Deciding which company quotes the lowest-priced car insurance rates in Indianapolis will require a bit more work in order to find a policy that fits your budget. Every insurance company has their own guidelines for determining prices, so to begin we'll rank the most affordable car insurance companies in Indianapolis.
It's important that readers know that Indiana car insurance rates are determined by lots of factors that can increase your annual premium. Turning one year older, having a claim, or getting into an accident can trigger rate changes that may make certain companies more affordable than others.
|Rank||Company||Cost Per Year|
|5||Indiana Farmers Mutual||$841|
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Travelers may offer some of the most affordable car insurance rates in Indianapolis at around $620 each year. Cincinnati Insurance, USAA, Erie, and Indiana Farmers Mutual also are some of the cheapest Indianapolis, IN car insurance companies.
As illustrated above, if you are a policyholder with Cincinnati Insurance and switched to Travelers, you may realize an annual savings of about $44. Customers with USAA may save as much as $47 a year, and Erie customers might realize rate reductions of up to $85 a year.
Understand that those policy prices are averaged across all drivers and vehicles in Indiana and and are not calculated with an exact zip code location in Indianapolis. So the car insurance company that can offer you the lowest price may not even be in the top 36 companies shown above. That point stresses why you need to get rate quotes from many companies using your own individual information.
For drivers in Indianapolis, one of the largest components that determine the annual cost of car insurance is where you call home in Indianapolis. Areas with more people or more claims will most likely pay more, whereas areas with lower vehicle theft rates and fewer weather claims tend to receive slightly lower rates.
The information below ranks the highest-priced areas in Indiana in which to buy car insurance. Indianapolis shows up at #5 having an annual price of $1,092 for the average policyholder, which is approximately $91 each month.
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Rate information is estimated as specific Indianapolis garaging address can alter auto insurance rates noticeably.
The make and model of vehicle you are trying to insure is probably the most important factor when consumers are trying to find the cheapest insurance in Indianapolis. Vehicles with higher performance, poor safety ratings, or an increased likelihood of liability claims will cost quite a bit more to insure than safer, lower-performance models.
The information below shows coverage premiums for a handful of the cheapest automobiles to buy insurance for.
|Insured Vehicle||Estimated Cost for Full Coverage|
|Ford Escape XLT 2WD||$1,164|
|Hyundai Elantra SE Touring Station Wagon||$1,261|
|Honda CR-V EX 2WD||$1,271|
|Ford Explorer XLT AWD||$1,302|
|Ford Edge SEL AWD||$1,351|
|Toyota Tacoma 2WD||$1,356|
|Toyota RAV4 4WD||$1,375|
|Chevrolet Silverado LS Regular Cab 2WD||$1,381|
|Jeep Grand Cherokee Laredo 2WD||$1,375|
|Jeep Wrangler Unlimited Sport 4WD 4-Dr||$1,416|
|Dodge Grand Caravan SE||$1,426|
|Nissan Altima 2.5 S 4-Dr Sedan||$1,450|
|Toyota Camry XLE||$1,458|
|Honda Odyssey EX-L W/Rear Entertainment||$1,450|
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Table data represents single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Indiana minimum liability limits. Discounts applied include claim-free, multi-vehicle, multi-policy, homeowner, and safe-driver. Information does not factor in specific zip code location which can alter price quotes considerably.
Based upon these rates, you can figure that cars like the Ford Escape, Hyundai Elantra, Honda CR-V, and Toyota Prius will be a few of the more affordable vehicles to insure for drivers in Indianapolis.
The illustration below shows how choosing a deductible can influence insurance prices when searching for cheap insurance in Indianapolis. The premiums are based on a single female driver, full coverage, and no discounts are applied to the premium.
The chart above illustrates that a 40-year-old driver could pocket $222 a year by switching their comprehensive and collision coverages from a $100 deductible up to a $500 deductible, or save $334 by using a $1,000 deductible. Even younger insureds, such as the 20-year-old example, can save up to $566 each year by using higher deductibles when buying full coverage.
If you do raise deductibles, it is necessary to have plenty of money set aside to allow you to cover the extra out-of-pocket expense that deters many people from opting for higher deductibles.
Get discounts on Indianapolis car insurance
Insurance providers that offer coverage in Indianapolis may also offer price discounts that can reduce rates by 30% or more if you meet eligibility requirements. A list of companies and a selection of discounts are included below.
- State Farm offers discounts including good driver, anti-theft, good student, multiple autos, accident-free, and passive restraint.
- Farmers Insurance offers premium reductions for electronic funds transfer, distant student, early shopping, homeowner, and mature driver.
- GEICO may include discounts for driver training, multi-policy, air bags, good student, seat belt use, and defensive driver.
- American Family has savings for early bird, TimeAway discount, mySafetyValet, air bags, good driver, Steer into Savings, and good student.
- Nationwide discounts include business or organization, family plan, anti-theft, defensive driving, easy pay, and accident-free.
- Progressive offers discounts for good student, online signing, continuous coverage, homeowner, multi-vehicle, and multi-policy.
The chart below shows the comparison of insurance rates with and without some available policy discounts. The premiums are based on a female driver, no violations or accidents, Indiana state minimum liability limits, full coverage, and $500 deductibles.
The first bar for each age group shows the average rate with no discounts. The second shows the rates with defensive driving course, claim-free, accident-free, safe-driver, anti-theft, and passive restraint discounts applied. When taking advantage of discounts, the average amount saved each year on insurance in Indianapolis is 27% or $380.