How many years has it been since you compared low-cost insurance rates in Lafayette, IN? Being forced to pay for expensive insurance premiums can sap your monthly budget and possibly require you to analyze your spending habits.

It's hard to believe, but the vast majority of insurance customers have purchased from the same company for over three years, and nearly half have never quoted rates to find affordable coverage. The average driver in Indiana could pocket $700 a year just by shopping around, but most tend to underestimate the big savings they would realize if they changed companies.

There are many insurance companies to insure vehicles with, and though it is a good thing to be able to choose, lots of choices makes it harder to compare rates.

It's smart to compare premium rates once or twice a year due to the fact that insurance rates are variable and change quite frequently. Even if you got the best premium rates on insurance on your last policy the chances are good that you can find a lower price today. Forget anything you know (or think you know) about insurance because you're about to learn one of the quickest ways to lower your rates without sacrificing coverage.

Locating the best insurance company for you in Lafayette is much easier if you know where to start. If you have insurance now, you will surely be able to find the best rates using this strategy. Although Indiana car owners need to learn the way insurance companies market insurance on the web.

The quickest method to get rate comparisons is to understand auto insurance companies provide online access to give rate comparisons. To begin a comparison, all you need to do is provide information like coverage limits, how many miles driven, the type of vehicles you drive, and any included safety features. The rating information is sent automatically to many different companies and you will receive price estimates quickly.

If you would like to compare rates now, click here then complete the form.

The companies shown below can provide free quotes in Lafayette, IN. If multiple companies are listed, it's highly recommended you visit as many as you can in order to get a fair rate comparison.

Insurance Rates for Popular Vehicles in Lafayette
Make, Model, and Trim Level Annual Policy Premium 6-month Policy Premium Monthly Premium
Chevrolet Silverado LT Extended Cab 4WD $744 $372 $62
Dodge Grand Caravan Crew $874 $437 $73
Dodge Ram Quad Cab SLT 2WD $712 $356 $59
Ford Escape Limited 2WD $668 $334 $56
Ford F-150 Lariat King Ranch 4WD $928 $464 $77
Ford Focus S 4-Dr Sedan $766 $383 $64
Ford Fusion S 4-Dr Sedan $826 $413 $69
Honda Accord LX-P 4-Dr Sedan $552 $276 $46
Honda CR-V EX 4WD $656 $328 $55
Honda Civic EX-L 2-Dr Coupe $1,176 $588 $98
Jeep Grand Cherokee SRT-8 4WD $1,084 $542 $90
Mazda 3 I Sport 4-Dr Sedan $974 $487 $81
Nissan Altima 2.5 S 4-Dr Sedan $1,140 $570 $95
Nissan Rogue SL AWD $1,242 $621 $104
Toyota Camry SE $1,038 $519 $87
Toyota Corolla XRS $826 $413 $69
Toyota RAV4 Limited 4WD $742 $371 $62
Toyota Tacoma 4WD $880 $440 $73
Volkswagen Jetta S 2.5 Station Wagon $906 $453 $76
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Above prices assume single male driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and Indiana minimum liability limits. Discounts applied include homeowner, claim-free, safe-driver, multi-vehicle, and multi-policy. Price estimates do not factor in specific location information which can affect prices substantially.

Does full coverage make sense?

The diagram below shows the difference between Nissan Altima car insurance rates with and without physical damage coverage. The premium estimates are based on no accidents, no driving violations, $250 deductibles, single male driver, and no discounts are factored in.

Nissan Altima rates are for example purposes only. To get rates for your specific vehicle, click here.

Are you wasting money paying for full coverage?

There is no written rule of when to eliminate physical damage coverage, but there is a guideline you can use. If the annual cost of having full coverage is 10% or more of replacement cost minus your deductible, then you may need to consider dropping full coverage.

For example, let's say your Nissan Altima replacement cost is $7,000 and you have $1,000 deductibles. If your vehicle is totaled in an accident, you would only receive $6,000 after the policy deductible has been paid. If you are paying over $600 annually for your policy with full coverage, then you might want to think about dropping full coverage.

There are some scenarios where eliminating full coverage is not financially feasible. If you still owe money on your vehicle, you must maintain physical damage coverage to satisfy the loan requirements. Also, if you can't afford to buy a different vehicle in case of an accident, you should not eliminate full coverage.

