If you've never shopped for New Albany car insurance quotes online, most likely you are bewildered thanks to all the different types of online companies competing for your business.
Unbelievable but true according to a study most car insurance policyholders in Indiana have bought car insurance from the same company for four years or more, and 38% of customers have never taken the time to shop around. Many drivers in the U.S. could pocket almost $860 a year by just shopping around, but they mistakenly think it's difficult to compare rate quotes.
It's a great practice to shop coverage around before your policy renews since prices are adjusted regularly by insurance companies. Even if you got the best deal on car insurance on your last policy there is a good chance you can find better premium rates now. Ignore everything you know about car insurance because you're about to learn how to use online quotes to find better rates and still maintain coverage.
If you currently have car insurance, you stand a good chance to be able to get lower rates using the following tips. These tips will teach you a little about the best methods to compare rates and some tricks to saving. But Indiana vehicle owners need to have an understanding of how the larger insurance companies determine what you pay because rates fluctuate considerably.
Keep in mind that comparing all the rates in your area gives you a better chance of getting a better price.
The following companies have been selected to offer quotes in Indiana. If more than one company is shown, we recommend you visit as many as you can in order to get a fair rate comparison.
|Make, Model, and Trim Level||Annual Policy Premium||6-month Policy Premium||Monthly Premium|
|Chevrolet Colorado LT Crew Cab 4WD||$686||$343||$57|
|Chevrolet Silverado LT Regular Cab||$878||$439||$73|
|Dodge Ram Quad Cab ST 2WD||$744||$372||$62|
|Ford Edge Limited 2WD||$902||$451||$75|
|Ford Escape Limited 4WD||$906||$453||$76|
|Ford F-150 XL Crew Cab 2WD||$710||$355||$59|
|Ford Focus SE 4-Dr Sedan||$902||$451||$75|
|Honda Accord EX-L 4-Dr Sedan||$792||$396||$66|
|Honda CR-V EX-L 2WD||$764||$382||$64|
|Honda Civic VP 4-Dr Sedan||$766||$383||$64|
|Jeep Grand Cherokee Limited 2WD||$922||$461||$77|
|Nissan Altima 3.5 SR 2-Dr Coupe||$1,048||$524||$87|
|Nissan Rogue SL 2WD||$1,008||$504||$84|
|Toyota Camry LE||$754||$377||$63|
|Toyota Corolla S||$784||$392||$65|
|Get Your Own Custom Quote Go|
Table data assumes single male driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and Indiana minimum liability limits. Discounts applied include multi-vehicle, multi-policy, claim-free, homeowner, and safe-driver. Table data does not factor in specific location information which can affect price quotes considerably.
Rate comparison of full coverage and liability-only
The chart below shows the comparison of Ford Focus annual premium costs when comparing full coverage to liability only. The prices are based on no tickets, no at-fault accidents, $1,000 deductibles, married female driver, and no additional discounts are factored in.
Ford Focus rates are for example purposes only. To get rates for your specific vehicle, click here.
When to drop comp and collision
There isn't a written rule that works best for making the decision to drop comp and collision coverage, but there is a broad guideline. If the annual cost of your full coverage insurance is 10% or more of the replacement cost minus the deductible, then it's probably a good time to buy liability coverage only.
For example, let's assume your Ford Focus settlement value is $6,000 and you have $1,000 deductibles. If your vehicle is totaled in an accident, the most you would receive is $5,000 after the deductible is paid. If you are paying over $500 annually for comprehensive and collision coverage, then it might be time to buy liability only.
There are some conditions where dropping full coverage is not advised. If you still owe a portion of the original loan, you have to keep full coverage in order to prevent your loan from defaulting. Also, if you can't afford to buy a different vehicle if your current one is damaged, you should keep full coverage in place.
Comparison of policy deductibles
When shopping for auto insurance, a common question is which deductible level should you buy. The data tables below can help show the rate differences when you choose different coverage deductibles. The first rate estimation uses a $100 physical damage coverage deductible and the second rate chart uses a $1,000 deductible.
GMC Acadia rates are for example purposes only. To get rates for your specific vehicle, click here.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Acadia SL 2WD||$210||$358||$280||$16||$84||$973||$81|
|Acadia SL AWD||$242||$358||$280||$16||$84||$1,005||$84|
|Acadia SLE 2WD||$242||$358||$280||$16||$84||$1,005||$84|
|Acadia SLE AWD||$242||$436||$280||$16||$84||$1,083||$90|
|Acadia SLT 2WD||$242||$436||$280||$16||$84||$1,083||$90|
|Acadia SLT AWD||$272||$436||$280||$16||$84||$1,113||$93|
|Get a Quote for Your Vehicle Go|
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Acadia SL 2WD||$116||$188||$280||$16||$84||$684||$57|
|Acadia SL AWD||$134||$188||$280||$16||$84||$702||$59|
|Acadia SLE 2WD||$134||$188||$280||$16||$84||$702||$59|
|Acadia SLE AWD||$134||$230||$280||$16||$84||$744||$62|
|Acadia SLT 2WD||$134||$230||$280||$16||$84||$744||$62|
|Acadia SLT AWD||$152||$230||$280||$16||$84||$762||$64|
|Get a Quote for Your Vehicle Go|
Data variables include married male driver age 30, no speeding tickets, no at-fault accidents, and Indiana minimum liability limits. Discounts applied include multi-policy, multi-vehicle, homeowner, claim-free, and safe-driver. Price estimates do not factor in the specific area where the vehicle is garaged which can modify coverage rates greatly.
