The words "bargain" and "auto insurance" probably shouldn't be used in the same sentence, in particular when shopping around for the cheapest auto insurance for high mileage drivers. Let's start off by going over some of the things that influence auto insurance prices, and see how we can help you take the bite out of the next policy you buy.
Deciding which company has the best car insurance rates for high mileage drivers in Indiana involves a little more work than just picking a company at random. Every auto insurer uses their own method to set policy rates, so let's examine the most affordable car insurance companies in Indiana.
It's important that you understand Indiana car insurance rates are determined by lots of factors that can increase the price you pay for coverage. Getting older, getting married, or getting a few speeding tickets can trigger changes in premium resulting in some rates now being cheaper than others.
Cheapest Insurance Rates in Indiana
|Rank||Company||Cost Per Year|
|6||Indiana Farmers Mutual||$875|
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Travelers may have some of the cheapest car insurance rates in Indiana at around $596 each year. This is $644 less than the average policy premium paid by Indiana drivers of $1,240. USAA, Cincinnati Insurance, Erie, and Western Reserve are also some of the cheapest Indiana insurance companies.
In this example, if you have coverage with USAA and switched to Travelers, you could earn yearly savings of approxmiately $65. Insureds with Cincinnati Insurance may save as much as $82 a year, and Erie policyholders might lower prices by up to $137 a year.
These policy rates are averaged across all types of drivers and the different vehicles they drive and are not factoring in a price discount for high mileage drivers. So the car insurance company that is best suited for you may not even be in the top 36 companies shown above. That point stresses why you need to compare as many prices as possible using your own personal information and vehicle type.
For high mileage drivers, one of the big criteria that are used to help calculate car insurance rates is where you call home in Indiana. Regions with larger populations or more claims like Gary, Merrillville, and Lawrence likely pay more, whereas areas with lower vehicle theft rates and fewer weather claims get the luxury of paying less.
The illustration below sorts the most expensive cities in Indiana for high mileage drivers in which to buy car insurance.
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Rates are estimated as the specific geographic location can lower or raise rates noticeably.
The vehicle you are trying to insure is one of the primary factors that determines whether or not you find economical car insurance for high mileage drivers. Vehicles with more horsepower, poor crash test ratings, or a history of substantial liability claims will cost significantly more to insure than more modest models.
The list below outlines insurance costs for a handful of the most economical automobiles to buy coverage for.
|Make and Model||Estimated Cost for Full Coverage|
|Ford Escape XLT 4WD||$561|
|Chevrolet Silverado LS Regular Cab 4WD||$601|
|Ford F-150 XLT Regular Cab 2WD||$608|
|Ford Edge SEL AWD||$635|
|Chevrolet Impala LT||$648|
|Toyota Camry SE||$682|
|Toyota Tacoma X-Runner 2WD||$688|
|Nissan Altima 2.5 S 4-Dr Sedan||$682|
|Honda CR-V EX-L 2WD||$687|
|Jeep Grand Cherokee Limited 4WD||$694|
|Chevrolet Equinox LTZ AWD||$694|
|Honda Odyssey Touring||$702|
|Dodge Grand Caravan SE||$704|
|Ford Explorer XLT AWD||$714|
|Jeep Wrangler Unlimited Sahara 4WD 4-Dr||$706|
|Honda Accord EX 2-Dr Coupe||$731|
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Prices above based on single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Indiana minimum liability limits. Discounts applied include safe-driver, multi-vehicle, homeowner, multi-policy, and claim-free. Premium amounts do not factor in vehicle location which can revise auto insurance rates greatly.
Looking at the data, you can conclude that vehicles like the Ford Escape, Chevrolet Silverado, and Ford F-150 should be some of the most budget-friendly vehicles to insure for high mileage drivers.
Full coverage rates compared to liability-only
Finding cheaper car insurance should be important to the majority of drivers, and one easy way to find cheap insurance for high mileage drivers in Indiana is to only buy liability insurance. The diagram below visualizes the comparison of insurance costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The premium estimates are based on no driving violations, no at-fault accidents, $1,000 deductibles, single status, and no discounts are factored in.
Averaged for all ages 20 through 70, physical damage coverage costs an extra $1,184 per year more than insuring for liability only. Many of you may wonder if buying full coverage is worth the expense. There is no definitive guideline that is best for determining when to drop comprehensive and collision coverage on your policy, but there is a general guideline. If the annual cost of having full coverage is more than 10% of the replacement cost of your vehicle minus the policy deductible, then it's probably a good time to buy liability coverage only.
There are some conditions where removing full coverage is not in your best interest. If you haven't paid off your loan, you must maintain physical damage coverage to protect the lienholder's interest in the vehicle. Also, if you don't have enough money to buy a different vehicle if your current one is damaged, you should not eliminate full coverage.
Get discounts on Indiana auto insurance
Insurers that offer coverage for high mileage drivers may provide price discounts that could potentially reduce rates by as much as 30% if you are eligible to receive them. A list of car insurance companies and their possible discounts are outlined below.
- State Farm has savings for good student, multiple policy, good driver, Steer Clear safe driver discount, driver's education, anti-theft, and defensive driving training.
- Esurance may include discounts for claim free, anti-theft, Pac-12 alumni, homeowner, and good student.
- Progressive includes discounts for homeowner, continuous coverage, good student, multi-vehicle, and online signing.
- Liberty Mutual may have discounts that include multi-policy, hybrid vehicle, multi-car, teen driver discount, and good student.
- Auto-Owners Insurance offers discounts for air bags, teen driver, good student, anti-theft, mature driver, anti-lock brakes, and paid in full.
- GEICO discounts include good student, multi-vehicle, defensive driver, membership and employees, and five-year accident-free.
The example below illustrates the difference between auto insurance costs with and without discounts applied. The costs are based on a female driver, no tickets, no at-fault accidents, Indiana state minimum liability limits, comprehensive and collision coverage, and $100 deductibles.
The first bar for each age group shows insurance cost with no discounts. The second shows the rates with multiple vehicle, claim-free, defensive driving course, anti-theft, homeowner, and accident-free discounts applied. When drivers take advantage of discounts, the the amount saved on car insurance for high mileage drivers is 28% or $575.
Who has the cheapest Indiana car insurance?
Indiana car insurance rates are impacted by many factors that control your annual premium. Simply having a birthday, marrying your spouse, or having an at-fault accident may generate price changes resulting in some companies being more affordable than the competition. Not only may your situation change, but auto insurance companies amend premium rates as needed to ensure their profitability. Larger than normal claims can cause high rates, while long-term profits can cause lower-cost Indiana car insurance rates.
As an example, the graph below shows the company with the cheapest car insurance in Indiana for a 45-year-old female driver with no prior accidents, a clean driving record, and a high credit rating. When quoting prices based on her current risk profile, Travelers may have the best car insurance rates in Indiana at $602 a year. This is $638 less than the average policy premium paid by Indiana drivers of $1,240. Cincinnati Insurance, USAA, Erie, and Indiana Farmers Mutual are the remaining top five cheapest Indiana auto insurance companies.
Let's now give the driver in the first chart a claim surcharge, bad credit, and a traffic ticket or two. Because every insurance company has their own process to determing premium rates, analyzing rate quotes may now result in a new list of the cheapest car insurance companies in Indiana as shown below.
Western Reserve now has the cheapest price in Indiana with Auto-Owners, State Farm, Cincinnati Insurance, and USAA now being in the top five. This illustrates why Indiana drivers need to shop around with many companies when trying to find the cheapest car insurance quotes for high mileage drivers.
Rates are made up of many factors and can change without notice, so the cheapest rate six months ago may now be quite expensive.