Finding affordable car insurance is challenging, and determining which companies offer the most affordable insurance rates in Greenwood will take a bit more work.
Every insurance company has their own formula to set premium rates, so first let's look at the rankings for the insurance companies that tend to be cheaper in Greenwood, IN.
|Rank||Company||Cost Per Year|
|6||Indiana Farmers Mutual||$867|
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Travelers has some of the most affordable car insurance rates in Greenwood at around $620 a year. This is $620 less than the average policy premium paid by Indiana drivers of $1,240. Cincinnati Insurance, USAA, Erie, and Western Reserve would also be considered some of the more affordable Greenwood, IN auto insurance companies.
As shown in the rates above, if you currently have a policy with Cincinnati Insurance and switched to Travelers, you could realize savings of about $44. Insureds with USAA might save as much as $67 a year, and Erie customers might realize rate reductions of up to $85 a year.
If you would like to find cheaper car insurance rates, click here to start your custom quote or click through to the companies below.
Bear in mind that those premium estimates are averaged across all types of insureds and vehicles and are not factoring in an exact zip code location in Greenwood. So the insurer that can offer the best rates for your situation may not even be in the top 36 companies in the list above. That helps illustrate why you need to get quotes using your own specific driver information and vehicle.
For drivers in Greenwood, one of the largest things that are used to help calculate the price you pay for insurance is where your residence is. Larger areas tend to have more expensive auto insurance rates, whereas areas that tend to be more rural profit from lower rates.
The illustration below lists the most expensive areas in Indiana to buy car insurance in. Greenwood ranks #23 with a yearly premium of $931 for car insurance, which is around $78 per month.
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Annual rates are estimated as the specific garaging location can increase or decrease insurance rates greatly.
Your cheap policy may actually be overpriced
Indiana insurance rates are based on many factors that control the cost of coverage. Getting older, increasing liability limits, or having a fender bender can produce rate changes resulting in some companies being affordable when they were higher priced.
Additionally, insurers change their prices as often as every quarter as an adjustment for underwriting gains or losses. Larger than normal claims can result in increased policy costs, while profitable underwriting may result in more affordable Greenwood car insurance rates.
To help illustrate this point, the graph below compares the cheapest car insurance in Greenwood, IN for a 30-year-old female driver with no violations or accidents, and excellent credit. If we estimate prices based on her current risk factors, Travelers quotes the lowest car insurance rates in Greenwood at $610 a year. This is $630 less than the average rate paid by Indiana drivers of $1,240. USAA, Cincinnati Insurance, Erie, and The Hartford are the remainder of the cheapest Greenwood, IN auto insurance companies.
Now let's give the driver from the first example a claim, a little lower credit rating, and a couple of points charged on her driving record. Because every insurance company has a different process to establish rates, comparing rates will most likely result in a different list of cheap Greenwood auto insurance companies as shown below.
Indiana Farmers Mutual now has the best car insurance rate in Greenwood, IN with Auto-Owners, USAA, Nationwide, and Cincinnati Insurance also being competitive. This shows why consumers need to shop around when trying to find the most affordable insurance rates in Greenwood.
Auto insurance prices can be altered by many factors and can increase or decrease at any time, so the most economical company when you bought your policy may now be one of the more expensive options.
The vehicle model on the policy is one of the primary factors when comparison shopping for cheap insurance in Greenwood. Vehicles with high performance engines, poor passenger safety features, or high incidents of liability claims will cost substantially more to insure than more economical and safe models.
The next table illustrates auto insurance costs for the most affordable vehicles to insure.
|Make and Model||Estimated Cost for Full Coverage|
|Hyundai Elantra SE Touring Station Wagon||$895|
|Ford Escape XLS 2WD||$903|
|Honda Accord LX 4-Dr Sedan||$910|
|Honda Odyssey EX||$956|
|Ford Focus S 4-Dr Sedan||$962|
|Honda CR-V EX-L 2WD||$956|
|Ford F-150 Lariat Super Cab 4WD||$993|
|Dodge Grand Caravan SE||$1,010|
|Toyota Corolla XRS||$1,046|
|Volkswagen Jetta 2.0T 4-Dr Sedan||$1,052|
|Ford Explorer Eddie Bauer 2WD||$1,049|
|GMC Sierra 3500HD SLE Extended Cab 2WD||$1,065|
|Jeep Grand Cherokee Laredo 4WD||$1,069|
|Toyota RAV4 Limited 4WD||$1,074|
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Price data assumes single male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Indiana minimum liability limits. Discounts applied include claim-free, multi-vehicle, safe-driver, homeowner, and multi-policy. Prices do not factor in specific location information which can increase or decrease insurance rates noticeably.
Based upon the table data, we can presume that models like the Hyundai Elantra, Ford Escape, and Honda Accord are most likely to be the most budget-friendly vehicles to insure for drivers in Greenwood.
Rate comparison of full coverage and liability-only
Buying cheaper car insurance is probably important to most vehicle owners, and one good way to buy cheap insurance in Greenwood is to buy liability only. The illustration below shows the difference between insurance costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. Data assumes no violations or accidents, $250 deductibles, drivers are single, and no discounts are taken into consideration.
Averaged for all age groups, full coverage costs $2,009 per year more than insuring for liability only. At some point, every insured wonders if you should buy full coverage at all. There is no specific rule of when to drop comprehensive and collision coverage on your policy, but there is a general school of thought. If the annual cost of having full coverage is about 10% or more of the settlement you would receive from your company, the it may be a good time to stop paying for full coverage.
For example, let's pretend your vehicle's replacement cost is $10,500 and you have $1,000 deductibles. If your vehicle is totaled, you would only receive $9,500 after paying your policy deductible. If it's costing in excess of $950 annually for your policy with full coverage, then it might be time to buy liability only.
There are some cases where removing full coverage is not a good plan. If you still owe a portion of the original loan, you have to carry full coverage in order to satisfy the requirements of the loan. Also, if your savings is not enough to buy a different vehicle if your current one is in an accident, you should not buy liability only.