Finding better insurance prices for a new or used car in Indiana can normally be a lot of work, but you can learn these tips to make it easier.

There are more efficient ways to find auto insurance online and we'll show you the quickest way to get price quotes for a and locate the lowest price from both online companies and Richmond agents.

Shockingly, the vast majority of Indiana auto insurance customers have purchased from the same company for at least four years, and nearly the majority have never compared rates with other companies. Drivers in the U.S. could cut their rates by about 46.5% a year just by shopping around, but they just feel it's too hard to compare rate quotes online.

Cheap Richmond insurance rates with discounts

Some insurance providers don't always publicize the complete list of policy discounts very clearly, so the following list contains a few of the more common as well as some of the hidden credits available to lower your premiums when you buy Richmond car insurance online. If you aren't receiving every discount available, you're paying more than you need to.Discount insurance

Discounts reduce rates, but you should keep in mind that some of the credits will not apply to the entire policy premium. Some only apply to specific coverage prices like comprehensive or collision. So despite the fact that it appears you would end up receiving a 100% discount, companies wouldn't make money that way. But all discounts will help reduce the amount you have to pay.

Some of the larger companies who might offer some of the discounts shown above may include but are not limited to:

If you are trying to find cheap Richmond car insurance quotes, ask all the companies the best way to save money. Some discounts listed above may not apply to policyholders in your area. If you would like to view providers with discount rates in Richmond, click this link.

The companies in the list below are ready to provide free rate quotes in Indiana. If multiple companies are shown, we recommend you compare several of them to get the most affordable price.

Insurance Price Estimates for Popular Vehicles in Richmond
Make, Model, and Trim Level Annual Policy Premium 6-month Policy Premium Monthly Premium
Chevrolet Colorado LT Extended Cab 4WD $796 $398 $66
Chevrolet Impala LTZ $700 $350 $58
Chevrolet Silverado LS Extended Cab 4WD $1,074 $537 $90
Dodge Ram Quad Cab TRX4 Off Road 2WD $1,022 $511 $85
Ford Escape XLT 4WD $1,048 $524 $87
Ford Explorer Limited AWD $848 $424 $71
Ford F-150 XL Super Cab 4WD $892 $446 $74
Ford Focus SE 4-Dr Sedan $1,176 $588 $98
GMC Sierra SLE Crew Cab 4WD $802 $401 $67
Honda Accord EX 2-Dr Coupe $1,096 $548 $91
Honda CR-V LX 2WD $710 $355 $59
Honda Civic EX 4-Dr Sedan $872 $436 $73
Honda Odyssey EX-L W/Rear Entertainment $800 $400 $67
Jeep Wrangler Unlimited Sport 2WD 4-Dr $1,034 $517 $86
Nissan Altima 2.5 S 2-Dr Coupe $1,142 $571 $95
Toyota Camry XLE $922 $461 $77
Toyota Corolla XLE $902 $451 $75
Toyota Tacoma 2WD $902 $451 $75
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Data variables include married female driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and Indiana minimum liability limits. Discounts applied include homeowner, safe-driver, claim-free, multi-vehicle, and multi-policy. Prices do not factor in Richmond location which can raise or lower price quotes significantly.

Choosing deductibles

When shopping for auto insurance, a common question is at what level do you set your deductibles. The tables below illustrate the rate differences between high and low coverage deductibles. The first table uses a $100 physical damage coverage deductible and the second pricing table uses a $1,000 deductible.

Kia Optima rates are for example purposes only. To get rates for your specific vehicle, click here.

Kia Optima insurance policy rates with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Optima LX $242 $436 $318 $18 $94 $1,133 $94
Optima EX $272 $514 $318 $18 $94 $1,241 $103
Optima SX $272 $514 $318 $18 $94 $1,241 $103
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Kia Optima insurance policy rates with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Optima LX $134 $230 $318 $18 $94 $794 $66
Optima EX $152 $270 $318 $18 $94 $852 $71
Optima SX $152 $270 $318 $18 $94 $852 $71
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Price data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Indiana minimum liability limits. Discounts applied include multi-vehicle, claim-free, multi-policy, homeowner, and safe-driver. Information does not factor in Richmond location which can affect insurance rates noticeably.