Based on the figures above, using a $100 deductible could cost the average driver approximately $26 more each month or $312 annually 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 have at a minimum 35 months between claim filings, you would save more money if you choose a higher deductible. Below is how you can come to your own conclusion.
|Average monthly premium for $100 deductibles:||$87|
|Average monthly premium for $1,000 deductibles (subtract):||- $61|
|Monthly savings from raising deductible:||$26|
|Difference between deductibles ($1,000 - $100):||$900|
|Divide difference by monthly savings:||$900 / $26|
|Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible||35 months|
One important caveat is that raising deductibles means you will have to pay more of your own money when you have a physical damage claim. You need access to more funds in the event you have to pay more to get your vehicle repaired.
Impact of speeding/accidents on auto insurance rates
The example below shows how traffic citations and at-fault accidents can impact Honda Civic annual premium costs for each different age category. The premiums are based on a married male driver, full coverage, $250 deductibles, and no discounts are factored in.
Honda Civic rates are for example purposes only. To get rates for your specific vehicle, click here.
Insurance does more than just protect your car
Despite the high cost of buying insurance in New Albany, maintaining insurance is mandatory in Indiana but it also protects more than you think.
- The majority of states have mandatory insurance requirements which means state laws require a specific level of liability insurance in order to get the vehicle licensed. In Indiana these limits are 25/50/10 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
- If your vehicle has a loan, it's guaranteed your bank will require you to buy insurance to guarantee their interest in the vehicle. If you let the policy lapse, the bank or lender will purchase a policy for your vehicle for a much higher rate and force you to reimburse them for the expensive policy.
- Insurance safeguards both your car and your assets. It will also provide coverage for medical transport and hospital expenses for yourself as well as anyone injured by you. Liability insurance also covers legal expenses if you are sued as the result of your driving. If damage is caused by hail or an accident, comprehensive and collision coverage will cover the damage repairs after a deductible is paid.
The benefits of carrying enough insurance definitely exceed the cost, especially when you need to use it. On average, a vehicle owner in New Albany is overpaying over $865 each year so compare rates at every renewal to save money.
Respected companies like State Farm, GEICO and Progressive constantly bombard you with television and radio advertisements. All the ads state the claim about how much you will save if you move your coverage to them. How can each company charge you a lower premium? This is the trick they use.
Companies have specific criteria for the driver that earns them the most money. For instance, a driver they prefer might be over the age of 40, has a low-risk occupation, and drives a vehicle with a low ISO rating. Any person who matches those parameters will most likely get cheap auto insurance rates and will most likely cut their car insurance rates if they switch.
People who may not quite match the ideal profile may be required to pay higher prices which leads to business going elsewhere. The ad wording is "people that switch" but not "all drivers who get quotes" can save as much as they claim. That's the way insurance companies can confidently make claims like that.
This really emphasizes why you absolutely need to compare price quotes frequently. It is just not possible to predict the company that will give you lower prices than your current company.
Earn discounts to get lower-cost New Albany insurance rates
Insurance is not cheap nor is it fun to buy but you might be missing out on some discounts that could help you make your next renewal payment. Some trigger automatically when you purchase, but a few must be specifically requested before being credited.
- Low Mileage Discounts - Maintaining low annual mileage can earn substantially lower prices.
- Seat Belt Usage - Forcing all vehicle occupants to buckle up may be able to save a few bucks on medical payment and PIP coverage.
- New Albany Homeowners Pay Less - Just being a homeowner may earn you a small savings since owning and maintaining a home shows financial diligence.
- Discounts for Cautious Drivers - Drivers who don't get into accidents may receive a discount up to 45% than less cautious drivers.
- Discount for Life Insurance - Not every insurance company offers life insurance, but if they do you may earn a small discount if you purchase auto and life insurance together.
- Theft Deterrent - Cars, trucks, and SUVs with anti-theft systems help deter theft and can earn a small discount on your policy.
- Discount for Good Grades - Maintaining excellent grades may save you up to 25%. The good student discount can last until age 25.
- No Charge for an Accident - Not necessarily a discount, but companies like Allstate and Progressive will forgive one accident without the usual rate increase if your claims history is clear for a certain period of time.
- Auto/Home Discount - When you have multiple policies and place coverage with the same company you could get a discount of up to 20% and get you inexpensive New Albany car insurance.
