Life would sure be easier if we could simply give you the name of the one best car insurance company that has the cheapest policy rates for drivers requiring a SR22 in Indiana. It's not that simple, unfortunately, as there are many unknowns like if you are a man or woman, how experienced of a driver you are, and if you currently have coverage. This article delves into these things and will hopefully give the reader a good beginning to your search for cheaper coverage.
Finding out which companies quote the best car insurance rates for drivers requiring a SR22 in Indiana requires a bit more effort in order to find the lowest price. Each auto insurer uses different criteria to set policy rates, so let's look at the rankings for the most affordable car insurance companies in Indiana.
It's a good idea to know that Indiana car insurance rates are impacted by many things that may substantially change the cost of coverage. Improving your credit rating, getting married, or having an at-fault accident can trigger changes in premium that can make some companies cheaper than before.
Find Cheaper Auto Insurance for SR22 Drivers
Travelers normally has some of the most affordable car insurance rates in Indiana at around $620 annually. USAA, Cincinnati Insurance, Erie, and The Hartford also make the cut as some of the lowest-priced Indiana car insurance companies.
In the above rates, if you are currently insured with Erie and switched to USAA, you may realize an annual savings of in the vicinity of $51. Policyholders with The Hartford could save as much as $194 a year, and Western Reserve policyholders might realize rate reductions of up to $203 a year.
If you want to see how much you could save, click here to get a free quote or click several companies below for low rates.
Bear in mind that those rates are averages across all insureds and vehicles and do not factor in a price surcharge for drivers requiring a SR22. So the insurer that has the cheapest rates for you may not even be in the top 36 companies in the list above. That is why you need to compare prices as often as possible using your own driver information and specific vehicle type.
One of the more important considerations that aid in calculating the amount you pay each year for auto insurance is the neighborhood you call home in Indiana. Regions with more people or even just more weather-related claims like Gary, Merrillville, and Evansville will most likely have higher rates, whereas less populated areas benefit from lower prices.
The table below ranks the highest-priced areas in Indiana for drivers requiring a SR22 to purchase car insurance in.
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Premium costs are estimated as the specific area where the vehicle is garaged can impact insurance rates noticeably.
The vehicle model driven is one of the biggest factors when shopping around for affordable insurance for drivers requiring a SR22. Vehicles with high performance features, a lack of advanced safety features, or a track record of large liability claims will cost more to insure than safer models.
The data below estimates coverage premiums for some of the most economical vehicles to insure.
|Make and Model||Estimated Cost for Full Coverage|
|Ford Escape XLT 2WD||$1,932|
|Honda CR-V EX 2WD||$1,945|
|Ford F-150 XL Super Cab 4WD||$2,186|
|Ford Explorer XLT 2WD||$2,192|
|Toyota Tacoma 4WD||$2,186|
|Jeep Wrangler Rubicon 4WD 2-Dr||$2,199|
|Dodge Grand Caravan SE||$2,208|
|Chevrolet Impala LS||$2,208|
|Honda Civic DX 4-Dr Sedan||$2,215|
|GMC Sierra SLE Regular Cab 2WD||$2,288|
|Toyota RAV4 Limited 4WD||$2,305|
|Hyundai Elantra Blue 4-Dr Sedan||$2,308|
|Chevrolet Malibu LT||$2,328|
|Ford Edge Sport AWD||$2,330|
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Table data represents married male driver age 50, two speeding tickets, two at-fault accidents, $1,000 deductibles, and Indiana minimum liability limits. Discounts applied include multi-vehicle, homeowner, and multi-policy. Price estimates do not factor in vehicle location which can change premium rates noticeably.
Based upon the rates shown, we can tell that makes and models like the Ford Escape, Honda CR-V, Toyota Prius, Ford F-150, and Ford Explorer are likely to be the cheaper vehicles to insure for high risk drivers. Car insurance rates will tend to be more expensive anyway just because there is more claim exposure for drivers requiring a SR22, but overall those makes and models will have the lowest insurance rates that you'll find.
Get discounts on Indiana auto insurance
Auto insurance companies that provide coverage for drivers requiring a SR22 may provide rate discounts that can lower rates by as much as 30% if you qualify. A few popular companies and a partial list of their discounts are included below.
- Progressive offers discounts for homeowner, multi-policy, continuous coverage, multi-vehicle, good student, online signing, and online quote discount.
- GEICO may include discounts for five-year accident-free, anti-lock brakes, anti-theft, seat belt use, and multi-policy.
- State Farm has discounts for multiple autos, multiple policy, good driver, good student, and anti-theft.
- Esurance offers premium reductions for Switch & Save, emergency road assistance, online quote, anti-theft, renters, homeowner, and good student.
- The Hartford offers discounts including good student, bundle, vehicle fuel type, air bag, and defensive driver.
The illustration below shows the comparison of insurance rates with and without policy discounts. Data assumes a male driver, two violations and two at-fault accidents, Indiana state minimum liability limits, comp and collision included, and $250 deductibles.
The first bar for each age group shows the average rate with no discounts. The second bar shows the rates with passive restraint, continuous coverage, marriage, vehicle safety, paid-in-full, and homeowner discounts applied. When drivers take advantage of discounts, the average savings per year on car insurance for drivers requiring a SR22 is 28% or $1,150.
Liability rates compared to full coverage
Saving money when shopping for car insurance should be important to most vehicle owners, and one of the fastest ways to pay less for insurance for drivers requiring a SR22 in Indiana is to not buy full coverage. The chart below visualizes the comparison of annual premium costs with full physical damage coverage compared to only buying the minimum liability limits required in Indiana. The rate quotes are based on no violations or claims, $500 deductibles, single status, and no other discounts are factored in.
As an average, physical damage insurance costs $1,798 per year more than buying just liability insurance. That is a significant amount which raises the question when is the right time to remove full coverage. There isn't a written rule for phasing out physical damage coverage on your policy, but there is a general guideline you can use. If the annual cost of comprehensive and collision coverage is 10% or more of replacement cost minus your deductible, then it could be time to drop full coverage.
For example, let's pretend your vehicle's book value is $8,500 and you have $1,000 physical damage deductibles. If your vehicle is severely damaged, the most your company would pay you is $7,500 after you pay the deductible. If premiums are more than $750 annually for full coverage, then it might be time to buy liability only.
There are some circumstances where dropping full coverage is not a good plan. If you still owe a portion of the original loan, you must maintain physical damage coverage to satisfy the loan requirements. Also, if your savings is not enough to buy a different vehicle in the even your car is totaled, you should not opt for liability only.
How to find the cheapest auto insurance for drivers requiring a SR22 in Indiana
The list below shows some of the better money-saving solutions that can help drivers find lower-cost auto insurance.
- Avoid accidents and claims
- Buy safe vehicles
- Bundle home and auto and save
- Do not waste money insuring older vehicles for full coverage
- Improve your credit score
- Compare rates often to find the best deal
That last idea is incredibly significant, as was pointed out in this article. Coverage prices vary considerably, so drivers shouldn't be resistant to buy a policy from a new company if you can find a cheaper rate. Brand loyalty is great, but it's not recommended if that dedication is costing a small fortune year after year. Now is a great time to shop around to find cheaper insurance for drivers requiring a SR22.