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Indiana is well-known for its Indianapolis Motor Speedway, the site of yearly racing events like the Indianapolis 500 and the Brickyard 400. This passion for racing may also reflect on Indiana roads, making it essential for citizens to find affordable car insurance. Average Cost of Car Insurance in Indiana shows that full coverage auto insurance typically costs $1,652 a year, while basic coverage only costs $390.
Although Indiana’s auto insurance rates are lower than the national average, an individual’s premium may still be higher because many factors, such as driving history, gender, age, and more, determine auto insurance rates. This blog discusses how rates vary due to these factors while highlighting some of Indiana’s cheap car insurance options.
Indiana Car Insurance Rates by City
Indiana’s car insurance rates differ from city to city, reflecting the varying risks associated with each area. Population density, crime rates, and local traffic conditions influence these differences. Here are the average annual car insurance premiums for several major cities in Indiana:
| City in Indiana | Estimated Annual Cost |
| Lafayette | $1,185 |
| Muncie | $1,189 |
| Elkhart | $1,204 |
| Westfield | $1,214 |
| Mishawaka | $1,228 |
| West Lafayette | $1,230 |
| Carmel | $1,233 |
| Columbus | $1,235 |
| Fishers | $1,242 |
| Kokomo | $1,251 |
| South Bend | $1,263 |
| Fort Wayne | $1,266 |
| Anderson | $1,283 |
| Greenwood | $1,289 |
| Evansville | $1,308 |
| Bloomington | $1,309 |
| Noblesville | $1,223 |
| New Albany | $1,376 |
| Terre Haute | $1,385 |
| Portage | $1,408 |
| Lawrence | $1,438 |
| Jeffersonville | $1,441 |
| Indianapolis | $1,448 |
| Hammond | $1,678 |
| Gary | $1,775 |
Table 1.0 – Average cost of car insurance by top cities in Indiana
Average Car Insurance Costs by Age and Gender in Indiana
Age and gender are significant factors in determining car insurance rates. Younger drivers, especially teenagers, often face higher premiums due to their lack of driving experience and higher risk of accidents.
Gender also plays a role, although its impact varies by insurer. Typically, young male drivers pay more than their female counterparts, reflecting statistical differences in accident rates.
| Age | Average annual full coverage premium for males | Average minimum coverage premium for males |
| Age 16 | $3,672 | $1,003 |
| Age 18 | $4,588 | $1,256 |
| Age 20 | $3,933 | $967 |
| Age 25 | $2,205 | $520 |
| Age 30 | $1,795 | $414 |
Table 2.0 – Average cost of car insurance by age for males. Credit: Bankrate
| Age | Average annual full coverage premium for females | Average minimum coverage premium for females |
| Age 16* | $3,314 | $932 |
| Age 18 | $3,971 | $1,072 |
| Age 20 | $3,200 | $828 |
| Age 25 | $1,997 | $485 |
| Age 30 | $1,746 | $412 |
Table 3.0 – Average cost of car insurance by age for females. Credit: Bankrate
Car Insurance Rates in Indiana by Credit Score
Credit scores are another critical factor influencing car insurance rates. Insurers often use credit scores to predict the likelihood of a policyholder filing a claim. In Indiana, here’s how average premiums can vary by credit score:
| Credit tier | Credit Range | Avg. annual premium |
| Poor | 300-649 | $3,292 |
| Average | 650-699 | $1,833 |
| Good | 700-749 | $1,652 |
| Excellent | 750-850 | $1,339 |
Table 4.0 – Average car insurance rate by credit score in Indiana
Maintaining a good credit score can help lower your car insurance premiums, as it indicates financial responsibility and a lower risk of filing claims.
Also Read: How to Handle a Car Insurance Lapse Without Breaking the Bank
Cheapest Car Insurance Companies in Indiana
Finding affordable car insurance often involves comparing quotes from multiple insurers. Here are some of the cheapest car insurance companies in Indiana:
Beem
Beem is a financial service app offering various solutions, from car insurance to personal loans. For those looking for cheap car insurance options, Beem offers a marketplace to compare the best offers from top providers nationwide.
You can find all the discounts in one place at no extra cost. By comparing quotes on Beem, you can save up to $1,000 a year. Additionally, Beem also awards individuals with good driving records by offering up to a 40% discount on car insurance.
