It's impossible to miss the ads from insurers like State Farm, GEICO, and Progressive that promise dirt cheap rates, so drivers just need to choose the one with the best commercial, right?
Unfortunately, it's just not that easy, as there are a whole bunch of unknowns like if you have ever had a coverage lapse, if full coverage is needed, and where you live. In this article, we will cover the different ways to avoid overpaying and hopefully give you enough understanding to have a good beginning to your quest for cheaper car insurance for high credit.
Deciding which company has the lowest-priced car insurance rates for drivers with good credit in Indiana will require a tad more effort than just getting one or two price quotes.
Each auto insurance company uses a different method for determining prices, so let's examine the car insurance companies with the overall cheapest rates in Indiana. It's a good idea to be aware that Indiana car insurance rates are influenced by many factors which can substantially change the price you have to pay for coverage. Turning one year older, buying a home instead of renting, or getting caught speeding may cause policy rate changes that may make certain companies affordable when they were higher priced.
Compare Cheap Insurance Quotes for High Credit
|Rank||Company||Cost Per Year|
|5||Indiana Farmers Mutual||$867|
|Find Cheaper Rates Go|
Travelers may have some of the lowest car insurance rates in Indiana at around $602 a year. Cincinnati Insurance, USAA, Erie, and Indiana Farmers Mutual are also some of the most economical Indiana auto insurance companies.
In this example, if you currently have coverage with Cincinnati Insurance and switched to Travelers, you may realize a yearly price reduction of about $62. Indiana drivers with USAA could save as much as $85 a year, and Erie insureds might lower prices by up to $103 a year.
If you would like to find cheaper car insurance rates, click here to begin a quote or visit several of the following companies.
It's important to note that these policy prices are averaged for all drivers and vehicles and and are not calculated with a price decrease for drivers with good credit. So the company that is best suited for you may not even be in the top 36 companies shown above. That point stresses why you need to compare prices as often as possible using your own individual information.
The vehicle on the policy is a large consideration that determines the availability of low-cost insurance for drivers with good credit. Vehicles with more horsepower, a lack of advanced safety features, or an increased likelihood of liability claims will cost more to insure than more economical and safe models.
The next table features auto insurance costs for a number of the cheaper automobiles to buy coverage for.
|Vehicle Make and Model||Estimated Cost for Full Coverage|
|Ford Escape XLT 2WD||$474|
|Honda CR-V LX 4WD||$479|
|Honda Accord EX 4-Dr Sedan||$516|
|Honda Odyssey EX W/Rear Entertainment||$549|
|Chevrolet Impala LS||$558|
|Dodge Ram Quad Cab ST 2WD||$570|
|Ford Explorer XLT 4WD||$580|
|Ford F-150 XL Super Cab 4WD||$590|
|Hyundai Elantra SE 4-Dr Sedan||$588|
|Ford Edge SE AWD||$598|
|GMC Sierra SLE Extended Cab 4WD||$600|
|Jeep Grand Cherokee SRT-8 4WD||$605|
|Find Cheaper Rates Go|
Cost estimates assume married male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Indiana minimum liability limits. Discounts applied include claim-free, homeowner, multi-vehicle, safe-driver, and multi-policy. Premium amounts do not factor in garaging location in Indiana which can affect auto insurance rates substantially.
By looking at the data, we can conclude that makes and models like the Ford Escape, Honda CR-V, Honda Accord, and Honda Odyssey are most likely to be a few of the most budget-friendly vehicles to insure for financially responsible drivers.
The chart below shows how choosing a deductible can increase or decrease insurance rates when trying to find cheap insurance for drivers with good credit in Indiana. The premiums assume a married female driver, comprehensive and collision coverage, and no policy discounts are applied.
A 50-year-old driver could lower their policy premium by $266 a year by changing from a $100 deductible to a $500 deductible, or save $402 by switching to a $1,000 deductible. Youthful drivers, like the age 20 example, could potentially save as much as $662 every year by using a higher deductible. When using a larger deductible, it will be required to have enough savings set aside to enable you to cover the extra out-of-pocket expense, which is the one shortcoming of high deductibles.
Full coverage or liability only
Reducing the cost of car insurance should be important to the majority of drivers, and an easy way to pay lower rates for insurance for drivers with good credit in Indiana is to only buy liability insurance. The example below visualizes the comparison of insurance rates when comparing full coverage to liability only. The information is based on no violations or accidents, $1,000 deductibles, single status, and no discounts are taken into consideration.
As an average for all age groups, physical damage insurance costs $1,577 per year over liability only. That touches on the question if buying full coverage is a waste of money. There is no definitive formula of when to eliminate comprehensive and collision coverage on your policy, but there is a broad guideline. If the yearly cost for physical damage coverage is more than around 10% of replacement cost minus your deductible, the it may be a good time to stop paying for full coverage.
For example, let's assume your vehicle's replacement cost is $11,500 and you have $1,000 deductibles. If your vehicle is severely damaged, the most your company would pay you is $10,500 after you pay the deductible. If you are paying over $1,050 a year for full coverage, then it could be time to drop full coverage.
Discount Indiana car insurance
Auto insurance companies that offer cheap quotes for drivers with good credit may also give you rate discounts that can reduce rates by 25% or more if you meet eligibility requirements. A list of companies and the discounts they provide are detailed below.
- Progressive discounts include multi-policy, online signing, continuous coverage, homeowner, good student, and online quote discount.
- Farmers Insurance offers discounts including good student, switch companies, early shopping, youthful driver, bundle discounts, and electronic funds transfer.
- Farm Bureau may have discounts that include multi-policy, driver training, multi-vehicle, youthful driver, 55 and retired, safe driver, and renewal discount.
- State Farm offers discounts for multiple autos, accident-free, good driver, anti-theft, and defensive driving training.
- GEICO policyholders can earn discounts including driver training, good student, daytime running lights, air bags, defensive driver, and multi-vehicle.
- SAFECO may include discounts for safe driver, teen safe driver, bundle discounts, anti-lock brakes, homeowner, and drive less.
- Liberty Mutual has discounts for new graduate, new move discount, preferred payment discount, hybrid vehicle, and good student.
The example below compares auto insurance rates with and without policy discounts. The prices are based on a female driver, a clean driving record, no at-fault accidents, Indiana state minimum liability limits, comprehensive and collision coverage, and $250 deductibles. The first bar for each age group shows insurance cost with no discounts. The second bar shows the rates with safe-driver, defensive driving course, claim-free, accident-free, passive restraint, and multiple vehicle discounts applied. When discounts are applied, the average savings per year on car insurance for drivers with good credit is 27% or $425.
How to find more affordable car insurance for drivers with good credit
It's not impossible to find cheaper rates, and here are some of the better penny-pinching solutions that can help you find cheap coverage.
- Don't have frequent claims
- Clean up your credit rating
- Save money by insuring your home and auto with the same company
- Violations and traffic tickets increase rates
- Higher comprehensive and collision coverage deductibles will save money
- Being accident-free can lower rates significantly
- Look for cheaper rates once a year by shopping around
That last idea is notably vital, as we hit on in the prior article. Coverage prices can change in a short period of time, so don't hesitate to buy a different policy if a lower price can be found.
Sticking with a specific company is fine, but it's not a good idea if that loyalty ends up costing lots of hard earned cash every month. It takes less than five minutes to compare prices to find cheaper auto insurance for drivers with good credit.