One of the more important criteria that aid in calculating insurance cost is where your residence is in New Albany. Regions with more people or even just more weather-related claims are more likely to have higher rates, whereas areas that tend to be more rural get the luxury of paying less.
The next table shows the priciest cities in Indiana to purchase car insurance in. New Albany makes the list at #11 with the annual price of $1,028 for the average policyholder, which is approximately $86 each month.
|Rank||City||Premium Per Year|
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Premium costs are comparative as vehicle location can lower or raise premium rates significantly.
Seeing where New Albany ranks compared to other Indiana cities, comparing quotes for reasonably-priced car insurance is tough enough, and deciding which company has the most affordable insurance rates in New Albany will take even more perseverance. Every car insurance company has a proprietary method to determine rates, so we'll go over the insurance companies with the most affordable rates in New Albany.
Compare Cheap Insurance Quotes in New Albany
|Rank||Company||Cost Per Year|
|6||Indiana Farmers Mutual||$841|
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Travelers may have some of the best car insurance rates in New Albany at around $596 per year. This is $644 less than the average rate paid by Indiana drivers of $1,240. Cincinnati Insurance, USAA, Erie, and Western Reserve are also some of the lowest-priced New Albany, IN car insurance companies.
As depicted above, if you are currently insured with USAA and switched to Travelers, you might realize savings of roughly $65. Insureds with Erie could save as much as $116 a year, and Western Reserve insureds might cut rates by $242 a year.
Remember that these premiums are averages for all insureds and vehicles and and are not figured with an exact location in New Albany. So the auto insurance company that has the cheapest rates for you may not even be in the list above. That point stresses why you need to compare rates from multiple companies using your own specific driver information and vehicle.
The vehicle model you are insuring is a significant factor when looking for cheaper auto insurance in New Albany. Vehicles with more horsepower, a lack of advanced safety features, or a track record of large liability claims will cost quite a bit more to insure than more economical and safe models.
The information below showcases car insurance prices for some of the more afforable vehicles to buy insurance for.
|Vehicle Insured||Estimated Cost for Full Coverage|
|Honda CR-V LX 2WD||$969|
|Ford Escape XLT 4WD||$1,082|
|Ford Explorer XLT 4WD||$1,087|
|Ford Edge SE AWD||$1,123|
|Toyota Tacoma 2WD||$1,132|
|Jeep Grand Cherokee Laredo 4WD||$1,147|
|Toyota RAV4 2WD||$1,153|
|Ford Fusion S 4-Dr Sedan||$1,147|
|Honda Odyssey LX||$1,157|
|Ford F-150 STX Super Cab 2WD||$1,163|
|Chevrolet Impala LTZ||$1,207|
|Toyota Corolla LE||$1,215|
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Above prices assume married male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Indiana minimum liability limits. Discounts applied include multi-vehicle, homeowner, multi-policy, claim-free, and safe-driver. Information does not factor in specific location which can influence auto insurance rates considerably.
Looking at the numbers, we can expect models like the Honda CR-V, Ford Escape, Ford Explorer, and Ford Edge are most likely going to be a few of the cheaper vehicles to insure for drivers in New Albany.
The information below illustrates how your deductible choice can change insurance rates when researching cheap insurance in New Albany. The data is based on a married female driver, full coverage, and no policy discounts are applied.
As shown above, a 40-year-old driver could cut expenses by $260 a year by changing from a $100 deductible up to a $500 deductible, or save $390 by choosing a $1,000 deductible. Young drivers, like the 20-year-old, can save up to $638 each year just by using higher deductibles. When increasing deductibles, it will be required to have enough savings set aside to satisfy the extra out-of-pocket expense that comes with higher deductibles.
Cost comparison with and without full coverage
Reducing premiums for auto insurance is probably important to the majority of drivers, and a great way to reduce the cost of insurance in New Albany is to only buy liability coverage. The illustration below compares insurance prices with full phyical damage coverage and with liability coverage only. The costs are based on no violations or claims, $250 deductibles, marital status is single, and no additional discounts are factored in.
