Being forced to pay for expensive insurance premiums can eat up your monthly budget and maybe even restrict other spending. Doing a price comparison is recommended to slash your bill and have more diposable income.
A recent insurance study discovered that a large majority of drivers have been with the same company for over three years, and approximately 38% of consumers have never even compared quotes to find cheap rates. With the average insurance premium being $1,400, Indiana drivers could save nearly 55% every year just by getting comparison quotes, but most just don't grasp the amount of savings they would get if they switched to a more affordable policy. Drivers have many insurers to choose from, and though it is a good thing to have multiple companies, so many choices can make it hard to compare rates and find the lowest cost insurance.
Lower Your Rates with these tips
Lots of things are used in the calculation when quoting car insurance. Most are fairly basic such as your driving history, but other factors are not as apparent like your continuous coverage or how safe your car is. One of the most helpful ways to save on car insurance is to to have a grasp of some of the factors that come into play when calculating the rates you pay for car insurance. When consumers understand what determines base rates, this helps enable you to make changes that can help you get big savings.
- Drivers with responsible credit save - Having a bad credit rating can be an important factor in determining what you pay. Drivers who have good credit tend to be better drivers and file fewer claims as compared to drivers with lower credit scores. Therefore, if your credit rating is not that good, you could potentially save money when insuring your vehicle if you clean up your credit.
- Teenage vs. mature drivers - Youthful drivers in Indiana have been known to be inattentive and easily distracted in a vehicle therefore car insurance rates are much higher. Having to add a youthful driver onto a policy can increase premiums substantially. Older drivers are proven to be safer behind the wheel, tend to cause fewer accidents, and are generally more financially stable.
- Accidents are costly - Your driving citation history has a big impact on rates. Only having one moving violation may increase your cost to the point where it's not affordable. Good drivers pay lower auto insurance prices than their less careful counterparts. Drivers with multiple tickets such as reckless driving or DUI may need to file a proof of financial responsibility form (SR-22) with their state in order to keep their license.
- Is car insurance cheaper for males or females? - The statistics show that females take fewer risks when driving. The data does not necessarily mean that women are better drivers. Both genders cause accidents at a similar rate, but the males cause more damage. Men also get more serious tickets such as DWI and reckless driving. Teenage male drivers cause the most accidents and therefore pay the highest rates.
- Lower mileage equals lower premium - Driving more miles every year the more you will pay for car insurance. Most insurance companies apply a rate partially by how you use the vehicle. Autos that are left in the garage receive better premium rates than cars that get driven a lot. Ask your agent if your car insurance policy correctly shows annual mileage, because improper ratings can cost you money.
The most recommended method to get policy rate comparisons is to know the trick auto insurance companies pay for the opportunity to give free rates quotes. The only thing you need to do is provide details such as if you're married, how much education you have, if it has an anti-theft system, and whether or not you need a SR-22. Your rating data is submitted instantly to many highly-rated insurers and they return rate quotes with very little delay.
To check rates for your car now, click here and complete the form.
The car insurance companies shown below can provide free rate quotes in Indiana. If multiple companies are shown, we suggest you click on several of them to get a more complete price comparison.
|Make, Model, and Trim Level||Annual Policy Premium||6-month Policy Premium||Monthly Premium|
|Chevrolet Equinox LT AWD||$996||$498||$83|
|Chevrolet Malibu LTZ||$922||$461||$77|
|Chevrolet Silverado LS Crew Cab 2WD||$1,282||$641||$107|
|Dodge Ram Crew Cab TRX 2WD||$1,032||$516||$86|
|Ford Escape XLS 2WD||$924||$462||$77|
|Ford F-150 STX Super Cab 4WD||$840||$420||$70|
|Ford Focus SE 4-Dr Sedan||$1,176||$588||$98|
|Ford Fusion Sport AWD 4-Dr Sedan||$1,148||$574||$96|
|GMC Sierra SLT Extended Cab 4WD||$818||$409||$68|
|Honda Accord EX 2-Dr Coupe||$1,072||$536||$89|
|Honda CR-V LX 4WD||$748||$374||$62|
|Honda Civic GX 4-Dr Sedan||$974||$487||$81|
|Honda Odyssey Touring||$1,054||$527||$88|
|Mazda 3 S Grand Touring 4-Dr Sedan||$802||$401||$67|
|Nissan Altima 2.5 S 2-Dr Coupe||$978||$489||$82|
|Toyota Camry XLE||$1,140||$570||$95|
|Toyota Corolla LE||$1,026||$513||$86|
|Volkswagen Jetta SE 4-Dr Sedan||$960||$480||$80|
|Get Your Own Custom Quote Go|
Above prices assume single male driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and Indiana minimum liability limits. Discounts applied include homeowner, multi-vehicle, multi-policy, claim-free, and safe-driver. Rate information does not factor in specific Kokomo garaging location which can increase or decrease prices considerably.
