Even drivers in the Indy 500 are searching for cheap car insurance Indiana. As an everyday driver, having insurance is not only a legal requirement in the state, but it also covers you in many ways.
From protecting your finances in an accident where you are found at fault to getting reimbursement for vehicle theft, there’s plenty of benefits to your advantage.
Indiana Minimum Coverage
It is highly unlikely that you will find a state or country that doesn’t have minimum requirements for insurance. These minimums help to make sure that all drivers at least have some type of coverage in an accident. Otherwise, those found at fault in an accident could lose a lot of money.
In Indiana, the minimum coverage every driver will need is 25/50/10. This includes:
- Bodily Injury: $25,000 per person per accident and $50,000 per accident
- Property Damage: $10,000 per accident
- Uninsured Motorists Bodily Injury: $25,000 per person per accident and $50,000 per accident
- Uninsured Property Damage: $10,000 per accident
- Underinsured Motorists Bodily Injury: $50,000 per accident
These are some of the lowest requirements in the United States. Although this can help to make your insurance far more affordable, driving with minimum coverage is not recommended.
The average car accident in the United States can cost upwards of $70,000. With 25/50/10 coverage, you could still be on the hook for more than you bargained for.
Indiana Average Premiums
Coming in at 20.6% less than the national average, car insurance in Indiana can be very affordable for plenty of drivers. On average, you may pay $1,133 annually for coverage. However, these amounts will vary depending on where you’re located, the type of car your own, your credit history, and more.
If you’re simply looking for the least expensive insurance providers in Indiana for good drivers, the top three are:
- Erie Insurance: $573 annually
- Indiana Farmers: $781 annually
- State Farm: $848 annually
Additional Insurance Coverage Options
The main purpose of insurance is to make sure you don’t have to worry about paying for any damages out of your own pocket. Being in an accident is stressful enough, and as such, you will want to consider opting for additional coverage.
Some of the most recommended additional insurance coverage options include:
Emergency Roadside Assistance
There’s no need to worry about your car breaking down or experiencing issues when you’re commuting with roadside assistance. In the event of a vehicle issue, you will have a professional mechanic dispatched to your location to repair or tow your vehicle, if necessary.
Comprehensive coverage is the type of insurance add-on that covers other things that aren’t covered by your regular policy. This may include theft, vandalism, or acts of nature. This is one of the most recommended add-ons to consider.
This type of coverage is also highly recommended in an accident. If your car is damaged either by another vehicle or a tree, for example, your collision will cover the repairs.
More often than not, individuals who are leasing or financing will be required to have collision coverage.
Cheap Car Insurance Indiana: Determining Factors
Once you start looking at quotes for cheap car insurance, you can bet that your premiums will be different than everyone in your family. This is because numerous personal factors are considered when calculating premiums.
The factors that are considered the most often include:
Maintaining a healthy credit is ideal for the cheapest insurance rates. Individuals with poor credit (under 579) may pay an average of $1,902 per year for car insurance. Drivers with good credit normally pay an average of $1,023 annually.
Most traffic violations will increase your insurance premiums by hundreds of dollars. If you are cited for an at-fault accident, reckless driving, or a DUI, your insurance may range from $1,595 to $1,705 annually.
Type of Coverage
If your insurance premiums are too high, you may want to consider the type of coverage you have. Drivers with minimum coverage pay an average of $527 for insurance, whereas, with maximum coverage, you may pay an average of $1,159 annually.
Then again, having minimum coverage means that you have to pay more out-of-pocket costs in an accident.
It’s often that drivers don’t realize their marital status also affect their insurance premiums. Though the amounts don’t differ much, there is a slight difference.
Single drivers pay an average of $1,126 annually whereas married drivers pay approximately $1,131 annually.
The Best Insurance Companies in Indiana
Typically, there is a significant difference between the least expensive and the best insurance providers in most states. In Indiana, however, most of the best insurance companies are also the least expensive.
State Farm, Indiana Farmers, and Liberty Mutual are the three best insurance companies in the state. These companies process claims quickly, provide top-tier customer service, and help to ensure that you get the most coverage for an affordable cost.
When choosing the right insurance provider, make sure that they offer all of the coverage you need. In addition, they should be able to answer any questions you have prior to signing your policy.
Car Insurance Laws in Indiana
As a driver, it is your responsibility to be aware of the car insurance laws in the state. If you are ever pulled over, it is essential that you have an understanding of your responsibilities behind the wheel.
The most notable car insurance laws in Indiana include:
Proof of Insurance
If you are unable to provide proof of insurance when pulled over, you’ll be facing plenty of penalties. Drivers will receive a minimum of 90 days or a maximum one-year suspension of driving privileges. For a second citation, you will receive a mandatory one-year suspension as well as a $10,000 fine.
Registering a Vehicle
When you are registering a vehicle, your insurance company is legally obligated to submit an Electronic Insurance Forms Submission to the Indiana Bureau of Motor Vehicles. Without this form, you will be unable to register a vehicle or renew your existing registration.
Considering Indiana has insurance rates approximately 20.6% below the national average, finding cheap car insurance Indiana is easy. With a limited amount of research and comparing several quotes, you’ll be able to find the most comprehensive coverage for a price that you can afford.
Remember, driving without proof of insurance in Indiana not only means that you’ll have to pay fines, but you will also have your license suspended.