If we average the cost for ages 20 through 70, comprehensive and collision coverage on your policy costs $2,009 per year more than carrying just liability coverage. That brings up the question if it's a good idea to buy full coverage. There isn't a written rule to eliminate physical damage coverage, but there is a guideline you can consider. If the annual cost of comprehensive and collision coverage is more than around 10% of replacement cost minus your deductible, then you might want to consider buying only liability coverage.
For example, let's say your vehicle's replacement value is $7,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled, the most your company would pay you is $6,000 after paying your policy deductible. If you are paying over $600 a year to have full coverage, then it could be time to drop full coverage.
Discounts on New Albany insurance
Insurers that offer cheap quotes in New Albany may also provide policy discounts that may potentially lower prices by as much as 35% if you meet the requirements. Large auto insurance companies and the discounts they provide are included below.
- State Farm may include discounts for driver's education, multiple policy, Steer Clear safe driver discount, passive restraint, student away at school, Drive Safe & Save, and anti-theft.
- GEICO offers premium reductions for daytime running lights, five-year accident-free, military active duty, emergency military deployment, and multi-vehicle.
- Allstate offers discounts including multi-policy, good payer, passive restraint, auto/life discount, premier plus, and eSmart discount.
- SAFECO may offer discounts for homeowner, teen safe driver, anti-theft, drive less, accident prevention training, and multi-car.
- Farm Bureau has savings for youthful driver, 55 and retired, renewal discount, safe driver, and driver training.
- Progressive may have discounts that include continuous coverage, multi-policy, multi-vehicle, homeowner, online quote discount, good student, and online signing.
- AAA offers discounts for AAA membership discount, pay-in-full, good student, multi-policy, and education and occupation.
The illustration below illustrates the difference between insurance costs with and without discounts applied to the rates. The information is based on a female driver, no claims or driving citations, Indiana state minimum liability limits, comprehensive and collision coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second bar shows the rates with multiple policy, marriage, claim-free, accident-free, vehicle safety, and anti-theft discounts applied. In this example, the the average amount saved on auto insurance in New Albany is 28% or $527.
The benefit of shopping around
New Albany auto insurance rates are impacted by many factors which can substantially decrease or increase the price you have to pay for coverage. Simply getting older, having a teenage driver, or getting a few speeding tickets can cause premium changes resulting in some companies being cheaper than others. In addition to those changes, car insurance companies change the rates they charge in Indiana as often as every three months to adjust for heavy claims or excess profits. Larger than normal claims may cause higher prices, while a better loss history may result in more affordable New Albany car insurance rates.
To illustrate this point, the data below shows the company with the cheapest car insurance in New Albany, IN for a 45-year-old male driver with no accidents or violations, and excellent credit. When quoting prices based on his personal profile, Travelers offers the cheapest car insurance rates in New Albany at $716 a year. This is $524 less than the average rate paid by Indiana drivers of $1,240. USAA, Cincinnati Insurance, Erie, and Western Reserve are the remainder of the cheapest New Albany, IN auto insurance companies.
Now we will give the driver in the first example a chargable claim, a lower credit rating, and a stop sign violation. Since each auto insurance company uses their own method for determining rates, comparing prices most likely will result in a different ranking of cheap New Albany auto insurance companies as shown below.
The Hartford now has the cheapest price in New Albany, IN with Auto-Owners, USAA, Nationwide, and Utica National also having competitive pricing. This example demonstrates why it is critical to perform an extensive rate comparison to get cheap car insurance rates in New Albany. Car insurance prices can be altered by many different factors and can increase or decrease at any time, so the best price the last time you shopped around may now be one of the more expensive options.
How to find the cheapest insurance in New Albany
It is possible to find better rates, and here are many penny-pinching suggestions that can help you get low-cost car insurance.
- Prevent rate increases by staying accident-free
- Higher physical damage deductibles lower rates
- Do not get traffic citations
- Increase your credit score
- Don't waste money on full coverage for older vehicles
- Vehicles with good safety ratings are usually cheaper to insure
- Compare rates and switch if you can find a better deal
That last idea is particularly vital, as we stressed in this write-up. Coverage prices can be changed at any time, so drivers shouldn't be reluctant to change to a new company if a better deal can be had. Many drivers prefer to stick with one company, but it isn't a good idea if that dedication is costing lots of hard earned cash every month. In just a couple of minutes you could compare rates to find cheaper auto insurance in New Albany.