The type of vehicle on the policy is one of the largest factors when quoting the best cheap insurance for college graduates. Vehicles with lots of horsepower, poor crash test ratings, or an increased likelihood of liability claims will cost much more to insure than more modest models.
The data below ranks insurance prices for a number of the cheapest automobiles to buy insurance for.
|Make and Model||Estimated Cost for Full Coverage|
|Honda CR-V EX 2WD||$608|
|Jeep Wrangler Rubicon 4WD 2-Dr||$622|
|Ford Escape XLT 4WD||$623|
|Ford Focus S 4-Dr Sedan||$643|
|Chevrolet Impala LS||$652|
|Chevrolet Silverado LS Regular Cab 2WD||$657|
|Toyota RAV4 Limited 4WD||$664|
|Honda Accord EX-L 4-Dr Sedan||$662|
|Chevrolet Malibu LT||$669|
|Honda Odyssey EX-L||$694|
|Nissan Rogue S AWD||$706|
|Volkswagen Jetta 2.0T Station Wagon||$716|
|GMC Sierra 3500HD SLE Regular Cab 2WD||$717|
|Ford F-350 XLT Super Cab 2WD||$723|
|Chevrolet Equinox LT AWD||$721|
|Honda Civic GX 4-Dr Sedan||$729|
|Toyota Tacoma Double Cab 4WD||$734|
|Ford F-150 FX4 4WD||$743|
|Toyota Camry Hybrid||$754|
|Kia Optima SX||$759|
|Ford Explorer Limited AWD||$758|
|Dodge Grand Caravan SXT||$766|
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Data based on 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, homeowner, and multi-policy. Estimates do not factor in vehicle garaging location which can increase or decrease coverage rates considerably.
Looking at the numbers, you can assume that makes and models like the Honda CR-V, Jeep Wrangler, Ford Escape, Ford Focus, and Chevrolet Impala are most likely going to be some of the more affordable vehicles to insure for college grads.
Shopping around for affordable car insurance is easier said than done, and figuring out which companies offer the cheapest auto insurance rates for college graduates in Indiana involves more quotes for comparison. Every insurance provider uses a little different formula to set policy rates, so we need to take a look at the most competitive auto insurance companies in Indiana.
It's important to know that Indiana auto insurance rates are impacted by many things which can substantially change the price you pay. This is why Indiana drivers need to spend some time comparing rates when trying to find the most economical insurance quotes for college graduates. Prices consist of many things and change frequently, so the best option a year ago may now be quite expensive.
Best Cheap Insurance Rates for Grads
|Rank||Company||Cost Per Year|
|6||Indiana Farmers Mutual||$867|
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Travelers generally has some of the best car insurance rates in Indiana at around $614 each year. Cincinnati Insurance, USAA, Erie, and Western Reserve would also be considered some of the best Indiana auto insurance companies.
As the rates illustrate above, if you are currently insured with USAA and switched to Travelers, you might realize an annual premium reduction of approxmiately $53. Drivers with Erie might save as much as $112 a year, and Western Reserve policyholders might realize rate reductions of up to $232 a year.
To get a fast rate comparison, click here to get a free quote or visit several of the following companies.
Remember that these policy rates are averages for all drivers and vehicles and are not factoring in a price decrease for college graduates. So the company that has the lowest price for you may not even be in the top 36 companies in the list above. That point stresses why you need to get auto insurance quotes using your own driver information and specific vehicle type.
For college grads, one of the more important components that are looked at to help calculate the amount you pay each year for auto insurance is where you choose to live in Indiana. Areas with high crime rates or more dense population like Gary, Portage, and Merrillville tend to have higher auto insurance costs, whereas areas with fewer weather claims and lower vehicle theft rates benefit from lower coverage costs.
The table below shows the highest-priced areas in Indiana for college graduates to buy auto insurance in.
|Rank||City||Average Per Year|
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Prices are approximated as the specific geographic location can lower or raise auto insurance rates considerably.
Best auto insurance company in Indiana
Choosing the highest-rated auto insurance company can be rather challenging considering how many companies provide coverage in Indiana. The rank data in the next section may help you decide which car insurance companies you want to consider when looking for cheaper rates. The rankings below are only made up of companies with a national presence, so companies with more of a regional focus are not included in these rankings.
|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 versus liability only rates
Paying less for auto insurance is probably important to the majority of people, and one of the quickest ways to pay less for insurance for college graduates in Indiana is to only buy liability coverage. The information below visualizes the comparison of auto insurance costs with full coverage and liability only. The costs are based on no driving violations, no at-fault accidents, $100 deductibles, drivers are not married, and no discounts are taken into consideration.
As an average for all age groups, full coverage on your policy costs an additional $1,613 per year more than just insuring for liability. That is a large expense which might make you wonder if full coverage is worth the money. There is no exact rule to delete full coverage, but there is a guideline you can use. If the annual cost of having full coverage is 10% or more of any settlement you would receive from your insurance company, then it could be time to drop full coverage.
Discounts on Indiana auto insurance rates
Car insurance companies that sell policies for college graduates may additionally offer premium discounts that may potentially lower prices by as much as 30% if you are eligible to receive them. A list of auto insurance companies and the discounts they provide include:
- State Farm may offer discounts for student away at school, Steer Clear safe driver discount, good driver, safe vehicle, and driver's education.
- American Family has savings for TimeAway discount, mySafetyValet, early bird, Steer into Savings, accident-free, good student, and defensive driver.
- AAA has discounts for AAA membership discount, anti-theft, pay-in-full, multi-car, multi-policy, education and occupation, and good driver.
- GEICO offers discounts including defensive driver, membership and employees, military active duty, anti-lock brakes, and anti-theft.
- Mercury Insurance may include discounts for ease of repair, multi-car, professional/association, multi-policy, annual mileage, and good driver.
- Farmers Insurance discounts include switch companies, good student, homeowner, distant student, pay in full, bundle discounts, and mature driver.
- Progressive includes discounts for multi-policy, online quote discount, multi-vehicle, good student, continuous coverage, online signing, and homeowner.
The example below shows the comparison of premium costs with and without discounts applied to the policy premium. The premium estimates are based on a female driver, no violations or claims, Indiana state minimum liability limits, full 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 safe-driver, passive restraint, multiple policy, multiple vehicle, claim-free, and vehicle safety discounts applied. When discounts are factored in, the average amount saved each year on auto insurance for college graduates is 28% or $348.