For drivers in Terre Haute, one of the more important considerations that aid in calculating the amount you pay for auto insurance is your zip code. Areas with increased crime or more people will most likely pay more, whereas areas with less crime or weather claims can boast about having cheaper rates.
The illustration below shows the most costly cities in Indiana in which to buy car insurance. Terre Haute comes in at #11 having an annual price of $1,035 for the average insured, which is around $86 monthly.
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Rate information is approximated as zip code location can influence auto insurance rates noticeably.
Now that we know where Terre Haute ranks compared to other areas, deciding which companies have the cheapest auto insurance rates in Terre Haute will take a bit more effort in order to find the best price.
Each auto insurer has a different process for determining prices, so let's take a look at the auto insurance companies with the overall best prices in Indiana.
Cheapest Insurance Rates in Terre Haute
|Rank||Company||Cost Per Year|
|5||Indiana Farmers Mutual||$841|
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Travelers may have some of the lowest car insurance rates in Terre Haute at around $614 a year. This is $626 less than the average policy premium paid by Indiana drivers of $1,240. USAA, Cincinnati Insurance, Erie, and Indiana Farmers Mutual also make the cut as some of the most economical Terre Haute, IN car insurance companies.
As depicted above, if you currently buy coverage from Erie and switched to Travelers, you may see savings of around $119. Insureds with Indiana Farmers Mutual could save as much as $227 a year, and Western Reserve insureds might realize rate reductions of up to $232 a year.
It's important to note that these estimates are averaged across all drivers and vehicles in Indiana and and are not calculated with a specific zip code in Terre Haute. So the auto insurance company that is best suited for you may not even be in the top 36 companies shown above. That illustrates why you need to compare prices as often as possible using your own driver information and specific vehicle type.
Don't stick with an overpriced policy
Terre Haute, IN auto insurance rates are determined by lots of factors which can significantly increase or decrease the price of your policy. Simply improving your credit, buying another vehicle, or getting a driving violation can trigger price changes that can make some companies much cheaper than others.
And not only may your rating factors change, but insurers modify rates multiple times each year to adjust for unexpected claims or profits. A period of increased losses may cause rate hikes, while lower claim expenses may produce lower-cost Terre Haute car insurance rates.
The data below shows which company has the cheapest car insurance in Terre Haute, IN for a 40-year-old female driver with no accidents or violations, and a good credit rating. If we estimate rates based on her personal risk profile, Travelers offers the best car insurance rates in Terre Haute at $700 each year. This is $540 less than the average policy premium paid by Indiana drivers of $1,240. Cincinnati Insurance, USAA, Erie, and Indiana Farmers Mutual round out the rest of the cheapest Terre Haute, IN auto insurance companies.
In this example, we will give the driver from the first set of rates a chargeable accident, a little lower credit rating, and a few blemishes on her driving record. Because every insurance company has their own formula to determining premium rates, comparing insurance quotes may now result in a new list of affordable Terre Haute car insurance companies as shown below.
The Hartford now has the lowest price on auto insurance in Terre Haute, IN with Cincinnati Insurance, Auto-Owners, Nationwide, and Utica National also having competitive pricing. This example shows why drivers need to compare as many rates as possible when trying to find cheap auto insurance rates in Terre Haute.
Insurance prices are determined by many risk factors and change dramatically, so the most economical company a year ago may now be quite expensive.
The make and model of vehicle to be insured is one of the primary factors when shopping around for cheaper auto insurance in Terre Haute. Vehicles with higher performance, a lack of advanced safety features, or a track record of large liability claims will cost more to insure than safer, lower-performance models.
The next table features coverage premiums for some of the most cost-effective vehicles to insure in Indiana.
|Make and Model||Estimated Cost for Full Coverage|
|Hyundai Elantra SE Touring Station Wagon||$1,140|
|Honda Accord LX 4-Dr Sedan||$1,205|
|Ford Escape XLT 2WD||$1,210|
|Chevrolet Equinox LS 2WD||$1,244|
|Toyota RAV4 Sport 2WD||$1,253|
|Dodge Grand Caravan Hero||$1,244|
|Jeep Grand Cherokee Laredo 4WD||$1,252|
|Honda CR-V LX 4WD||$1,289|
|Chevrolet Malibu LTZ||$1,333|
|Kia Optima LX||$1,339|
|GMC Sierra SLE Extended Cab 4WD||$1,333|
|Nissan Altima 3.5 SR 4-Dr Sedan||$1,339|
|GMC Sierra 3500HD SLE Regular Cab 2WD||$1,356|
|Honda Civic GX 4-Dr Sedan||$1,375|
|Chevrolet Silverado 3500HD LTZ Crew Cab 2WD||$1,382|
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Table data represents single female driver age 30, 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. Price information does not factor in vehicle location which can decrease or increase rates greatly.
