How Much is Auto Insurance for Good Students in Indiana?

Finding good, reasonably-priced car insurance is easier said than done, and determining which companies quote the most affordable insurance rates for good students may require even more shopping around.

Every car insurance company uses a different method for setting rates, so we’ll go over the insurance companies that tend to have lower prices in Indiana. It’s important to understand that Indiana insurance rates are determined by lots of factors that will increase or decrease the cost of coverage. Turning one year older, buying a new vehicle, or having an at-fault accident can produce rate changes that can now make some companies cheaper in comparison to the competition.

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Travelers offers some of the cheapest car insurance rates in Indiana at around $602 each year. Cincinnati Insurance, USAA, Erie, and Indiana Farmers Mutual would also make the list of some of the best Indiana insurance companies.

In this example, if you buy coverage from USAA and switched to Travelers, you might realize savings of in the vicinity of $79. Drivers with Erie could save as much as $110 a year, and Indiana Farmers Mutual insureds might reduce prices by as much as $239 a year.

To find out how much you can save, click here to get quotes or quote rates from the companies below.

Be aware that those policy prices are averages across all types of drivers and the different vehicles they drive and do not take into consideration a price discount for good students. So the auto insurance company that fits your needs best may not even be shown in the list of companies shown earlier. That emphasizes why you need to get rate quotes from many companies using your own personal information and vehicle type.

One of the key factors that helps auto insurance companies calculate insurance cost is where your home is located in Indiana. Areas that are densely populated or have higher claim frequency like Gary, Merrillville, and Lawrence will most likely have higher rates, whereas areas with less people or fewer weather incidents receive better rates.

The following table illustrates the highest-priced areas in Indiana for good students to purchase auto insurance in.

Rate quotes are approximated as the specific garaging location can impact coverage rates substantially.

Liability rates compared to full coverage

Finding cheap car insurance for good students in Indiana is probably important to most people, and one of the fastest ways to lower the cost of insurance is to not buy full coverage. The chart below shows the comparison of auto insurance costs with full physical damage coverage compared to only buying liability only. The data is based on a clean driving record, no claims, $1,000 deductibles, drivers are not married, and no discounts are factored in.

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As an overall average, comp and collision coverage costs an extra $1,577 per year over and above liability coverage. That brings up the question if you should buy full coverage. There is no definitive rule of when to stop paying for comprehensive and collision coverage on your policy, but there is a general guideline you can use. If the annual cost of having full coverage is about 10% or more of the vehicle’s replacement cost less your deductible, the it may be a good time to stop paying for full coverage.

There are a few cases where only buying liability is not a good idea. If you still owe a portion of the original loan, you have to maintain full coverage to protect the lienholder’s interest. Also, if you don’t have enough money to buy a different vehicle in case of an accident, you should not consider dropping full coverage.

Geico, Allstate, State Farm, or Progressive: Who is cheapest?

When shopping around for car insurance for student drivers in Indiana, the top insurers to get price quotes from are Geico, Allstate, State Farm, and Progressive. The following table rates pricing and service ratings, as well as optional policy coverages shoppers can expect to find with each one.

How to find the cheapest insurance for good students

Below you’ll find some of the recommended penny-pinching suggestions that can help Indiana drivers quote cheaper coverage.

• Avoid at-fault accidents and claims
• Do not get traffic violations
• Buy a car with high safety ratings
• Frequent claims will increase rates
• Bundle home and auto and earn a discount
• Shop around once a year for cheaper rates

The last item on the list is remarkably important, as we hit on in this piece. Prices charged by auto insurers in Indiana change frequently, so drivers shouldn’t hesitate to switch companies if a cheaper price is available.

Many drivers have brand loyalty and that’s fine, but it’s not recommended if it’s costing you a wad of cash every year. Take a few minutes and shop around and find cheaper insurance for good students.

Best cheap insurance quotes for student drivers

You have many ways to comparison shop for insurance in Indiana, but the most preferred are through an independent agent, an exclusive agency such as Auto-Owners or State Farm, or from a direct company like Progressive. All three ways are similar, but it’s important to point out the distinctions in how they provide rate quotes.

Independent agents are appointed by several companies and can provide price quotes from every one. These types of agents are not locked into one company and can compare multiple rates, which may give you the best chance of saving money. If your agent finds better pricing, your policy is moved internally and you don’t have to do anything.

An exlusive, or captive, agency is able to place business with just one company, two popular examples being a Liberty Mutual or State Farm agent. Exclusive agents cannot provide rates from more than one company, so they have no alternatives for high prices.

If you buy direct, you forego either of the other two types of agents and buy direct either online or via phone. Buying insurance direct may be a decent choice drivers who do not need high levels of coverage and have a decent understanding of what limits they need.

Out of those three methods, which one works best for finding cheap car insurance for good students in Indiana? Most people assume that buying from a direct car insurance company saves money because there is no agent involved, but that is generally not the case. We could also assume that going through an independent agent results in the best rates because they can shop around, but that’s not always true, either. In many cases, the exclusive agents have coverage prices that cannot be beaten by either independent or direct companies.

Since insurance rates vary so much, really the best method to get the cheapest rates is to do a thorough rate comparison. Make the effort to get price quotes from independent, exclusive, and direct to get an idea of which is cheapest. For a list of companies with cheap rates in Indiana, click here to view.