Raise deductibles and save
One of the hardest decisions when shopping for car insurance is how low should you set your deductibles. The data tables below sum up the rate difference when you select higher and lower deductibles. The first data table uses a $100 physical damage coverage deductible and the second rate table uses a $500 deductible.
Nissan Sentra rates are for example purposes only. To get rates for your specific vehicle, click here.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Sentra 2.0 S||$210||$514||$280||$16||$84||$1,129||$94|
|Sentra 2.0 SR||$210||$514||$280||$16||$84||$1,129||$94|
|Sentra 2.0 SL||$242||$514||$280||$16||$84||$1,161||$97|
|Sentra SE-R SPEC V||$242||$592||$280||$16||$84||$1,239||$103|
|Get a Quote for Your Vehicle Go|
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Sentra 2.0 S||$154||$348||$280||$16||$84||$882||$74|
|Sentra 2.0 SR||$154||$348||$280||$16||$84||$882||$74|
|Sentra 2.0 SL||$176||$348||$280||$16||$84||$904||$75|
|Sentra SE-R SPEC V||$176||$400||$280||$16||$84||$956||$80|
|Get a Quote for Your Vehicle Go|
Data based on married male driver age 30, no speeding tickets, no at-fault accidents, and Indiana minimum liability limits. Discounts applied include multi-vehicle, safe-driver, multi-policy, homeowner, and claim-free. Rate information does not factor in specific location information which can change premium rates considerably.
We can derive from the above data that using a $100 deductible will cost you about $21 more each month or $252 for a full year than selecting the higher $500 deductible. Since you would pay $400 more out-of-pocket with a $500 deductible as compared to a $100 deductible, if you normally go more than 19 months between claims, you would probably come out ahead by selecting a higher deductible.
An analysis of deductible level
The diagram below illustrates how choosing a deductible and can affect Toyota Camry insurance rates for different age groups. The costs are based on a married female driver, full physical damage coverage, and no discounts are applied to the premium.
Toyota Camry rates are for example purposes only. To get rates for your specific vehicle, click here.
Buying the right vehicle insurance in Indiana is an important decision
Despite the high cost of buying insurance in Kokomo, insuring your vehicle is required by state law in Indiana and it also provides benefits you may not be aware of.
- The majority of states have minimum liability requirements which means the state requires a minimum amount of liability in order to drive the car legally. In Indiana these limits are 25/50/10 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
- If you took out a loan on your vehicle, almost all lenders will make it a condition of the loan that you carry insurance to guarantee their interest in the vehicle. If coverage lapses or is canceled, the bank may insure your vehicle at a more expensive rate and make you pay a much higher amount than you were paying before.
- Auto insurance protects both your vehicle and your assets. It will also pay for medical transport and hospital expenses for yourself as well as anyone injured by you. As part of your policy, liability insurance also pays for attorney fees and expenses if you are sued as the result of an accident. If you receive damage to your vehicle caused by a storm or accident, your policy will pay all costs to repair after the deductible has been paid.
The benefits of insuring your vehicle are without a doubt worth the cost, specifically if you ever have a liability claim. According to a recent study, the average American driver overpays more than $825 a year so smart consumers compare quotes each time the policy renews to help ensure money is not being wasted.
Kokomo auto insurance discounts
Insuring your fleet can be pricey, but you might already qualify for some discounts that can help lower your rates. Many discounts should be triggered at the time you complete a quote, but a few must be requested specifically before you will receive the discount.
- Theft Deterrent System - Vehicles equipped with tracking devices and advanced anti-theft systems are stolen less frequently so companies will give you a small discount.
- Defensive Driver - Successfully completing a safe driver course can save you 5% or more depending on where you live.
- Active Service Discounts - Having a family member in the military can result in better auto insurance rates.
- Telematics Data Discounts - Policyholders that allow companies to scrutinize vehicle usage by using a telematics device like Allstate's Drivewise might get better premium rates if they exhibit good driving behavior.
- Employee of Federal Government - Employees or retirees of the government could qualify for a slight premium decrease with certain companies.
- Life Insurance Discount - Select insurance companies reward you with a lower premium rate if you buy a life insurance policy as well.
- Switch and Save Discount - Select insurance companies give a discount for buying a new policy prior to the expiration date on your current policy. You may see this discount when you get Kokomo auto insurance quotes online.
