Locating budget insurance is easier said than done, and deciding which company offers the most affordable auto insurance rates in Richmond will involve more quotes for comparison. Each company uses a different method for determining rates in each state, so let's begin by taking a look at the most competitive auto insurance companies in Richmond, IN.
It's important to know that Indiana auto insurance rates are based on many factors that control the cost of coverage. Events like turning one year older, adding a teenager to your policy, or getting a speeding ticket can produce rate changes that can now make some companies much higher than others.
|Rank||Company||Cost Per Year|
|7||Indiana Farmers Mutual||$867|
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Travelers has some of the most affordable car insurance rates in Richmond at around $620 per year. Cincinnati Insurance, USAA, Erie, and Western Reserve also qualify as some of the cheaper Richmond, IN auto insurance companies.
In this example, if you buy coverage from USAA and switched to Travelers, you may see a yearly savings of roughly $67. Insureds with Erie may save as much as $92 a year, and Western Reserve policyholders might lower prices by $226 a year.
To see if you're overpaying, click here to get quotes or visit any of the low-priced companies below.
Be aware that those prices are averages across all drivers and vehicles and are not factoring in a specific location in Richmond. So the auto insurance company that is best suited for you may not even be in the top 36 companies shown above. That illustrates why you need to get quotes using your own driver data and vehicle information.
For drivers in Richmond, one of the big things that help determine car insurance rates is the neighborhood you call home in Richmond. Areas with increased crime or more people will most likely pay more, whereas areas with fewer weather claims and lower vehicle theft rates have the luxury of lower rates.
The next table shows the highest-priced areas in Indiana in which to purchase auto insurance. Richmond comes in at #17 costing $964 for car insurance, which is approximately $80 each month.
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Price information shown is estimated as the specific area where the vehicle is garaged can alter coverage rates greatly.
The vehicle model to be insured is a large consideration when shopping around for affordable auto insurance in Richmond. Vehicles with high performance features, a lack of safety features, or a history of substantial liability claims will cost substantially more to insure than more modest models.
The information below outlines car insurance costs for a selection of the most budget-friendly automobiles to insure.
|Insured Vehicle||Estimated Cost for Full Coverage|
|Honda CR-V EX 4WD||$803|
|Ford Escape XLT 2WD||$853|
|Dodge Grand Caravan CV||$879|
|Ford Explorer Eddie Bauer 2WD||$886|
|Ford F-150 FX2 2WD||$948|
|Honda Accord EX-L 4-Dr Sedan||$959|
|Ford Edge SE 2WD||$968|
|Toyota Corolla LE||$976|
|Chevrolet Impala LS||$989|
|Hyundai Sonata GLS 4-Dr Sedan||$996|
|Ford Fusion Sport 4-Dr Sedan||$1,003|
|Chevrolet Equinox LT 2WD||$1,013|
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Data based on married male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Indiana minimum liability limits. Discounts applied include multi-policy, multi-vehicle, safe-driver, homeowner, and claim-free. Rate information does not factor in specific garaging location which can increase or decrease price quotes significantly.
Based upon the table data, makes and models like the Honda CR-V, Ford Escape, and Dodge Grand Caravan are likely to be a few of the cheapest vehicles to insure for drivers in Richmond.
Cautious Richmond drivers save money
The best way to maintain cheap auto insurance rates in Indiana for drivers in Richmond is to pay attention while driving and avoid accidents and traffic violations. The diagram below shows how violations and accidents raise auto insurance costs for each age group. The premiums assume a married male driver, comp and collision included, $100 deductibles, and no discounts are taken into consideration.
The data in the chart shows the average cost of an auto insurance policy in Richmond per year with a clean driving record and no accidents is $1,877. Get written up for two speeding tickets and the average cost surges to $2,598, an increase of $722 each year. Now include one accident along with the two speeding tickets and the yearly cost of auto insurance in Richmond goes up to an average of $3,327. That's an increase of $1,451, or $121 per month, just for not driving carefully!
Rate difference between full and liability-only coverage
Saving money on auto insurance is probably important to most drivers, and one great way to find cheaper insurance in Richmond is to not buy full coverage. The diagram below illustrates the comparison of auto insurance costs with full physical damage coverage compared to only buying liability only. The data is based on a clean driving record, no claims, $1,000 deductibles, marital status is single, and no policy discounts are applied.
If averaged out across all ages, full coverage costs an additional $1,577 per year over liability only. That amount may make you wonder when is the right time to remove full coverage. There is no exact formula of when to drop physical damage insurance, but there is a guideline you can use. If the annual cost of your full coverage insurance is more than around 10% of replacement cost minus your deductible, then you may need to consider dropping full coverage.
There are some circumstances where removing full coverage is not a good plan. If you still owe money on your vehicle, you have to maintain full coverage to protect the lienholder's interest. Also, if your savings is not enough to buy a different vehicle in case of an accident, you should keep full coverage in place.
How to find budget-friendly insurance in Richmond
Here are some of the recommended penny-pinching solutions that can help drivers quote low-cost coverage.
- Drive safe vehicles
- Prevent price hikes by avoiding at-fault accidents
- Clean up your credit rating
- Higher comprehensive and collision coverage deductibles will save money
- Save money by observing traffic laws and speed limits
- Keep rates low by shopping around frequently
The last tip in the list is especially valuable, as was pointed out in the prior article. Prices charged by auto insurers can change in a short period of time, so drivers shouldn't hesitate to change to a new company if a cheaper rate is available.
Staying with the same car insurance company is fine, but it's not recommended if that dedication is costing hundreds of dollars a year. Now is a great time to compare prices to find cheaper insurance in Richmond.