Most Affordable Auto Insurance In Indiana In 2022

Oct 01, 2023 By Susan Kelly

Due to the state's lower-than-average vehicle insurance rates, drivers in Indiana may have an easier time comparing policies and settling on the most affordable ones. Bankrate reported that Indiana's lowest annual premium for minimal coverage was located in Pekin, at just $204.

Hastings Mutual can provide quotations for more comprehensive coverage at a reasonable price. The company offers the lowest annual premiums in the state for full coverage insurance, at just $549 on average.

Average annual premiums in Indiana are $329 for liability-only coverage and $1,242 for comprehensive coverage. Prices for similar levels of coverage throughout the country average $545 and $1,721 per year, respectively.

Although cost is a major element in most drivers' decisions to select an auto insurance provider, it is not the only one. The cheapest Indiana auto insurance was determined by Bankrate's analysis of various parameters, not just average prices. These included the types of coverage offered, discount opportunities, and even ratings from independent agencies.

What Is The Average Cost of Auto Insurance In Indiana?

The typical cost of a policy in Hoosier State is $1,215. The rate varies widely according to individual circumstances. Traveling fewer miles per year than the typical driver can save money on your premium. The national average for auto insurance drops to $1,182 per year for a vehicle driven 6,000 miles per year.

Comparing the state average to the national average, we find that insurance in this state is $324 cheaper than it would be in the rest of the country. The average insurance premium in Indiana is $1,325, less than the average in Illinois to the west but more than in Ohio to the east.

Cheapest Indiana Comprehensive Coverage Companies

Full-coverage auto insurance policies are often more expensive than their basic coverage counterparts due to the extensive financial protection they give against a wide variety of potential losses, such as those caused by natural disasters, theft, and vandalism. Pekin Mutual, Hastings Mutual, USAA, Grange, and State Farm provide competitive full-coverage vehicle insurance prices for Indiana residents.

See how these five companies compare yearly and monthly premiums below. Remember that USAA only provides insurance to currently serving military members, veterans, and their qualifying family members.

What May Happen To Your Indiana Insurance Rates

The cost of your Indiana auto insurance policy may depend on various rating variables specific to you and your driving history.

Your auto insurance rate may increase for a variety of reasons, including but not limited to the following: your age, gender, motor vehicle history, location, credit-based insurance score, and claims history.

Here are some things to think about if your living circumstances have recently changed and you're looking for lower auto insurance:

Insuring A Teen

A higher premium is expected when adding a newly licensed driver to an existing policy. This is because younger drivers are more prone to cause accidents than their senior counterparts.

Even though insurance companies charge more for teenage drivers to account for the greater risk of claims, most also provide discounts tailored to this demographic, such as those for good grades and students who live off-campus and do not have access to a car. As adolescents gain maturity and driving experience, their rates should decrease.

Receiving A Speeding Ticket

Insurers view speeding as irresponsible driving that frequently results in costly claims, so getting a ticket for it will negatively influence your premium.

Your auto insurance rate will likely increase by a fee for three years if you receive a speeding ticket. Raising your deductible, taking advantage of discounts, and reducing your coverage limits are all options for lowering your premiums.

At-fault accidents

A collision will likely increase your vehicle insurance premiums unless you have an accident forgiveness policy. After being found at fault in an accident, your insurance rates will likely rise for three to five years. A little accident won't significantly raise your premium, but a major one would.

Being A Hazardous Motorist

There are several reasons why an insurance company can label you as a "high-risk driver." You may be labeled as a high-risk driver if you have a history of driving while intoxicated, driving without insurance, or receiving several traffic tickets.

If you need to get a Form SR-22 or anything similar, you may also be required to get auto insurance from a non-standard provider. Costing more than what traditional vehicle insurers provide, these plans are only for some.

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