For young men, one of the big things that are used to help calculate the price you pay for insurance is where you live. Areas with more people or even just a higher incidence of claims like Gary, Merrillville, and Terre Haute likely pay more, whereas less populated areas benefit from lower prices.
The following table sorts the highest-priced places in Indiana for 20 year old guys to buy auto insurance in.
|Rank||City||Premium Per Year|
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Table data uses estimated as the specific area where the vehicle is garaged can decrease or increase insurance rates greatly.
The car, truck, or SUV on the policy is one of the largest factors when comparing the most economical insurance for 20 year old guys. Vehicles with higher performance characteristics, poor safety ratings, or an increased likelihood of liability claims will cost much more to insure than more economical and safe models. The next list outlines coverage rates for some of the most cost-effective automobiles to buy insurance for.
|Vehicle||Estimated Cost for Full Coverage|
|Honda CR-V LX 4WD||$1,440|
|Honda Accord LX-P 4-Dr Sedan||$1,448|
|Ford Escape Limited 2WD||$1,462|
|Honda Odyssey LX||$1,581|
|Ford Explorer XLT AWD||$1,603|
|Ford F-150 FX2 Super Cab 2WD||$1,609|
|Jeep Wrangler Sahara 4WD 2-Dr||$1,603|
|Chevrolet Impala LS||$1,687|
|Volkswagen Jetta 2.0T Station Wagon||$1,697|
|Toyota Tacoma Double Cab 4WD||$1,709|
|Toyota Camry LE||$1,715|
|Toyota RAV4 4WD||$1,709|
|Chevrolet Malibu LT||$1,730|
|Dodge Grand Caravan SXT||$1,739|
|Ford Focus SES 4-Dr Sedan||$1,794|
|Toyota Corolla LE||$1,816|
|Hyundai Elantra GLS 4-Dr Sedan||$1,826|
|Ford Edge Sport AWD||$1,816|
|Hyundai Sonata GLS 4-Dr Sedan||$1,830|
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Data based on single male driver age 20, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Indiana minimum liability limits. Discounts applied include safe-driver, and claim-free. Price information does not factor in specific Indiana garaging location which can influence coverage rates considerably.
Based upon the rates shown, you can figure that makes and models like the Honda CR-V, Honda Accord, Ford Escape, and Honda Odyssey are the cheapest vehicles to insure for young men. The cost of a car insurance policy will trend higher just because there is more liability risk for 20 year old guys, but generally speaking those specific models will probably have the cheapest auto insurance rates that you are likely to find.
Finding decent, cheap insurance is not the easiest thing to do, and finding out which company quotes the most affordable car insurance rates for 20 year old guys in Indiana may require additional perseverance. Insurance premiums will probably be significantly higher than the average price in Indiana, with the higher price attributed to the added risk related to selling insurance for young men, but affordable coverage should be possible if you shop around. Every insurance company has a unique approach for filing rates in each state, so we'll go over the car insurance companies with the overall cheapest rates in Indiana.
It's important that readers know that Indiana car insurance rates are determined by lots of factors that will increase or decrease the price you have to pay for coverage. This is why it is so important to shop around with many companies to find the cheapest auto insurance quotes for 20 year old guys. Rates are determined by many different factors and can decrease or increase without notice, so the lowest-price company three years ago may now be costing you a lot of money.
Best Cheap Insurance Rates for Men Age 20
|Rank||Company||Cost Per Year|
|6||Indiana Farmers Mutual||$849|
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Travelers generally has some of the best car insurance rates in Indiana at around $602 per year. This is $638 less than the average policy premium paid by Indiana drivers of $1,240. Cincinnati Insurance, USAA, Erie, and Western Reserve also rank well as some of the best Indiana insurance companies.
In the above example, if you currently have coverage with Erie and switched to Cincinnati Insurance, you might see an annual savings of roughly $75. Drivers with Western Reserve might save as much as $180 a year, and Indiana Farmers Mutual customers might lower prices by $191 a year.
