Shopping around for reasonably-priced insurance is not the easiest thing to accomplish, and finding out which companies offer the most affordable car insurance rates in Carmel will involve a little more work. Each company has their own guidelines for determining rates, so first we will examine the most budget-friendly car insurance companies in Carmel.
It's important to know that Carmel, IN car insurance rates are impacted by many things that may substantially change the cost of coverage. This price fluctuation is why Indiana drivers need to compare rates when trying to get the cheapest auto insurance quotes in Carmel. Prices are calculated by many things and change dramatically, so the best price a year ago may now be one of the higher cost companies.
Travelers generally has some of the best car insurance rates in Carmel at around $596 per year. Cincinnati Insurance, USAA, Erie, and The Hartford also rank well as some of the most economical Carmel, IN auto insurance companies.
In the rate table above, if you are a customer of USAA and switched to Travelers, you might realize an annual premium reduction of around $85. Policyholders with Erie may save as much as $137 a year, and The Hartford policyholders might cut rates by $259 a year.
If you want to find out if you're overpaying, click here to start your custom quote or click several companies below for low rates.
Remember that these premiums are averages for all types of insureds and vehicles and are not factoring in a specific vehicle garaging location in Carmel. So the auto insurance company that can offer the best rates for your situation may not even be in the list above. That underscores the importance of why you need to get auto insurance quotes using your own specific driver information and vehicle.
One of the many considerations that are looked at to help calculate insurance cost is where your residence is. Regions with more people or even just more weather-related claims tend to have higher auto insurance costs, whereas areas with less people or fewer weather incidents benefit from having to pay less for coverage.
The next table lists the most expensive places in Indiana to buy car insurance in. Carmel shows up at #20 with an annual premium of $947 for coverage, which is about $79 each month.
|Rank||City||Premium Per Year|
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Premium amounts are estimated as the specific geographic location can modify premium rates considerably.
The type of vehicle you are insuring is one of the main factors when quoting economical auto insurance in Carmel. Vehicles with higher performance, poor crash test ratings, or a high likelihood of having liability claims will cost more to insure than safer, lower-performance models. The information below estimates auto insurance prices for a selection of the most cost-effective vehicles to buy coverage for.
|Make, Model, and Trim Level||Estimated Cost for Full Coverage|
|Honda CR-V EX 2WD||$788|
|Ford Escape XLT 4WD||$806|
|Dodge Grand Caravan Hero||$934|
|Honda Odyssey EX-L W/Rear Entertainment||$984|
|Volkswagen Jetta SEL 4-Dr Sedan||$1,000|
|Ford Fusion SEL 4-Dr Sedan||$1,007|
|Chevrolet Malibu LTZ||$1,000|
|Jeep Grand Cherokee Limited 2WD||$1,009|
|GMC Sierra 2500HD SLE Regular Cab 4WD||$1,000|
|Ford Explorer XLT 2WD||$1,002|
|Jeep Wrangler Sahara 4WD 2-Dr||$1,010|
|Chevrolet Impala LT||$1,020|
|Toyota Tacoma Double Cab TRD Off-Road Package 4WD||$1,040|
|Ford F-150 FX4 Super Cab 4WD||$1,048|
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Above prices assume single male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Indiana minimum liability limits. Discounts applied include claim-free, homeowner, multi-policy, multi-vehicle, and safe-driver. Rates do not factor in specific location which can impact premium rates noticeably.
Looking at the data, we can presume that models like the Honda CR-V, Ford Escape, and Dodge Grand Caravan should be the cheapest vehicles to insure for drivers in Carmel.
Full coverage rates compared to liability-only
Lowering the price of car insurance is the goal of the majority of vehicle owners, and a great way to buy cheaper insurance in Carmel is to not buy comprehensive and collision coverage. The illustration below compares auto insurance costs when comparing full coverage to liability only. The costs are based on a clean driving record, no at-fault accidents, $250 deductibles, drivers are single, and no other discounts are factored in.
If we average the cost for all age groups, full coverage on your policy costs $1,975 per year more than buying just liability insurance. Many drivers will wonder if physical damage coverage is worth the money. There is no set guideline of when to phase out comprehensive and collision coverage on your policy, but there is a general guideline you can use. If the annual cost of comprehensive and collision coverage is more than about 10% of the replacement cost minus the deductible, then you may need to consider dropping full coverage.
For example, let's say your vehicle's replacement value is $11,000 and you have $1,000 full coverage deductibles. If your vehicle is destroyed, the most your company will settle for is $10,000 after paying the physical damage deductible. If it's costing you more than $1,000 annually for comprehensive and collision coverage, then it could be time to drop full coverage.
Drive safe and save
A great way to enjoy the best car insurance rates in Carmel for drivers in Carmel is to drive carefully and not have accidents or get tickets. The information below shows how violations and accident claims can drive up yearly insurance costs for different insured age categories. The costs are based on a married male driver, full coverage, $100 deductibles, and no additional discounts are factored in.
The data above shows the average cost of a car insurance policy in Carmel per year with no accidents or violations is $1,537. Add in one speeding ticket and the average cost swells to $1,761, an increase of $223 each year. Now add two accidents along with the one speeding ticket and the annual cost of car insurance in Carmel goes up to an average of $3,589. That's an increase of $2,052, or $171 per month, just for not keeping your driving record clean!
Discounts on Carmel insurance rates
Insurers that offer coverage in Carmel could also offer special discounts that can reduce rates by 25% or more if you meet the requirements. A few of the larger companies and some of their more popular discounts are detailed below.
- GEICO has discounts for air bags, good student, military active duty, anti-theft, membership and employees, multi-policy, and defensive driver.
- Travelers may offer discounts for IntelliDrive, continuous insurance, multi-policy, driver training, hybrid/electric vehicle, student away at school, and multi-car.
- Farm Bureau offers discounts including good student, renewal discount, 55 and retired, safe driver, youthful driver, multi-policy, and multi-vehicle.
- Liberty Mutual may have discounts that include newly married, multi-car, new graduate, hybrid vehicle, and preferred payment discount.
- American Family policyholders can earn discounts including bundled insurance, defensive driver, mySafetyValet, Steer into Savings, and air bags.
- Progressive offers premium reductions for good student, multi-policy, online quote discount, online signing, continuous coverage, and multi-vehicle.
The illustration below illustrates the difference between car insurance costs with and without discounts applied to the policy rates. The data assumes a male driver, no claims or driving citations, Indiana state minimum liability limits, comp and collision included, and $100 deductibles. The first bar for each age group shows insurance cost with no discounts. The second bar shows the rates with passive restraint, accident-free, homeowner, vehicle safety, multiple policy, and anti-theft discounts applied. When drivers take advantage of discounts, the the amount saved on car insurance in Carmel is 27% or $443.