The words “low-priced” and “insurance” really shouldn’t be used together, especially when you are shopping around for the best car insurance rates for high risk drivers. To help control this cost, let’s go over a few of the factors that have an impact on auto insurance rates, and figure out some ways to reduce the cost of your next policy.
Deciding which companies have the cheapest car insurance rates for high risk drivers involves a bit more effort than just comparing rates from one or two companies.
Each auto insurer uses different criteria for determining rates, so let’s take a look at the car insurance companies with the most affordable rates in Indianapolis. Keep in mind that Indiana car insurance rates are influenced by many factors that control the cost of your policy. Simply having another birthday, increasing deductibles, or getting a ticket for running a stop sign may prompt premium changes resulting in some companies being cheaper than competitors.
Compare Cheap Insurance Quotes for Risky Drivers
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Travelers | $614 |
| 2 | Cincinnati Insurance | $664 |
| 3 | USAA | $687 |
| 4 | Erie | $733 |
| 5 | The Hartford | $863 |
| 6 | Western Reserve | $872 |
| 7 | Indiana Farmers Mutual | $875 |
| 8 | Auto-Owners | $906 |
| 9 | Utica National | $965 |
| 10 | State Farm | $967 |
| 11 | Nationwide | $968 |
| 12 | Hastings Mutual | $983 |
| 13 | Safeco | $983 |
| 14 | Motorists Mutual | $996 |
| 15 | Farmers | $1,033 |
| 16 | Wolverine Mutual | $1,061 |
| 17 | Westfield | $1,072 |
| 18 | State Auto | $1,098 |
| 19 | GEICO | $1,100 |
| 20 | Progressive | $1,128 |
| Find Your Rate Go | ||
Travelers quotes some of the most affordable car insurance rates in Indianapolis at around $614 annually. This is $626 less than the average policy premium paid by Indiana drivers of $1,240. Cincinnati Insurance, USAA, Erie, and The Hartford are also some of the most economical Indianapolis, IN auto insurance companies.
As depicted above, if you are insured with USAA and switched to Travelers, you may realize a yearly savings of in the neighborhood of $73. Drivers with Erie could save as much as $119 a year, and The Hartford policyholders might lower prices by $249 a year.
It’s important to note that these rates are averages across all types of insureds and vehicles and and are not figured with an exact vehicle garaging location for high risk drivers. So the car insurance company that fits your needs best may not even be in the list above. That illustrates why you need to get quotes using your own specific driver and vehicle information.
The car, truck, or SUV to be insured is one of the biggest factors that determines if you can find the best cheap auto insurance for high risk drivers. Vehicles with economical engines, a great safety record, or a track record of few liability claims will cost quite a bit less to insure than higher performance models.
The table below ranks auto insurance rates for a selection of the most affordable vehicles to insure in Indiana.
| Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V LX 4WD | $3,756 |
| Ford Escape Limited 4WD | $3,821 |
| Toyota Prius | $4,046 |
| Hyundai Elantra SE Touring Station Wagon | $4,107 |
| Ford Edge Limited 2WD | $4,211 |
| Toyota RAV4 2WD | $4,252 |
| Ford Explorer XLT 2WD | $4,350 |
| Ford Focus SES 4-Dr Sedan | $4,404 |
| Chevrolet Impala LTZ | $4,445 |
| Dodge Grand Caravan Hero | $4,452 |
| Volkswagen Jetta 2.0T 4-Dr Sedan | $4,486 |
| Toyota Tacoma Double Cab TRD Off-Road Package 4WD | $4,495 |
| Ford F-350 XLT Super Cab 2WD | $4,527 |
| Ford F-150 Lariat Crew Cab Platinum 4WD | $4,535 |
| Chevrolet Equinox LS 2WD | $4,558 |
| Chevrolet Malibu LT | $4,608 |
| Honda Civic VP 4-Dr Sedan | $4,614 |
| Nissan Rogue SL 2WD | $4,622 |
| Honda Odyssey EX-L W/Navigation | $4,654 |
| Toyota Corolla XLE | $4,660 |
| Compare Cheap Rates Go | |
Premium data assumes single female driver age 30, two speeding tickets, two at-fault accidents, $1,000 deductibles, and Indiana minimum liability limits. Discounts applied include homeowner, multi-vehicle, and multi-policy. Price estimates do not factor in specific location information which can revise premium rates significantly.