Looking at the data, you can infer that models like the Hyundai Elantra, Honda Accord, Ford Escape, Chevrolet Equinox, and Toyota RAV4 are likely to be a few of the most affordable vehicles to insure for drivers in Terre Haute.
The chart below highlights how deductible selection can raise or lower insurance costs when searching for cheap insurance in Terre Haute. The data is based on a single female driver, comp and collision included, and no discounts are applied.
The chart above illustrates that a 30-year-old driver could reduce rates by $254 a year by switching the physical damage coverage from a $100 deductible to a $500 deductible, or save $384 by selecting a $1,000 deductible. Younger drivers, like the Age 20 category, could lower their rates up to $566 every year just by choosing higher deductibles when buying full coverage. When insureds make the decision to increase the deductibles on their policy, it will be necessary to have emergency funds available to be able to pay the extra out-of-pocket expense. This is the primary disadvantage of choosing high deductibles.
Should you buy full coverage?
Buying cheaper insurance is the goal of most vehicle owners, and a good way to buy cheaper insurance in Terre Haute is to not insure for full coverage. The example below illustrates the comparison of annual premium costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The rates are based on no violations or accidents, $100 deductibles, single marital status, and no discounts are factored in.
If we average all the age groups together, comp and collision coverage costs $1,613 per year over having just liability coverage. At some point, every insured wonders if full coverage is worth the money. There isn't a steadfast formula to exclude full coverage on your policy, but there is a general school of thought. If the yearly cost for physical damage coverage is 10% or more of replacement cost minus your deductible, then it might be time to consider dropping full coverage.
For example, let's say your vehicle's book value is $4,000 and you have $1,000 deductibles. If your vehicle is totaled in an accident, the most your company would pay you is $3,000 after paying your policy deductible. If premium cost is more than $300 a year for physical damage coverage, then it could be time to drop full coverage.
Types of discounts on Terre Haute auto insurance rates
Car insurance companies that offer cheap quotes in Terre Haute could also offer price discounts that can lower rates by as much as 35% or more if you meet the requirements. The best insurance companies and the discounts they provide can be found below.
- American Family has discounts for air bags, Steer into Savings, bundled insurance, mySafetyValet, and defensive driver.
- Nationwide may include discounts for anti-theft, easy pay, business or organization, defensive driving, Farm Bureau membership, accident-free, and multi-policy.
- MetLife discounts include defensive driver, good driver, good student, accident-free, and claim-free.
- 21st Century may have discounts that include air bags, good student, homeowners, theft prevention, early bird, and defensive driver.
- Farmers Insurance includes discounts for pay in full, bundle discounts, homeowner, distant student, teen driver, and mature driver.
- Allstate may offer discounts for anti-lock brakes, anti-theft, new car, good payer, premier plus, passive restraint, and utility vehicle.
The example below shows the difference between insurance rates with and without discounts being applied to the rates. The costs are based on a female driver, no driving violations, no at-fault accidents, Indiana state minimum liability limits, full physical damage coverage, and $1,000 deductibles.
The first bar for each age group shows the average annual price with no discounts. The lower bar shows the rates with multiple policy, homeowner, passive restraint, safe-driver, marriage, and multiple vehicle discounts applied. When discounts are applied, the average savings per year on insurance in Terre Haute is 28% or $312.
How to find economical car insurance in Terre Haute
Lowering your rates is not difficult, and here are some of the better penny-pinching ideas that can help Terre Haute drivers locate cheap coverage.
- Save money by obeying traffic laws and keeping a clean driving record
- Get cheaper liability coverage by choosing a safer vehicle
- Better credit rating means better rates
- Accidents can significantly increase rates
- Increase your physical damage deductibles
- Compare quotes from other companies often
That last tip is very important, as was affirmed in this write-up. Prices charged by companies fluctuate considerably, so drivers shouldn't be reluctant to buy from a new company if you can find a cheaper rate. Many consumers stick with the same company and that's fine, but we do not recommend it if that devotion results in you overpaying hundreds every year. It only takes a couple minutes to shop around and find cheaper insurance in Terre Haute.