How Much are Auto Insurance Quotes for Low Income Drivers in Indiana?

The words “affordable” and “auto insurance” really don’t belong together, specifically when searching for the best car insurance rates for low income drivers. To save some money, let’s familiarize you with some things that have an impact on insurance prices, and figure out some ideas to shave a little off your next policy.

Buying low-cost auto insurance is confusing at best, and determining which companies quote the lowest-priced auto insurance rates for low income drivers requires even more shopping around. Each auto insurer uses different criteria to establish rates, so to begin we’ll rank the auto insurance companies with the most affordable rates in Indiana.

Keep in mind that Indiana auto insurance rates are based on many factors which can significantly increase or decrease the price of coverage. Events like a birthday, increasing deductibles, or getting a speeding ticket may prompt premium changes that can cause some rates to be more expensive than before.

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Travelers normally has some of the cheapest car insurance rates in Indiana at around $596 each year. Cincinnati Insurance, USAA, Erie, and Western Reserve are also some of the more affordable Indiana auto insurance companies.

As the rates illustrate above, if you have coverage with Western Reserve and switched to Cincinnati Insurance, you could see a yearly price reduction of upwards of $182. Indiana drivers with The Hartford may save as much as $191 a year, and Indiana Farmers Mutual insureds might lower prices by up to $211 a year.

It’s important to note that these rates are averages across all types of drivers and the different vehicles they drive and do not take into consideration a rate discount for low income drivers. So the company that fits you best may not even be in the above rate chart. That’s why you need to quote rates from many companies using your own individual information.

For poor drivers, one of the largest components that is looked at to determine car insurance rates is your zip code. Areas with more people or higher crime rates like Gary, Merrillville, and Portage will most likely have higher rates, whereas areas that tend to be more rural benefit from lower coverage costs.

The table below lists the highest-priced areas in Indiana for low income drivers in which to buy car insurance.

Premium amounts are approximated as the garaging address in Indiana can revise premium rates considerably.

Cautious drivers save money

The obvious way to find good auto insurance prices in Indiana for poor drivers is to be a good driver and avoid accidents and traffic citations. The chart below illustrates how violations and at-fault collisions increase annual premium costs for each different age category. The prices are based on a married male driver, comp and collision included, $250 deductibles, and no policy discounts are applied.

In the previous chart, the average cost of auto insurance in Indiana per year with no violations or accidents is $1,399. Factor in two speeding tickets and the average cost jumps to $1,932, an increase of $533 each year. Now add in one accident along with the two speeding tickets and the yearly cost of auto insurance for low income drivers increases to an average of $2,466. That’s an increase of $1,067, or $89 per month, just for not keeping your driving record clean!

The example below shows how choosing a deductible can change insurance prices when searching for cheap insurance for low income drivers. The costs are based on a married male driver, full physical damage coverage, and no discounts are applied.

The data above shows that a 30-year-old driver could lower their car insurance rates by $216 a year by changing their physical damage coverage from a $100 deductible to a $500 deductible, or save $328 by changing to a $1,000 deductible. Even younger drivers, such as the Age 20 example, could drop their prices as much as $652 or even more just by choosing higher deductibles.

When using a larger deductible, it will be required to have plenty of money set aside to be able to cover the extra out-of-pocket expense, which is the main inconvenience of larger deductibles.

Company comparison: State Farm vs Allstate vs Progressive vs Geico

When buying car insurance for poor drivers in Indiana, probably the best companies to start with are State Farm, Allstate, Progressive, and Geico. The following table illustrates some of the different options you can expect with each one.