustrates the comparison of insurance costs with and without policy discounts. The data assumes a female driver, a clean driving record, no at-fault accidents, Indiana state minimum liability limits, comp and collision included, and $250 deductibles.
The first bar for each age group shows the price with no discounts. The second bar shows the rates with paperless filing, passive restraint, paid-in-full, anti-theft, vehicle safety, and good student discounts applied. With discounts applied, the the amount saved on auto insurance for teenage males is 28% or $664.
Liability rates compared to full coverage
Lowering the price of auto insurance is the goal of the majority of vehicle owners, and one of the best ways to pay lower rates for insurance for teenage males in Indiana is to not buy comprehensive and collision coverage. The diagram below visualizes the comparison of car insurance costs when comparing full coverage to liability only. The information is based on a clean driving record, no claims, $100 deductibles, marital status is single, and no discounts are factored in.
If the expense is averaged for all age categories, full coverage costs $1,797 per year over liability only. That may make you wonder if paying for full coverage is a waste of money. There is no definitive formula for excluding physical damage insurance, but there is a broad guideline. If the yearly cost of full coverage is more than around 10% of the settlement you would receive from your company, then it may be the right time to buy liability only.
For example, let's assume your vehicle's settlement value is $11,000 and you have $1,000 deductibles. If your vehicle is totaled in an accident, you would only receive $10,000 after the deductible is paid. If it's costing in excess of $1,000 annually for physical damage coverage, then you may need to consider dropping full coverage.
There are some conditions where removing full coverage is not a good plan. If you still owe money on your vehicle, you have to carry full coverage as part of the loan conditions. Also, if your finances do not allow you to purchase a different vehicle in the event your current vehicle is totaled, you should keep full coverage on your policy.
Don't make the mistake of not shopping around
Indiana auto insurance rates are calculated based on many things which can significantly increase or decrease the price you pay. Simply having another birthday, having a teenage driver, or having a fender bender can produce rate changes that may make certain companies affordable when they were higher priced.
In addition to those changes, insurance companies file new Indiana auto insurance rates multiple times each year to adjust for heavy claims or excess profits. Higher than normal claim frequency or severity may cause increased policy costs, while lower claim levels can produce cheaper Indiana car insurance rates.
As an example, the bar chart below shows the companies that have the cheapest car insurance in Indiana for a 30-year-old female driver with no accidents, a clean driving record, and a high credit rating. If we look at prices based on her current risk factors, Travelers might offer the most affordable car insurance rates in Indiana at $614 each year. This is $626 less than the average premium paid by Indiana drivers of $1,240. Cincinnati Insurance, USAA, Erie, and Indiana Farmers Mutual are also on the list of the top five cheapest Indiana auto insurance companies.
The next chart shows rates after we give the driver from above a claim or two, less-than-perfect credit, and a traffic ticket or two. Since every car insurance company has a proprietary formula for setting prices, comparing prices may now result in a new list of companies as shown below.
The Hartford now has the lowest price in Indiana with Auto-Owners, Cincinnati Insurance, Nationwide, and Motorists Mutual also being competitive. This example demonstrates why it is crucial to shop around to find the best insurance rates for teenage males.
Auto insurance prices can be altered by many factors and change substantially, so the best option the last time you shopped around may now be quite expensive.