Best car insurance in Indiana in 2023

Our 2023 Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.

Like our previous Bankrate Scores, each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. This year, our updated 2023 scoring model provides a more comprehensive view, indicating when companies excel across several key areas and better highlighting where they fall short.

• Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, 2023 quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best and the NAIC, were analyzed.
• Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.
• Tier 3 (Support): To encompass the many ways an auto insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from S&P and Moody’s and factored a comp

Indiana auto insurance law requires that drivers purchase at least minimum levels of auto insurance coverage. If you live in Indiana, you must purchase at least the state’s minimum limits of bodily injury liability and property damage liability to drive legally. Auto insurance companies must also offer you uninsured motorist coverage and underinsured motorist coverage, although you can decline these in writing. 

You cannot purchase less coverage than your state’s minimum requirement, so there’s no need to memorize the legal requirements. However, understanding the minimum coverage limits could help you identify if you need higher limits or optional endorsements.

If you have a loan or lease on your vehicle, your insurance needs may be different than a driver who owns their vehicle outright. Because you share ownership of your vehicle with a financial institution, you will likely be required to carry both comprehensive and collision coverage, often called “full coverage.” Both comprehensive coverage and collision coverage give you financial protection for damage to your vehicle. You may also want to consider gap insurance, which is designed to pay the difference between the cash value of your vehicle and the balance of your loan if your vehicle is stolen or totaled.

Life happens, and when it does, your car insurance might change. If your teen driver gets their license, for example, you will likely be facing increased premiums. Or perhaps you rear-end another driver, get a speeding ticket or are convicted of a DUI.

These incidents could flag you as a high-risk driver and increase your rates. Understanding your own specific scenario could help you find a company that sells coverage geared toward your situation. Households with teen drivers could look for companies with student discounts, for example.

The best car insurance in Indiana will vary based on your personal needs, wants and rating factors. If you are looking for the lowest-priced policy, the best company for you will likely be different from the best company for someone looking for a specific coverage type. Making a list of your wants and needs and getting quotes from several carriers could help you find the best car insurance for your circumstances.

Pekin, Grange and Geico offer some of the cheapest car insurance in Indiana. However, a company’s average rates may not reflect what your policy will cost. Your premium will depend on your individual rating factors, including your age, driving history and the coverage types and levels you choose, which means the cheapest car insurance company will vary by driver.

Price is also only one factor to consider when buying insurance though. You might get a low premium, but if the insurer isn’t financially stable, you could find yourself struggling to collect if you have to file a claim. Always remember to get quotes from a few companies to find a good deal.

Car insurance is required in Indiana, so driving without insurance is illegal. Failure to purchase adequate insurance could result in large fines and suspension of your license. Even if you aren’t caught, you’ll be putting yourself at significant financial risk. If you were to cause an accident, you’d be fully responsible not only for the cost to fix your car, but also the cost to repair the other driver’s vehicle out of pocket, as well as potentially their medical bills for injuries you caused.

Switching your car insurance is a relatively easy task. If you’re shopping for new auto insurance in Indiana, first get quotes and decide which carrier you’re going to move forward with. That company will walk you through the steps to buying your policy, which may include making a payment and signing an application. Once you have an effective date for the new policy, contact your prior insurance company and ask to cancel your prior policy on the same day that your new policy is effective. This eliminates any overlaps or lapses in coverage.