You have most likely seen the catchy advertisements from insurers like The General, Liberty Mutual, and Farmers that guarantee big savings. So you just need to choose the one with the most memorable commercial, right?
Regrettably, it's not quite that easy, as there are a whole bunch of unknown aspects like what coverage limits you need, whether or not your vehicle has good safety ratings, if you have a coverage lapse, and your marital status. This article should teach you a little about these types of topics and hopefully give you enough understanding to have a good start to your coverage search.
Deciding which insurers offer the most affordable auto insurance rates for drivers over age 60 in Indiana requires a bit more work in order to find the best policy.
Each insurance company has their own unique process for filing rates in each state, so let's examine the most budget-friendly auto insurance companies in Indiana. It's important to understand that Indiana auto insurance rates are determined by lots of factors that may substantially change the price you have to pay. Simply improving your credit, moving across town, or getting a speeding ticket can produce rate changes resulting in some rates now being more affordable than others.
Find the Best Cheap Insurance for Age 60+
|Rank||Company||Cost Per Year|
|7||Indiana Farmers Mutual||$875|
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Travelers generally has some of the most affordable car insurance rates in Indiana at around $620 annually. This is $620 less than the average premium paid by Indiana drivers of $1,240. USAA, Cincinnati Insurance, Erie, and The Hartford also qualify as some of the best Indiana auto insurance companies.
As shown in the rates above, if you are currently insured with The Hartford and switched to USAA, you could earn an annual premium reduction of upwards of $202. Drivers with Western Reserve might save as much as $211 a year, and Indiana Farmers Mutual policyholders might realize rate reductions of up to $214 a year.
Remember that these premium estimates are averaged for all ages of drivers and types of vehicles and and are not figured with a rate discount for drivers over age 60. So the company that fits you best may not even be in the top 36 companies in the list above. That affirms the importance of why you need to compare as many prices as possible using your own specific driver and vehicle information.
The make and model of vehicle you are buying coverage for is one of the largest considerations when shopping around for economical insurance for drivers over age 60. Vehicles with high performance engines, a lack of advanced safety features, or high incidents of liability claims will cost much more to insure than more economical and safe models. The data below shows car insurance rates for some of the cheapest automobiles to insure.
|Make and Model||Estimated Cost for Full Coverage|
|Honda Accord LX 4-Dr Sedan||$538|
|Ford Escape XLT 2WD||$544|
|Honda CR-V LX 4WD||$538|
|Volkswagen Jetta S 2.5 Station Wagon||$585|
|Hyundai Elantra SE Touring Station Wagon||$591|
|Honda Odyssey LX||$591|
|Ford Edge SE 2WD||$598|
|Jeep Wrangler Rubicon 4WD 2-Dr||$603|
|Toyota Tacoma 2WD||$627|
|Chevrolet Equinox LS AWD||$638|
|Dodge Grand Caravan Hero||$647|
|Nissan Altima 2.5 4-Dr Sedan||$638|
|Toyota RAV4 Limited 2WD||$644|
|Dodge Ram 3500 Crew Cab Laramie 2WD||$650|
|Ford Explorer Limited AWD||$657|
|Ford F-150 Lariat Crew Cab 4WD||$650|
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Data rating is based on single male driver age 60, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Indiana minimum liability limits. Discounts applied include homeowner, claim-free, multi-policy, safe-driver, and multi-vehicle. Rate quotes do not factor in vehicle location which can impact premium rates significantly.
Looking at the rates, you can infer that vehicles like the Honda Accord, Ford Escape, Honda CR-V, and Volkswagen Jetta are going to be a few of the less-costly vehicles to insure for older drivers.
One of the more important factors that are looked at to help calculate insurance cost is the neighborhood you call home. Areas with more people or even just a higher incidence of claims like Gary, Portage, and Lawrence will most likely pay more, whereas areas with less congestion tend to receive slightly lower rates.
The next table shows the priciest cities in Indiana for drivers over age 60 in which to purchase auto insurance.
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Rate information is approximated as specific Indiana garaging address can change rates significantly.
Drive safe and save
In a perfect world, the ideal way to maintain cheap auto insurance rates in Indiana for older drivers is to be a safe driver and avoid accidents and keep your driving record clean. The diagram below shows how violations and at-fault fender-benders can drive up insurance rates for each different age group. The data is based on a married male driver, comp and collision included, $100 deductibles, and no discounts are factored in.
The chart shows that the average cost of a car insurance policy in Indiana per year with no violations or accidents is $1,380. Get one speeding ticket and the average cost surges to $1,582, an increase of $202 each year. Now get two accidents along with the one speeding ticket and the annual cost of auto insurance for drivers over age 60 in Indiana goes up to an average of $3,286. That's an increase of $1,906, or $159 per month, just for not maintaining a clean driving record!
The illustration below demonstrates how choosing different deductibles can increase or decrease premium costs when searching for cheap insurance for drivers over age 60 in Indiana. The premiums are based on a single female driver, full coverage, and no policy discounts are applied.
The chart above illustrates that a 50-year-old driver could cut expenses by $222 a year by changing their physical damage coverage from a $100 deductible to a $500 deductible, or save $334 by switching to a $1,000 deductible. Young drivers, such as the 20-year-old chart data, could potentially save as much as $566 or even more just by choosing higher deductibles.
If you do raise deductibles, it will be important to have spare funds to satisfy the extra out-of-pocket expense that deters many people from opting for higher deductibles.
How to find low-cost auto insurance for drivers over age 60 in Indiana
Lowering your rates is not difficult, and here are a few penny-pinching solutions that can help Indiana drivers get cheap coverage.
- Violations and traffic tickets increase rates
- Avoid accidents
- Safe vehicles generally have lower rates
- Avoid price increases by not filing claims
- Improve your credit
- Shop around for lower rates once a year
The last tip is very vital, as was affirmed in this article. Car insurance rates change constantly, so you should be ready to change to a new company if a better rate can be found. Having brand loyalty is commendable, but it's not recommended if that faithfulness ends up costing you money that could be spent on other things. Now is a great time to shop around to find cheaper auto insurance for drivers over age 60.