Average Car Insurance Costs in Indiana (2022) | MoneyGeek.com

Depending on variables including driving history and the extent of policy coverage, the cost of auto insurance policies in Indiana can vary significantly. the minimum coverage in the state is approximately $409 per year, while the average cost of auto insurance in the state is $725 per year. if you have a traffic violation or add a young driver to your car insurance policy, the average annual cost increases to $930 and $1,816, respectively.

The car insurance prices you pay in Indiana will also depend on the car insurance provider you choose. For example, Erie charges $546 a year for a full coverage auto insurance policy in Indiana, while Allstate charges $936 a year for the same coverage.

Reading: How much is car insurance in indiana

moneygeek investigated the average car insurance costs in indiana based on the factors that have the greatest impact on the cost of car insurance.

For Indiana, the factors that most affect auto insurance prices are age and credit rating. you can learn more about the average costs for a specific driver profile in the table below.

average cost of auto insurance in indiana

why are auto insurance rates cheap in indiana?

In Indiana, an auto insurance policy that meets the state’s minimum coverage requirements costs an average of $409 per year. in contrast, a full coverage policy has an average annual cost of $725. this is a difference of approximately $316 between these two policy types.

Auto insurance policies have many components, such as comprehensive and collision coverage and liability insurance. A liability-only policy costs less but provides only basic protection. On the other hand, a full coverage policy provides broader protection but costs more.

The average cost of auto insurance in Indiana varies depending on the level or type of coverage you purchase. if you choose a policy with higher liability limits or extra features, you’ll have to pay more each month.

average cost of auto insurance in indiana by level of coverage

A minimum car insurance policy is the cheapest car insurance policy you can buy.

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Please note that Indiana drivers can choose to expand their liability coverage to 50/100/50 or 100/300/100. These numbers represent the maximum amounts of liability coverage available under your insurance policy. For example, 50/100/50 auto insurance coverage provides:

  • $50,000 bodily injury liability insurance per person
  • $100,000 bodily injury liability insurance per accident
  • $50,000 in property damage liability insurance per accident
  • In contrast, a full coverage policy offers comprehensive and collision protection for the insured vehicle. In addition to providing standard liability coverage, this policy covers the insured vehicle against damage.

    The amount you pay for your auto insurance in Indiana depends on the insurance provider you purchase your policy from. each company will quote you a different rate. it’s worth shopping around to find the best value.

    If you’re looking for cheap liability only auto insurance or affordable full coverage auto insurance in Indiana, the most affordable company is Erie. this company charges an average of $290 per year for minimum liability coverage and $546 for comprehensive coverage.

    on the other hand, the most expensive annual average of liability only and full coverage auto insurance in indiana comes from allstate, which charges $613 for minimum coverage and $936 for full coverage, on average.

    average annual auto insurance costs in indiana, by company

    Age plays a crucial role in determining the average cost of car insurance. Young drivers are more likely to be involved in driving incidents and therefore riskier to insure. That’s why young drivers often pay higher rates for car insurance.

    According to data from moneygeek, there is an average difference of $1,091 per year between the insurance costs of a 16-year-old and a 40-year-old who purchases similar policies.

    However, young drivers can save money on insurance premiums by adding themselves to their parent’s auto insurance plan. first-time drivers often pay rates similar to teens due to a similar lack of driving experience.

    average full coverage auto insurance costs in indiana – by age

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    Insurance companies consider people with traffic violations or accidents on their records to be high-risk individuals and typically pay much higher rates each month for auto insurance. however, it is still possible to find relatively affordable deals in indiana by shopping around.

    According to data from moneygeek, having a speeding ticket can make you pay an extra $205 per year on average compared to someone with a clean driving record. the difference in cost depends on the seriousness of the infraction.

    Average Full Coverage Auto Insurance Costs in Indiana, Based on Driving History

    In Indiana, your credit score can play a big role in deciding your auto insurance costs.

    According to analysis by Moneygeek, people with poor credit scores in Indiana pay about $518 more per year on average compared to people with a good credit score. Plus, if you have excellent credit, you’ll pay an average of $126 less per year compared to people with a good credit score.

    For drivers with bad credit, expect to pay more for car insurance, but there may still be affordable insurance plans in Indiana that you can find by shopping around.

    Average Full Coverage Auto Insurance Costs in Indiana, by Credit Score

    in indiana, the cheapest city for auto insurance on average is fort wayne, with rates approximately 7.6% less expensive than the state average. meanwhile, the most expensive is indianapolis, which is 4.6% more expensive than the state average.

    Car insurance costs vary widely between different states, but can also vary within a specific state in different locations. this can happen due to several factors.

    For example, people living in urban centers would have to pay more for insurance due to higher rates of vandalism and theft. Living in a densely populated or natural disaster-prone area can also cause insurance costs to rise significantly.

    average full coverage auto insurance costs in indiana, by city

    Here are some frequently asked questions about auto insurance costs in Indiana.

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