Trying to buy affordable auto insurance is not easy, and finding out which company quotes the best insurance rates in Kokomo requires additional perseverance. Each company has their own unique process for filing rates in each state, so to begin we'll rank the insurance companies with the overall cheapest rates in Indiana.
|Rank||Company||Cost Per Year|
|6||Indiana Farmers Mutual||$841|
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Travelers generally has some of the lowest car insurance rates in Kokomo at around $620 annually. This is $620 less than the average policy premium paid by Indiana drivers of $1,240. Cincinnati Insurance, USAA, Erie, and Western Reserve also qualify as some of the lowest-priced Kokomo, IN insurance companies.
As depicted above, if you are a customer of Western Reserve and switched to Cincinnati Insurance, you might realize annual savings of roughly $174. Policyholders with Indiana Farmers Mutual could save as much as $177 a year, and The Hartford policyholders might lower prices by $191 a year.
Be aware that those rates are averaged across all insureds and vehicles and are not factoring in an exact zip code location in Kokomo. So the company that has the lowest price for you may not even be in the list above. That underscores the importance of why you need to get rate quotes using your own personalized driver profile and vehicle information.
For drivers in Kokomo, one of the largest things that are looked at to help calculate the price you pay for insurance is where your residence is. Cities with larger populations or higher claim trends tend to have more expensive auto insurance rates, whereas areas with fewer weather claims and lower vehicle theft rates benefit from lower rates.
The next table rates the most costly cities in Indiana in which to purchase auto insurance. Kokomo comes in at #12 with an annual cost of $1,001 for the average policy, which is about $83 monthly.
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Premium costs are approximated as the specific zip code location can increase or decrease rates noticeably.
The car, truck, or SUV that needs insurance is one of the main factors when shopping for affordable auto insurance in Kokomo. Vehicles with higher performance characteristics, poor safety features, or a track record of large liability claims will cost more to insure than safer models.
The list below presents insurance premiums for the cheapest automobiles to insure.
|Vehicle Make and Model||Estimated Cost for Full Coverage|
|Honda Accord LX 4-Dr Sedan||$994|
|Ford Escape XLT 4WD||$1,016|
|Honda CR-V EX 2WD||$1,122|
|Honda Odyssey EX||$1,158|
|Ford Edge SEL 2WD||$1,165|
|Toyota RAV4 Limited 4WD||$1,181|
|Hyundai Elantra SE Touring Station Wagon||$1,214|
|Chevrolet Silverado LS Extended Cab 2WD||$1,264|
|Chevrolet Impala LS||$1,273|
|Ford F-150 Lariat Crew Cab Harley 2WD||$1,266|
|GMC Sierra SLE Crew Cab 2WD||$1,271|
|Volkswagen Jetta 2.0T 4-Dr Sedan||$1,266|
|Dodge Grand Caravan CV||$1,271|
|Ford Explorer XLT 2WD||$1,266|
|Chevrolet Equinox LT 2WD||$1,288|
|Toyota Camry LE||$1,295|
|Ford Focus S 4-Dr Sedan||$1,300|
|Honda Civic EX-L 4-Dr Sedan||$1,306|
|Toyota Tacoma Double Cab 4WD||$1,313|
|GMC Sierra 2500HD SLT Extended Cab 4WD||$1,329|
|Jeep Grand Cherokee Limited 4WD||$1,385|
|Nissan Altima 3.5 SR 4-Dr Sedan||$1,390|
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Data based on single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Indiana minimum liability limits. Discounts applied include multi-policy, safe-driver, claim-free, multi-vehicle, and homeowner. Rates do not factor in vehicle garaging location which can lower or raise price quotes considerably.
Based on these rates, vehicles like the Honda Accord, Ford Escape, Honda CR-V, and Honda Odyssey are most likely to be some of the most economical vehicles to insure for drivers in Kokomo.
How much more does full coverage cost in Kokomo?
Reducing premiums for auto insurance is the goal of the majority of vehicle owners, and one way to lower the cost of insurance in Kokomo is to only buy liability coverage. The example below shows the comparison of premium costs with full coverage and liability only. The rate quotes are based on no claims or driving violations, $250 deductibles, drivers are single, and no additional discounts are factored in.
As an average, comp and collision coverage costs $1,480 per year over and above liability coverage. Many drivers may wonder if you should buy full coverage. There is no exact rule to exclude physical damage coverage, but there is a general school of thought. If the annual cost of your full coverage insurance is more than 10% of the settlement you would receive from your company, then you might want to think about dropping full coverage.
For example, let's pretend your vehicle's book value is $5,000 and you have $1,000 physical damage deductibles. If your vehicle is damaged in an accident, the most your company would pay you is $4,000 after paying your deductible. If premium cost is more than $400 annually for comprehensive and collision coverage, then you might consider buying liability only.
