For older drivers, one of the largest considerations that are used to help calculate the amount you pay for auto insurance is where you choose to live in Indiana. Areas with high crime rates or more dense population like Gary, Merrillville, and Lawrence tend to have higher rates, whereas areas with lower crime rates and fewer weather claims have the luxury of cheap car insurance rates.
The following table lists the most expensive places in Indiana for drivers over age 70 to buy an auto insurance policy in.
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Premium amounts are approximated as zip code location can impact prices substantially.
The vehicle model you are trying to insure is probably the biggest factor when trying to find affordable insurance for drivers over age 70. Vehicles with lower acceleration and performance, good safety features, or a low likelihood of having liability claims will cost significantly less to insure than adrenaline junky models. The table below features insurance costs for the cheapest vehicles to insure.
|Make and Model||Estimated Cost for Full Coverage|
|Honda CR-V EX-L 2WD||$637|
|Ford Escape Limited 4WD||$675|
|Ford Explorer XLT AWD||$702|
|Toyota Tacoma 2WD||$729|
|Honda Odyssey EX W/Rear Entertainment||$739|
|GMC Sierra SLE Regular Cab 2WD||$741|
|Toyota RAV4 Sport 4WD||$746|
|Volkswagen Jetta S 4-Dr Sedan||$741|
|Chevrolet Equinox LT 2WD||$750|
|Chevrolet Malibu LT||$751|
|Dodge Grand Caravan SXT||$757|
|Hyundai Elantra Blue 4-Dr Sedan||$769|
|Ford Focus SES 4-Dr Sedan||$774|
|Jeep Wrangler Unlimited Sport Islander Package 4WD 4-Dr||$771|
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Table data assumes single female driver age 70, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Indiana minimum liability limits. Discounts applied include safe-driver, homeowner, multi-vehicle, claim-free, and multi-policy. Information does not factor in garaging location in Indiana which can raise or lower coverage rates greatly.
Looking at the data, you can expect cars like the Honda CR-V, Ford Escape, and Toyota Prius will definitely be some of the most budget-friendly vehicles to insure for older drivers. The cost of auto insurance will be more costly because of the fact that there is more claim exposure for drivers over age 70, but overall those particular vehicles will most likely have the lowest prices that you'll find.
The illustration below highlights how deductible choice can influence annual premium costs when trying to find cheap insurance for drivers over age 70 in Indiana. The premiums assume a married male driver, full physical damage coverage, and no discounts are taken into consideration.
In the chart above, a 50-year-old driver could reduce rates by $198 a year by changing their physical damage coverage from a $100 deductible to a $500 deductible, or save $296 by changing to a $1,000 deductible. Youthful drivers, like the 20-year-old example, could potentially save $652 annually by choosing larger deductibles on their policy. If you do raise deductibles, it is important to have additional funds squirreled away to pay the extra out-of-pocket expense, which is the main drawback of higher deductibles.
Reckless driving habits raise car insurance rates
The common sense way to snag cheap car insurance rates for older drivers is to pay attention while driving and avoid at-fault accidents and violations. The chart below shows how traffic citations and fender-benders can drive up car insurance rates for different age groups. Data assumes a single female driver, full physical damage coverage, $500 deductibles, and no policy discounts are applied.
In the previous chart, the average cost of car insurance in Indiana per year with a clean driving record and no accidents is $1,712. Factor in one speeding ticket and the average cost increases to $1,940, an increase of $229 each year. Then throw in one accident along with the one speeding ticket and the yearly cost of car insurance for drivers over age 70 in Indiana goes up to an average of $2,581. That's an increase of $869, or $72 per month, just for not maintaining a clean driving record!
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Indiana car insurance rates are calculated based on many things that control the price you pay for coverage. Simply improving your credit, marrying your spouse, or getting a driving violation can trigger changes in premium that can cause some rates to be affordable when they were higher priced. Also, auto insurance companies amend pricing multiple times each year in order to remain profitable. An unexpected high level of claims can result in rate hikes, while lower claims can cause more affordable Indiana car insurance rates.
The chart below shows the cheapest car insurance in Indiana for a 30-year-old male driver with no accidents, a clean driving record, and a high credit rating. When quoting prices based on his current risk profile, Travelers has the cheapest car insurance rates in Indiana at $596 a year. This is $644 less than the average rate paid by Indiana drivers of $1,240. Cincinnati Insurance, USAA, Erie, and The Hartford are the rest of the cheapest Indiana auto insurance companies.
The example below compares rates after we give the driver in the first chart a chargable accident, a lower credit rating, and a few traffic violations. Since every insurance provider has their own process for establishing rates, comparing prices could now result in a different list of affordable Indiana car insurance companies as shown below.
Western Reserve now has the best price on car insurance in Indiana with Auto-Owners, Cincinnati Insurance, Motorists Mutual, and State Farm now being in the top five. This example illustrates why consumers need to take the time to compare rates to get the lowest car insurance quotes for drivers over age 70. Prices can be altered by many factors and can increase or decrease at any time, so the cheapest rate six months ago may now be quite expensive.