The words "economical" and "auto insurance" really don't belong together, especially when you are shopping around for the cheapest auto insurance for felons. Because of the high cost, let's get started by showing you some of the things that help determine insurance prices, and come up with some ideas to reduce the price of the next policy you buy.
The vehicle model on the policy is one of the primary factors when comparing the most affordable car insurance for felons. Vehicles with average performance, a great safety record, or a low likelihood of liability claims will cost significantly less to insure than higher performance models.
The next table outlines car insurance rates for a handful of the most economical automobiles to buy insurance for.
|Make and Model||Estimated Cost for Full Coverage|
|Jeep Wrangler Sport 4WD 2-Dr||$573|
|Honda Accord LX 4-Dr Sedan||$608|
|Ford Escape Limited 2WD||$623|
|Honda CR-V EX 4WD||$633|
|Volkswagen Jetta 2.0T Station Wagon||$652|
|Toyota Tacoma Double Cab 4WD||$657|
|Hyundai Elantra SE 4-Dr Sedan||$694|
|GMC Sierra SL Crew Cab 2WD||$706|
|Nissan Rogue S 2WD||$713|
|Ford Focus S 4-Dr Sedan||$706|
|Ford Explorer XLT 2WD||$712|
|Dodge Grand Caravan Hero||$721|
|Chevrolet Malibu Hybrid||$731|
|Chevrolet Impala LT||$741|
|Toyota RAV4 Limited 2WD||$750|
|Toyota Camry Hybrid||$754|
|Ford F-250 XL Cabela Package 2WD||$763|
|Ford F-150 FX4 4WD||$758|
|Ford Edge Sport 2WD||$761|
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Price data assumes single male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Indiana minimum liability limits. Discounts applied include multi-policy, homeowner, safe-driver, claim-free, and multi-vehicle. Prices do not factor in Indiana location which can raise or lower coverage rates substantially.
Based upon the rates shown, you can figure that vehicles like the Jeep Wrangler, Honda Accord, Ford Escape, and Honda CR-V should be a few of the most economical vehicles to insure for felons.
Deciphering which companies offer the best car insurance rates for felons in Indiana takes a tad more effort in order to find the lowest price quote.
Each insurer uses their own formula for setting rates, so we'll take a look at the car insurance companies that tend to have lower prices in Indiana. It's important to know that Indiana car insurance rates are determined by lots of factors which can substantially change the price you pay. Simply turning a year older, marrying your spouse, or getting a ticket for careless driving can trigger price changes resulting in some companies being more affordable than the competition.
Find the Best Cheap Insurance for Felons
|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 Indiana at around $614 annually. This is $626 less than the average policy premium paid by Indiana drivers of $1,240. USAA, Cincinnati Insurance, Erie, and Indiana Farmers Mutual also make the cut as some of the more affordable Indiana auto insurance companies.
As shown in the rates above, if you currently have a policy with USAA and switched to Travelers, you could realize an annual premium reduction of about $47. Drivers with Cincinnati Insurance may save as much as $64 a year, and Erie customers might lower prices by $91 a year.
Bear in mind that those prices are averaged for all insureds and vehicles and do not factor in a rate decrease for felons. So the company that can offer the best rates for your situation may not even be in the top 36 companies in the list above. That illustrates why you need to get rate quotes from many companies using your own personalized driver profile and vehicle information.
Should you buy full coverage?
Saving money when shopping for car insurance is the goal of the majority of drivers, and one great way to pay less for insurance for felons in Indiana is to not buy comprehensive and collision coverage. The chart below visualizes the comparison of insurance rates with full physical damage coverage compared to only buying the minimum liability limits required in Indiana. The data assumes no claims, a clean driving record, $1,000 deductibles, drivers are not married, and no policy discounts are applied.
On average, physical damage insurance costs an extra $1,577 per year more than buying just liability insurance. At some point, almost every driver questions if full coverage is worth the money. There isn't a written rule to drop physical damage coverage on your policy, but there is a general school of thought. If the yearly cost of comp and collision coverage is more than about 10% of any settlement you would receive from your insurance company, then you might want to think about dropping full coverage.
For example, let's assume your vehicle's replacement value is $12,000 and you have $1,000 physical damage deductibles. If your vehicle is damaged in an accident, the most you would receive is $11,000 after the deductible is paid. If you are currently paying more than $1,100 annually for comprehensive and collision coverage, then you might consider buying liability only.
How accidents and violations affect rates
The obvious way to get the most affordable car insurance premiums in Indiana for felons is to be a cautious driver and avoid accidents and violations. The information below demonstrates how traffic citations and fender-benders can raise insurance costs for different insured age categories. The data is based on a single female driver, full coverage, $100 deductibles, and no policy discounts are applied.
The chart shows that the average cost of an auto insurance policy in Indiana per year with no accidents and a clean driving record is $2,045. Add in two speeding tickets and the average cost swells to $2,753, an increase of $708 each year. Now add in two accidents along with the two speeding tickets and the yearly cost of car insurance for felons in Indiana increases to an average of $5,287. That's an increase of $3,242, or $270 per month, just for not driving carefully!
You are probably paying too much for car insurance
Indiana car insurance rates are based on many factors which can substantially change the price you have to pay. Improving your credit rating, filing a claim, or getting into an accident can trigger changes in premium resulting in some rates now being more affordable than before.
Not only that, but auto insurance companies change the rates they charge in Indiana every year in order to be able to pay unexpected claims. Significantly higher claims may result in price increases, while less frequent claims may result in lower-priced Indiana car insurance rates.
To illustrate this example, the data below shows rates for the cheapest car insurance in Indiana for a 30-year-old female driver with no prior claims, no tickets, and a decent credit rating. Based on her current rating profile, Travelers may have the cheapest car insurance rates in Indiana at $620 a year. This is $620 less than the average policy premium paid by Indiana drivers of $1,240. Cincinnati Insurance, USAA, Erie, and Western Reserve are also on the list of the cheapest Indiana auto insurance companies.
In this next rate comparison, we will give the driver from the first rate comparison an accident surcharge, a lower credit rating, and a few traffic violations. Since each auto insurer has a unique formula for filing rates in each state, getting updated rate quotes could now result in a different set of the cheapest Indiana car insurance companies as shown below.
Indiana Farmers Mutual now has the cheapest auto insurance in Indiana with Auto-Owners, Nationwide, Erie, and Hastings Mutual also having competitive pricing. This example proves why it is crucial to do a thorough rate comparison to get affordable auto insurance rates for felons.
Insurance prices can be altered by many things and can decrease or increase without notice, so the cheapest option three years ago may now be quite expensive.