Wouldn't it be great if we could tell you instantly the company that has the cheapest coverage for drivers over age 50? It's just not that easy, however, as there are a whole bunch of unknown elements such as if you have ever had a coverage lapse, how far you drive each year, and your credit history, that all go into determining the rate you pay. This article should teach you a little about some of these criteria and will hopefully give you a good start to your coverage search.
Determining which companies have the lowest-priced auto insurance rates for drivers over age 50 in Indiana will take a little more effort than just getting one or two price quotes.
Each auto insurance company has a different formula to determine rates, so let's examine the auto insurance companies that tend to have lower prices in Indiana. It's important to know that Indiana auto insurance rates are determined by lots of factors that may substantially change the policy price. Turning one year older, getting divorced, or getting a DUI may generate price changes that can now make some companies more affordable than before.
Lowest Insurance Price Quotes for Age 50+
|Rank||Company||Cost Per Year|
|6||Indiana Farmers Mutual||$867|
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Travelers may have some of the lowest car insurance rates in Indiana at around $614 annually. Cincinnati Insurance, USAA, Erie, and Western Reserve also qualify as some of the most economical Indiana car insurance companies.
As depicted above, if you are insured with Erie and switched to Cincinnati Insurance, you might achieve a yearly price reduction of upwards of $54. Drivers with Western Reserve may save as much as $188 a year, and Indiana Farmers Mutual policyholders might lower prices by $209 a year.
To get a quick, customized rate comparison, click here to begin a quote or click several companies below for low rates.
These prices are averages across all insureds and vehicles and do not take into consideration a price discount for drivers over age 50. So the auto insurance company that is best for you may not even be in the top 36 companies in the list above. That points out the importance of why you need to quote rates from as many companies as possible using your own specific driver information and vehicle.
One of the many criteria that determine the amount you pay for auto insurance is where you call home in Indiana. Larger areas like Gary, Merrillville, and Lawrence are more likely to have higher rates, whereas areas with less crime or weather claims have the luxury of lower rates.
The table below sorts the most costly cities in Indiana for drivers over age 50 in which to buy car insurance.
|Rank||City||Premium Per Year|
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Price information shown is approximated as the specific garaging location can alter price quotes substantially.
The vehicle requiring coverage is probably the biggest factor that determines whether or not you can buy cheap insurance for drivers over age 50. Vehicles with limited speed and performance, modern passenger safety features, or a positive history of liability claims will cost substantially less to insure than higher performance models. The next table showcases insurance prices for a number of the cheapest vehicles to insure.
|Make and Model||Estimated Cost for Full Coverage|
|Ford Escape XLT 2WD||$554|
|Honda CR-V EX 2WD||$561|
|Honda Odyssey LX||$608|
|Toyota Tacoma 2WD||$643|
|Chevrolet Equinox LS 2WD||$657|
|Toyota RAV4 Limited 2WD||$664|
|Dodge Grand Caravan SXT||$669|
|Ford F-150 Lariat Crew Cab 4WD||$676|
|Ford Explorer Eddie Bauer 4WD||$669|
|Dodge Ram Quad Cab ST 2WD||$670|
|Jeep Wrangler Unlimited Sahara 2WD 4-Dr||$677|
|Hyundai Elantra Blue 4-Dr Sedan||$680|
|Honda Civic EX 4-Dr Sedan||$687|
|Ford Focus SES 4-Dr Sedan||$680|
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Premium data assumes single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Indiana minimum liability limits. Discounts applied include multi-policy, safe-driver, claim-free, homeowner, and multi-vehicle. Price information does not factor in vehicle location which can modify price quotes considerably.
Based on these rates, you can see that vehicles like the Ford Escape, Honda CR-V, Honda Odyssey, Toyota Prius, and Toyota Tacoma are likely to be a few of the cheapest vehicles to insure for older drivers.
Rate comparison of full coverage and liability-only
Reducing premiums for auto insurance is probably important to most drivers, and one way to lower the cost of insurance for drivers over age 50 in Indiana is to not buy full coverage. The information below illustrates the comparison of insurance rates when comparing full coverage to liability only. The costs are based on no accidents, no driving violations, $1,000 deductibles, single status, and no discounts are factored in.
If we average all the age groups together, comp and collision coverage costs an extra $1,598 per year more than just buying liability only. That is a significant amount which raises the question if paying for full coverage is worth it. There is no specific rule of when to stop paying for physical damage coverage, but there is a broad guideline. If the annual cost of coverage is more than about 10% of replacement cost minus your deductible, then you may need to consider dropping full coverage.
Selecting a high-quality insurer can be a challenge considering how many companies sell coverage in Indiana. The information below may help you select which insurers to look at comparing price quotes from.
The ratings below only include the largest companies in the United States, so companies that focus mainly on Indiana business are not taken into consideration for this list. If you'd like to compare prices from many more Indiana auto insurance companies, just click here.
Top 10 Major Auto Insurance Companies in Indiana Ranked by Value
- AAA Insurance
- Erie Insurance
- State Farm
- Liberty Mutual
- Safeco Insurance
- 21st Century
Top 10 Major Auto Insurance Companies in Indiana Ranked by Customer Service
- State Farm
- Safeco Insurance
- American Family
- Titan Insurance
- Liberty Mutual
- Erie Insurance
Get discount Indiana insurance
Insurers that offer coverage for drivers over age 50 could also offer discounts that can lower rates by 25% or more if you qualify for them. Companies and their possible discounts can be read below.
- Progressive offers discounts including multi-policy, good student, online signing, continuous coverage, multi-vehicle, homeowner, and online quote discount.
- Farmers Insurance may offer discounts for mature driver, alternative fuel, multi-car, pay in full, and distant student.
- Farm Bureau discounts include good student, youthful driver, 55 and retired, driver training, multi-policy, and multi-vehicle.
- State Farm has discounts for student away at school, accident-free, anti-theft, Steer Clear safe driver discount, good student, and driver's education.
- GEICO offers premium reductions for daytime running lights, defensive driver, anti-lock brakes, military active duty, emergency military deployment, multi-vehicle, and federal employee.
- SAFECO has savings for accident prevention training, bundle discounts, homeowner, teen safe driver, and drive less.
- Liberty Mutual may include discounts for preferred payment discount, new move discount, hybrid vehicle, new graduate, exclusive group savings, newly retired, and new vehicle discount.
The illustration below illustrates the comparison of auto insurance rates with and without discounts applied to the rates. The premium estimates are based on a male driver, no violations or claims, Indiana state minimum liability limits, comprehensive and collision coverage, and $500 deductibles.
The first bar for each age group shows the average annual price with no discounts. The second shows the rates with multiple vehicle, vehicle safety, multiple policy, defensive driving course, safe-driver, and homeowner discounts applied. When these discounts are applied to the policy premium, theamount saved on auto insurance for drivers over age 50 is 29% or $390.