Based on this data, using a $100 deductible costs about $31 more each month or $372 a year than buying the higher $1,000 deductible. Because you would be required to pay $900 more if you file a claim with a $1,000 deductible as compared to a $100 deductible, if you tend to go at a minimum 29 months between claim filings, you would probably save some money if you opt for a higher deductible.

How to determine when to raise your deductibles

Average monthly premium for $100 deductibles: $100
Average monthly premium for $1,000 deductibles (subtract): - $69
Monthly savings from raising deductible: $31
Difference between deductibles ($1,000 - $100): $900
Divide difference by monthly savings: $900 / $31
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 29 months

One thing to be aware of is that raising deductibles to save money means you will have to cover more of the damage yourself when you have a claim. You need enough money stashed away in the event you have to pay more to get your vehicle repaired.

Full coverage rates vs. liability-only

The diagram below shows the difference between Dodge Ram auto insurance rates with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The costs are based on no driving violations, no at-fault accidents, $1,000 deductibles, married male driver, and no discounts are factored in.

Dodge Ram rates are for example purposes only. To get rates for your specific vehicle, click here.

When to drop comp and collision

There is no set guideline of when to exclude full coverage, but there is a general convention. If the annual cost of comprehensive and collision coverage is 10% or more of the replacement cost minus the deductible, then it could be time to drop full coverage.

For example, let's say your Dodge Ram replacement value is $8,000 and you have $1,000 deductibles. If your vehicle is totaled in an accident, the most your company will settle for is $7,000 after paying the physical damage deductible. If you are paying in excess of $700 annually for physical damage coverage, the it may be a good time to stop paying for full coverage.

There are a few situations where dropping full coverage is not in your best interest. If you haven't paid off your loan, you must maintain physical damage coverage in order to satisfy the requirements of the loan. Also, if your finances do not allow you to purchase a different vehicle in the event your current vehicle is totaled, you should not buy liability only.

Safe drivers Richmond pay cheaper rates

The chart below demonstrates how citations and accidents can increase Dodge Ram insurance premiums for different age groups of insureds. The rates are based on a single female driver, comprehensive and collision coverage, $500 deductibles, and no discounts are applied.

Dodge Ram rates are for example purposes only. To get rates for your specific vehicle, click here.

Components of your car insurance prices

Lots of factors are taken into consideration when you get your auto insurance bill. Some factors are common sense such as traffic violations, but others are less obvious such as your credit history or your vehicle rating. One of the most helpful ways to save on auto insurance is to to have a grasp of the different types of things that go into determining the price you pay for auto insurance. When you understand what determines base rates, this allows you to make educated decisions that will entitle you to lower auto insurance prices.

Save money by having high credit - Having a good credit score is a large factor in determining premium rates. Drivers with high credit ratings tend to be better risks to insure than drivers with lower credit scores. Therefore, if your credit history is not that good, you may save money insuring your vehicle if you clean up your credit.

Vehicles with better crash test results save money - Cars with high safety ratings tend to have better insurance rates. Highly rated vehicles protect occupants better and better occupant protection translates into fewer and smaller insurance claims which can mean better rates for you.

A auto insurance policy lapse can increase premiums - Not having insurance can get you a ticket and you will pay a penalty because you let your coverage lapse. In addition to paying higher rates, the inability to provide proof of insurance may earn you a fine, jail time, or a revoked license.

Men are more aggressive - Statistics demonstrate that females take fewer risks when driving. This data doesn't prove that women are better drivers. Both genders get in at-fault accidents in similar numbers, but males have accidents that have higher claims. They also get higher numbers of serious violations like DUI and reckless driving. Male teenagers cause the most accidents and therefore have the most expensive auto insurance rates.

Save money by staying claim free - If you file a lot of claims don't be surprised to see either a policy non-renewal or much higher rates. Car insurance companies in Indiana generally give most affordable rates to policyholders that do not abuse their auto insurance. Auto insurance is meant to be used in the event of the bigger claims that can't be paid out-of-pocket.

Buying from insurance agencies

Some people would rather sit down with an agent. Professional agents will help you protect your assets and help file insurance claims. One of the best bonuses of comparing insurance prices online is that you can find cheap rate quotes and still buy from a local agent. Supporting small agencies is especially important in Richmond.

