The vehicle that needs insurance is probably the biggest factor when comparing quotes for the best cheap insurance for retired military. Vehicles with more horsepower, a lack of safety features, or a high likelihood of having liability claims will cost more to insure than safer models.

The data below shows insurance costs for the most economical automobiles to buy insurance for.

Cheapest Vehicles to Insure for Retired Military in Indiana
Vehicle Insured Estimated Cost for Full Coverage
Ford Escape XLS 2WD $608
Toyota Prius $615
Honda Accord LX-P 4-Dr Sedan $627
Honda CR-V EX-L 4WD $642
Ford Edge SEL 2WD $643
Toyota RAV4 Limited 4WD $657
Chevrolet Malibu Hybrid $667
Jeep Wrangler Sport 4WD 2-Dr $657
Hyundai Elantra SE Touring Station Wagon $662
Toyota Tacoma Double Cab 4WD $669
Ford Explorer Eddie Bauer AWD $675
GMC Sierra SL Crew Cab 2WD $706
Honda Odyssey EX $713
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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, safe-driver, multi-vehicle, multi-policy, and homeowner. Rates do not factor in specific zip code location which can influence coverage prices considerably.

Looking at the numbers, cars like the Ford Escape, Toyota Prius, Honda Accord, Honda CR-V, and Ford Edge are most likely going to be some of the less-costly vehicles to insure for veterans.

For veterans, one of the largest things that help determine the amount you pay each year for auto insurance is where you normally keep your vehicle. Areas with a lot of weather claims or more people like Gary, Portage, and Lawrence tend to have more expensive car insurance rates, whereas more rural areas profit from lower rates.

The following table rates the priciest cities in Indiana for retired military to purchase a policy in.

How much does car insurance cost in Indiana?
Rank City Premium Per Year
1 Gary $1,388
2 Hammond $1,288
3 Portage $1,126
4 Merrillville $1,106
5 Lawrence $1,099
6 Indianapolis $1,082
7 Evansville $1,055
8 Jeffersonville $1,038
9 Terre Haute $1,035
10 New Albany $1,028
11 Kokomo $1,011
12 Anderson $1,001
13 South Bend $985
14 Columbus $984
15 Fishers $983
16 Richmond $964
17 Greenwood $960
18 Noblesville $958
19 Bloomington $958
20 Carmel $957
21 Elkhart $956
22 Fort Wayne $947
23 Mishawaka $945
24 Muncie $937
25 Lafayette $899
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Annual rates are comparative as the specific zip code location can change premium rates noticeably.

Discount Indiana insurance

Auto insurance companies that provide policies for retired military may also provide special discounts that could potentially reduce rates by 35% or more if you meet specific eligibility requirements. Companies and the discounts they provide are outlined below.

The information below shows the difference between yearly insurance costs with and without discounts applied to the rates. The rate quotes are based on a male driver, no driving violations, no at-fault accidents, Indiana state minimum liability limits, comp and collision included, and $500 deductibles.

The first bar for each age group shows insurance cost with no discounts. The second bar shows the rates with vehicle safety, anti-theft, multiple policy, homeowner, multiple vehicle, and passive restraint discounts applied. When taking advantage of discounts, the average savings per year on auto insurance for retired military is 28% or $366.

Indiana auto insurance companies ranked

Finding the highest-rated auto insurance company can be difficult considering how many different companies sell coverage in Indiana. The rank data shown below may help you decide which insurers to look at when comparing auto insurance rates for retired military. The rankings below are only made up of the largest companies in the United States, so companies that may only write in Indiana will not be included in the list.

Top 10 Major Auto Insurance Companies in Indiana Ranked by Customer Service

  1. Nationwide
  2. State Farm
  3. Safeco Insurance
  4. American Family
  5. Titan Insurance
  6. Travelers
  7. Liberty Mutual
  8. GEICO
  9. Erie Insurance
  10. Allstate

Top 10 Major Auto Insurance Companies in Indiana Ranked by A.M. Best Rating

  1. USAA - A++
  2. GEICO - A++
  3. Travelers - A++
  4. State Farm - A++
  5. Allstate - A+
  6. Progressive - A+
  7. Erie Insurance - A+
  8. The Hartford - A+
  9. Nationwide - A+
  10. Esurance - A+

Cost difference between full coverage and liability

Finding the cheapest auto insurance is important to most drivers, and one easy way to pay less for insurance for retired military in Indiana is to only pay for liability coverage. The example below visualizes the comparison of auto insurance rates with and without full coverage. The rates are based on no violations or accidents, $250 deductibles, drivers are single, and no discounts are factored in.

On average, comprehensive and collision coverage on your policy costs an extra $1,635 per year more than insuring for liability only. That is a big expense that brings up the question when is the right time to remove full coverage. There is no written rule for eliminating comprehensive and collision coverage on your policy, but there is a general convention. If the annual cost of coverage is more than 10% of the vehicle's replacement cost less your deductible, then you might want to consider buying only liability coverage.

For example, let's pretend your vehicle's claim settlement value is $4,000 and you have $1,000 deductibles. If your vehicle is totaled in an accident, the most you would get paid by your company is $3,000 after the policy deductible has been paid. If premium cost is more than $300 annually to have full coverage, then it might be time to buy liability only.