Who Has the Cheapest Auto Insurance Quotes for College Students in Indiana?

Ideally, we could tell you the one auto insurance company that has the best deal on coverage in Indiana. That is not the case, however, as there are a lot of unknown factors such as the amount of driving experience you have, the amount of liability insurance you need, and if you are claim-free, that all factor into the price you pay. We will try to cover the best ways to compare rates and will hopefully give you a jump start in finding the best auto insurance in Indiana.

When shopping for the cheapest car insurance for students in college, one of the many criteria that help determine a rate quote is your zip code in Indiana. Areas with more people or even just a higher incidence of claims like Gary, Merrillville, and Indianapolis likely pay more, whereas areas with less traffic congestion and claims generally have lower rates.

The information below illustrates the highest-priced places in Indiana for college students to purchase a policy in.

Rate quotes are approximated as specific Indiana zip code can impact price quotes greatly.

Finding decent, low-cost car insurance is not most people’s favorite thing to do, and deciding which companies offer the cheapest insurance rates for college students involves a bit more work. Insurance rates should be a little bit pricier than the average price in Indiana, with the higher price attributed to the potential for higher claims that comes with offering coverage for students in college, but affordable coverage may be available if you shop around. Every auto insurer has their own formula for determining prices, so first let’s look at the rankings for the insurance companies that tend to be cheaper in Indiana.

Best Insurance Companies for College Students

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Travelers may have some of the lowest car insurance rates in Indiana at around $614 a year. Cincinnati Insurance, USAA, Erie, and Indiana Farmers Mutual also rank well as some of the lowest-priced Indiana car insurance companies.

As shown in the rates above, if you currently buy coverage from Indiana Farmers Mutual and switched to Cincinnati Insurance, you could see a yearly savings of upwards of $185. Indiana drivers with The Hartford could save as much as $199 a year, and Western Reserve insureds might cut rates by $200 a year.

To get a fast rate comparison, click here to get a free quote or feel free to get quotes from the companies below.

These estimates are averaged across all drivers and vehicles in Indiana and are not factoring in a price increase for college students. So the car insurance company that can offer you the best price may not even be included in the above rate chart. That is why you need to compare rates from as many companies as possible using your own individual information.

Everyone has different tastes in autos, and the style of vehicle you are trying to insure is one of the largest factors that determines the availablility of the cheapest auto insurance for college students in Indiana. Vehicles with high performance engines, a lack of safety features, or a track record of large liability claims will cost more to insure than safer models.

The next lists showcases auto insurance prices for a handful of the cheaper vehicles to buy insurance for.

Cost estimates assume single female driver age 20, no speeding tickets, no at-fault accidents, $500 deductibles, and Indiana minimum liability limits. Discounts applied include claim-free, and safe-driver. Prices do not factor in your specific Indiana location which can alter premium rates significantly.

Data based on single female driver age 20, no speeding tickets, no at-fault accidents, $500 deductibles, and Indiana minimum liability limits. Discounts applied include safe-driver, and claim-free. Premium costs do not factor in vehicle garaging location which can raise or lower premium rates considerably.

Data based on single female driver age 20, no speeding tickets, no at-fault accidents, $500 deductibles, and Indiana minimum liability limits. Discounts applied include claim-free, and safe-driver. Table data does not factor in the specific area where the vehicle is garaged which can modify coverage rates substantially.

Cost of full coverage in Indiana

Finding the cheapest auto insurance for college students in Indiana is the goal of most drivers, and a great way to save on the cost of insurance is to not buy comprehensive and collision coverage. The information below illustrates the comparison of car insurance costs when comparing full coverage to liability only. The information is based on no violations or claims, $250 deductibles, single marital status, and no discounts are applied to the premium.

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Averaged for all ages 20 through 70, physical damage insurance costs $1,975 per year over having just liability coverage. That is a big expense that brings up the question if paying for full coverage is a waste of money. There is no clear-cut formula for excluding full coverage on your policy, but there is a general school of thought. If the annual cost of having full coverage is more than about 10% of the replacement cost minus the deductible, then you might want to consider buying only liability coverage.

For example, let’s say your vehicle’s claim settlement value is $10,000 and you have $1,000 policy deductibles. If your vehicle is damaged in an accident, the most your company will settle for is $9,000 after paying your policy deductible. If you are currently paying more than $900 a year for full coverage, then it’s probably a good time to buy liability coverage only.

There are some scenarios where dropping physical damage coverage is not a good plan. If you still owe money on your vehicle, you have to keep full coverage to protect the lienholder’s interest. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is totaled, you should keep full coverage.

The diagram below demonstrates how choosing different deductibles can affect premium costs when searching for cheap insurance for college students. The premiums assume a single female driver, full physical damage coverage, and no discounts are taken into consideration.

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In the chart above, a 40-year-old driver could save $300 a year by increasing from a $100 deductible to a $500 deductible, or save $454 by switching to a $1,000 deductible. Even younger drivers, like the 20-year-old category, could reduce their rates as much as $772 each year by choosing a larger deductible amount.

When choosing a higher deductible, it will now be necessary to have plenty of discretionary funds to pay the extra out-of-pocket expense that deters many people from opting for higher deductibles.

How to get the cheapest auto insurance for college students in Indiana

Lowering your rates is not difficult, and here are some of the better money-saving solutions that can help you get cheap auto insurance.

• Remain accident-free and save
• Safe vehicles cost less to insure
• Higher comprehensive and collision coverage deductibles will save money
• Pay lower rates with good credit
• Keep your driving record clean
• Look for cheaper rates once a year by shopping around

That last tip is very critical, as was noted in the prior article. Prices vary considerably, so drivers shouldn’t be resistant to buy from a different company if you can save money. Having brand loyalty is commendable, but it’s not recommended if that faithfulness ends up costing you several hundred dollars every year. It only takes a couple minutes to compare rates to find cheaper car insurance for college students.