The words "cheap" and "insurance" probably shouldn't be used in the same sentence, specifically when searching for the best price on coverage for single moms. To save some money, let's take a look at some things that can significantly affect insurance prices, and find some ways to reduce the price of the next policy you buy.
The car, truck, or SUV that is being insured is probably the biggest factor when shopping for cheap car insurance for single moms. Vehicles with reasonable performance levels, an excellent safety record, or a low likelihood of liability claims will cost substantially less to insure than adrenaline junky models. The list below showcases coverage costs for a handful of the most cost-effective automobiles to insure.
|Vehicle||Estimated Cost for Full Coverage|
|Honda CR-V LX 2WD||$548|
|Ford F-150 XL Super Cab 2WD||$601|
|Ford Escape XLT 2WD||$627|
|Toyota RAV4 Sport 4WD||$648|
|Hyundai Elantra Blue 4-Dr Sedan||$669|
|Ford Edge Sport 2WD||$682|
|Toyota Corolla XRS||$694|
|Volkswagen Jetta 2.0T 4-Dr Sedan||$703|
|Chevrolet Silverado 2500HD LT Crew Cab 4WD||$694|
|Nissan Rogue S 2WD||$697|
|Dodge Grand Caravan SE||$704|
|Ford Explorer XLT 4WD||$710|
|Dodge Ram Quad Cab ST 4WD||$709|
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Above prices assume single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Indiana minimum liability limits. Discounts applied include multi-policy, safe-driver, claim-free, homeowner, and multi-vehicle. Premium amounts do not factor in garaging location in Indiana which can raise or lower rates significantly.
By looking at the data, you can figure that vehicles like the Honda CR-V, Ford F-150, Ford Escape, and Toyota RAV4 are most likely going to be a few of the cheaper vehicles to insure for single parents.
Figuring out which company quotes the cheapest car insurance rates for single moms in Indiana calls for more work in order to find a policy that fits your budget. Each insurer uses a slightly different approach to set policy rates, so we'll go over the car insurance companies with the most affordable rates in Indiana.
It's a good idea to know that Indiana car insurance rates are influenced by many factors that control the price you pay. Getting older, filing a claim, or getting a speeding ticket can trigger changes in premium resulting in some companies being more affordable than the competition.
Best Cheap Insurance Rates for Single Moms
|Rank||Company||Cost Per Year|
|6||Indiana Farmers Mutual||$849|
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Travelers has some of the most affordable car insurance rates in Indiana at around $602 per year. USAA, Cincinnati Insurance, Erie, and Western Reserve also are some of the cheapest Indiana insurance companies.
As the example above demonstrates, if you are currently insured with Cincinnati Insurance and switched to Travelers, you could earn savings of around $76. Policyholders with Erie may save as much as $103 a year, and Western Reserve insureds might see rate reductions of $236 a year.
To find out how your current rates compare, click here or click through to the companies below.
Be aware that those policy rates are averaged across all ages of drivers and types of vehicles and are not factoring in a price decrease for single moms. So the company that is best suited for you may not even be in the list above. That affirms the importance of why you need to get car insurance quotes using your own individual information.
Comparison of full coverage and liability-only policies
Paying less for car insurance is the goal of the majority of vehicle owners, and one easy way to reduce the cost of insurance for single moms in Indiana is to buy only liability coverage. The diagram below shows the comparison of insurance rates when comparing full coverage to liability only. The rate quotes are based on no violations or claims, $1,000 deductibles, single status, and no other discounts are factored in.
If we average the cost for ages 20 through 70, comprehensive and collision coverage on your policy costs $1,184 per year more than buying just liability insurance. That may make you wonder if full coverage is worth the money. There is no set rule of when to stop paying for physical damage coverage on your policy, but there is a general school of thought. If the yearly cost for physical damage coverage is about 10% or more of any settlement you would receive from your insurance company, then you might consider buying liability only.
There are a few situations where eliminating full coverage is not recommended. If you still have a loan on your vehicle, you are required to maintain full coverage as part of the loan conditions. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is in an accident, you should not opt for liability only.
The diagram below illustrates how your choice of deductibles can increase or decrease premium costs when searching for cheap insurance for single moms in Indiana. The premium estimates are based on a married male driver, full coverage, and no discounts are factored in.
In the chart above, a 30-year-old driver could pocket $216 a year by changing their physical damage coverage from a $100 deductible to a $500 deductible, or save $328 by switching to a $1,000 deductible. Younger drivers, such as the Age 20 example, could lower their rates $652 each year just by choosing higher deductibles. If you do decide to increase your deductibles, it is a good idea to have plenty of money set aside to be able to cover the extra out-of-pocket expense that deters many people from opting for higher deductibles.
How to find budget-friendly insurance for single moms in Indiana
The list below summarizes some of the better penny-pinching solutions that can help Indiana drivers get cheaper coverage.
- Don't waste money on full coverage for older vehicles
- Save money by insuring your home and auto with the same company
- Raise deductibles
- Good credit can help you save money
- Try paying for small claims out-of-pocket
- Drive safe vehicles
- Compare rate quotes often
The last suggestion is extraordinarily significant, as was affirmed in this write-up. Rates adjust frequently, so don't be tentative to buy a different policy if you find a cheaper price. Sticking with a specific company is fine, but it's not a great idea if your bullheadedness ends up costing you money that could be spent on other things. It takes less than five minutes to shop around to find cheaper insurance for single moms.