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Best cheap car insurance in Indianapolis for 2024
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Powered by Coverage.com (NPN: 19966249)
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
Best cheap car insurance companies in Indianapolis
Because car insurance is a personalized product, the best provider for one driver will likely be different than the best for another. That’s why Bankrate included five companies in our list of the best car insurance companies in Indianapolis. Each company we hand-selected has a Bankrate Score of over 3.5, boasts high third-party scores from J.D. Power, AM Best, S&P, Demotech and other organizations offer some policy customization options.
We also analyzed average rate data from Quadrant Information Services to ensure each provider offers competitive average rates. For reference, the average cost of car insurance in Indianapolis is $1,725 for full coverage per year and $429 for minimum coverage. Based on our research, these five companies write the best car insurance in Indianapolis.
Bankrate score
Avg. min coverage premium
Min. coverage
Avg. full coverage premium
Full coverage
Why Geico made our list: Geico is a repeat winner in our Bankrate Awards, tying for two awards (Best Auto Insurance Company Overall and Best Budget Auto Insurance Company) and winning Best for Young Drivers. While Geico has some insurance offices in Indianapolis, there aren’t many, so drivers may want to manage their policies online or through Geico’s highly-rated mobile app. Additionally, Geico’s average full and minimum coverage rates are well below the city average and makes a frequent appearance on our other lists of cheap car insurance companies.
Why Geico may be best for discounts: On top of its low average rates, Geico also offers a lengthy list of potential discounts for all sorts of drivers. Geico advertises 16 different discounts across five different categories: vehicle equipment, driving history and habits, driver’s education, driver affiliations and customer loyalty. With Geico, it's likely that drivers of all different profiles may find significant savings.
| Bankrate Score | 4.4 |
| J.D. Power | 831/1,000 |
| AM Best score | A++ |
Bankrate score
Avg. min coverage premium
Min. coverage
Avg. full coverage premium
Full coverage
Why Auto-Owners made our list: Auto-Owners also made an appearance in our 2024 Bankrate Awards, tying with Geico for Best Budget Auto Insurance Company. Auto-Owners is a regional insurer that only offers auto policies in 26 states, Indiana among them, and exclusively sells policies through its network of local agents. Online quotes are not available. Auto-Owners scored above average in the North Central region in the 2023 J.D. Power Auto Insurance Study and in the Auto Claims Satisfaction Study, which signals a high level of customer satisfaction.
Why Auto-Owners may be best for personalized coverage options: Auto-Owners’ list of additional coverage options is impressive, especially for a regional insurer. It offers a lengthy list of endorsements like Road Trouble (its version of roadside assistance), gap insurance, additional expense coverage, rental car coverage, at-fault accident forgiveness and a common loss deductible if the same covered loss damages your car and home. Auto-Owners even offers policy add-ons that are hard to find with larger carriers, like diminished value coverage, rental auto gap coverage and a collision deductible waiver if you’re in an accident with another Auto-Owners policyholder.
| Bankrate Score | 4.3 |
| J.D. Power | 833/1,000 |
| AM Best score | A++ |
Bankrate score
Avg. min coverage premium
Min. coverage
Avg. full coverage premium
Full coverage
Why State Farm made our list: As the largest car insurer by market share, State Farm’s reach is vast. Although its average rates in Indianapolis tend to be on the higher side, its high third-party rankings, multi-product offerings and top-tier customer service make it worth including among our picks for the best Indianapolis auto insurance. State Farm offers many different insurance lines like life, pet, boat, motorcycle and RV insurance. It also offers banking services through US Bank, making it a one-stop shop for all of your financial needs.
Why State Farm may be best for policy management options: Its product availability is excellent, but where State Farm truly shines is its policy management options. State Farm offers the best of both worlds with a broad network of agents in the Indianapolis area and robust digital tools. In fact, State Farm’s digital interfaces scored above average for shopping and service in the 2023 J.D. Power Digital Experience Study — one of the only insurers to score that highly in both categories.
| Bankrate Score | 4.3 |
| J.D. Power | 837/1,000 |
| AM Best score | A++ |
Bankrate score
Avg. min coverage premium
Min. coverage
Not available
Avg. full coverage premium
Full coverage
Not available
Why American Family made our list: American Family, or AmFam, is another regional insurer, servicing just 19 of the 50 states. Although AmFam scored a few points below average in the North Central region in J.D. Power Auto Insurance Study, its above-average claims satisfaction score and affordable rates made it worth including on our list. Its telematics program, KnowYourDrive, is also impressive, with a possible discount up to 20 percent for safe drivers.
