Are you doing reasearch to find cheaper auto insurance rates in Bloomington, IN? Wish you could get out of an expensive auto insurance policy? It's quite common and you are not the only one feeling buyer's remorse.
Unbelievable but true according to a study most auto insurance buyers have remained with the same auto insurance company for four years or more, and about 40% of consumers have never compared rates from other carriers. Drivers in Indiana could save an average of roughly 55% each year, but they underestimate how much savings they would realize if they switched to a cheaper policy. Since vehicle owners have many online and local companies to choose from, it can be diffult for drivers to locate the lowest cost insurance company.
It's a great practice to take a look at other company's rates occasionally because auto insurance prices are rarely the same from one policy term to another. Despite the fact that you may have had the lowest rates on auto insurance at your last renewal a different company probably has better premium rates today. Forget anything you know (or think you know) about auto insurance because it's time to teach you how to quote online to remove unneeded coverages and save money.
This article will familiarize you with the best way to buy inexpensive car insurance and also pocket some savings If you currently have a car insurance policy, you will surely be able to shop for the lowest rates using the ideas presented in this article. Smart shoppers just have to use the proper methods to shop over the internet.
The method we recommend to get rate comparisons utilizes the fact all the major auto insurance companies will pay a fee to provide you with free rate quotes. To start a quote, the only thing you need to do is spend a couple of minutes providing details like if you require a SR-22, how much coverage you want, what your job is, and whether you are married. Your rating data is automatically sent to insurance companies and you will get price comparisons instantly to find the best rate.
To start a rate quote now, click here and complete the quick form.
The following companies are ready to provide free quotes in Bloomington, IN. If several companies are displayed, it's a good idea that you visit as many as you can to get the lowest price.
|Make, Model, and Trim Level||Annual Policy Premium||6-month Policy Premium||Monthly Premium|
|Chevrolet Silverado LS Regular Cab 4WD||$902||$451||$75|
|Dodge Ram Crew Cab SLT 4WD||$912||$456||$76|
|Ford Escape XLT 4WD||$646||$323||$54|
|Ford F-150 XL Crew Cab 2WD||$820||$410||$68|
|Ford Focus SE 2-Dr Coupe||$946||$473||$79|
|GMC Sierra SLT Crew Cab 2WD||$826||$413||$69|
|Honda Accord EX-L 2-Dr Coupe||$1,274||$637||$106|
|Honda CR-V LX 4WD||$842||$421||$70|
|Honda Civic DX 2-Dr Coupe||$1,384||$692||$115|
|Hyundai Sonata SE 4-Dr Sedan||$748||$374||$62|
|Nissan Altima 3.5 SR 2-Dr Coupe||$1,190||$595||$99|
|Toyota Camry XLE||$922||$461||$77|
|Toyota Corolla LE||$800||$400||$67|
|Toyota RAV4 4WD||$848||$424||$71|
|Toyota Tacoma Double Cab 4WD||$728||$364||$61|
|Get Your Own Custom Quote Go|
Data rating is based on married male driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Indiana minimum liability limits. Discounts applied include multi-policy, multi-vehicle, homeowner, claim-free, and safe-driver. Prices do not factor in specific location which can change coverage rates greatly.
How accidents and tickets impact rates
The chart below highlights how traffic violations and at-fault claims impact Hyundai Elantra annual premium costs for different age groups of insureds. The premiums assume a single male driver, full physical damage coverage, $500 deductibles, and no additional discounts are factored in.
Hyundai Elantra rates are for example purposes only. To get rates for your specific vehicle, click here.
Cost difference between full coverage and liability
The diagram below shows the difference between Toyota Corolla car insurance costs with liability coverage only compared to full coverage. The information is based on no accidents or driving violations, $1,000 deductibles, married female driver, and no additional discounts are factored in.
Toyota Corolla rates are for example purposes only. To get rates for your specific vehicle, click here.
Deciding between full coverage and liability only
There is no definitive guideline to stop buying physical damage coverage, but there is a general convention. If the yearly cost of full coverage is more than around 10% of the replacement cost of your vehicle minus the policy deductible, the it may be a good time to stop paying for full coverage.
For example, let's say your Toyota Corolla settlement value is $7,000 and you have $1,000 deductibles. If your vehicle is destroyed, the most your company would pay you is $6,000 after the policy deductible has been paid. If premiums are more than $600 annually for comprehensive and collision coverage, then it might be time to buy liability only.