Travelers
Travelers offers customizable car insurance policies that drivers can tailor to their needs. They also offer many optional coverages, such as roadside assistance, gap insurance, and limited ridesharing coverage. For Indiana residents, Travelers offers Liability Car Insurance at an annual cost of $494, while complete coverage car insurance costs $1,254 annually.
Auto-Owners car insurance
Auto-Owners car insurance offers insurance tailored to the individual needs of the driver. The good thing about Auto-Owners is that they offer various discounts that reduce the overall insurance cost for Indiana residents. Rates from Auto-Owners start at $318 for minimum coverage, while the full coverage rate is $1,295 per year.
Allstate
Allstate is among the largest car insurance companies in the United States. It offers 12 types of car insurance coverage and a variety of discounts. In Indiana, Allstate is relatively expensive, but it can still be cheaper if you qualify for the various discounts they offer. The minimum car insurance coverage costs $705 per year, and the full coverage car insurance is estimated to cost around $2,026 annually.
Cost for Driving Record in Indiana
Your driving record plays a significant role in determining your auto insurance premiums. Insurance companies view drivers with clean records as lower risk, while those with violations or accidents face higher premiums. Let’s explore the cost implications of different driving records in Indiana.
At-Fault Accident
Being at fault in an accident can significantly increase your insurance rates. On average, drivers with At-Fault accidents pay $2,190 annually, 33% more than drivers with clean records.
Speeding Ticket
A speeding ticket, while less severe than an at-fault accident, can raise your insurance rates. Typically, premiums can increase by 20% after a speeding ticket. Drivers with speeding tickets pay around $1,968 per year, compared to the $1,652 that drivers with clean records pay
DUI
One of the most serious driving violations is a conviction for DUI (driving under the influence), which carries a significant price rise for insurance. DUI offenders pay $3,012 annually on average, 82% more than the average driver with a clean driving record.
How Much Does Car Insurance Cost for Good or Poor Credit Scores in Indiana
As discussed earlier, credit scores significantly influence car insurance premiums. Here is the difference between the car insurance rates
Good Credit (700-749): In Indiana, people with a good credit score pay around $1,652 annually.
Poor Credit (below 650): On the flip side, those with poor credit scores pay $3,292, which is almost twice as much as what individuals with good credit scores pay.
Drivers with poor credit scores typically pay around $1600 more per year for car insurance than those with good credit scores. This difference highlights the importance of maintaining a good credit score for financial stability and securing lower insurance rates.
Also Read: Can you Buy a Car With a Check?
Conclusion
Indiana’s car insurance is relatively cheaper than the national average. However, what you pay will depend on your situation. Several factors, such as age, gender, type of vehicle you drive, and your residence, as well.
It is important to compare quotes from various providers to find cheap car insurance. Utilize Beem to simplify your search for car insurance. With Beem, you can be sure to find the best coverage suitable for your needs.
FAQs on Average Cost of Car Insurance in Indiana
What Is Full Coverage Car Insurance in Indiana?
Full coverage car insurance, though more expensive than minimum coverage, ensures you are protected against a wide range of potential risks. It typically includes liability insurance, comprehensive insurance, and collision insurance. Liability Insurance covers bodily injury and property damage you cause to others. Comprehensive insurance covers non-collision-related damage to your car, such as theft, vandalism, and natural disasters. Collision Insurance covers damage to your car from a collision, regardless of fault.
How Much Car Insurance Do I Need in Indiana?
Indiana’s minimum liability coverage requirements are $25,000 per person, $50,000 per accident for bodily injury liability, and $25,000 per accident for property damage liability. To provide sufficient financial protection in an accident, many drivers purchase greater policy levels and other protections, including medical payments coverage, uninsured/underinsured motorist coverage, and full coverage (comprehensive and collision).
What is the monthly cost of insurance in Indiana?
In Indiana, the average monthly premium for minimum coverage is about $32, and the average monthly premium for comprehensive coverage is about $70. However, this can change depending on factors like your age, gender, where you live, your driving history, your credit score, and the type of coverage you choose. It is best to get quotations from several insurance companies based on your unique situation to receive a more accurate cost.
