Cheapest Auto Insurance for Business Use in Indiana

Wouldn’t life be great if you could just know the best company that has the cheapest policy rates for business use? It’s just not that simple, as there are a ton of unknown elements like if you own your home, the number of miles you drive each year, and where you live in Indiana, that all help calculate your car insurance rates. We are going to cover the best ways to avoid overpriced car insurance and hopefully give you enough understanding to have a jump start in finding the best auto insurance in Indiana.

For using your car for business, one of the more important components that help determine insurance cost is your address. Areas that are densely populated or have higher claim frequency like Gary, Portage, and Lawrence tend to have more expensive auto insurance rates, whereas areas that are not as densely populated have the gratification of the cheapest auto insurance for business use in Indiana.

The illustration below illustrates the priciest cities in Indiana for business use in which to purchase auto insurance.

Information shown are estimated as the specific Indiana residence address can affect price quotes greatly.

The vehicle model to be insured is one of the biggest factors when comparing the cheapest auto insurance for business use in Indiana. Vehicles with limited speed and performance, an excellent safety record, or a low likelihood of having liability claims will cost substantially less to insure than high performance models.

The next table shows insurance rates for some of the most cost-effective vehicles to buy insurance for.

Price data assumes single female driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Indiana minimum liability limits. Discounts applied include safe-driver, multi-vehicle, homeowner, claim-free, and multi-policy. Table data does not factor in your specific Indiana location which can lower or raise auto insurance rates significantly.

By looking at the data, we can tell that models like the Ford Escape, Hyundai Tucson, and Honda CR-V are most likely to be the cheaper vehicles to insure for using your car for business. The cost of a car insurance policy will tend to be higher because there is more liability risk for business use, but overall those particular models will tend to have the lowest insurance prices compared to all other vehicles.

Establishing which companies have the cheapest insurance rates for business use calls for a little more effort in order to find the most economical policy.

Every insurance company uses their own formula for determining rates in each state, so let’s take a look at the insurance companies with the overall best prices in Indiana.

Best Insurance Companies for Business Use

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Travelers generally has some of the lowest car insurance rates in Indiana at around $620 each year. Cincinnati Insurance, USAA, Erie, and Western Reserve would also make the list of some of the most economical Indiana auto insurance companies.

As illustrated above, if you currently have a policy with USAA and switched to Travelers, you could see an annual premium reduction of in the vicinity of $61. Indiana drivers with Erie may save as much as $106 a year, and Western Reserve policyholders might reduce prices by as much as $218 a year.

It’s important to note that these estimates are averages across all insureds and vehicles and do not factor in a price surcharge for business use. So the insurer that can offer you the lowest price may not even be featured in the above rate chart. That affirms the importance of why you need to get car insurance quotes using your own individual information.

Discount Indiana insurance rates

Insurance providers that offer the cheapest auto insurance for business use in Indiana may provide discounts that may potentially lower prices by as much as 35% or more if you are eligible to receive them. A list of insurance companies and some of the premium reductions they offer can be found below.

• Progressive may offer discounts for multi-policy, online quote discount, homeowner, good student, continuous coverage, multi-vehicle, and online signing.
• AAA discounts include AAA membership discount, good student, good driver, multi-policy, anti-theft, education and occupation, and multi-car.
• Farmers Insurance includes discounts for good student, mature driver, early shopping, alternative fuel, distant student, and teen driver.
• GEICO may have discounts that include multi-policy, defensive driver, membership and employees, military active duty, and good student.
• Esurance offers discounts for multi-car, DriveSense, paid-in-full, defensive driver, renters, homeowner, and safety device.
• SAFECO offers discounts including anti-lock brakes, safe driver, anti-theft, multi-car, accident prevention training, and teen safe driver.
• State Farm offers premium reductions for student away at school, multiple autos, anti-theft, Steer Clear safe driver discount, passive restraint, and Drive Safe & Save.

The illustration below compares insurance costs with and without discounts. The price estimates are based on a male driver, a clean driving record, no at-fault accidents, Indiana state minimum liability limits, full coverage, and $1,000 deductibles.

The first bar for each age group shows premium with no discounts. The second bar shows the rates with marriage, homeowner, claim-free, multiple policy, multiple vehicle, and vehicle safety discounts applied. When drivers take advantage of discounts, the the average amount saved on insurance for business use is 28% or $441.

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Choosing a high-quality auto insurance provider can be difficult considering how many different insurance companies sell coverage in Indiana. The information shown below can help you select which coverage providers to look at buying from. The ratings below include the largest companies in America, so companies that focus mainly on Indiana business are not taken into consideration for these rankings.

How to find low-cost auto insurance for business use

It is possible to find better rates, and here are many penny-pinching solutions that can help Indiana drivers buy cheap coverage.

• Save money by staying claim-free
• Higher physical damage deductibles lower rates
• Bundle home and auto and earn a discount
• Improve your credit
• Having at-fault accidents will increase rates
• You will pay more if you get tickets or have at-fault accidents
• Comparison shop at least every other year

The last tip in the list is remarkably significant, as was pointed out in this write-up. Prices charged by car insurance companies in Indiana can change significantly in a year, so don’t be hesitant to change to a new company if a more affordable rate is found. Loyalty to a specific company is fine, but it’s not a good idea if that dedication is costing a lot of money. In just a couple of minutes you could compare rates and find cheaper auto insurance for business use.

Cheapest insurance quotes for using your car for business

There are quite a few ways to comparison shop for insurance in Indiana, but the most preferred methods are from an independent agent, a captive (or exclusive) agency like State Farm or Auto-Owners, or from a direct company like Geico or Progressive. Each way has the same basic steps, but buyers need to know the differences in how they price policies.

Independent insurance agents write business for many companies and can compare rates with every one. These types of agents can sell policies from many different companies and can compare multiple rates, which may give you the best idea of how your rates compare. If prices rise, it’s simple to move the policy and you do not have to find a new agent.

An agent who is captive is limited to one insurance company, examples being Farmers Insurance or State Farm agents. This type of agents cannot provide a range of price quotes, so they have no alternatives for high prices.

Drivers who opt to buy insurance direct do not use local insurance agents and buy from a direct company like Esurance. This option can be good for drivers who do not have complex finances and understand how their policy works.

So which method is best to buy the cheapest auto insurance for business use in Indiana? It would be premature to say buying from a direct company saves the most money because you bypass the agent, but unfortunately, that is not the case. An argument could also be made that buying insurance from an independent agent guarantees the lowest rates due to having more companies to select from, but that is not accurate either. In many cases, exclusive agents have price quotes that cannot be beaten by either independent or direct companies.

Due to that fact that insurance uses so many rating variables, the best method to not overpay for insurance is to compare, compare, and compare some more. Industry experts recommend getting prices from all three types to get an idea of which is cheapest. To see some of the cheapest online companies available, click here to view.