There are a few cases where buying only liability insurance is not a good idea. If you still have a loan on your vehicle, you have to maintain full coverage as part of the loan conditions. Also, if your savings is not enough to buy a different vehicle if your current one is in an accident, you should not consider dropping full coverage.
Three good reasons to insure your vehicle
Even though rates can get expensive, buying car insurance is not optional due to several reasons.
First, the majority of states have compulsory liability insurance requirements which means state laws require specific limits of liability if you want to drive legally. In Indiana these limits are 25/50/10 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
Second, if your car has a loan, it's guaranteed your bank will stipulate that you have comprehensive coverage to protect their interest in the vehicle. If the policy lapses, the lender may have to buy a policy to insure your vehicle for a much higher rate and force you to pay a much higher amount than you were paying before.
Third, insurance safeguards not only your vehicle but also your financial assets. Insurance will pay for medical expenses for yourself as well as anyone injured by you. As part of your policy, liability insurance will also pay for a defense attorney in the event you are sued. If you have damage to your vehicle as the result of the weather or an accident, collision and comprehensive (also known as other-than-collision) coverage will pay all costs to repair after the deductible has been paid.
The benefits of buying car insurance are definitely more than the cost, particularly for liability claims. An average driver in America is overpaying over $865 each year so we recommend shopping around at least once a year to ensure rates are inline.
Don't be fooled by advertising claims
Indiana drivers can't avoid all the ads for cheaper car insurance from companies such as Allstate and Progressive. They all seem to say the same thing about saving some big amount if you switch your coverage.
How does every company charge less that you're paying now? This is the trick they use.
Insurance providers can use profiling for the type of driver they prefer to insure. For instance, a profitable customer might have to be between 25 and 40, has never had a policy lapse, and drives newer vehicles. A propective insured that meets those criteria gets the lowest prices and therefore will save a lot of money.
People who fall outside these criteria may receive a higher rate which usually ends up with the customer not buying. The ad wording is "people that switch" not "everybody who quotes" can get the lowest rates when switching. That is how insurance companies can make it sound like they have such great rates.
This really drives home the point why you really need to compare many company's rates. Because without a comparison, you cannot know with any certainty which company will have the lowest prices for your situation.
Don't neglect these discounts on car insurance
Car insurance can be pricey, but you may find discounts that can help lower your rates. Some discounts will apply when you complete an application, but some may not be applied and must be asked for in order for you to get them.
- Organization Discounts - Participating in qualifying clubs or civic groups is a simple method to lower premiums on your next car insurance statement.
- Discounts for Seat Belt Usage - Buckling up and requiring all passengers to buckle up can save up to 15% on the medical payments or PIP coverage costs.
- Policy Bundle Discount - If you have multiple policies with the same company you may earn 10% to 20% off each policy.
- Student in College - Children who are enrolled in a college that is more than 100 miles from Bloomington and won't have access to an insured vehicle could qualify for this discount.
- Driver's Ed - Reduce the cost of insurance for teen drivers by having them participate in a local driver's education class in school.
Consumers should know that many deductions do not apply to the overall cost of the policy. Most only apply to the cost of specific coverages such as liability and collision coverage. Despite the appearance that all those discounts means the company will pay you, you aren't that lucky. Any amount of discount should help reduce the amount you pay for coverage.
Companies and some of the premium reductions they offer are detailed below.
- State Farm includes discounts for defensive driving training, multiple autos, Steer Clear safe driver discount, safe vehicle, and anti-theft.
- Farmers Insurance policyholders can earn discounts including pay in full, distant student, teen driver, youthful driver, multi-car, and business and professional.
- GEICO discounts include air bags, anti-theft, federal employee, emergency military deployment, and anti-lock brakes.
- American Family has savings for Steer into Savings, early bird, mySafetyValet, accident-free, air bags, good driver, and bundled insurance.
- Nationwide may have discounts that include business or organization, anti-theft, Farm Bureau membership, easy pay, defensive driving, and good student.
- Progressive offers premium reductions for good student, homeowner, continuous coverage, multi-vehicle, online quote discount, multi-policy, and online signing.
If you want affordable Bloomington auto insurance quotes, ask all the companies which credits you are entitled to. Some credits might not be offered on policies in your state. For a list of companies with discount rates in Bloomington, click this link.
Local neighborhood agents and car insurance
Many drivers still like to go talk to an agent and that is just fine! Licensed agents can help determine the best coverages and help you file claims. An additional benefit of comparing car insurance online is that drivers can save money and get better rates but also keep your business local. Buying insurance from local insurance agencies is definitely important in Bloomington.