Policy deductible comparison

The hardest decision when buying coverage is which deductibles should you choose. The rates below can help illustrate the rate fluctuation when you choose different physical damage deductibles. The first set of prices uses a $100 comprehensive and collision deductible and the second price table uses a $500 deductible.

Chevrolet Tahoe rates are for example purposes only. To get rates for your specific vehicle, click here.

Chevrolet Tahoe insurance with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Tahoe LS 2WD $242 $436 $280 $16 $84 $1,083 $90
Tahoe LS 4WD $272 $436 $280 $16 $84 $1,113 $93
Tahoe LT 2WD $272 $436 $280 $16 $84 $1,113 $93
Tahoe LT 4WD $272 $436 $280 $16 $84 $1,113 $93
Tahoe LTZ 2WD $272 $514 $280 $16 $84 $1,191 $99
Tahoe LTZ 4WD $272 $514 $280 $16 $84 $1,191 $99
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Chevrolet Tahoe insurance with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Tahoe LS 2WD $176 $294 $280 $16 $84 $850 $71
Tahoe LS 4WD $200 $294 $280 $16 $84 $874 $73
Tahoe LT 2WD $200 $294 $280 $16 $84 $874 $73
Tahoe LT 4WD $200 $294 $280 $16 $84 $874 $73
Tahoe LTZ 2WD $200 $348 $280 $16 $84 $928 $77
Tahoe LTZ 4WD $200 $348 $280 $16 $84 $928 $77
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Data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Indiana minimum liability limits. Discounts applied include claim-free, homeowner, multi-vehicle, multi-policy, and safe-driver. Prices do not factor in specific location which can modify premiums significantly.

Based on the above data, using a $100 deductible will cost you approximately $21 more each month or $252 annually than quoting the higher $500 deductible. Because you would be required to pay $400 more to file a claim with a $500 deductible as compared to a $100 deductible, if you average at least 19 months between claims, you would probably be better off going with the higher deductible.

Three reasons to insure your vehicle

Despite the fact that car insurance is not cheap in Lafayette, buying car insurance serves an important purpose.

First, just about all states have mandatory liability insurance requirements which means the state requires a specific level of liability coverage in order to get the vehicle licensed. 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.

Second, if you bought your vehicle with a loan, almost every bank will require you to have full coverage to guarantee loan repayment. If you default on your policy, the bank may buy a policy for your vehicle at a much higher premium rate and force you to reimburse them a much higher amount than you were paying before.

Third, car insurance protects not only your car but also your assets. Insurance will pay for medical bills for both you and anyone you injure as the result of an accident. One of the most valuable coverages, liability insurance, will also pay to defend you in the event you are sued. If you receive damage to your vehicle caused by a storm or accident, collision and comprehensive coverages will pay to have it repaired.

The benefits of having car insurance definitely exceed the cost, especially when you need to use it. In a recent study of 1,000 drivers, the average customer overpays more than $830 a year so compare quotes from several companies at least once a year to be sure current rates are still competitive.

Why you might pay higher rates in Lafayette

A large part of saving on insurance is knowing some of the elements that go into determining your insurance rates. If you understand what determines premiums, this empowers consumers to make smart changes that may reward you with lower premium levels. Many factors are used when quoting car insurance. Some of the criteria are obvious like a motor vehicle report, although some other factors are less apparent such as your marital status or your vehicle rating.

Don't neglect these discounts

Not many people think insurance is cheap, but you might be missing out on some discounts that can dramatically reduce your bill. Some discounts will apply when you get a quote, but occasionally some discounts must be manually applied prior to getting the savings.Auto insurance discounts

As is typical with insurance, many deductions do not apply to the entire policy premium. Some only apply to the cost of specific coverages such as comp or med pay. Just because it seems like you can get free auto insurance, you won't be that lucky.

Popular auto insurance companies and a selection of discounts can be found below.

Check with every prospective company what discounts are available to you. Some of the discounts discussed earlier may not apply to policies in your state. To locate auto insurance companies that offer discounts in Indiana, click here.

Do I need special coverages?

When it comes to choosing your policy for your vehicles, there really is not a one-size-fits-all type of policy. Everyone's needs are different and your policy should reflect that.Auto insurance savings For instance, these questions might point out if your insurance needs may require specific advice.

If it's difficult to answer those questions but you know they apply to you, you may need to chat with a licensed insurance agent. If you don't have a local agent, take a second and complete this form or you can go here for a list of companies in your area.