Upon completion of this short form, your insurance data is submitted to agents in your area that provide free Richmond car insurance quotes for your insurance coverage. It's much easier because you don't need to leave your house since rate quotes are delivered to you directly. If you need to compare rates from a specific insurance provider, don't hesitate to visit that company's website and fill out their quote form.

If you need to find a reliable agent, you need to know there are two types of insurance agents and how they work. Insurance agencies in Richmond are classified as either independent or exclusive depending on the company they work for. Either can provide insurance policies, but it is important to understand the subtle differences because it can factor into buying decisions.

Independent Insurance Agencies

Agents that choose to be independent often have affiliation with several companies so they can quote policies amongst many companies and get you the best rates possible. If they quote lower rates, your agent can switch companies without you having to go to a different agency.

When comparison shopping, we recommend you compare prices from at a minimum one independent agency in order to compare the most rates. Most also have access to smaller regional carriers which could offer lower prices.

Exclusive Insurance Agents

Exclusive insurance agents generally can only insure with one company like Farmers Insurance and State Farm. Exclusive agents are unable to compare other company's rates so if the price isn't competitive there isn't much they can do. Exclusive insurance agents are well schooled in insurance sales which helps them compete with independent agents. Some consumers prefer to use the same exclusive agent partially due to the prominence of the brand rather than low rates.

Choosing the best insurance agency requires you to look at more than just a cheap price quote. These are some questions your agent should answer.

Car insurance protects more than just your car

Even though it's not necessarily cheap to insure a vehicle in Richmond, paying for car insurance is required by state law in Indiana and it also provides benefits you may not be aware of.

The benefits of insuring your car are definitely more than the cost, especially for larger claims. According to a survey of 1,000 drivers, the average driver overpays more than $830 a year so it's important to compare rates every year to ensure rates are inline.

Insurance claim statistics

Which vehicles rank well for chances of having claims? The statistics below list the best and worst cars and trucks for the probability of filing claims for each type of coverage.

Auto Insurance Comprehensive Claims by Vehicle Model
Lowest Claim Frequency Highest Claim Frequency
Nissan Leaf Maserati Granturismo
Nissan Xterra Mercedes-Benz S Class
Volvo V60 BMW M6
Chevy Spark Bentley Continental GTC
Smart ForTwo Porsche Panamera GTS
Ford F-350 Bentley Continental GT

Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years

Medical Payment Insurance Claims by Manufacturer Model
Lowest Claim Frequency Highest Claim Frequency
Chevrolet Silverado 3500 Dodge Charger
Tesla Model S Nissan Versa
Chevrolet Silverado 2500 Kia Forte
Ford Expedition Chrysler 200
Chevrolet Corvette Chevrolet Spark
Audi A4 Allroad Chevrolet Sonic

Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years

Auto Insurance Liability Claims by Vehicle Model
Lowest Claim Frequency Highest Claim Frequency
Subaru Outback Chevrolet Impala
Fiat 500 Mitsubishi Lancer
Acura MDX Hyndai Accent
Volvo XC60 Chrysler 200
Subaru Forester Mitsubishi Mirage
Audi A6 Chevrolet Cruze

Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years

Lowest and Highest Auto Insurance Collision Claims by Vehicle Make and Model
Lowest Claim Frequency Highest Claim Frequency
GMC Canyon BMW M6
Mini Cooper Bently Continental GTC
Jeep Wrangler Bentley Continental Flying Spur
Ford Edge Ferrari 458
Ford F-150 SuperCrew Audi RS7
Chevrolet Colorado Maserati Ghibli

Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years

Compare. Compare. Compare.

People who switch companies do it for a variety of reasons including denial of a claim, policy non-renewal, policy cancellation or even delays in responding to claim requests. It doesn't matter what your reason, choosing a new company can be less work than you think.

In this article, we covered some good ideas how you can compare car insurance premium rates in Richmond. It's most important to understand that the more companies you get prices for, the higher your chance of finding the cheapest Richmond car insurance quotes. Consumers could even find that the best premium rates are with an unexpected company.

Some insurance companies do not offer online quoting and these regional insurance providers sell through independent insurance agents. Budget-conscious car insurance can be bought both online and also from your neighborhood Richmond agents, and you need to price shop both to have the best selection.

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