Deciphering which insurers offer the lowest-priced auto insurance rates for unemployed drivers in Indiana calls for a tad more effort than just quoting one company's rates. Every insurance provider uses their own method for determining rates in each state, so let's take a look at the auto insurance companies that tend to be cheaper in Indiana.
Find the Best Cheap Insurance for Job Seekers
|Rank||Company||Cost Per Year|
|5||Indiana Farmers Mutual||$841|
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Travelers offers some of the best car insurance rates in Indiana at around $602 a year. This is $638 less than the average rate paid by Indiana drivers of $1,240. Cincinnati Insurance, USAA, Erie, and Indiana Farmers Mutual would also be considered some of the cheapest Indiana insurance companies.
As the example above demonstrates, if you are a customer of Erie and switched to Cincinnati Insurance, you might see an annual premium reduction of in the neighborhood of $47. Drivers with Indiana Farmers Mutual could save as much as $183 a year, and Western Reserve insureds might realize rate reductions of up to $214 a year.
These prices are averages for all types of insureds and vehicles and do not factor in a rate decrease for unemployed drivers. So the car insurance company that can offer you the best price may not even be in the top 36 companies shown above. That illustrates why you need to compare as many prices as possible using your own individual information.
The make and model of vehicle requiring insurance is one of the primary factors that determines whether or not you find the most economical car insurance for unemployed drivers. Vehicles with higher performance characteristics, poor crash test ratings, or a high likelihood of having liability claims will cost much more to insure than safer, lower-performance models. The table below outlines insurance prices for some of the most affordable vehicles to buy coverage for.
|Vehicle||Estimated Cost for Full Coverage|
|Ford Escape XLT 2WD||$548|
|Dodge Grand Caravan CV||$615|
|Chevrolet Impala LS||$635|
|Honda Civic DX 4-Dr Sedan||$641|
|Hyundai Elantra SE Touring Station Wagon||$679|
|Honda Odyssey EX-L W/Navigation||$682|
|Toyota Corolla LE||$688|
|Honda CR-V EX-L 4WD||$687|
|Ford Fusion SE 4-Dr Sedan||$694|
|Nissan Altima 3.5 SR 4-Dr Sedan||$703|
|Nissan Rogue SL 2WD||$697|
|Jeep Wrangler Unlimited Rubicon 4WD 4-Dr||$717|
|Ford Focus SE 2-Dr Coupe||$731|
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Above prices assume single female driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Indiana minimum liability limits. Discounts applied include multi-vehicle, multi-policy, safe-driver, homeowner, and claim-free. Rates do not factor in Indiana location which can increase or decrease auto insurance rates noticeably.
Looking at the numbers, makes and models like the Ford Escape, Dodge Grand Caravan, and Chevrolet Impala should be the most budget-friendly vehicles to insure for the unemployed.
One of the more important criteria that are looked at to determine the cost of insurance is where your residence is in Indiana. Cities with larger populations or higher claim trends like Gary, Portage, and Merrillville tend to have higher auto insurance costs, whereas less populated areas benefit from lower rates.
The following table sorts the most costly cities in Indiana for unemployed drivers in which to purchase auto insurance.
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Premium costs are approximated as the garaging address in Indiana can impact rates significantly.
Rate comparison of full coverage and liability-only
Saving money on auto insurance is important to most vehicle owners, and one easy way to save on the cost of insurance for unemployed drivers in Indiana is to not buy comprehensive and collision coverage. The example below shows the comparison of insurance costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The information is based on a clean driving record, no at-fault accidents, $100 deductibles, single marital status, and no additional discounts are factored in.
If all age groups are averaged, full coverage on your policy costs an extra $1,613 per year more than carrying just liability coverage. That raises the question when is the right time to remove full coverage. There is no clear-cut formula to exclude physical damage insurance, but there is a general guideline you can use. If the yearly cost of full coverage is more than 10% of replacement cost minus your deductible, then it may be the right time to buy liability only.
For example, let's say your vehicle's settlement value is $4,000 and you have $1,000 deductibles. If your vehicle is totaled, the most your company will settle for is $3,000 after the deductible is paid. If you are paying over $300 a year to have full coverage, then you might consider buying liability only.
The illustration below illustrates how your choice of deductibles can increase or decrease annual premium costs when getting quotes for cheap insurance for unemployed drivers in Indiana. The premiums assume a married female driver, full coverage, and no other discounts are factored in.
A 50-year-old driver could pocket $260 a year by changing from a $100 deductible up to a $500 deductible, or save $390 by choosing a $1,000 deductible. Even younger insureds, like the Age 20 chart data, could reduce their rates as much as $638 each year just by choosing larger deductibles. When raising deductibles, it is necessary to have spare funds to be able to pay the extra out-of-pocket expense, which deters some people from using high deductibles.
How to get discounts on Indiana car insurance rates
Car insurance companies that offer coverage for unemployed drivers may have price discounts that can lower rates by 30% or more if you are eligible to receive them. A list of auto insurance companies and their possible discounts are included below.
- State Farm discounts include anti-theft, safe vehicle, Drive Safe & Save, Steer Clear safe driver discount, multiple policy, and passive restraint.
- American Family includes discounts for mySafetyValet, air bags, TimeAway discount, good driver, and early bird.
- GEICO offers premium reductions for driver training, multi-policy, defensive driver, anti-theft, seat belt use, five-year accident-free, and multi-vehicle.
- 21st Century policyholders can earn discounts including driver training, 55 and older, defensive driver, theft prevention, air bags, and student driver.
- Progressive offers discounts including online signing, continuous coverage, online quote discount, multi-policy, multi-vehicle, good student, and homeowner.
The chart below shows the difference between auto insurance costs with and without some available policy discounts. The prices are based on a female driver, no violations or accidents, Indiana state minimum liability limits, comprehensive and collision coverage, and $500 deductibles.
The first bar for each age group shows the average rate with no discounts. The lower bar shows the rates with anti-theft, passive restraint, homeowner, multiple policy, vehicle safety, and claim-free discounts applied. When drivers take advantage of discounts, the average savings per year on auto insurance for unemployed drivers is 28% or $470.