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Best cheap car insurance in Indianapolis

Written by
Lauren Ward
  • /
  • 5 min read
Edited By
Aylea Wilkins
  • /
  • 5 min read
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Drivers in Indianapolis pay an average of $411 per year for minimum coverage and $1,398 for full coverage, which is more than the average cost of car insurance for the entire state of Indiana as a whole. One reason why carriers charge more for this city is that Indianapolis easily has the most accidents in Indiana year after year, with 36,932 collisions in 2018 alone.

To find the best carriers offering the best rates, we consider a variety of factors. These included customer satisfaction scores, the average cost for minimum coverage, the average cost for maximum coverage, available discounts and coverage options. Based on these factors, these are the best cheap car insurance companies for your Indianapolis car insurance policy.

Best car insurance companies in Indianapolis

To determine the best cheap car insurance in Indianapolis we considered multiple criteria. These included J.D. Power ratings (an independent third-party customer satisfaction review company), average annual premiums for both minimum and full coverage and available discounts.

The five companies below represent the best car insurance in Indianapolis.

Insurance company J.D. Power customer satisfaction score
(North Central region)		 Average annual premium for minimum coverage Average annual premium for full coverage
Geico 837/ 1000 $293 $1,043
State Farm 851 / 1000 $324 $987
Nationwide 831 / 1000 $333 $1,227
Erie 880/ 1000 $360 $1,106
Allstate 876 / 1000 $392 $1,684

Geico

Compared to other companies, Geico usually beats other providers when it comes to the number of discounts it offers. You may be able to save money by insuring multiple vehicles, bundling homeowners and car insurance, going claims-free or having an anti-theft device installed. Indianapolis drivers should also appreciate Geico’s mobile app. You can use it to request roadside assistance, pay your bill, file a claim and even make changes to your policy.

Learn more: Geico Insurance review

State Farm

State Farm is a solid insurance company to have no matter where you live, but this is especially true for residents of Naptown. State Farm also offers plenty of discounts you may be able to apply to your Indianapolis car insurance. One of the more interesting ones State Farm offers is the Drive Safe & Save discount. With this discount, State Farm uses data received from your smartphone to analyze your driving habits. If you are a safe driver, you could receive a discount.

Learn more: State Farm Insurance review

Nationwide

Nationwide has some cheap premiums compared to other carriers on the market, and it provides a multitude of ways customers can save even more. Its SmartRide program, for example, is similar to State Farm’s Drive Safe & Save by offering rewards for your safe driving habits. You may save money on your premium based on feedback it receives from your smartphone. You save 10% for signing up, but you could save up to 40% if Nationwide likes what it sees.

Learn more: Nationwide Insurance review

Erie

Indianapolis drivers who choose Erie likely love the amount they can save with Erie’s discounts, but our favorite thing about Erie is its rate lock savings. Using Rate Lock, your premium will stay the same as long as you do not change your address or add or remove a driver or vehicle. It will even stay the same if you have to file a claim.

Learn more: Erie Insurance review

Allstate

Allstate offers multiple routes for drivers to save through easy-to-achieve discounts. It also knows how to treat its customers when insurance is needed most, checking the boxes on two of the most important factors when considering an insurance provider. Allstate also offers a few unique ways drivers can save month to month: Drivewise and Milewise for low-mileage drivers. Both use a mobile app to monitor not just how you drive, but also how many miles you drive to help you save on your premium. If you are a responsible driver, Allstate’s discounts may make it the best cheap car insurance Indianapolis offers for you.

Learn more: Allstate Insurance review

Cheapest car insurance in Indianapolis

There are a lot of similarities between our best car insurance list and our cheapest car insurance list. This is great news for Indianapolis because you want your best to also be your cheapest.

Based on our research of 2021 rates, the top cheapest providers in Indianapolis are these five companies:

Insurance company Average annual premium for minimum coverage Average annual premium for full coverage
USAA $261 $935
Geico $293 $1,043
State Farm $324 $987
Auto-Owners $326 $1,174
Nationwide $333 $1,227

Geico and State Farm offer the most when it comes to discounts. Auto-Owners has great coverage options, and Nationwide has a well-received usage-based discount that revolves around driving habits. Called SmartRide, it uses a smartphone app to monitor you as you drive. USAA also offers low average rates for members of the military. If you are looking for the best car insurance quotes in Indianapolis, these companies may be worth investigating.

Indianapolis insurance requirements

Car insurance in Indianapolis requires that you carry a minimum amount of car insurance, including 25/50/25 coverage. This means that to be properly insured in Indiana your policy must provide 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

However, all drivers should consider purchasing more than basic coverage. Should you get into an accident and found to be at fault, you will be expected to cover any amount that exceeds your coverage limits (25/50/25), which is easily done with property damage alone. Many new cars cost well over $40k.

You also need to take other drivers into account when considering what types of coverage you need. For example, Indiana is currently the 8th worst state for uninsured drivers. As of the Insurance Information Institute’s latest study, about 16.7% of drivers in Indiana are driving uninsured. You could try to recoup in court, but there is no guarantee you would get the money you would need to recover even if you won.

If you lease or finance a car, your dealership or lender will almost always require you to have full coverage.

When shopping around, do not judge a company by the average cost of its minimum policies. Compare the average cost for full coverage, how much liability protection you can purchase, as well as available discounts and the amount you would save with each.

Car insurance discounts in Indianapolis

As a resident of Indianapolis, you have access to a lot of discounts to help lower your auto insurance premium. Here are the ones to likely save you the most every month.

  • Multiple car: Almost every insurance provider gives a discount to anyone that insures more than one vehicle through them.
  • Anti-theft: You may want to weigh the cost benefits against the added extra cost of having a security system installed. That said, the discount you receive through most providers is often between 5-15 percent.
  • Bundle: Rent an apartment or own your home? Getting your renters insurance or homeowners insurance through your car insurance provider can often save you up to 25% on your premium.
  • Pay-in-full: If you can pay your entire premium for six months in one payment, you will likely be able to get a discount.

Frequently asked questions

What is the best car insurance company?

There are a lot of things to consider when ranking insurance companies. The best companies hold high rankings for financial strength and customer satisfaction while offering a variety of coverage options for your needs.

What insurance company has the cheapest car insurance in Indianapolis?

Several companies offer affordable Indianapolis car insurance, but the cheapest company for you will depend on several rate factors. This can include things like where you live, the kind of car you have, your age and gender.

Methodology

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 2019 Toyota Camry, 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.

Written by
Lauren Ward
Insurance Contributor
Lauren Ward has nearly 10 years of experience in writing for insurance domains such as Bankrate, The Simple Dollar, and Reviews.com. She covers auto, homeowners, life insurance, and other topics in the personal finance industry.
Edited by
Aylea Wilkins
Loans Editor

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