Deciphering which companies quote the most affordable insurance rates in Lafayette calls for a little more work than just quoting one company's rates. Every auto insurer used slightly different criteria for establishing rates, so to begin we'll rank the insurance companies with the overall cheapest rates in Lafayette, IN.
We do need to point out that Indiana insurance rates are calculated based on many things which can significantly increase or decrease the price of coverage. Getting older, moving across town, or getting a driving violation can trigger price changes that can make some companies more affordable than the competition.
|Rank||Company||Cost Per Year|
|7||Indiana Farmers Mutual||$875|
|Get Personalized Rates Go|
Travelers generally has some of the most affordable car insurance rates in Lafayette at around $614 each year. This is $626 less than the average policy premium paid by Indiana drivers of $1,240. USAA, Cincinnati Insurance, Erie, and Western Reserve also qualify as some of the more affordable Lafayette, IN auto insurance companies.
In the above example, if you currently buy coverage from Western Reserve and switched to USAA, you might achieve an annual savings of around $165. Drivers with The Hartford could save as much as $182 a year, and Indiana Farmers Mutual policyholders might reduce rates by $194 a year.
Bear in mind that those premiums are averages for all drivers and vehicles and do not factor in a specific zip code in Lafayette. 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 rates from as many companies as possible using your own specific driver and vehicle information.
One of the many criteria that determine the annual cost of car insurance is your zip code. Areas with high crime rates or more dense population are more likely to pay higher prices, whereas areas with less congestion have the benefit of cheaper car insurance.
The next table sorts the most expensive places in Indiana to purchase car insurance in. Lafayette shows up at #25 with an annual rate of $926 for the average insured, which is approximately $77 monthly.
|Quote Best Rates Go|
Price information shown is approximated as the specific area where the vehicle is garaged can impact auto insurance rates considerably.
The make and model of vehicle driven is probably the biggest factor when trying to find the most affordable car insurance in Lafayette. Vehicles with more horsepower, a lack of safety features, or a history of substantial liability claims will cost significantly more to insure than more modest models. The next table features car insurance costs for the cheapest automobiles to buy insurance for.
|Make, Model, and Trim Level||Estimated Cost for Full Coverage|
|Honda CR-V EX-L 2WD||$806|
|Ford Escape XLT 2WD||$860|
|Dodge Grand Caravan SE||$884|
|Chevrolet Impala LS||$916|
|Ford Edge SEL AWD||$926|
|GMC Sierra SLE Crew Cab 2WD||$934|
|Volkswagen Jetta S 2.5 Station Wagon||$936|
|Toyota Tacoma Double Cab TRD Sport Package 4WD||$950|
|Ford Focus SEL 4-Dr Sedan||$966|
|Chevrolet Silverado LS Crew Cab 4WD||$1,000|
|Chevrolet Equinox LTZ 2WD||$1,005|
|Jeep Wrangler Unlimited Sahara 4WD 4-Dr||$1,012|
|Jeep Grand Cherokee Laredo 2WD||$1,020|
|Toyota RAV4 Sport 4WD||$1,025|
|Toyota Camry LE||$1,020|
|Chevrolet Malibu LS||$1,052|
|Ford F-250 XL Super Cab Cabela Package 2WD||$1,066|
|Toyota Camry Hybrid||$1,073|
|Ford Explorer Eddie Bauer AWD||$1,076|
|Hyundai Elantra Blue 4-Dr Sedan||$1,084|
|Hyundai Sonata GLS 4-Dr Sedan||$1,090|
|Ford F-150 Lariat Crew Cab Harley 2WD||$1,096|
|Start a Quote Go|
Premium data assumes single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Indiana minimum liability limits. Discounts applied include claim-free, safe-driver, multi-policy, homeowner, and multi-vehicle. Rate quotes do not factor in zip code location which can raise or lower coverage rates noticeably.
Based upon these rates, we can tell that vehicles like the Honda CR-V, Ford Escape, and Dodge Grand Caravan will be some of the more affordable vehicles to insure for drivers in Lafayette.
The illustration below demonstrates how deductible levels can influence insurance costs when researching cheap insurance in Lafayette. The premiums assume a single female driver, full coverage, and no additional discounts are factored in.
The data above shows that a 50-year-old driver could lower their policy premium by $300 a year by increasing from a $100 deductible to a $500 deductible, or save $454 by changing to a $1,000 deductible. Young drivers, like the 20-year-old example, could save up to $772 or more by choosing a higher deductible. When raising deductibles, it's a good idea to have plenty of money set aside to enable you to pay the extra out-of-pocket expense, which is the primary disadvantage of high deductibles.
Violations and accidents raise rates
The best way to maintain low auto insurance prices in Indiana for drivers in Lafayette is to be an attentive driver and not have accidents or get tickets. The illustration below illustrates how speeding tickets and at-fault fender-benders impact insurance rates for each age group. Data assumes a married male driver, full coverage, $1,000 deductibles, and no discounts are applied.
In the previous chart, the average cost of auto insurance per year with no violations or accidents is $1,008. Get two speeding tickets and the average cost jumps to $1,379, an increase of $371 each year. Now include two accidents along with the two speeding tickets and the annual cost of auto insurance in Lafayette goes up to an average of $2,936. That's an increase of $1,928, or $161 per month, just for not maintaining a clean driving record!
Tips for finding the cheapest insurance in Lafayette
It's not impossible to find cheaper rates, and here are many thrifty suggestions that can help drivers buy cheaper auto insurance.
- If possible, pay for small claims out-of-pocket
- Higher credit ratings may save you money
- Avoid accidents
- Save money by observing traffic laws and speed limits
- Buy vehicles with five-star safety ratings
- Keep rates low by comparing prices once a year
That last piece of advice is incredibly important, as we stressed in this piece. Prices adjust often, so you should be ready to change to a new company if a better deal can be had. Having brand loyalty is commendable, but is isn't recommended if that inflexibility results in costing you hundreds of dollars year after year. If you have a few minutes, now is a great time to compare rates to find cheaper insurance in Lafayette.