The words "bargain" and "insurance" really don't belong together, in particular when searching for the best insurance rates for homeowners. To save some money, let's lead off by showing you some things that influence car insurance prices, and find out if we can help you shave a little off the next policy you buy.
Establishing which company quotes the most affordable auto insurance rates for homeowners in Indiana calls for a little more effort than just picking a company at random.
Each company has a proprietary method for establishing rates, so let's take a look at the overall cheapest auto insurance companies in Indiana.
Compare Cheap Insurance Quotes for Homeowners
|Rank||Company||Cost Per Year|
|6||Indiana Farmers Mutual||$849|
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Travelers has some of the lowest car insurance rates in Indiana at around $614 per year. USAA, Cincinnati Insurance, Erie, and Western Reserve also qualify as some of the cheapest Indiana auto insurance companies.
As the example above demonstrates, if you have coverage with Western Reserve and switched to USAA, you could realize annual savings of around $171. Customers with Indiana Farmers Mutual might save as much as $182 a year, and The Hartford customers might lower prices by up to $188 a year.
Bear in mind that those policy rates are averaged for all types of insureds and vehicles and and are not figured with a rate discount for homeowners. So the company that has the lowest price for you may not even be in the top 36 companies in the list above. That helps illustrate why you need to get quotes using your own individual information.
The type of vehicle to be insured is probably the biggest factor when shopping for the best cheap car insurance for homeowners. Vehicles with economical engines, an excellent safety record, or a low likelihood of having liability claims will cost substantially less to insure than adrenaline junky models.
The next table ranks auto insurance rates for a selection of the more affordable vehicles to insure in Indiana.
|Vehicle Make and Model||Estimated Cost for Full Coverage|
|Hyundai Elantra GLS Touring Station Wagon||$554|
|Honda Accord EX 4-Dr Sedan||$561|
|Ford Escape XLT 4WD||$623|
|Ford F-150 XL Regular Cab 2WD||$627|
|Honda CR-V EX-L 4WD||$642|
|Toyota Tacoma 2WD||$643|
|Volkswagen Jetta 2.0T Station Wagon||$652|
|Nissan Altima 2.5 4-Dr Sedan||$657|
|Chevrolet Equinox LT AWD||$667|
|Ford Explorer Limited 4WD||$669|
|Dodge Grand Caravan CV||$706|
|Honda Odyssey EX||$715|
|Ford Edge SEL 2WD||$706|
|Ford Fusion S 4-Dr Sedan||$721|
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Price 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 multi-vehicle, claim-free, safe-driver, multi-policy, and homeowner. Rate quotes do not factor in garaging location in Indiana which can revise premiums substantially.
Based on these rates, we can presume that cars like the Hyundai Elantra, Honda Accord, and Ford Escape will definitely be the most economical vehicles to insure for people who own their homes.
One of the more important criteria that are used to help calculate the annual cost of car insurance is where your residence is in Indiana. Areas with more people or more claims like Gary, Portage, and Evansville tend to have more expensive car insurance rates, whereas areas with less congestion tend to receive slightly lower rates.
The following table shows the most costly cities in Indiana for homeowners to purchase car insurance in.
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Premium amounts are approximated as the specific garaging location can revise coverage rates considerably.
The diagram below demonstrates how deductibles can change annual premium costs when searching for cheap insurance for homeowners in Indiana. The costs are based on a married male driver, full physical damage coverage, and no discounts are taken into consideration.
As shown above, a 40-year-old driver could pocket $198 a year by changing their physical damage coverage from a $100 deductible up to a $500 deductible, or save $296 by switching to a $1,000 deductible. Even younger drivers, like the Age 20 category, could drop their prices $652 each year by choosing a larger deductible amount. When insureds make the decision to increase the deductibles on their policy, it will be required to have enough funds in savings to be able to pay the extra out-of-pocket expense, which deters some drivers from choosing higher deductibles.
Picking a highly-rated insurer can be a challenge considering how many companies provide coverage in Indiana. The company ratings displayed below can help you pick which coverage providers to look at when comparing rate quotes. The ratings below are only comprised of companies who write in the majority of U.S. states, so companies without a large exposure are not included in this list.
Top 10 Large Auto Insurers in Indiana Ranked by Claims Service
- Liberty Mutual
- AAA Insurance
- Safeco Insurance
- The General
Can you find cheaper Indiana car insurance?
Indiana auto insurance rates are determined by lots of factors which can significantly increase or decrease the price you pay for coverage. Turning one year older, buying a different vehicle, or having an accident can trigger changes in premium resulting in some rates now being more affordable than before. Not only may things change on your end, but insurers change their prices as needed in order to offset underwriting gains or losses. Higher than usual claims may cause a rate increase, while lower claims can cause lower-cost Indiana car insurance rates.
As an example, the data below analyzes the cheapest car insurance in Indiana for a 35-year-old female driver with a good driving record, no prior claims, and a decent credit rating. If we look at prices based on her current risk factors, Travelers offers the lowest car insurance rates in Indiana at $620 each year. This is $620 less than the average rate paid by Indiana drivers of $1,240. Cincinnati Insurance, USAA, Erie, and Indiana Farmers Mutual round out the rest of the cheapest Indiana auto insurance companies.
Let's now give the driver from the above example a claim, bad credit, and a few traffic violations. Due to the fact that every insurance company has a proprietary method for determining prices, comparing quotes may now result in a completely different list of affordable companies as shown below.
Western Reserve now has the best insurance rate in Indiana with Auto-Owners, Cincinnati Insurance, Utica National, and Nationwide completing the list. This example proves why Indiana drivers need to compare rates when trying to get cheap insurance quotes for homeowners. Insurance rates can be determined by many risk factors and can change substantially, so the most economical option the last time you shopped around may now be one of the higher cost companies.