Looking at the rates, we can conclude that models like the Honda CR-V, Ford Escape, and Toyota Prius are most likely to be the more affordable vehicles to insure for high risk drivers. The cost of auto insurance will trend higher because there is more inherent risk for high risk drivers, but overall those particular models will most likely have the cheapest car insurance rates compared to other types of vehicles.
The example below shows how choosing a deductible can affect annual premium costs when trying to find cheap insurance for high risk drivers. The premium estimates are based on a married female driver, full coverage, and no discounts are taken into consideration.
The chart above illustrates that a 50-year-old driver could lower rates by $232 a year by increasing from a $100 deductible to a $500 deductible, or save $348 by using a $1,000 deductible. Youthful drivers, like the 20-year-old, could roll back prices up to $566 or even more just by choosing higher deductibles.
When raising deductibles, it is a good idea to have additional funds squirreled away to cover the extra out-of-pocket expense. This is the primary disadvantage of choosing high deductibles.
Finding the best auto insurance provider can be challenging considering how many choices there are in Indiana. The ranking data listed below can help you analyze which auto insurers to look at when comparing rate quotes.
These ratings are for major nationwide insurance companies, so smaller companies are not included in the list. To check rates from these companies and more, simply click here.
| Company | Value | Customer Service | Claims | Customer Satisfaction | A.M Best Rating | Overall Score |
|---|---|---|---|---|---|---|
| USAA | 99 | 100 | 90 | 92% | A++ | 97.4 |
| 21st Century | 89 | 86 | 100 | 88% | A | 92.7 |
| GEICO | 97 | 91 | 88 | 85% | A++ | 92.5 |
| Nationwide | 88 | 94 | 91 | 88% | A+ | 91.3 |
| AAA Insurance | 93 | 87 | 88 | 87% | A | 90.8 |
| Liberty Mutual | 91 | 91 | 92 | 87% | A | 90.7 |
| Safeco Insurance | 90 | 93 | 88 | 86% | A | 90.2 |
| State Farm | 91 | 94 | 80 | 88% | A++ | 90.2 |
| Travelers | 89 | 91 | 94 | 79% | A++ | 90.1 |
| American Family | 88 | 92 | 83 | 88% | A | 89.4 |
| Compare Rates Now Go | ||||||
Data Source: Insure.com Best Car Insurance Companies
The importance of shopping around
Indianapolis car insurance rates are impacted by many things which can substantially decrease or increase your annual premium. Simply having a birthday, buying a home instead of renting, or getting a few speeding tickets may cause policy rate changes that can cause some rates to be cheaper than competitors.
Not only may things change on your end, but insurers change prices at least once a year to ensure their profitability. Larger than normal claims can result in increased policy costs, while lower claims can result in more affordable Indianapolis car insurance rates.
To illustrate this example, the graph below shows rates for the cheapest car insurance in Indianapolis, IN for a 30-year-old female driver with no accidents, a clean driving record, and a high credit rating. Based on her personal profile, Travelers quotes the lowest car insurance rates in Indianapolis at $676 per year. This is $564 less than the average premium paid by Indiana drivers of $1,240. USAA, Cincinnati Insurance, Erie, and Western Reserve are the rest of the cheapest Indianapolis, IN auto insurance companies.
Let’s now give the driver in the first chart a claim, a lower credit rating, and a few blemishes on her driving record. Because each insurer has a unique approach for determining prices, getting updated rate quotes may now show a slightly different list of affordable Indianapolis car insurance companies as shown below.
The Hartford now has the best price on car insurance in Indianapolis, IN with Auto-Owners, Nationwide, Hastings Mutual, and Utica National completing the list. This example illustrates why Indiana drivers need to compare lots of rates when trying to find the best car insurance quotes for high risk drivers.
Insurance rates are influenced by many factors and can change substantially, so the most affordable company a year ago may now be one of the higher cost companies.