Automobile Insurance in Indiana

Drivers in the Hoosier State can get cheap car insurance rates as it has one of the lowest rates in the US for both liability only and full coverage policies. It has one of the lowest automobile ownership ratios in the country too. It is good that Uninsured Motorist Coverage is automatically included within minimum state required coverage (unless it is declined in writing) because uninsured drivers are at 15%.

The state covers a large land mass but it is well populated with 6.6 million residents, 4.5 million of which are licensed to drive. Probably that is why Indiana drivers ranked sixth for highest yearly mileage driven at 17,821 miles on average.

Lovely Images from Indiana

Indiana Vehicle Insurance Requirements

Here are the minimum liability limits;

  • $25,000 for bodily injury or death per person.
  • $50,000 total for bodily injury or death per accident.
  • $10,000 for property damage.
  •         You also get same levels of Uninsured Motorists Coverage

The state allows cancellation of new auto insurance policies within 60 days for any reason. After this initial underwriting period, vehicle insurers can only cancel for reasons approved by the commissioner like nonpayment of premium or license suspension. Car insurance non-renewal requires at least 20 days notice.

You can confirm these figures, check for updates or see the penalties for driving without the required coverage anytime on the state site. Also, they can help you if you are struggling to get accepted. Authorities have special schemes to help assigned risk drivers find coverage.

Automobile Insurance Costs in Indiana

Drivers and demographics don’t give many reasons for underwriters to charge hefty premiums here. Traffic accidents and auto thefts are below national average but drivers with no coverage are a bit higher than the US average. The laws are fairly straightforward and hardly demanding to cause concerns. Furthermore, low wages mean that auto repairs aren’t costly to keep claim settlement figures at bay.

The average minimum state required liability only vehicle insurance coverage costs $327, which is $295 cheaper than the US average. Hoosiers can get cheap full coverage as well since the average is $1,295 and $719 less than the national median cost. If you have a half decent automobile you would want to buy a full coverage policy that includes Collision and Comprehensive. This becomes extra important if you are dependent on owning a car to go to work and don’t have much spare savings to help you out if something happens to your auto.

Cheapest Car Insurers in Indiana

The prices can vary substantially depending on who quotes and where you live in the Crossroads of America. Most states have minimal influence on the rates set by underwriters. Therefore, you will see companies in a wide price spectrum. Below three companies generally offer the best value across the state and in most cities.

  1. Cincinnati, $190
  2. Erie, $215
  3. Farmers, $281

In addition, there aren’t huge price differences among the cities. They form nicely around the average from the cheapest city of Bloomington to the most expensive of Gary.

Auto Insurance in Indianapolis IN

The state capital is the largest city with 850,000 residents and home to about 13% of the population. Rates here follow the general patterns seen in densely populated zip codes where high traffic accidents and vehicular crimes lead to expensive premiums. Considering these factors, about 15% higher premiums in Indianapolis means it has reasonable enough prices for what it is. Many similar cities end up having problems with expensive rates.

The above carriers can save you about 50% in Indianapolis and many other cities. So, you should start the search by getting quotes from them as well as several others. A good car insurance comparison website can help you make the most of your time by quickening the process as well as providing convenience.