Once you complete this simple form, your coverage information is emailed to participating agents in Bloomington who can give free rate quotes to get your business. You don't have to drive around since price quotes are sent straight to your inbox. In the event you want to quote rates from a specific car insurance provider, don't hesitate to visit that company's website and fill out the quote form the provide.
Exclusive or Independent: There is a difference
If you're trying to find a reputable insurance agent or broker, it's helpful to know the types of agencies and how they operate. Car insurance agents can be categorized as either exclusive agents or independent agents. Both types can sell affordable car insurance policies, but it is important to understand how they are different because it may have an impact on which type of agent you select.
Independent Car Insurance Agencies
These agents often have many company appointments and that allows them to write policies through many companies and get you the best rates possible. If they find a lower price, your agent can switch companies which requires no work on your part.
When comparing car insurance prices, it's recommended you get insurance quotes from a few independent agents for the best price selection.
Agents of this type can only quote rates from one company and some examples include AAA, Allstate, and State Farm. Exclusive agents cannot shop your coverage around so if the price isn't competitive there isn't much they can do. Exclusive agencies are well trained on the products they sell which helps overcome the inability to quote other rates.
Finding the right insurance agent shouldn't rely on just the quoted price. These are some questions your agent should answer.
- Are they in the agency full-time?
- Do they carry Errors and Omissions coverage?
- Will your rates increase after a single accident?
- Do they get paid more for recommending certain coverages?
- Do they specialize in personal lines coverage in Bloomington?
- Which insurance company do they prefer to write with?
- How many companies do they write for?
Upon receiving acceptable answers for all questions you ask and inexpensive Bloomington auto insurance quotes, you may have found an auto insurance agent that meets the requirements to insure your vehicles.
Do I need special coverages?
Always keep in mind that when comparing proper insurance coverage for your personal vehicles, there really is not a single plan that fits everyone. Your situation is unique and your insurance should unique, too. For example, these questions may help highlight whether you could use an agent's help.
- Am I better off with higher deductibles on my vehicle?
- Does coverage extend to my business vehicle?
- Is my state a no-fault state?
- Can I afford to buy a different vehicle if my vehicle is totaled?
- What if I owe more than I can insure my car for?
- Can I get by with minimal medical coverage if I have good health insurance?
- Will damage be repaired with OEM parts?
- Can I rate high risk drivers on liability-only vehicles?
- Does low annual mileage earn a discount?
If you can't answer these questions but you think they might apply to your situation then you might want to talk to an agent. If you don't have a local agent, simply complete this short form or click here for a list of insurance companies in your area. It's fast, free and can provide invaluable advice.
Be persistent to save money
When trying to cut insurance costs, it's a bad idea to sacrifice coverage to reduce premiums. In many cases, an insured cut uninsured motorist or liability limits only to find out that it was a big mistake. Your goal is to find the BEST coverage for the lowest cost, but do not sacrifice coverage to save money.
You just read some good ideas how to shop for auto insurance online. The most important thing to understand is the more providers you compare, the better your comparison will be. You may even be surprised to find that the lowest car insurance rates are with some of the lesser-known companies. Regional companies may have significantly lower premium rates on certain market segments as compared to the big name companies such as Allstate and Progressive.
To learn more, link through to the resources below:
- What are my Rights when Filing a Claim? (Insurance Information Institute)
- How Much is Indiana Auto Insurance for First-time Drivers? (FAQ)
- How Much are Auto Insurance Quotes for a 20 Year Old Male in Indiana? (FAQ)
- What Auto Insurance is Cheapest for Unemployed Drivers in Indiana? (FAQ)
- What is the Best Cheap Car Insurance in Gary, Indiana? (FAQ)
- What Car Insurance is Cheapest for a Hyundai Elantra in Indiana? (FAQ)
- What is the Cheapest Auto Insurance in Anderson, Indiana? (FAQ)
- What is the Best Cheap Auto Insurance in Noblesville, IN? (FAQ)
- Who Has Affordable Auto Insurance for Low Income Drivers in Indiana? (FAQ)
- What Auto Insurance is Cheapest for 19 Year Olds in Indiana? (FAQ)
- Who Has Affordable Car Insurance for a Dodge Ram in Indiana? (FAQ)
- Comprehensive Coverage (Liberty Mutual)
- Rearview cameras reduce backing crashes (Insurance Institute for Highway Safety)
- Bodily Injury Coverage (Liberty Mutual)