Bear in mind that those policy prices are averaged for all ages of drivers and types of vehicles and do not factor in a rate surcharge for 20 year old guys. So the car insurance company that fits your situation best may not even be in the top 36 companies in the list above. That point stresses why you need to get auto insurance quotes using your own driver and vehicle profiles.
Price comparison of only insuring for liability
Saving money on car insurance is probably important to most vehicle owners, and a good way to find cheap insurance for 20 year old guys in Indiana is to only buy liability coverage. The information below shows the comparison of premium costs when comparing full coverage to liability only. The premium estimates are based on a clean driving record, no at-fault accidents, $250 deductibles, marital status is single, and no additional discounts are factored in.
If averaged for all ages, physical damage coverage costs $2,009 per year over having just liability coverage. That proposes the question when is the right time to remove full coverage. There isn't a written rule to drop physical damage coverage, but there is a general guideline. If the annual cost of having full coverage is more than about 10% of the settlement you would receive from your company, then it could be time to drop full coverage.
The example below illustrates how your choice of deductibles can influence insurance premiums when searching for cheap insurance for 20 year old guys in Indiana. The costs are based on a single male driver, full physical damage coverage, and no policy discounts are applied.
The chart above illustrates that a 30-year-old driver could lower their policy premium by $260 a year by changing their physical damage coverage from a $100 deductible to a $500 deductible, or save $392 by using a $1,000 deductible. Even younger insureds, like the age 20 example, could roll back prices up to $756 each year just by choosing larger deductibles.
If you make the decision to raise deductibles, it will now be necessary to have enough savings to be able to pay the extra out-of-pocket expense. That is the one drawback of using higher deductibles.
Why it's important to shop around
Indiana car insurance rates are impacted by many things which can substantially decrease or increase your annual premium. Getting older, having a teenage driver, or getting into an accident may prompt premium changes resulting in some rates now being affordable when they were higher priced. And not only may your rating factors change, but auto insurance companies file new rates multiple times each year in order to be able to pay unexpected claims. Heavier than normal losses may result in rate increases, while less frequent claims may cause cheaper Indiana car insurance rates.
The chart 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 good financial standing. When comparing rates based on her current risk profile, Travelers may offer the cheapest car insurance rates in Indiana at $620 per year. This is $620 less than the average price paid by Indiana drivers of $1,240. Cincinnati Insurance, USAA, Erie, and Western Reserve round out the rest of the top five cheapest Indiana auto insurance companies.
In this next rate comparison, we will give the driver from above a claim, a lower credit score, and an imperfect driving record. Because every insurance company has a unique formula for setting prices, analyzing rates most likely will result in a completely different list of the cheapest car insurance companies in Indiana as shown below.
Indiana Farmers Mutual now has the best insurance rate in Indiana with Auto-Owners, Motorists Mutual, Nationwide, and Cincinnati Insurance now being in the top five. This example demonstrates why it is critical to compare lots of rates when trying to find affordable insurance quotes for 20 year old guys.
Insurance rates are calculated by many things and change frequently, so the cheapest option two years ago may now cost much more than other companies.
How to find budget-friendly car insurance for 20 year old guys
Lowering your rates is not difficult, and here are some money-saving ideas that can help Indiana drivers locate more affordable auto insurance.
- Safer vehicles generally have cheaper insurance rates
- Staying accident-free helps keep rates low
- Good credit can save money
- Increase your physical damage deductibles
- Be a cautious driver
- Shop around for lower rates once a year
That final tip is very necessary, as we discussed in this write-up. Insurance rates can change in a short period of time, so don't be tentative to buy from a different company if a lower price can be found. Sticking with a specific company is fine, but it's not recommended if that loyalty ends up costing several hundred dollars every year. It takes less than five minutes to compare prices to find cheaper insurance for 20 year old guys.