Cheap Car Insurance for a Company Car in Indiana

For Indiana drivers, one of the things that is used by auto insurance companies to calculate the policy price is where you call home in Indiana. Areas with more people like Gary, Merrillville, and New Albany tend to pay higher rates, whereas less populated areas enjoy lower auto insurance rates.

The following table ranks the most costly cities in Indiana for a company car to purchase car insurance in.

Information shown are comparative as the specific Indiana residence address can affect rates considerably.

Finding reliable, cost effective car insurance is not most people’s favorite thing to do, and determining which company quotes the lowest-priced insurance rates for a company car takes even more perseverance. Every car insurance company uses their own method to set premium rates, so we’ll go over the most affordable insurance companies in Indiana.

It’s important to understand that Indiana insurance rates are impacted by many things that will increase or decrease the cost of your policy. Improving your financial situation, buying a newer car, or getting a speeding ticket may cause policy rate changes resulting in some rates now being higher-priced than the competition.

Best Auto Insurance Prices in Indiana

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Travelers has some of the cheapest car insurance rates in Indiana at around $614 a year. Cincinnati Insurance, USAA, Erie, and Western Reserve also make the cut as some of the cheaper Indiana auto insurance companies.

In the above rates, if you currently have coverage with Cincinnati Insurance and switched to Travelers, you could realize a yearly savings of in the neighborhood of $70. Customers with USAA may save as much as $73 a year, and Erie insureds might lower prices by up to $119 a year.

To compare your rates to other Indiana insurance companies, click here to begin a quote or feel free to get quotes from the companies below.

It’s important to note that these policy rates are averages for all types of insureds and vehicles and do not factor in a price discount for a company car. So the company that fits your situation best may not even be featured in the list of companies above. That underscores the importance of why you need to get rate quotes from many companies using your own driver information and specific vehicle type.

Should you buy full coverage?

Finding cheap auto insurance for a company car in Indiana is important to the majority of people, and one great way to find cheap insurance is to not buy full coverage. The diagram below compares auto insurance costs with full physical damage coverage compared to only buying liability only. Data assumes no tickets, no at-fault accidents, $250 deductibles, drivers are single, and no discounts are applied.

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If we average the cost for all age groups, full coverage costs $1,480 per year more than carrying just liability coverage. That brings up the question if it’s worth it to buy full coverage. There is no exact formula of when to stop paying for comp and collision coverage, but there is a guideline you can use. If the annual cost of having full coverage is more than about 10% of the replacement cost minus the deductible, the it may be a good time to stop paying for full coverage.

For example, let’s pretend your vehicle’s book value is $10,000 and you have $1,000 policy deductibles. If your vehicle is destroyed, the most you would get paid by your company is $9,000 after paying your deductible. If you are paying in excess of $900 a year for your policy with full coverage, then it might be time to consider dropping full coverage.

The diagram below demonstrates how deductible levels can affect annual premium costs when getting quotes for cheap insurance for a company car. The information is based on a married female driver, full physical damage coverage, and no additional discounts are factored in.

google.charts.setOnLoadCallback(drawDfdqcibChart);function drawDfdqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘$100 Deductible’,’$250 Deductible’,’$500 Deductible’,’$1,000 Deductible’],[‘Age 20’, 1975,1801,1601,1409],[‘Age 30’, 1393,1263,1115,975],[‘Age 40’, 1377,1251,1109,973],[‘Age 50’, 1207,1099,975,859],[‘Age 60’, 1151,1047,929,815],[‘Age 70’, 1229,1117,997,881]]);var options = {title: ‘Comparison of Deductible Levels and Insurance Cost in Indiana’,titleTextStyle: {color: ‘#333’,fontSize: 17,bold: true},width: ‘100%’,height: 700,’chartArea’: {left:100,top:50,’width’: ‘100%’,’height’: ‘80%’},legend: {position: ‘bottom’,textStyle: {fontSize: 12}},bar: {groupWidth: ‘80%’},colors: [‘#6791b9′,’#75a8d8′,’#98bee2′,’#bad4ec’],hAxis: {title: ‘Annual Auto Insurance Cost for Average Vehicle’,minValue: 0,format: ‘$###,###’},vAxis: {title: ‘Age of Insured’}};var formatter = new google.visualization.NumberFormat({fractionDigits: 0,prefix: ‘$’});formatter.format(data,1);formatter.format(data,2);formatter.format(data,3);formatter.format(data,4);var chart = new google.visualization.BarChart(document.getElementById(‘qcibdfd’));chart.draw(data, options);}

As shown above, a 30-year-old driver could reduce rates by $268 a year by switching from a $100 deductible to a $500 deductible, or save $404 by selecting a $1,000 deductible. Younger drivers, like the Age 20 category, could lower their rates $566 annually just by choosing higher deductibles.

If you do decide to increase your deductibles, it will be necessary to have additional funds squirreled away to allow you to pay the extra out-of-pocket expense, which deters some drivers from choosing higher deductibles.

Allstate, Progressive, State Farm, or Geico: Which is best?

If you’re looking for the best auto insurance for your employer’s vehicle, the companies that insure more vehicles than anyone else are Allstate, Progressive, State Farm, and Geico. When added together, they insure almost half of all car insurance policies in America. The table below illustrates ratings and policy coverage options that you can purchase from each one.