Why American Family may be best for bundling with home insurance: Like many national insurers, AmFam can insure a breadth of different things like an RV, your pet, a snowmobile, your farm or ranch, your home and more. Its home insurance discount list is particularly noteworthy, with advertised savings of up to 29 percent when you bundle it with your auto policy.
| Bankrate Score | 4.2 |
| J.D. Power | 819/1,000 |
| AM Best score | A |
Bankrate score
Avg. min coverage premium
Min. coverage
Avg. full coverage premium
Full coverage
Why USAA made our list: Although its strict eligibility criteria preclude it from official J.D. Power rankings, USAA earned the highest score for customer satisfaction in the North Central region in the Auto Insurance Study and the second-highest score for Claims Satisfaction. USAA also offers affordable average rates in Indianapolis. However, coverage is exclusively available to members of the military, veterans and qualifying family members, so it is not accessible to everyone.
Why USAA may be best for military-focused coverage: Because USAA is exclusive to the military community, it offers some coverages that may be hard (or impossible) to find with other insurers. For instance, active-duty members may earn an insurance discount for garaging their vehicle at a military base or for being deployed.
| Bankrate Score | 4.2 |
| J.D. Power | |
| AM Best score | A++ |
Bankrate's trusted insurance industry expertise
Read our full methodologyTo ensure that our rates are always accurate, Bankrate’s team updates our rates on a monthly cadence with the freshest rate information available from Quadrant Information Services. That way, you know that what you’re seeing in our content is as up-to-date as possible.
46
years of industry experience
122
carriers reviewed
34.5K
ZIP codes examined
1.2M
quotes analyzed
The cheapest car insurance companies in Indianapolis
Drivers looking for the cheapest car insurance in Indianapolis may opt for a minimum coverage policy as opposed to full coverage. Minimum coverage car insurance is cheaper than full coverage because it offers less financial protection. And, when it comes to car insurance, greater protection typically means a higher premium. Based on Bankrate’s research, Auto-Owners, Grange Insurance and USAA offer the most affordable minimum coverage car insurance in Indianapolis.
| Insurance company | Average annual min coverage premium | Average annual full coverage premium |
|---|---|---|
|
Hastings Mutual
|
$465
|
$1,080
|
|
$323
|
$1,142
|
|
|
$277
|
$1,163
|
|
|
$294
|
$1,251
|
|
|
$381
|
$1,297
|
How much is car insurance in Louisville, Kentucky?
Car insurance in Indianapolis costs $1,725 per year for full coverage and $429, which is 4 percent more than the state average. Minimum coverage in Indianapolis is 10 percent more than the state average. This is a fairly common phenomenon for larger cities; traffic congestion and elevated levels of claims can lead to higher insurance rates in more densely populated metro areas.
But, these are just average figures. Exact rates will vary widely based on multiple factors, one of which is age. Below, Bankrate’s insurance editorial team breaks down the cheapest providers for a variety of age groups.
