Best Cheap Auto Insurance for Drivers Over Age 60 in Indiana

The vehicle model to be insured is a significant factor when shopping for the best cheap car insurance for drivers over age 60 in Indiana. Vehicles with high performance engines, a lack of safety features, or a high likelihood of having liability claims will cost more to insure than safer, lower-performance models.

The list below features insurance costs for some of the most cost-effective vehicles to buy coverage for.

Above prices assume married male driver age 60, no speeding tickets, no at-fault accidents, $500 deductibles, and Indiana minimum liability limits. Discounts applied include claim-free, safe-driver, multi-policy, multi-vehicle, and homeowner. Table data does not factor in specific location which can lower or raise coverage rates greatly.

Looking at the rates, you can infer that makes and models like the Ford Escape, Honda CR-V, Honda Accord, Hyundai Tucson, and Dodge Grand Caravan will be a few of the most economical vehicles to insure for older drivers.

When shopping for the cheapest car insurance for older drivers, one of the many factors that affect the annual cost of car insurance is your zip code. Urban areas that are densely populated like Gary, Merrillville, and Evansville tend to pay higher rates, whereas areas that are not as densely populated can boast about having cheaper rates.

The illustration below sorts the most expensive areas in Indiana for drivers over age 60 to buy an auto insurance policy in.

Table data uses estimated as specific location information can revise auto insurance rates noticeably.

Liability only or full coverage

Finding the best cheap car insurance for drivers over age 60 in Indiana should be important to most people, and one of the best ways to pay less for insurance is to not insure for full coverage. The illustration below illustrates the difference between auto insurance costs with full coverage and liability only. The costs are based on no claims or driving violations, $100 deductibles, single status, and no policy discounts are applied.

google.charts.setOnLoadCallback(drawFclqcibChart);function drawFclqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘Full Coverage with $100 Deductibles’, ‘Liability Only’],[‘Age 20’, 3785,1129],[‘Age 30’, 1945,621],[‘Age 40’, 1937,575],[‘Age 50’, 1759,539],[‘Age 60’, 1701,529],[‘Age 70’, 2061,707]]);var options = {title: ‘Full Coverage Compared to Liability Only’,titleTextStyle: {color: ‘#333’,fontSize: 17,bold: true},width: ‘100%’,height: 500,’chartArea’: {left:100,top:50,’width’: ‘100%’, ‘height’: ‘70%’},legend: {position: ‘bottom’},colors: [‘#6791b9′,’#98bee2’],hAxis: {title: ‘Annual Auto Insurance Cost for Average Vehicle in Indiana’,minValue: 0,format: ‘$###,###’},vAxis: {title: ‘Age of Insured’}};var formatter = new google.visualization.NumberFormat({fractionDigits: 0,prefix: ‘$’});formatter.format(data,1);formatter.format(data,2);var chart = new google.visualization.BarChart(document.getElementById(‘qcibfcl’));chart.draw(data, options);}

As an average for all age groups, physical damage coverage costs $2,198 per year over and above liability only. Many people question if you should buy full coverage at all. There is no written rule to exclude full coverage on your policy, but there is a guideline you can use. If the annual cost of coverage is about 10% or more of any settlement you would receive from your insurance company, the it may be a good time to stop paying for full coverage.

For example, let’s assume your vehicle’s claim settlement value is $5,500 and you have $1,000 physical damage deductibles. If your vehicle is totaled, the most you would get paid by your company is $4,500 after the deductible is paid. If premiums are more than $450 a year to have full coverage, then it’s probably a good time to buy liability coverage only.

