You have seen the commercials from insurers like Progressive and Allstate that claim the cheapest rates, so drivers should just choose the one with the flashiest ad, right?
That is not the case, however, as there are a whole bunch of unknown aspects like your financial responsibility, whether you are male or female, if you own your own home, and how many years you have been driving. This article will detail the different ways you can keep rates low and will give you a good start in finding the cheapest car insurance for military.
Finding out which insurers offer the best car insurance rates for active military in Indiana calls for more work thank just comparing rates from one or two companies. Each insurance company has a unique approach to establish rates, so we'll take a look at the car insurance companies with the overall cheapest rates in Indiana.
It's important that you understand Indiana car insurance rates are impacted by many things which can significantly increase or decrease the price of your policy. Simply improving your credit, having a teenage driver, or getting a ticket for running a stop sign can produce rate changes that may make certain companies cheaper than competitors.
Compare Cheap Insurance Quotes for Military
Travelers may have some of the cheapest car insurance rates in Indiana at around $620 each year. This is $620 less than the average premium paid by Indiana drivers of $1,240. Cincinnati Insurance, USAA, Erie, and Western Reserve also are some of the cheapest Indiana auto insurance companies.
As shown in the table above, if you buy coverage from USAA and switched to Travelers, you could realize savings of roughly $67. Customers with Erie could save as much as $85 a year, and Western Reserve policyholders might reduce rates by $226 a year.
To find the cheapest rates for your vehicle, click here to get quotes or click through to the companies below.
Bear in mind that those premium estimates are averages for all drivers and vehicles and and are not calculated with a rate decrease for active military. 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 affirms the importance of why you need to get auto insurance quotes using your own personalized driver profile and vehicle information.
The type of vehicle you are trying to insure is one of the largest considerations when quoting cheaper auto insurance for active military. Vehicles with high performance engines, poor safety features, or an increased likelihood of liability claims will cost quite a bit more to insure than safer models. The data below illustrates coverage premiums for a number of the cheapest vehicles to insure in Indiana.
|Make and Model||Estimated Cost for Full Coverage|
|Honda CR-V EX-L 4WD||$568|
|Ford Escape XLT 4WD||$573|
|Honda Accord EX-L 4-Dr Sedan||$603|
|Ford F-150 XLT Regular Cab 4WD||$622|
|Ford Explorer XLT 2WD||$627|
|Ford Focus SEL 4-Dr Sedan||$680|
|Hyundai Elantra GLS 4-Dr Sedan||$694|
|Toyota Tacoma 4WD||$706|
|Honda Odyssey EX||$714|
|Chevrolet Equinox LTZ AWD||$706|
|Nissan Rogue S AWD||$716|
|Ford Edge SE AWD||$706|
|Chevrolet Silverado LS Crew Cab 4WD||$712|
|GMC Sierra 3500HD SLE Regular Cab 2WD||$717|
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Cost estimates assume single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Indiana minimum liability limits. Discounts applied include multi-policy, safe-driver, multi-vehicle, claim-free, and homeowner. Estimates do not factor in the specific area where the vehicle is garaged which can influence rates considerably.
By looking at the data, vehicles like the Honda CR-V, Ford Escape, Honda Accord, Ford F-150, and Ford Explorer are going to be some of the cheaper vehicles to insure for military personnel.
Cost comparison with and without full coverage
Paying less for car insurance is the goal of the majority of people, and one great way to pay lower rates for insurance for active military in Indiana is to not insure for full coverage. The diagram below illustrates the comparison of insurance premiums with and without physical damage coverage. The prices are based on no accidents or driving violations, $1,000 deductibles, single status, and no policy discounts are applied.
As an average for all age groups, physical damage coverage costs an additional $1,598 per year more than just buying liability only. That is a large expense and it proposes the question if paying for full coverage is worth it. There is no definitive guideline that works best for making the decision to drop full coverage, but there is a general convention. If the yearly cost of full coverage is more than 10% of the vehicle's replacement cost less your deductible, then it might be time to consider dropping full coverage.