Indianapolis rates for teens
Teens face some of the highest average car insurance rates out of any age group. That is because teen drivers lack experience behind the wheel and are more likely to be involved in accidents. That said, teen drivers can save money by choosing to stay on their parents’ car insurance policy instead of purchasing their own when they turn 18. Bankrate reviewed average rates for 16- and 18-year-old drivers and found that the providers listed below offer the cheapest rates on average in Indianapolis to teen drivers:
| Insurance company | 16-year-old* | 18-year-old* |
|---|---|---|
|
Pekin
|
$729
|
$645
|
|
$759
|
$637
|
|
|
$810
|
$789
|
|
|
$833
|
$678
|
|
|
Indiana Farmers
|
$943
|
$957
|
| Insurance company | 16-year-old* | 18-year-old* |
|---|---|---|
|
$2,163
|
$1,886
|
|
|
Pekin
|
$2,293
|
$2,132
|
|
$2,584
|
$2,522
|
|
|
Hastings Mutual
|
$2,681
|
$2,798
|
|
$3,000
|
$2,499
|
Indianapolis rates for young drivers
Young drivers in their twenties also generally see more expensive car insurance rates, but not as high as teens. With a couple of years of driving experience under their belts, drivers in their twenties are seen as slightly less of a risk to insure than a freshly licensed teen, which typically translates to lower insurance rates. For drivers in their twenties, Bankrate found the top five cheapest providers in Indianapolis for both full and minimum coverage car insurance:
| Insurance company | 20-year-old | 25-year-old |
|---|---|---|
|
$547
|
$417
|
|
|
$676
|
$380
|
|
|
$716
|
$414
|
|
|
$720
|
$323
|
|
|
$782
|
$415
|
| Insurance company | 20-year-old | 25-year-old |
|---|---|---|
|
$2,266
|
$1,818
|
|
|
$2,442
|
$1,570
|
|
|
$2,474
|
$1,443
|
|
|
$2,747
|
$1,381
|
|
|
$2,789
|
$1,751
|
Indianapolis rates for adults
Car insurance rates tend to level out as a driver ages, especially if they maintain a clean driving record. Drivers in their 30s looking for full coverage may want to look at Encompass, Auto-Owners and Hastings Mutual for an affordable rate. 50-year-old drivers looking for full coverage might want to get a quote from Hastings Mutual and Encompass.
You may notice that the cheapest full and minimum coverage carriers for a 40-year-old driver are the same as the cheapest carriers overall. That is because, at Bankrate, the base profile we use to determine the average cost of insurance in a city, state or nationally is that of a 40-year-old driver.
| Insurance company | 30-year-old | 40-year-old | 50-year-old |
|---|---|---|---|
|
$265
|
$277
|
$264
|
|
|
$294
|
$294
|
$288
|
|
|
$323
|
$323
|
$292
|
|
|
$342
|
$319
|
$311
|
|
|
$345
|
$322
|
$317
|
| Insurance company | 30-year-old | 40-year-old | 50-year-old |
|---|---|---|---|
|
$1,142
|
$1,142
|
$1,029
|
|
|
$1,175
|
$1,163
|
$1,055
|
|
|
Hastings Mutual
|
$1,273
|
$1,080
|
$1,017
|
|
$1,297
|
$1,251
|
$1,131
|
|
|
$1,459
|
$1,297
|
$1,176
|
Indianapolis rates for senior drivers
Drivers may see their rates begin to slowly climb up as they age into their senior years. Although older drivers have more driving experience, aging-related health conditions like decreased eyesight and slower reaction time may increase accident likelihood. That could make it more difficult for senior drivers to lock in a cheap car insurance rate, but the providers listed below offer more affordable rates to older drivers in Indianapolis on average, according to our research.
| Insurance company | 60-year-old | 70-year-old |
|---|---|---|
|
$260
|
$330
|
|
|
$266
|
$333
|
|
|
$301
|
$299
|
|
|
$305
|
$383
|
|
|
$320
|
$369
|
| Insurance company | 60-year-old | 70-year-old |
|---|---|---|
|
$301
|
$982
|
|
|
Hastings Mutual
|
$434
|
$1,308
|
|
$260
|
$1,215
|
|
|
$266
|
$1,292
|
|
|
$351
|
$1,317
|
The cheapest car insurance in Indianapolis by driving record
Your driving record also plays a significant role in determining your premium. Insurers view drivers with a history of speeding tickets, accidents and DUIs as more likely to drive dangerously in the future, which could lead to an expensive insurance claim. To account for the added risk, many insurers charge drivers with less-than-perfect driving records higher rates.
Car insurance with a speeding ticket in Indianapolis
Indianapolis drivers with a speeding ticket pay an average of 22 percent more than drivers with a clean driving record. However, according to Bankrate’s research, Auto-Owners, Encompass and Geico offer the cheapest rates for Indianapolis drivers with speeding tickets on average.
| Insurance company | Average min coverage rate | Average full coverage rate |
|---|---|---|
|
$344
|
$1,413
|
|
|
$377
|
$1,319
|
|
|
$401
|
$1,730
|
|
|
Pekin
|
$402
|
$1,655
|
|
$406
|
$1,735
|
Car insurance after an accident in Indianapolis
Having an at-fault accident on your driving record will also likely increase your car insurance rates. Bankrate’s research shows that Indianapolis average minimum coverage rates are 36 percent more than for drivers with clean records, while full coverage rates are an average of 33 percent more. Our research indicates that the carriers listed below offer the cheapest rates on average for drivers with an accident on their records in the city.
