Would you like to save money by finding the cheapest insurance rates in Hobart, IN? Finding cheap Hobart car insurance can be a challenge if you are like most people and have never completed online quotes. Don't let the process intimidate you because it's actually quite easy.
A recent insurance study revealed that the majority of drivers kept their policy with the same company for over three years, and approximately 40% of consumers have never taken the time to shop around. Many drivers in Hobart could save 55% every year just by comparing rates, but they just assume it takes a lot of time to save money by comparing rate quotes.
Auto insurance companies in Indiana
The following companies have been selected to offer price quotes in Hobart, IN. If multiple companies are listed, it's a good idea that you click on several of them to get a more complete price comparison.
|Make, Model, and Trim Level||Annual Policy Premium||6-month Policy Premium||Monthly Premium|
|Chevrolet Equinox LTZ AWD||$802||$401||$67|
|Chevrolet Impala LT||$826||$413||$69|
|Chevrolet Silverado LS Extended Cab 4WD||$744||$372||$62|
|Dodge Ram Quad Cab Sport 4WD||$1,036||$518||$86|
|Ford Escape XLT 2WD||$942||$471||$79|
|Ford Explorer XLT 4WD||$776||$388||$65|
|Ford F-150 STX Regular Cab 4WD||$812||$406||$68|
|Ford Focus S 4-Dr Sedan||$864||$432||$72|
|Honda Accord LX-P 4-Dr Sedan||$940||$470||$78|
|Honda CR-V LX 2WD||$812||$406||$68|
|Honda Civic VP 4-Dr Sedan||$854||$427||$71|
|Kia Optima LX||$1,064||$532||$89|
|Mazda 3 S Grand Touring 4-Dr Sedan||$922||$461||$77|
|Nissan Altima 2.5 S 4-Dr Sedan||$1,170||$585||$98|
|Toyota Camry Hybrid||$1,142||$571||$95|
|Toyota Corolla S||$782||$391||$65|
|Get Your Own Custom Quote Go|
Data assumes single male driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and Indiana minimum liability limits. Discounts applied include multi-vehicle, homeowner, safe-driver, claim-free, and multi-policy. Premium costs do not factor in your specific Hobart location which can increase or decrease rates significantly.
Full coverage rates compared to liability-only
The information below illustrates the difference between Ford Fusion car insurance rates when comparing full coverage to state minimum liability only. The data is based on no claims or violations, $500 deductibles, single male driver, and no discounts are applied.
Ford Fusion rates are for example purposes only. To get rates for your specific vehicle, click here.
Should you be buying full coverage?
There is no exact rule of when to phase out full coverage, but there is a general guideline you can use. If the yearly cost of comp and collision coverage is about 10% or more of any settlement you would receive from your insurance company, then it may be the right time to buy liability only.
For example, let's say your Ford Fusion replacement cost is $4,000 and you have $1,000 physical damage deductibles. If your vehicle is damaged in an accident, the most you would receive is $3,000 after paying the physical damage deductible. If you are paying in excess of $300 annually for comprehensive and collision coverage, then you might consider buying liability only.
There are a few situations where only buying liability is not a good plan. If you still owe a portion of the original loan, you must maintain physical damage coverage in order to satisfy the requirements of the loan. Also, if you cannot afford to purchase a different vehicle if your current one is in an accident, you should keep full coverage.
Should you be buying full coverage?
There is no definitive rule of when to stop paying for physical damage coverage on your policy, but there is a general guideline. If the yearly cost of comp and collision coverage is more than about 10% of the vehicle's replacement cost less your deductible, then you may need to consider dropping full coverage.
For example, let's pretend your Chevrolet Cruze claim settlement value is $6,000 and you have $1,000 deductibles. If your vehicle is destroyed, the most your company will settle for is $5,000 after paying your deductible. If you are currently paying more than $500 a year for comprehensive and collision coverage, then it may be the right time to buy liability only.
There are some conditions where dropping physical damage coverage is not in your best interest. If you haven't satisfied your loan, you must maintain physical damage coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if your emergency fund is not enough to purchase a different vehicle in case of an accident, you should keep full coverage.
Why you might pay higher rates in Hobart
An important part of buying insurance is that you know the factors that go into determining your premiums. When you know what positively or negatively determines base rates, this helps enable you to make changes that will entitle you to lower premium levels. Lots of things are part of the equation when premium rates are determined. Some of the criteria are obvious like your driving record, but some are more transparent such as whether you are married or how financially stable you are.
The following are a few of the "ingredients" utilized by car insurance companies to help set your premiums.
Gender matters - Over the last 30 years, statistics show females are less aggressive when driving. However, don't assume that women are better drivers. Men and women have fender benders in similar numbers, but the male of the species have costlier accidents. Not only that, but men also get higher numbers of serious violations like reckless driving and DUI.
