Hoosiers shouldn’t have any problem getting cheap auto insurance as the state has one of the lowest rates in the US. It has the lowest car ownership per capita in the country with about 500 per 1000 people. Numbers of uninsured drivers are at 15% and Uninsured Motorist Coverage is automatically included in your minimum liability vehicle insurance coverage (unless you decline it in writing). It is a good job premiums are cheap in Indiana because they would have stuck out like sore thumb since it is one of the cheapest states to live in the country.
Also, it is a good job life expenses aren’t high in the Hoosier State because average household income isn’t high either in comparison to the rest of the United States. It is located in the Midwestern and Great Lakes regions. It isn’t a large state by area but it is well populated with 6.6 million residents, 4.5 million of which are licensed to drive.
Indiana Car Insurance Laws
- $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/Under-Insured Motorists Coverage
The state allows cancellation of new auto insurance policies within 60 days for any reason. After this initial period, insurers can only cancel policies for reasons approved by the state like nonpayment of premium or driving license suspension. Car insurance non-renewal is allowed but insurers must give at least 20 days notice.
You can confirm these figures or check for updates anytime on the state site. Furthermore, you can see the penalties for driving without the required coverage. The site is a great source of information and you can request help when you feel you are being treated unjustly by your insurer. Also, they can help you if you are struggling to get accepted by insurers. States have special schemes with insurers to get uninsurable drivers insured.
How Much Does Car Insurance Cost in Indiana?
The Hoosier State drivers and demographics don’t give many reasons for insurers to charge higher premiums. Traffic accidents and auto thefts are below national average and uninsured drivers are about the same as the US average. The state laws are fairly straightforward and hardly demanding for insurers that results in lower car insurance premiums. Furthermore, low wages mean that auto repairs aren’t costly for insurers.
Average IN premium expenditure per vehicle is $622, which is $219 cheaper than the US average. Hoosiers can get cheap full coverage car insurance as well since average full coverage cost is $1,113 and $212 cheaper than the national full coverage cost. If you have a half decent automobile you would want to buy full coverage that includes collision and comprehensive covers. This becomes extra important if you are dependent on owning a car to go to work and so on.
Cheapest Car Insurance Companies in Indiana
The premiums can vary substantially depending on who insures you and where you live in the Crossroads of America. If your insurer is one of the most expensive one you can pay 3 years worth of premium in one year, in comparison to the least expensive insurer.
- Cincinnati, $190
- Erie, $215
- Farmers, $281
These insurers generally offer the best value across the state and in most cities. In addition, there aren’t huge premium differences among the IN cities. They form nicely around the state average from the cheapest city of Bloomington to the most expensive city of Gary. But you could save more than average if you shop for vehicle insurance online.
Auto Insurance Indianapolis IN
The state capital is the largest city with the population of 850,000 and home to about 13% of hoosiers. Rates here follow the general patterns seen in densely populated cities where high traffic accidents and vehicular crimes lead to higher premiums. Considering these factors, about 15% higher than state average rates should be accepted as cheap auto insurance Indianapolis, even though it has one of the most expensive average premium in the state.
The above insurers can save you about 50% in Indianapolis and many other IN cities. So, you should start your search with getting quotes from above most competitive vehicle insurers as well as several others. A good comparison website like this one can help you make the most of your time by quickening the process as well as providing convenience.
How to Save Money on Car Insurance in Indiana
States have minimal influence on the rates set by insurers. Therefore, you will see companies in a wide price spectrum. Some companies can be highly competitive while few top insurers may be happy to hold their prices. It is all about market forces and the drive each management have to gain a share in the market. You will see that most national insurers are licensed to sell policies in your state as well. In addition there will be few small local companies in business.
General view is that you find another insurer if you are not happy with your current carrier. The state will only want to get involved when there are clear discrimination and unlawful practices. Otherwise, you have to decide where you stand and what to do next. It is best not to be associated with insurers who are going to make problems when it comes to paying claims, if you can help it. There are plenty information, grievances and praising reviews online about most companies. You can also ask around if anyone had dealings with a particular company you are considering to work with.
Coverage and price are two other points to consider as well. You shouldn’t feel like you have to give up on coverage to get lower premiums. You should try to hold on to the coverage you have and try to reduce the premium. You should also try to find policies that have a few extras. Throwing in a few free covers to make policies more attractive is a sales tactic used by many providers and you can take advantage of them.