You have probably watched the captivating commercials from car insurance companies like Liberty Mutual and Allstate claiming the cheapest price, so drivers just need to choose the one with the most memorable commercial, right?
It's just not that simple, as there are many unknown elements such as the performance level of your vehicle, if you own your own home, and your marital status, that all have an effect on the price of a policy. We will touch on these things and will hopefully give the reader some help in finding cheaper rates.
The type of vehicle requiring coverage is a significant factor when trying to find the lowest-priced auto insurance for used cars. Vehicles with lots of horsepower, poor safety ratings, or a high likelihood of having liability claims will cost significantly more to insure than more economical and safe models. The table below ranks insurance costs for a handful of the cheapest automobiles to buy insurance for.
|Vehicle||Estimated Cost for Full Coverage|
|Ford Escape XLT 2WD||$608|
|Honda Accord LX-P 4-Dr Sedan||$617|
|Honda CR-V EX 2WD||$627|
|GMC Sierra SLE Crew Cab 2WD||$657|
|Toyota RAV4 Limited 2WD||$663|
|Ford Explorer Eddie Bauer 4WD||$669|
|Ford F-150 FX4 4WD||$678|
|Chevrolet Malibu LT||$669|
|Honda Odyssey LX||$690|
|Toyota Camry XLE||$694|
|Jeep Grand Cherokee Limited 4WD||$706|
|Dodge Grand Caravan SE||$713|
|Chevrolet Impala LS||$706|
|Jeep Wrangler Rubicon 4WD 2-Dr||$712|
|Ford Fusion SE 4-Dr Sedan||$706|
|Honda Civic GX 4-Dr Sedan||$729|
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Data assumes single male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Indiana minimum liability limits. Discounts applied include safe-driver, multi-policy, homeowner, claim-free, and multi-vehicle. Price information does not factor in the specific area where the vehicle is garaged which can impact insurance rates substantially.
Looking at the numbers, cars like the Ford Escape, Honda Accord, Honda CR-V, GMC Sierra, and Toyota RAV4 will definitely be a few of the most economical vehicles to insure for pre-owned vehicles.
Deciphering which companies offer the cheapest auto insurance rates for used cars in Indiana will involve more work thank just comparing rates from one or two companies. Each company has their own formula for setting prices, so let's take a look at the most competitive auto insurance companies in Indiana.
We do need to point out that Indiana auto insurance rates are influenced by many factors which can substantially decrease or increase the cost of your policy. Simply getting older, increasing liability limits, or having a fender bender may generate price changes that can now make some companies cheaper than others.
Find the Cheapest Car Insurance for Used Cars
Travelers may offer some of the best car insurance rates in Indiana at around $596 each year. USAA, Cincinnati Insurance, Erie, and Western Reserve also rank well as some of the more affordable Indiana insurance companies.
In the above rates, if you currently have a policy with Erie and switched to Travelers, you might see annual savings of roughly $137. Drivers with Western Reserve may save as much as $242 a year, and Indiana Farmers Mutual policyholders might lower prices by $279 a year.
It's important to note that these estimates are averages across all drivers and vehicles in Indiana and do not take into consideration a rate decrease for used cars. So the car insurance company that fits you best may not even be in the list above. That points out the importance of why you need to get car insurance quotes using your own personal information and vehicle type.
For pre-owned vehicles, one of the more important considerations that determine the amount you pay each year for auto insurance is where you live. Areas with more people or even just a higher incidence of claims like Gary, Merrillville, and Lawrence are more likely to pay higher prices, whereas areas that tend to be more rural can boast about having cheaper rates.
The following table sorts the highest-priced places in Indiana for used cars to buy car insurance in.
|Rank||City||Premium Per Year|
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Table data uses approximated as zip code location can revise prices considerably.
The example below illustrates how choosing a deductible can raise or lower insurance premiums when searching for cheap insurance for used cars in Indiana. The information is based on a married male driver, comprehensive and collision coverage, and no discounts are taken into consideration.
The data above shows that a 30-year-old driver could lower their policy premium by $216 a year by switching their comprehensive and collision coverages from a $100 deductible to a $500 deductible, or save $328 by changing to a $1,000 deductible. Young drivers, like the Age 20 chart data, could reduce their rates up to $652 every year just by choosing higher deductibles when buying full coverage. When raising deductibles, it is essential to have emergency funds available to cover the extra out-of-pocket expense. That is the one disadvantage of using higher deductibles.
How to find a good Indiana auto insurance company
Ending up with a good quality company is difficult considering how many choices you have in Indiana. The information listed below could help you pick which car insurance companies you want to consider shopping your coverage with.
These ratings are for large insurance companies, so companies with more of a regional focus are not factored into the list. To view rates from these and other companies in Indiana, just click here.
|Company||Value||Customer Service||Claims||Customer Satisfaction||A.M Best Rating||Overall Score|
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Data Source: Insure.com Best Car Insurance Companies
Full coverage rates vs. liability-only in Indiana
Paying less for auto insurance should be important to the majority of vehicle owners, and one of the quickest ways to buy cheap insurance for used cars in Indiana is to not pay for full coverage. The diagram below shows the difference between annual premium costs when comparing full coverage to liability only. The data is based on no accidents, no driving violations, $1,000 deductibles, single marital status, and no policy discounts are applied.
As an overall average, full coverage on your policy costs an extra $1,598 per year more than just buying liability insurance. Many of you may wonder if full coverage is worth the money. There is no set guideline of when to drop comp and collision coverage, but there is a broad guideline. If the yearly cost for physical damage coverage is more than 10% of the vehicle's replacement cost less your deductible, then it might be time to consider dropping full coverage.