You have seen the captivating commercials from insurers like The General and Nationwide that promise the cheapest price, so you should just select the one with the best jingle, right?
It's not that easy, however, as there are a whole slew of unknowns like if you are currently insured, how well you maintain your credit, the neighborhood you live in, and what deductibles to use for physical damage coverage. We will touch on the different ways to avoid overpaying and also should give you a good beginning to your quest for cheaper car insurance for your Uber vehicle.
The make and model of vehicle requiring insurance is one of the largest factors when looking for the most economical auto insurance for Uber drivers. Vehicles with higher performance, a lack of advanced safety features, or an increased likelihood of liability claims will cost substantially more to insure than safer, lower-performance models.
The list below features coverage premiums for a handful of the more affordable vehicles to buy coverage for.
|Vehicle Insured||Estimated Cost for Full Coverage|
|Hyundai Elantra GLS Touring Station Wagon||$554|
|Ford Escape XLT 2WD||$563|
|Honda CR-V EX-L 2WD||$623|
|Honda Accord LX-P 4-Dr Sedan||$627|
|Ford Explorer Eddie Bauer AWD||$669|
|Toyota Corolla S||$703|
|Ford Fusion SE 4-Dr Sedan||$706|
|Ford Focus SE 4-Dr Sedan||$711|
|GMC Sierra 3500HD SLE Regular Cab 2WD||$717|
|Chevrolet Silverado 3500HD LT Crew Cab 2WD||$724|
|Jeep Grand Cherokee Laredo 2WD||$721|
|Volkswagen Jetta LE 4-Dr Sedan||$729|
|Chevrolet Equinox LT AWD||$721|
|Honda Civic EX-L 4-Dr Sedan||$729|
|Jeep Wrangler Unlimited Sport 4WD 4-Dr||$739|
|Dodge Grand Caravan Hero||$741|
|Toyota RAV4 Limited 4WD||$750|
|Toyota Tacoma Double Cab 4WD||$741|
|Ford F-150 SVT Raptor Super Cab 4WD||$758|
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Data assumes single male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Indiana minimum liability limits. Discounts applied include multi-policy, homeowner, multi-vehicle, claim-free, and safe-driver. Rates do not factor in specific location information which can impact coverage prices greatly.
Based upon these rates, we can infer that models like the Hyundai Elantra, Ford Escape, Honda CR-V, and Honda Accord are likely to be the most budget-friendly vehicles to insure for Uber vehicles.
One of the many factors that are looked at to determine the amount you pay each year for auto insurance is where your car is garaged. More densely populated places like Gary, Portage, and Indianapolis tend to have higher rates, whereas more rural areas tend to receive cheaper rates.
The table below sorts the highest-priced places in Indiana for Uber drivers to buy an auto insurance policy in.
|Rank||City||Average Per Year|
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Premium costs are approximated as the specific area where the vehicle is garaged can lower or raise insurance rates greatly.
Cautious Indiana drivers save money
The common sense way to snag good insurance prices in Indiana for Uber vehicles is to be an attentive driver and maintain a clean driving record. The example below demonstrates how citations and at-fault claims can increase insurance premiums for each age group. The premiums are based on a single female driver, full coverage, $500 deductibles, and no discounts are applied to the premium.
The chart shows that the average cost of auto insurance per year with no accidents or violations is $1,686. Get written up for one speeding ticket and the average cost increases to $1,910, an increase of $225 each year. Now get two accidents along with the one speeding ticket and the annual cost of insurance for Uber drivers in Indiana jumps again to an average of $3,953. That's an increase of $2,268, or $189 per month, just for not driving safely!
Choosing the right car insurance provider can be a challenge considering how many companies are available to choose from in Indiana. The ranking data in the lists below may help you pick which auto insurers you want to consider when shopping around.
These rankings are only made up of the largest companies in America, so smaller companies that only insure vehicles in Indiana are not factored into these rankings. To compare rates from many more Indiana auto insurance companies, click this link.
Top 10 Major Auto Insurance Companies in Indiana Ranked by Value
- AAA Insurance
- Erie Insurance
- State Farm
- Liberty Mutual
- Safeco Insurance
- 21st Century
The diagram below demonstrates how deductible levels can impact premium costs when quoting cheap insurance for Uber drivers in Indiana. The price 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 lower their policy premium by $290 a year by changing from a $100 deductible to a $500 deductible, or save $438 by changing to a $1,000 deductible. Even younger drivers, like the Age 20 category, could lower their rates up to $890 every year just by choosing higher deductibles.
When raising deductibles, it is necessary to have additional funds in a savings account to offset the extra out-of-pocket expense, which deters some people from using high deductibles.
How to find low-cost auto insurance for Uber drivers in Indiana
Below you'll find many thrifty suggestions that can help drivers get cheaper coverage.
- Buy your auto and home insurance from the same company and save
- Raise your deductibles
- Good credit scores may make rates cheaper
- Safe vehicles generally have lower rates
- If your vehicles are older, consider dropping full coverage
- Pay for small claims rather than turning them in to your insurance company
- Comparison shop at least every other year
The final tip is highly significant, as we discussed in this write-up. Coverage rates change constantly, so don't be hesitant to switch carriers if you can find a cheaper rate. Many drivers have brand loyalty and that's fine, but it isn't a good idea if that faithfulness ends up costing you lots of hard earned cash every month. If you have a few minutes, now is a great time to shop around and find cheaper auto insurance for Uber drivers.