Liability coverage is important - The liability section of your policy will provide protection when you are found liable for physical damage or personal injury to other. Your liability coverage provides legal defense starting from day one. This coverage is very inexpensive when compared to the cost of physical damage coverage, so do not cut corners here.
Little extras can really add up - Insurance companies have many extra coverages that you can buy but may not be useful. Add-on coverages like rental car coverage, towing, and membership fees could be just wasting money. They may seem like a good idea when you first buy your policy, but if you've never needed them in the past remove them and pocket the money.
Drivers with high credit save - Your credit score can be a huge factor in determining what you pay for auto insurance. Therefore, if your credit rating could use some work, you could pay less to insure your vehicle by spending a little time repairing your credit. Drivers who have good credit tend to be more responsible than those with lower credit ratings.
Claim-free discounts can add up - If you file claims often, you can pretty much guarantee increased rates or even have your policy non-renewed. Auto insurance companies in Indiana give better rates to insureds who only file infrequent claims. Your car insurance is designed for claims that pose a financial burden.
Do you qualify for discounts?
Car insurance can cost a lot, but you may qualify for discounts to help offset the cost. Many of these discounts will be applied automatically at the time you complete a quote, but a few must be inquired about before being credited.
- Anti-theft Discount - Anti-theft and alarm system equipped vehicles are stolen less frequently and earn discounts up to 10% off your Hobart car insurance quote.
- Early Payment Discounts - If you pay your entire premium ahead of time rather than paying in monthly installments you can avoid monthly service charges.
- Discount for Multiple Policies - If you insure your home and vehicles with the same company you could get a discount of up to 20% off your total premium.
- No Charge for an Accident - Not really a discount, but some companies like Allstate and State Farm will allow you to have one accident without the usual rate increase if your claims history is clear prior to the accident.
- Passive Restraints - Vehicles equipped with air bags or automatic seat belts could see savings up to 30%.
One thing to note about discounts is that some of the credits will not apply the the whole policy. Most only cut the cost of specific coverages such as medical payments or collision. Despite the appearance that adding up those discounts means a free policy, it doesn't quite work that way.
Larger insurance companies and the discounts they provide include:
- AAA may offer discounts for good driver, AAA membership discount, multi-policy, pay-in-full, and good student.
- Progressive has discounts for continuous coverage, multi-policy, multi-vehicle, online signing, good student, and homeowner.
- State Farm may have discounts that include defensive driving training, good student, passive restraint, driver's education, anti-theft, and Steer Clear safe driver discount.
- Esurance discounts include good student, online quote, Switch & Save, multi-car, and multi-policy.
- Nationwide offers discounts for easy pay, Farm Bureau membership, anti-theft, multi-policy, accident-free, and family plan.
Before you buy a policy, ask all the companies which discounts can lower your rates. A few discounts may not be available in every state.
Don't assume everyone needs the same insurance coverage
Always remember that when buying the right insurance coverage, there really is no single plan that fits everyone. Each situation is unique.
Here are some questions about coverages that may help you determine whether you would benefit from professional advice.
- Will filing a claim cost me more?
- How can I force my company to pay a claim?
- Am I covered if hit by an uninsured driver?
- Can I insure my car for more than it's worth?
- Does my policy cover me if I wreck while driving under the influence?
- Are rock-chip repairs free?
- Am I covered when driving in Canada or Mexico?
- Is upholstery damage covered by car insurance?
- Is my covered if I use it for business?
- Can I get a multi-policy discount?
If you don't know the answers to these questions but a few of them apply, then you may want to think about talking to an insurance agent. To find lower rates from a local agent, take a second and complete this form.
Persistence will pay off
As you prepare to switch companies, it's very important that you do not reduce coverage to reduce premium. In too many instances, someone dropped comprehensive coverage or liability limits and learned later they didn't purchase enough coverage. Your goal should be to purchase a proper amount of coverage at an affordable rate while not skimping on critical coverages.
Consumers change insurance companies for a number of reasons such as being labeled a high risk driver, high rates after DUI convictions, delays in responding to claim requests and delays in paying claims. Regardless of your reason for switching companies, finding the right insurance provider can be less work than you think.
We just showed you some good ideas how you can save on insurance in Hobart. The key thing to remember is the more companies you get prices for, the better your comparison will be. You may even find the best premium rates are with some of the smallest insurance companies.
For more information, take a look at these articles:
- State Car Insurance Guides (GEICO)
- How Much are Indiana Car Insurance Quotes for Veterans? (FAQ)
- What is the Cheapest Auto Insurance in Indianapolis, IN? (FAQ)
- What is the Cheapest Auto Insurance in Lawrence, Indiana? (FAQ)
- Distracted Driving (Insurance Information Institute)
- Should I Buy a New or Used Car? (Allstate)
- When is the Right Time to Switch Car Insurance Companies? (Allstate)