Indiana has 4,467,848 licensed drivers on the road, and so it should come as no surprise that in 2018 there were 217,077 traffic collisions. With so many accidents each year, it’s imperative that Indiana drivers purchase car insurance. But, of course, you don’t want your car insurance to break the bank.
Currently, Indiana drivers pay around $354 a year for minimum coverage and $1,281 for full coverage, which is well below the average cost of insurance across the nation at $563 for minimum coverage and $1,738 for full coverage. Nevertheless, there’s never a reason to overpay for anything. Let’s take a look at the cheapest providers currently operating in Indiana.
The cheapest car insurance in Indiana
Indiana drivers have a lot of great options when it comes to finding the cheapest car insurance in Indiana, as well as the best car insurance in Indiana. Luckily for this state, the two are often one and the same. With discounts, just about any company discussed below could easily come in at number one cost-wise.
|Car Insurance Company||Average Annual Premium for Minimum Coverage||Average Annual Premium for Full Coverage|
Just going by the table above, USAA wins the title for cheapest auto insurance in Indiana. However, just know that USAA currently only serves both active and retired military, as well as their immediate family members. If this applies to you, USAA needs to go on your short list. Each year, USAA wins awards for its customer satisfaction, which means they’re a great company to work with when you have a problem.
Unfortunately, USAA doesn’t offer much in the way of discounts. The ones it does offer, however, are achievable and applicable to many drivers. If you’re actively involved in the military, one discount that may interest you is the garage discount. With this discount, you can save up to 15% whenever your car is garaged.
Geico probably offers the most amount of discounts in the industry even though it is already one of the cheapest providers without them. And not only does it offer a lot of discounts, but a lot of them provide significant savings. Some examples:
- 5 years without an accident may get you up to 26% in savings.
- Having an airbag on the driver side will get you 25% off, while also having it on the passenger side will get you to 40%.
- Lastly, a simple anti-theft system will save you 25% off your premium.
Auto-Owners offers a lot of discounts that most of its customers will have no issue taking advantage of. This is pretty impressive considering the cost of its policies without them. Our favorite discounts revolve around young drivers. They have the standard good student and student away at school discounts, but a really cool one is called ‘Teen Driver Monitoring Discount,’ which monitors your teen’s driving with a GPS. As long as he or she is a good driver, you get a monthly discount.
State Farm has a nice selection of discounts to complement its already low premiums. The greatest savings seem to go towards loyal customers. Use State Farm to insure multiple vehicles and you could save as much as 20% on your premium. Pair it up with renters, condo or homeowners insurance, and you could save another 17%. Another discount that offers great savings is the Good Student discount, which could save you up to 25%. This discount lasts until you or your child turns 25.
Though Nationwide may not be the cheapest auto insurance in Indiana, it’s still very cheap compared to most other companies and it provides a lot of easy ways for its customers to lower their premiums. For example, sign up for ‘SmartRide’— a usage based insurance program— and you immediately get 10% off just for signing up (but, of course, you could save even more). If you’re not sure which discounts are right for you, enroll with Nationwide’s free ‘On Your Side’ service, which puts you into contact with a Nationwide professional so that you can take advantage of every discount you can.
Affordable coverage for Indiana drivers
The minimum amount of liability you must have in Indiana is 25/50/25. This means that in an accident your provider will cover up to:
- $25,000 per person for bodily injury/ death
- $50,000 per accident for bodily injury/ death
- $25,000 per accident for property damage
Though this is a lot of money, it’s easy to imagine a scenario where it wouldn’t be enough for any category. For example, a new Ford 350 can easily cost over $50,000. Should you get into an accident with a driver of one of these trucks, you would be expected to pay out of pocket any amount over your policy limit. This is why it can be a good idea to purchase as much insurance as you can comfortably afford.
How to get cheap car insurance in Indiana
The most important thing you can do while looking for cheap car insurance in Indiana is to shop around. Every company uses a series of factors to calculate how much you’ll pay for a policy with them. Such factors include things like driving history, location, type of car and marital status. However, each company weighs the importance of each factor differently. Therefore, something like your marital status may be less important with one company than it is with another. This is why it is so important to shop around and to get quotes from multiple companies.
After you’ve shopped around and received quotes, the next thing you’ll want to do is to compare discounts. While a long list of discounts is great, it’s more important for a company to have discounts that actually apply to you and your lifestyle. See which ones you can take advantage of right away and which ones you could get with a little bit of work. Once you’ve done this, calculate how much you’ll save immediately and in the near future. (Note: You may need to call the insurance provider to get exact numbers for this.)
There are a couple of other things you can do to lower what you pay. The easiest and fastest thing you can do is to opt for a higher deductible. Just know that you’ll get less of a payout should you get into an accident if you go this route, which means you may want to have some money put aside. Another thing you can do is to improve your credit score. This obviously takes some time, but will save you money in the long run. If this interests you, you’ll definitely want to speak with your provider about specifics.
Frequently asked questions
What is the best car insurance in Indiana?
Unfortunately, there’s no easy way to answer this question because there is a lot of criteria to consider. For an in-depth dive on this very subject, read our Best Car Insurance in Indiana page.
Is Indiana a no-fault state?
No, Indiana is not a no-fault state. This means as a driver you should think about purchasing more than the basic liability mandated by Indiana.
Does Indiana have a high amount of uninsured drivers?
Yes, compared to other states it does. According to the last study conducted by the Insurance Information Institute, Indiana is the eighth highest state for uninsured drivers with 16.7% of the population currently driving uninsured.
Bankrate utilizes Quadrant Information Services to analyze rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on a 40-year-old male and female driver with a cleaning driving record, good credit and the following full coverage limits:
- $100,000 bodily injury liability per person
- $300,000 bodily injury liability per accident
- $50,000 property damage liability per accident
- $100,000 uninsured motorist bodily injury per person
- $300,000 uninsured motorist bodily injury per accident
- $500 collision deductible
- $500 comprehensive deductible
To determine minimum coverage limits, Bankrate used minimum coverages that meet each state’s requirements. Our sample drivers own a 2018 Honda Accord, commute five days a week and drive 12,000 miles annually.
These are sample rates and should be used for comparative purposes only. Your quotes may be different.