Neighborhood agents and auto insurance

Many people still like to get professional advice from a licensed agent and there is nothing wrong with that. The best thing about comparing auto insurance online is you may find cheap auto insurance quotes and also buy local.

Find insurance agent in LafayetteFor easy comparison, once you complete this simple form, the quote information is sent to companies in Lafayette who will return price quotes for your business. There is no reason to contact any agents due to the fact that quote results will go straight to your inbox. You can find better rates without the usual hassles of price shopping. If you have a need to compare rates from a specific company, don't hesitate to jump over to their website and complete a quote there.

Picking an provider requires more thought than just a cheap price. Any agent in Lafayette should be willing to answer these questions.

Exclusive or Independent: There is a difference

If you would like to find a reliable agent, you must know there are a couple different types of agents from which to choose. Lafayette agents are categorized either exclusive or independent agents depending on their company appointments.

Exclusive Agencies

Agents that choose to be exclusive generally can only insure with one company and examples are State Farm, Allstate, or Farmers Insurance. Exclusive agencies are unable to provide prices from multiple companies so if the price isn't competitive there isn't much they can do. Exclusive agencies are very knowledgeable on their company's products and that enables them to sell even at higher rates.

Independent Agents (or Brokers)

These type of agents do not sell for just one brand so they can insure your vehicles with multiple insurance companies and find you the best rates. If they quote lower rates, your agent can switch companies and you stay with the same agent.

When searching for an agent, it's recommended you get several quotes from a couple of independent agencies to maximize your price options.

Car insurance claim statistics

Are you driving a vehicle with a high chance of a claim? The statistics below list the best and worst makes and models for likelihood of having large claims.

Vehicles with the Lowest and Highest Car Insurance Medical Payment Claims
Lowest Claim Frequency Highest Claim Frequency
Audi A4 Allroad Chevrolet Sonic
Tesla Model S Chevrolet Spark
Chevrolet Silverado 3500 Dodge Charger
Chevrolet Corvette Mitsubishi Mirage
Ford Expedition Mitsubishi Lancer
Ford F-350 SuperCrew Nissan Sentra

Data Source: (Insurance Institute for Highway Safety) for 2013-2015 Model Years

Car Insurance Collision Claims by Vehicle Model
Lowest Claim Frequency Highest Claim Frequency
Jeep Wrangler Maserati Ghibli
Ford Edge BMW 6 Series
Chevrolet Colorado Audi RS7
Ford F-150 SuperCrew Ferrari 458
Nissan Xterra Nissan GT-R
Smart ForTwo Bently Continental GT

Data Source: (Insurance Institute for Highway Safety) for 2013-2015 Model Years

Lowest and Highest Comprehensive Insurance Claims by Vehicle Model
Lowest Claim Frequency Highest Claim Frequency
Infiniti QX50 Bentley Continental GTC
GMC Sierra 2500 Maserati Quattroporte
Volvo V60 Mercedes-Benz S Class
Smart ForTwo Bentley Continental GT
Ford F-350 BMW M6
Nissan Xterra Audi S7

Data Source: (Insurance Institute for Highway Safety) for 2013-2015 Model Years

Lowest and Highest Car Insurance Liability Claims by Vehicle
Lowest Claim Frequency Highest Claim Frequency
Volvo XC60 Chevrolet Sonic
Acura MDX Dodge Charger
Subaru Outback Kia Rio
Subaru Forester Chevrolet Cruze
Audi A6 Mitsubishi Lancer
Fiat 500 Chevrolet Impala

Data Source: (Insurance Institute for Highway Safety) for 2013-2015 Model Years

Affordable coverage is out there

Cost effective auto insurance can be bought on the web as well as from independent agents in Lafayette, and you need to comparison shop both so you have a total pricing picture. Some insurance companies may not provide rate quotes online and many times these regional insurance providers work with independent agents.

We just showed you some good ideas how you can lower your auto insurance car insurance rates in Lafayette. The key thing to remember is the more rate quotes you have, the better likelihood of getting the cheapest Lafayette car insurance quotes. Consumers may even find the biggest savings come from a small local company. These smaller insurers may only write in your state and offer lower premium rates than their larger competitors like GEICO and State Farm.

As you shop your coverage around, it's very important that you do not skimp on critical coverages to save a buck or two. In too many instances, drivers have reduced physical damage coverage only to regret that the small savings ended up costing them much more. The ultimate goal is to get the best coverage possible at the best possible price.

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