Cheap Car Insurance in Indianapolis, IN
Are you looking for cheap auto insurance in Indianapolis, IN? At AutoInsuranceEZ.com, you can easily find the cheapest insurance rates in your town. To obtain free car insurance quotes from the best providers today, input your zip code into the quote box on this page.
Indianapolis isn’t just the largest city in Indiana; it is also the capital. When you think of Indianapolis, you may also picture the “Indy 500”, the most famous annual race in all of NASCAR. But there’s more to Indianapolis than fast cars and sports; the city also has a thriving arts and culture industry.
- Fun fact: Did you know that Indianapolis is #12 on the list of “Top 100 biggest cities”? Learn more about Indianapolis.
Auto Insurance Coverage Requirements in Indiana
Driving legally in Indianapolis requires:
|Bodily Injury Liability||25,000/50,000||100,000/300,000|
|Property Damage Liability||10,000||100,000|
|Uninsured Motorist Bodily Injury||Not required||100,000/300,000|
|Medical Payments||Not required||5,000|
|Collision||Not required||500 deductible|
|Comprehensive||Not required||0 deductible|
Liability coverage is sufficient if you drive around in an old, relatively cheap car. However, newer vehicles require much more coverage. If you are still making payments on a financed vehicle, your lender may even require it.
Your typical Indiana motorist is probably paying somewhere in the neighborhood of about $100 per month for their auto policy. However, Indianapolis residents can get a policy for as little as $30/mo* – but only if you act fast.
If you want a competitively priced rate, look no further than Grange Mutual, State Farm, or Farmers. Also keep in mind that, while low rates are great, it might be worth a few extra dollars a month to find a company with stellar customer service and an easy to navigate claims filing process.
Auto insurance carriers evaluate many elements when calculating insurance quotes, including geography, zip code, where you live, credit score/rating, and multiple cars and drivers. Additionally, premiums differ from company to company. To verify you’re still being charged the most favorable rate, compare cheap Indiana auto insurance quotes online.
Major Car Insurance Factors in Indianapolis
Insurance companies take numerous variables into account when creating an auto insurance policy. Unfortunately, a number of these elements are difficult or impossible to change. Other factors your car insurance company may consider include:
Your Zip Code
Where you park your car each night will have a major impact on your auto insurance rate. Generally, car insurance is cheaper in rural areas because fewer cars means a smaller chance that you will get into a collision with another vehicle. The population of Indianapolis is 843,393 and the median household income is $41,361.
Taking population into account is one thing. But if you have a high population and a high accident rate, you’re at even more risk for higher insurance premiums. The chart above shows the most recent statistical data for Indianapolis. Given the population, the accident rate is relatively low. This should automatically help lower your monthly costs.
Auto Thefts in Indianapolis
Auto theft is a major problem, especially in densely populated cities. If your location and/or vehicle model put you at a greater risk for theft, you may have trouble finding low-cost car insurance. The total number of stolen vehicles in Indianapolis was 5,005 back in 2013. Although the average theft rate per capita is relatively low, you should still take steps to protect your Vehicle. And adding or increasing your Comprehensive coverage can do just that.
Your Credit Score
People with excellent credit also tend to get offered excellent rates on their automobile insurance. Poor credit, on the other hand, will get you a hefty monthly premium. Just take a look at the chart – people with poor credit are paying double or even triple what everyone else is being charged.
If you’re young, then you’re probably already aware of how much more your insurance costs than it does for older adults. Insurance companies believe, based on their data, that younger drivers with less experience are more likely to cause accidents, and charge them more because of it. But there are Good Student and Driver’s Ed discounts available to you.
Your Driving Record
Serious violations – like Reckless Driving, or getting a DUI – will substantially raise your rates. It may even make it difficult or impossible to find coverage. Minor citations will increase your premiums too, but some companies are willing to forgive one or more blemishes on your record if they offer “Accident Forgiveness” discounts.
You don’t necessarily need a “Cadillac Plan” to insure an old, used clunker of a car. But if you have the money to splurge on a luxury vehicle, you’re going to have to splurge on a comprehensive insurance policy, too. It’s the only way to protect your investment.
Minor Car Insurance Factors in Indianapolis
The factors below may also have an influence in your monthly premium, although they might be a little harder to control:
Your Marital Status
Bundling numerous insurance policies under one company is not a new practice – anyone can do it. What’s more is that if you’re married, you can bundle with your spouse, too. This can save you even more money.
More and more providers these days are charging women and men the same monthly rate, as long as all other factors are pretty much equal. There are still a handful of companies which do charge men and women differently, but which gender it favors varies across providers.
Your Driving Distance to Work
If you live and work in Indianapolis, you can probably expect a 16-22 minute commute to work each day. More than 75% of these workers will drive in their own vehicle, while anywhere from 5-26% will carpool with one or more co-workers.
Did you know that business vehicles cost 10-12% more to insure than vehicles for personal use? It’s unfortunate, but true. Another fact most people don’t know concerns yearly miles driven. Whether you drive a little or a lot, it really only changes your monthly premium by 1-2%.
Your Coverage and Deductibles
One quick and easy way to lower your monthly premium is to raise your deductible. Be careful, though, if you decide to go this route. Save up a little money on the side, just in case the worst happens and you need to file a claim.
Education in Indianapolis, IN
In recent years, insurance companies have started offering lower rates to drivers who have attained a higher education. These discounts even outweigh job-based and income-based ones. Almost 30% of motorists in Indianapolis have a high school diploma, while a slightly smaller percentage has yet to finish their high school education.
If you’re looking to earn a degree from a public institution, the Indiana University-Purdue University has a campus conveniently located in Indianapolis. They offer nearly 200 different majors in a variety of fields. Additionally, private institutions such as The University of Indianapolis and Butler University are also conveniently located within a reasonable driving distance.
Finding affordable auto insurance can be a hassle. There’s a lot of information you need to consider, and figuring out how insurance companies evaluate your potential risk can be complicated. But don’t let the wrong insurance company talk you into purchasing the wrong policy.
How We Conducted Our Car Insurance Analysis
*We calculated our average rate based on the following metrics: a married, 34 year old male with good credit, a 12-month history of maintaining auto insurance, a clean driving record, who owns his own home. Miles driven annually were based on the national average. The average rate was also calculated based on a financed 2015 Honda Accord with a pre-installed anti-theft device.
These Companies Offer Affordable Car Insurance in Indianapolis, IN – Act Now