The vehicle that needs insurance is probably the biggest factor when comparing quotes for the best cheap insurance for retired military. Vehicles with more horsepower, a lack of safety features, or a high likelihood of having liability claims will cost more to insure than safer models.
The data below shows insurance costs for the most economical automobiles to buy insurance for.
|Vehicle Insured||Estimated Cost for Full Coverage|
|Ford Escape XLS 2WD||$608|
|Honda Accord LX-P 4-Dr Sedan||$627|
|Honda CR-V EX-L 4WD||$642|
|Ford Edge SEL 2WD||$643|
|Toyota RAV4 Limited 4WD||$657|
|Chevrolet Malibu Hybrid||$667|
|Jeep Wrangler Sport 4WD 2-Dr||$657|
|Hyundai Elantra SE Touring Station Wagon||$662|
|Toyota Tacoma Double Cab 4WD||$669|
|Ford Explorer Eddie Bauer AWD||$675|
|GMC Sierra SL Crew Cab 2WD||$706|
|Honda Odyssey EX||$713|
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Price data assumes single male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Indiana minimum liability limits. Discounts applied include claim-free, safe-driver, multi-vehicle, multi-policy, and homeowner. Rates do not factor in specific zip code location which can influence coverage prices considerably.
Looking at the numbers, cars like the Ford Escape, Toyota Prius, Honda Accord, Honda CR-V, and Ford Edge are most likely going to be some of the less-costly vehicles to insure for veterans.
For veterans, one of the largest things that help determine the amount you pay each year for auto insurance is where you normally keep your vehicle. Areas with a lot of weather claims or more people like Gary, Portage, and Lawrence tend to have more expensive car insurance rates, whereas more rural areas profit from lower rates.
The following table rates the priciest cities in Indiana for retired military to purchase a policy in.
|Rank||City||Premium Per Year|
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Annual rates are comparative as the specific zip code location can change premium rates noticeably.
Discount Indiana insurance
Auto insurance companies that provide policies for retired military may also provide special discounts that could potentially reduce rates by 35% or more if you meet specific eligibility requirements. Companies and the discounts they provide are outlined below.
- Farm Bureau may include discounts for safe driver, youthful driver, driver training, multi-vehicle, 55 and retired, and multi-policy.
- State Farm offers discounts for multiple autos, passive restraint, multiple policy, good student, and good driver.
- Progressive includes discounts for multi-policy, online quote discount, homeowner, online signing, and good student.
- Allstate may have discounts that include 55 and retired, premier plus, multi-policy, good payer, safe driver, FullPay discount, and teenSMART discount.
- Nationwide offers discounts including multi-policy, anti-theft, accident-free, good student, and Farm Bureau membership.
- MetLife offers premium reductions for defensive driver, accident-free, good student, good driver, claim-free, and multi-policy.
The information below shows the difference between yearly insurance costs with and without discounts applied to the rates. The rate quotes are based on a male driver, no driving violations, no at-fault accidents, Indiana state minimum liability limits, comp and collision included, and $500 deductibles.
The first bar for each age group shows insurance cost with no discounts. The second bar shows the rates with vehicle safety, anti-theft, multiple policy, homeowner, multiple vehicle, and passive restraint discounts applied. When taking advantage of discounts, the average savings per year on auto insurance for retired military is 28% or $366.
Indiana auto insurance companies ranked
Finding the highest-rated auto insurance company can be difficult considering how many different companies sell coverage in Indiana. The rank data shown below may help you decide which insurers to look at when comparing auto insurance rates for retired military. The rankings below are only made up of the largest companies in the United States, so companies that may only write in Indiana will not be included in the list.
Top 10 Major Auto Insurance Companies in Indiana Ranked by Customer Service
- State Farm
- Safeco Insurance
- American Family
- Titan Insurance
- Liberty Mutual
- Erie Insurance
Top 10 Major Auto Insurance Companies in Indiana Ranked by A.M. Best Rating
- USAA - A++
- GEICO - A++
- Travelers - A++
- State Farm - A++
- Allstate - A+
- Progressive - A+
- Erie Insurance - A+
- The Hartford - A+
- Nationwide - A+
- Esurance - A+
Cost difference between full coverage and liability
Finding the cheapest auto insurance is important to most drivers, and one easy way to pay less for insurance for retired military in Indiana is to only pay for liability coverage. The example below visualizes the comparison of auto insurance rates with and without full coverage. The rates are based on no violations or accidents, $250 deductibles, drivers are single, and no discounts are factored in.
On average, comprehensive and collision coverage on your policy costs an extra $1,635 per year more than insuring for liability only. That is a big expense that brings up the question when is the right time to remove full coverage. There is no written rule for eliminating comprehensive and collision coverage on your policy, but there is a general convention. If the annual cost of coverage is more than 10% of the vehicle's replacement cost less your deductible, then you might want to consider buying only liability coverage.
For example, let's pretend your vehicle's claim settlement value is $4,000 and you have $1,000 deductibles. If your vehicle is totaled in an accident, the most you would get paid by your company is $3,000 after the policy deductible has been paid. If premium cost is more than $300 annually to have full coverage, then it might be time to buy liability only.