The car, truck, or SUV you are buying coverage for is one of the main factors when shopping for low-cost coverage for used cars. Vehicles with more horsepower, poor crash test ratings, or a history of substantial liability claims will cost more to insure than more economical and safe models.
The next table showcases car insurance costs for a selection of the most cost-effective vehicles to buy coverage for.
| Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Honda Accord LX-P 4-Dr Sedan | $1,112 |
| Ford Escape XLS 4WD | $1,117 |
| Honda CR-V EX-L 4WD | $1,138 |
| Ford F-150 STX Regular Cab 4WD | $1,245 |
| Ford Focus S 4-Dr Sedan | $1,290 |
| Chevrolet Impala LS | $1,295 |
| Jeep Wrangler Sport Islander Package 4WD 2-Dr | $1,333 |
| Ford Edge SE 2WD | $1,340 |
| Honda Odyssey LX | $1,333 |
| Toyota Prius | $1,352 |
| Hyundai Elantra GLS 4-Dr Sedan | $1,385 |
| Honda Civic Hybrid 4-Dr Sedan | $1,409 |
| Ford Explorer XLT 4WD | $1,414 |
| Compare Cheap Rates Go | |
Prices based on single male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Indiana minimum liability limits. Discounts applied include homeowner, multi-vehicle, claim-free, multi-policy, and safe-driver. Rate information does not factor in your specific Indianapolis, IN location which can change coverage prices considerably.
By looking at the data, makes and models like the Honda Accord, Ford Escape, Honda CR-V, Ford F-150, and Ford Focus are most likely going to be the most budget-friendly vehicles to insure for pre-owned vehicles.
Deciphering which companies have the best car insurance rates for used cars takes a little more work in order to find the lowest price quote. Every insurance company uses their own method to set premium rates, so to begin we’ll rank the most competitive car insurance companies in Indianapolis.
Best Cheap Insurance Rates for Used Cars
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Travelers | $602 |
| 2 | Cincinnati Insurance | $664 |
| 3 | USAA | $681 |
| 4 | Erie | $726 |
| 5 | Western Reserve | $872 |
| 6 | Indiana Farmers Mutual | $875 |
| 7 | Auto-Owners | $879 |
| 8 | The Hartford | $889 |
| 9 | Utica National | $956 |
| 10 | Nationwide | $968 |
| 11 | State Farm | $987 |
| 12 | Motorists Mutual | $996 |
| 13 | Safeco | $1,003 |
| 14 | Hastings Mutual | $1,013 |
| 15 | Farmers | $1,022 |
| 16 | State Auto | $1,087 |
| 17 | Wolverine Mutual | $1,094 |
| 18 | Westfield | $1,105 |
| 19 | GEICO | $1,122 |
| 20 | Progressive | $1,128 |
| View More Rates Go | ||
Travelers generally has some of the lowest car insurance rates in Indianapolis at around $602 a year. Cincinnati Insurance, USAA, Erie, and Western Reserve also are some of the cheaper Indianapolis, IN car insurance companies.
As the rates illustrate above, if you are a customer of Erie and switched to Cincinnati Insurance, you might realize savings of in the vicinity of $62. Customers with Western Reserve might save as much as $208 a year, and Indiana Farmers Mutual insureds might reduce rates by $211 a year.
Understand that those premiums are averages for all drivers and vehicles and are not factoring in a specific vehicle garaging location for used cars. So the insurer that is best suited for you may not even be in the top 36 companies in the list above. That helps illustrate why you need to compare prices as often as possible using your own driver information and specific vehicle type.
Impact of violations and accidents on rates
In a perfect world, the ideal way to earn the most affordable car insurance premiums in Indianapolis for pre-owned vehicles is to drive carefully and avoid tickets and accidents. The illustration below shows how speeding tickets and fender-benders can raise insurance costs for each different age category. The data is based on a married male driver, full coverage, $250 deductibles, and no other discounts are factored in.
In the prior example, the average cost of car insurance in Indiana per year with no accidents or violations is $1,683. Add in two speeding tickets and the average cost swells to $2,323, an increase of $640 each year. Then throw in two accidents along with the two speeding tickets and the annual cost of car insurance for used cars jumps again to an average of $4,711. That’s an increase of $3,028, or $252 per month, just for not driving attentively!
The diagram below shows how choosing a deductible can affect insurance costs when quoting cheap insurance for used cars. The prices are based on a married female driver, comprehensive and collision coverage, and no policy discounts are applied.
A 30-year-old driver could reduce rates by $300 a year by switching their comprehensive and collision coverages from a $100 deductible up to a $500 deductible, or save $454 by choosing a $1,000 deductible. Even younger drivers, like the 20-year-old, can cut as much as $638 or even more by choosing a larger deductible amount. When insureds make the decision to increase the deductibles on their policy, it is important to have additional funds squirreled away to enable you to pay the extra out-of-pocket expense, which is the one inconvenience of using high deductibles.
The insurance agencies below can help you determine which auto insurance policy would work best for you, as some drivers wish to have a professional recommendation when shopping around for cheaper insurance for pre-owned vehicles. It can be hard to find the cheapest rate yourself, so a professional agent can provide peace of mind knowing your coverage gives you suitable coverage if you have an accident.
To find an Indianapolis insurance agent close to you, click the link at the bottom.
- Burns Insurance Agency – Commercial, Personal and Transportation Insurance Specialists
1433 N Meridian St – Indianapolis, IN 46202 – (317) 377-1100 - Bill Hill – State Farm Insurance Agent
7423 E 82nd St – Indianapolis, IN 46256 – (317) 849-4119 - Jim Crinklaw – State Farm Insurance Agent
9423 Pendleton Pike – Indianapolis, IN 46236 – (317) 897-6129 - Shepherd Insurance and Financial Services
111 Congressional Blvd Suite 100 – Carmel, IN 46032 – (317) 846-5554 - Affordable Insurance Agency
10 S Mickley Ave – Indianapolis, IN 46241 – (317) 484-9195
View map of Indianapolis, IN insurance agents
Ideas to find budget-friendly car insurance for used cars
It is possible to find better rates, and here are a few penny-pinching ideas that can help drivers find more affordable coverage.
- Do not file small claims
- Do not get tickets
- Avoid accidents and claims
- Higher credit ratings may save you money
- Raise deductibles
- Insure your home and auto with the same company
- Compare rates regularly to ensure the best deal
That last idea is particularly important, as was discussed in this write-up. Rates adjust often, so drivers shouldn’t be reluctant to change to a new company if a more affordable rate is found.
Having brand loyalty is commendable, but it’s not a good idea if that loyalty results in overpaying hundreds of dollars year after year. If you have a few minutes, compare rates and find cheaper insurance for used cars in Indianapolis.