Don't be shocked that most discounts do not apply to your bottom line cost. The majority will only reduce the price of certain insurance coverages like liability, collision or medical payments. So when it seems like it's possible to get free car insurance, it just doesn't work that way. Any amount of discount should help lower your overall premium however.
To choose providers that offer multiple discounts in Indiana, follow this link.
Do I need a local insurance agent?
Some people prefer to talk to an insurance agent and doing that can be a smart decision Licensed agents can help determine the best coverages and help file insurance claims. A good thing about comparing insurance prices online is you can get the lowest rates and still have an agent to talk to.
To help locate an agent, after submitting this short form, the coverage information is instantly submitted to companies in Kokomo that can give you free Kokomo auto insurance quotes for your insurance coverage. It's much easier because you don't need to leave your computer since price quotes are sent to you. If you want to get a comparison quote from a particular provider, just search and find their rate quote page and fill out their quote form.
Choosing a provider shouldn't rely on just the price. These are some questions your agent should answer.
- Is there any savings for paying the full premium?
- Will one accident increase rates?
- How are claims handled?
- Do the companies they represent have a solid financial rating?
- Does the agency support the community they serve?
- How experienced are they in personal risk management?
- Will you be dealing directly with the agent or with a Custom Service Representative (CSR)?
If you would like to find a reputable insurance agent or broker, it's helpful to know the different types of agencies and how they operate. Insurance agencies in Kokomo can be classified as either independent agents or exclusive agents depending on their employer. Either type can sell auto insurance policies, but it is a good idea to know the subtle differences since it may influence your agent selection.
Exclusive Insurance Agents
Exclusive agents can only provide pricing for a single company like AAA, Allstate, State Farm, or Farmers Insurance. These agents are unable to compare other company's rates so if the price isn't competitive there isn't much they can do. These agents receive extensive training on what they offer which aids in selling service over price.
Independent Agencies or Brokers
Agents that choose to be independent often have affiliation with several companies so as a result can place your coverage with a variety of different insurance companies depending on which coverage is best. If you want to switch companies, they can switch companies in-house and you stay with the same agent.
If you are comparing rate quotes, you need to get rate quotes from at a minimum one independent agency to maximize your price options.
How to know if you need help
When choosing coverage online or from an agent, there really isn't a "perfect" insurance plan. Your financial needs are unique and your auto insurance should be unique as well. Here are some questions about coverages that may help you determine whether your personal situation could use an agent's help.
- Are my custom wheels covered?
- Does coverage extend to a rental car in a foreign country?
- Does my insurance cover my expensive audio equipment?
- Do I need replacement cost coverage on my vehicle?
- Does my policy cover me if I wreck while driving under the influence?
- Am I covered if my car is in a flood?
- Is business equipment covered while in my vehicle?
If it's difficult to answer those questions but you think they might apply to your situation, you might consider talking to an agent. To find lower rates from a local agent, complete this form or click here for a list of auto insurance companies in your area. It only takes a few minutes and may give you better protection.
As you shop your coverage around, it's a bad idea to buy poor coverage just to save money. In many instances, an insured dropped collision coverage only to regret they didn't purchase enough coverage. Your strategy should be to get the best coverage possible at the lowest possible cost, but don't skip important coverages to save money.
There are still a few companies who may not provide price quotes online and most of the time these regional insurance providers only sell through local independent agencies. Cost effective insurance can be purchased from both online companies and also from your neighborhood Kokomo agents, and you need to price shop both so you have a total pricing picture.
We just showed you a lot of tips how to save on insurance in Kokomo. It's most important to understand that the more companies you get rates for, the better your chances of lowering your rates. You may even be surprised to find that the biggest savings come from an unexpected company. Smaller companies can often provide lower rates in certain areas as compared to the big name companies such as GEICO and State Farm.
More information can be read below:
- Teen Driver Statistics (Insurance Information Institute)
- What is the Cheapest Car Insurance in Hammond, IN? (FAQ)
- Who Has Affordable Indiana Auto Insurance Rates for Immigrants? (FAQ)
- What is the Cheapest Auto Insurance in Evansville, Indiana? (FAQ)
- Who Has Affordable Car Insurance Quotes for Nurses in Indiana? (FAQ)
- How Much is Auto Insurance for a Nissan Rogue in Indiana? (FAQ)
- What Auto Insurance is Cheapest for 19 Year Olds in Indiana? (FAQ)
- Reducing Your Risks in a Car Crash Video (iihs.org)
- Alcohol Impaired Driving FAQ (iihs.org)
- Rollover Crash FAQ (iihs.org)
- Drunk Driving Statistics (Insurance Information Institute)