If you’re worried about a rate hike after an at-fault accident, you might consider adding accident forgiveness to your policy. While this will only help if you have it before an accident (it typically cannot be added retroactively), it may help to keep your rates level even if you are found at fault.
| Insurance company | Average min coverage rate | Average full coverage rate |
|---|---|---|
|
$388
|
$1,498
|
|
|
$404
|
$1,701
|
|
|
Pekin
|
$429
|
$1,787
|
|
$440
|
$1,540
|
|
|
Hastings Mutual
|
$476
|
$1,106
|
Car insurance after a DUI in Indianapolis
A DUI is one of the more serious driving offenses, which drivers usually see reflected in their rates. According to Bankrate’s research, minimum coverage car insurance coverage for drivers with a DUI costs an average of 866 per year in Indianapolis, while full coverage costs 3,186. However, you may find a more affordable policy with one of the insurance companies named below.
Keep in mind that not every car insurance company will agree to write a policy for a driver with one or multiple DUIs. The best way to determine if a company will agree to write you a policy is by requesting a quote. If you have a DUI on your record, you may need your insurer to file an SR-22 form on your behalf with the Indiana Bureau of Motor Vehicles.
| Insurance company | Average min coverage rate | Average full coverage rate |
|---|---|---|
|
$405
|
$1,447
|
|
|
$501
|
$2,226
|
|
|
$506
|
$2,177
|
|
|
Pekin
|
$632
|
$2,477
|
|
$640
|
$2,592
|
Minimum coverage requirements in Indianapolis
In the state of Indiana, drivers are required to carry a minimum amount of car insurance coverage in order to drive legally. They are:
- $25,000 of bodily injury liability coverage per person
- $50,000 of bodily injury liability coverage per accident
- $25,000 of property damage liability coverage per accident
All Indiana car insurance policies must offer at least these amounts of uninsured/underinsured motorist coverage, but coverage can be rejected by the insured in writing:
- $25,000 of uninsured/underinsured motorist bodily injury coverage per person
- $50,000 of uninsured/underinsured motorist bodily injury coverage per accident
- $25,000 of uninsured motorist property damage coverage
Purchasing just the state minimum coverage can be an effective way for drivers to save money in the short run, but could lead to greater out-of-pocket costs later on. The state minimum liability insurance only provides financial protection for the damage you cause to another party if you are found at fault for an accident; if you are at fault for an accident and your vehicle gets damaged, you would need to pay for those repairs on your own. Additionally, state minimum liability limits are relatively low compared to the potential costs for damage after a serious accident.
Choosing the right amount of coverage can be just as important as choosing the right provider. To ensure you are financially protected and within your insurance budget, you may want to set up some time to speak with a licensed agent.
Frequently asked questions
Methodology
Auto insurance rates
Bankrate utilizes Quadrant Information Services to analyze the latest rates in May 2024 for all ZIP codes and carriers in all 50 states and Washington, D.C. Rates include the most recent approved rate changes filed by insurance companies that affect our profile. These revised rates are then weighted based on the population density in each geographic region so that policyholders can see the impact rates have in their areas. Quoted rates are based on a 40-year-old male and female driver with a clean 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 coverage that meets each state’s requirements. Our base profile drivers own a 2022 Toyota Camry, commute five days a week and drive 12,000 miles annually.
These are sample rates and should only be used for comparative purposes.
Bankrate Scores
Our 2024 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.
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. Our scoring model provides a comprehensive view, indicating when companies excel across several key areas and highlighting where they fall short.
-
Cost & ratings 50%
-
Coverage & savings 30%
-
Support 20%
- Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, average 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, Demotech 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 company’s corporate sustainability efforts.
Natalie Todoroff is an insurance writer for Bankrate, prior to which she wrote for a popular insurance comparison shopping app. She has a Bachelor of Arts in English and has written over 800 articles about insurance throughout her career.