One last thing about discounts, most credits do not apply the the whole policy. Some only reduce specific coverage prices like physical damage coverage or medical payments. Despite the fact that it seems like you would end up receiving a 100% discount, nobody gets a free ride. Any qualifying discounts will bring down the amount you have to pay.
If you would like to see a list of insurance companies with the best discounts in Indiana, click this link.
Local insurance agents
Many people would prefer to get professional advice from a licensed agent. The biggest benefit of getting free rate quotes online is that you can obtain better rates and still have an agent to talk to. And providing support for small agencies is definitely important in New Albany.
By using this short form, the coverage information is transmitted to participating agents in New Albany that can provide free New Albany car insurance quotes to get your business. It makes it easy because there is no need to leave your computer since price quotes are sent to the email address you provide. Get lower rates and work with a local agent. If you need to get a price quote for a specific company, you can always go to their quote page and complete a quote there.
The type of car insurance agent you choose is important
If you are wanting to find an insurance agent, you need to know there are two different types of agencies that you can choose from. Agents in New Albany are either exclusive or independent.
Independent Agents (or Brokers)
Agents that elect to be independent are not locked into one company and that allows them to write policies with many different companies depending on which coverage is best. To transfer your coverage to a different company, they simply move the coverage in-house and the insured can keep the same agent.
If you are comparing rate quotes, you should always compare prices from at least one independent agent to have the best price comparison. Many independent agencies also insure through additional companies that you may not be familiar with that can offer cheaper rates than bigger companies.
Exclusive Insurance Agents
Agents in the exclusive channel work for only one company and examples are State Farm or Allstate. Exclusive agents cannot provide other company's prices so it's a take it or leave it situation. Exclusive agents are very knowledgeable in insurance sales which can be an advantage. Some people will only buy from the same agent for years mostly because of loyalty to the company and the convenience of having all coverages with one company.
Finding the right insurance agent shouldn't rely on just a cheap price quote. You should also get answers to these questions.
- Will their companies depreciate repairs to your car based on the mileage?
- Which company do they place the most coverage with?
- Do the coverages you're quoting properly cover your vehicle?
- How many years of experience in personal auto insurance do they have?
- Does the agent have a valid license to sell insurance in Indiana?
- Will you be dealing directly with the agent or with a Custom Service Representative (CSR)?
- What is the financial rating for the quoted company?
Upon getting reasonable responses to your questions in addition to an acceptable price estimate, you've probably found an insurance agency that can be trusted to provide car insurance coverage.
When do I need an agent's advice?
When quoting and choosing a policy, there is no one-size-fits-all type of policy. Every situation is different.
These are some specific questions might help in determining if your insurance needs will benefit from professional help.
- Where can I find DUI or SR-22 insurance?
- How much liability coverage do I need in Indiana?
- Why do I need rental car insurance?
- Do I need added coverage for expensive stereo equipment?
- Is my state a no-fault state?
- What is an adequate liability insurance limit?
- Can I afford to pay high deductible claims out of pocket?
If it's difficult to answer those questions but you know they apply to you, you might consider talking to an insurance agent. If you want to speak to an agent in your area, fill out this quick form.
The best insurance company isn't always the cheapest
When buying insurance coverage, do not reduce needed coverages to save money. In many cases, an accident victim reduced liability limits or collision coverage and found out when filing a claim that it was a big mistake. The goal is to get the best coverage possible at the best cost while not skimping on critical coverages.
Consumers change insurance companies for many reasons like denial of a claim, delays in responding to claim requests, questionable increases in premium or even extreme rates for teen drivers. It doesn't matter what your reason, finding the right insurance provider is less work than it seems.
In this article, we presented quite a bit of information on how to get a better price on insurance in New Albany. The key concept to understand is the more you quote New Albany car insurance, the better likelihood of getting inexpensive New Albany car insurance quotes. You may even be surprised to find that the lowest priced insurance comes from some of the lesser-known companies.
More information is located at these links:
- Protect Yourself Against Auto Theft (Insurance Information Institute)
- What Car Insurance is Cheapest for Drivers with Bad Credit in Indiana? (FAQ)
- Who Has the Cheapest Indiana Car Insurance Rates for Handicapped Drivers? (FAQ)
- Who Has Cheap Auto Insurance for Homeowners in Indiana? (FAQ)
- What is the Best Cheap Auto Insurance in Noblesville, IN? (FAQ)
- How Much are Auto Insurance Rates for 17 Year Olds in Indiana? (FAQ)
- Who Has Cheap Indiana Auto Insurance Quotes for Electric Cars? (FAQ)
- What is the Cheapest Car Insurance in Elkhart, Indiana? (FAQ)
- What is Covered by an Auto Insurance Policy? (Insurance Information Institute)
- Auto Insurance Learning Center (State Farm)
- Teen Driving and Texting (State Farm)