There are a few situations where dropping full coverage is not recommended. If you haven't satisfied your loan, you are required to maintain full coverage in order to satisfy the requirements of the loan. Also, if your emergency fund is not enough to purchase a different vehicle in case of an accident, you should not consider dropping full coverage.
Types of discounts on Indiana car insurance rates
Auto insurance companies that provide coverage for active military may also give you rate discounts that can lower rates by 35% or more if you can meet the requirements. A list of companies and a partial list of their discounts are shown below.
- Farm Bureau has discounts for 55 and retired, safe driver, multi-policy, renewal discount, and youthful driver.
- MetLife offers discounts including good driver, accident-free, claim-free, multi-policy, defensive driver, and good student.
- Progressive may include discounts for continuous coverage, online quote discount, good student, multi-policy, and online signing.
- AAA may offer discounts for education and occupation, multi-car, pay-in-full, AAA membership discount, multi-policy, good driver, and good student.
- American Family has savings for early bird, bundled insurance, mySafetyValet, defensive driver, and air bags.
- GEICO may have discounts that include anti-theft, multi-policy, federal employee, five-year accident-free, and daytime running lights.
- State Farm policyholders can earn discounts including Drive Safe & Save, accident-free, safe vehicle, good driver, multiple autos, passive restraint, and driver's education.
The example below shows the comparison of insurance rates with and without discounts applied to the policy premium. The premiums assume a male driver, no violations or claims, Indiana state minimum liability limits, comprehensive and collision coverage, and $250 deductibles.
The first bar for each age group shows the average annual price with no discounts. The lower bar shows the rates with vehicle safety, anti-theft, marriage, claim-free, homeowner, and safe-driver discounts applied. When drivers take advantage of discounts, the the average yearly reduction on car insurance for active military is 28% or $549.
Indiana car insurance rates
Indiana car insurance rates are calculated based on many things which can substantially change the price you have to pay. Simply having another birthday, marrying your spouse, or getting a reckless driving citation may generate price changes that can make some companies cheaper than others. And not only may your rating factors change, but auto insurance companies modify pricing every year to adjust for heavy claims or excess profits. A period of increased losses may cause rate hikes, while lower claim expenses may produce lower-cost Indiana car insurance rates.
The data below demonstrates which company has the cheapest car insurance in Indiana for a 45-year-old male driver with no accidents, a clean driving record, and great credit. Based on his current rating profile, Travelers might offer the best car insurance rates in Indiana at $614 a year. This is $626 less than the average price paid by Indiana drivers of $1,240. USAA, Cincinnati Insurance, Erie, and The Hartford are also on the list of the cheapest Indiana auto insurance companies.
In the next rate comparison, we'll give the driver from the first rate comparison an accident surcharge, less-than-perfect credit, and a traffic citation. Since every car insurance company uses their own method to set premium rates, analyzing rate quotes may now present a different ranking of affordable Indiana car insurance companies as shown below.
Indiana Farmers Mutual now has the cheapest price in Indiana with Auto-Owners, Utica National, Nationwide, and USAA now being in the top five. This shows why it is important to do a thorough rate comparison to find affordable car insurance quotes for active military.
Auto insurance prices are influenced by many factors and change frequently, so the cheapest rate the last time you compared rates may now be an over-priced policy.
How to find more affordable auto insurance for active military in Indiana
Lowering your rates is not difficult, and here are many penny-pinching ideas that can help drivers get cheap coverage.
- Save money by only buying liability coverage for older vehicles
- At-fault accidents will increase rates
- Vehicles with safetly features generally cost less to insure
- Do not get tickets or violations
- Try to pay small claims out-of-pocket
- Buy your homeowners policy from the same company as your auto insurance
- Compare quotes from other companies often
The last item on the list is notably necessary, as we noted in the prior information. Prices charged by car insurance companies can change in a short period of time, so don't be hesitant to buy a policy from a new company if you find a cheaper price. Staying with the same company for years is fine, but we do not recommend it if your bullheadedness ends up costing you a small fortune year after year. It only takes a couple minutes to compare rates to find cheaper insurance for active military.