Discounts on Kokomo car insurance rates
Insurers that provide policies in Kokomo may provide price discounts that could potentially reduce rates by 40% or more if you meet specific criteria. Popular auto insurance companies and their offered discounts are shown below.
- Progressive has discounts for online signing, good student, homeowner, online quote discount, multi-vehicle, and continuous coverage.
- Farmers Insurance may have discounts that include early shopping, homeowner, alternative fuel, mature driver, and bundle discounts.
- Farm Bureau may offer discounts for driver training, youthful driver, 55 and retired, multi-policy, renewal discount, good student, and safe driver.
- State Farm policyholders can earn discounts including good student, defensive driving training, good driver, multiple policy, and Steer Clear safe driver discount.
- GEICO offers discounts including daytime running lights, five-year accident-free, membership and employees, anti-lock brakes, defensive driver, military active duty, and federal employee.
- SAFECO offers premium reductions for accident prevention training, anti-theft, drive less, safe driver, and teen safety rewards.
- Liberty Mutual includes discounts for new move discount, multi-policy, new graduate, good student, newly retired, and new vehicle discount.
The information below shows the comparison of insurance costs with and without discounts applied to the premium. The prices are based on a male driver, a clean driving record, no claims, Indiana state minimum liability limits, full physical damage coverage, and $250 deductibles. The first bar for each age group shows the price with no discounts. The second bar shows the rates with defensive driving course, safe-driver, accident-free, passive restraint, homeowner, and claim-free discounts applied. With discounts applied, the the amount saved on auto insurance in Kokomo is 28% or $549.
Impact of careless driving on auto insurance rates
The common sense way to snag the most affordable auto insurance premiums in Indiana for drivers in Kokomo is to drive attentively and avoid accidents and traffic citations. The diagram below highlights how traffic violations and fender-benders can impact auto insurance rates for different ages of insureds. The price estimates are based on a single male driver, comprehensive and collision coverage, $250 deductibles, and no additional discounts are factored in.
In the prior example, the average cost of a car insurance policy in Indiana per year with no violations or accidents is $1,975. Receive two speeding tickets and the average cost swells to $2,616, an increase of $641 each year. Now add one accident along with the two speeding tickets and the yearly cost of auto insurance in Kokomo jumps again to an average of $3,272. That's an increase of $1,297, or $108 per month, just for a couple of infractions!
Here's why you should shop around
Indiana auto insurance rates are determined by lots of factors that can increase the cost of having a policy. Simply having a birthday, moving to a different location, or having an at-fault accident can trigger changes in premium that may make certain companies much cheaper than others. Not only may things change on your end, but companies change rates without warning to help ensure profitability. Higher than normal claim frequency or severity can cause a rate increase, while lower claim expenses can result in cheaper Kokomo car insurance rates.
To illustrate this point, the bar chart below compares the cheapest car insurance in Kokomo, IN for a 40-year-old female driver with no accidents or violations, and excellent credit. If we compare prices based on her current situation, Travelers may have the cheapest car insurance rates in Kokomo at $670 a year. This is $570 less than the average premium paid by Indiana drivers of $1,240. USAA, Cincinnati Insurance, Erie, and Western Reserve are also included in the top five cheapest Kokomo, IN auto insurance companies.
Now we will pretend the driver from the first rate comparison a chargable accident, a lower credit rating, and a blemish on her driving record. Due to the fact that each insurance company has their own unique process for determing rates in each state, comparing insurance quotes most likely will result in a new list of the cheapest Kokomo car insurance companies as shown below.
The Hartford now has the cheapest car insurance in Kokomo with Auto-Owners, Utica National, Motorists Mutual, and USAA now being in the top five. This example illustrates why it is critical to compare many different companies to find the most economical car insurance rates in Kokomo. Prices are made up of many different factors and change dramatically, so the best company the last time you shopped your coverage around may now cost much more than other companies.
How to find budget-friendly insurance in Kokomo
It is possible to find better rates, and here are many penny-pinching suggestions that can help drivers locate lower-cost auto insurance.
- Insure your home and auto with the same company
- Just one traffic violation will increase your rates
- Raise physical damage deductibles
- Don't have frequent claims
- Good credit scores may make rates cheaper
- Avoid accidents and claims
- Shop around for lower rates once a year
The last idea is remarkably critical, as was stressed in this article. Coverage rates change constantly, so don't be afraid to buy from a new company if you find a cheaper price.
We understand brand loyalty, but it's not a good idea if that loyalty ends up costing big bucks every year. In just a couple of minutes you could compare rates and find cheaper insurance in Kokomo.