Car insurance rates differ drastically across the country and even among drivers with similar driving histories, due to each insurance company analyzing risk factors when setting its policy rates. Sometimes these differences can be so great that people in the same state will pay vastly different rates for similar coverage. But don’t despair: It is still possible to locate an insurer offering cost-effective car insurance policies in Indiana with some careful searching. Step one in understanding your Indiana car insurance rate is understanding its factors that contribute to premiums; we will cover these in this article and demonstrate how to use MoneyGeek’s car insurance calculator for a customized quote.
Indiana drivers must carry minimum bodily injury and property damage liability coverage in order to drive legally; however, many motorists choose to increase these limits and add collision and comprehensive protection as an extra measure of protection from potential accidents. While adding this extra protection can give drivers peace of mind in case an incident does arise, this additional cost will raise premiums accordingly.
Indiana drivers must carry liability insurance; the rate at which you’ll pay depends on various factors. Your make and model vehicle are major influences; as is your driving record – more tickets or accidents on it means higher premiums; those with clean records often find more competitive premiums by shopping around for quotes.
Your age plays a large part in determining the rate you pay for auto insurance. Younger drivers usually face higher premiums because their lack of experience behind the wheel exposes insurers to greater risk – hence why 16- and 17-year-olds often benefit more by staying under their parent’s policy than buying their own.
An important determining factor of Indiana car insurance rates is your credit score. According to research from WalletHub, people with excellent credit pay less on average than those with poorer scores due to statistical models used by insurance providers to gauge your risk profile and how likely it is for claims to be filed against them.
Married drivers tend to enjoy lower car insurance rates than their single counterparts as insurers see them as being more responsible and thus posing less of a risk to insure. Furthermore, people paying their car insurance bills in full tend to enjoy discounted premiums than those who don’t make full payments on time.
Location can have a considerable effect on your Indiana car insurance rates, as different cities, towns and ZIP codes present different risk factors that insurers factor into premium calculations.