The information below illustrates how your choice of deductibles can increase or decrease annual premium costs when researching cheap insurance for drivers over age 60. The costs are based on a single male driver, comp and collision included, and no discounts are applied.

google.charts.setOnLoadCallback(drawDfdqcibChart);function drawDfdqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘$100 Deductible’,’$250 Deductible’,’$500 Deductible’,’$1,000 Deductible’],[‘Age 20’, 3735,3399,3035,2693],[‘Age 30’, 1899,1747,1569,1401],[‘Age 40’, 1897,1733,1547,1369],[‘Age 50’, 1725,1577,1413,1255],[‘Age 60’, 1669,1527,1369,1219],[‘Age 70’, 2033,1869,1693,1523]]);var options = {title: ‘Comparison of Deductible Levels and Auto Insurance Cost in Indiana’,titleTextStyle: {color: ‘#333’,fontSize: 17,bold: true},width: ‘100%’,height: 700,’chartArea’: {left:100,top:50,’width’: ‘100%’,’height’: ‘80%’},legend: {position: ‘bottom’,textStyle: {fontSize: 12}},bar: {groupWidth: ‘80%’},colors: [‘#6791b9′,’#75a8d8′,’#98bee2′,’#bad4ec’],hAxis: {title: ‘Annual Auto Insurance Cost for Average Vehicle’,minValue: 0,format: ‘$###,###’},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);}

The chart above illustrates that a 40-year-old driver could lower their car insurance rates by $312 a year by switching their comprehensive and collision coverages from a $100 deductible to a $500 deductible, or save $470 by switching to a $1,000 deductible. Young drivers, such as the 20-year-old example, can save $1,042 annually just by choosing higher deductibles when buying full coverage.

When raising deductibles, it’s a good idea to have enough savings set aside to enable you to pay the extra out-of-pocket expense, which is the main inconvenience of larger deductibles.

Ideas for buying more affordable auto insurance for drivers over age 60

The list below summarizes some of the better penny-pinching solutions that can help drivers find the cheapest car insurance.

• Higher physical damage deductibles lower rates
• Remove physical damage coverage on older vehicles
• Higher credit scores may earn you cheaper rates
• Being accident-free can lower rates significantly
• Buy a car with high safety ratings
• Avoid getting tickets or violations
• Comparison shop at least once a year

The last tip is particularly crucial, as was pointed out in the article above. Insurance rates in Indiana can be modified anytime, so don’t be tentative to change insurance companies if a cheaper rate is available.

Being loyal to a particular company is commendable, but is isn’t recommended if that dedication is costing lots of hard earned cash every month. Take a couple minutes and shop around to find cheaper insurance for drivers over age 60.

Cheap insurance quotes for older drivers

Thanks to the internet, there are a lot of ways to buy car insurance in Indiana, but the most popular ways are through an exclusive agency such as Allstate or State Farm, a non-exclusive or independent agent, or buying direct from a company like Geico or Progressive.

Each way has the same basic steps, but each is different in how they give price quotes.

Independent insurance agents write business for many companies and can get rate quotes from all of them. These agents have the ability to give you more rates, which can give you improved odds of finding cheaper coverage. If premiums increase, the business is moved internally and you don’t have to find a new agent.

An agent who is captive is only able to place business with one company, a couple examples are a Liberty Mutual or State Farm agent. Exclusive agents cannot provide prices from multiple companies, so you need to shop around if the rates are high.

Drivers who opt to buy car insurance direct do not use an exlusive or independent agent and buy direct online or over the phone from a company like Progressive or Geico. Shopping for car insurance direct may be preferred by consumers who have an average risk profile and know what coverages, limits, and deductibles they need.

So comparing independent agents, exclusive agents, and direct, which one works best to buy the best cheap car insurance for drivers over age 60 in Indiana? We’d like to say buying from a direct company saves money since there isn’t an agent involved, but that does not always hold true. It could also be said buying from an independent agent results in the best rates since there are more companies to choose from, but that’s not always true, either. For some people, exclusive agents have price quotes that independents and direct companies can’t touch.

Due to the large number of rating factors, really the only way to get the cheapest rates is to get rate quotes and compare. If you have the time, get price quotes from all three to give yourself the best selection. A great place to start is our list of online companies offering discounts: click here to view.