For veterans, one of the more important considerations that determine the annual cost of car insurance is where you normally keep your vehicle. Larger areas likely pay more, whereas areas with less congestion have the enjoyment of a little cheaper coverage.
The table below shows the most expensive cities in Indiana for veterans in which to buy car insurance. Indianapolis comes in at #8 costing $1,060 for the average insurance policy, which is about $88 each month.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | Gary | $1,360 |
| 2 | Hammond | $1,275 |
| 3 | Portage | $1,137 |
| 4 | Lawrence | $1,099 |
| 5 | Merrillville | $1,095 |
| 6 | Evansville | $1,077 |
| 7 | Terre Haute | $1,077 |
| 8 | Indianapolis | $1,060 |
| 9 | New Albany | $1,059 |
| 10 | Jeffersonville | $1,048 |
| 11 | Anderson | $1,041 |
| 12 | Kokomo | $1,001 |
| 13 | Bloomington | $998 |
| 14 | Elkhart | $985 |
| 15 | Fort Wayne | $985 |
| 16 | Fishers | $974 |
| 17 | Mishawaka | $974 |
| 18 | Richmond | $973 |
| 19 | Muncie | $965 |
| 20 | South Bend | $956 |
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Information shown are approximated as specific location information can lower or raise auto insurance rates considerably.
The type of vehicle you are seeking coverage for is one of the largest factors when shopping around for low-priced auto insurance for veterans. Vehicles with economical engines, a great safety record, or a track record of few liability claims will cost less to insure than high performance models.
The table below illustrates coverage rates for the cheaper vehicles to insure.
| Vehicle Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Honda Accord EX-L 4-Dr Sedan | $1,288 |
| Honda CR-V LX 4WD | $1,298 |
| Honda Odyssey LX | $1,301 |
| Dodge Grand Caravan SE | $1,328 |
| Ford Fusion S 4-Dr Sedan | $1,404 |
| Hyundai Elantra SE Touring Station Wagon | $1,411 |
| Toyota Prius | $1,440 |
| Ford Escape Limited 4WD | $1,448 |
| Hyundai Sonata GLS 4-Dr Sedan | $1,502 |
| Nissan Rogue S 2WD | $1,511 |
| Toyota RAV4 Sport 2WD | $1,536 |
| Chevrolet Equinox LS AWD | $1,543 |
| Chevrolet Impala LT | $1,536 |
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Data variables include single male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Indiana minimum liability limits. Discounts applied include multi-policy, multi-vehicle, homeowner, safe-driver, and claim-free. Premium amounts do not factor in specific garaging location which can alter coverage prices substantially.
Based upon the table data, we can presume that cars like the Honda Accord, Honda CR-V, Honda Odyssey, Dodge Grand Caravan, and Ford Fusion will definitely be a few of the most affordable vehicles to insure for veterans.
Finding decent, reasonably-priced auto insurance is confusing at best, and finding out which companies quote the most affordable insurance rates for veterans requires even more work. Every car insurance company has a different process to establish rates, so we’ll go over the insurance companies with the most affordable rates in Indianapolis, IN.
Keep in mind that Indiana insurance rates are impacted by many things which can substantially change your annual premium. That is why it is critical to compare many different companies when trying to find the most affordable car insurance quotes for veterans. Insurance prices are impacted by many things and can change substantially, so the best price the last time you shopped around may now be quite expensive.
Best Auto Insurance Prices for Vets
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Travelers | $602 |
| 2 | Cincinnati Insurance | $664 |
| 3 | USAA | $687 |
| 4 | Erie | $726 |
| 5 | Indiana Farmers Mutual | $849 |
| 6 | The Hartford | $863 |
| 7 | Western Reserve | $872 |
| 8 | Auto-Owners | $906 |
| 9 | Nationwide | $940 |
| 10 | Utica National | $956 |
| 11 | State Farm | $967 |
| 12 | Hastings Mutual | $973 |
| 13 | Safeco | $973 |
| 14 | Motorists Mutual | $996 |
| 15 | Farmers | $1,053 |
| 16 | Wolverine Mutual | $1,061 |
| 17 | Westfield | $1,072 |
| 18 | State Auto | $1,120 |
| 19 | GEICO | $1,122 |
| 20 | Celina Insurance | $1,135 |
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Travelers quotes some of the best car insurance rates in Indianapolis at around $602 annually. This is $638 less than the average rate paid by Indiana drivers of $1,240. Cincinnati Insurance, USAA, Erie, and Indiana Farmers Mutual also are some of the cheaper Indianapolis, IN car insurance companies.
As shown in the rates above, if you currently buy coverage from Erie and switched to Travelers, you might see yearly savings of upwards of $124. Insureds with Indiana Farmers Mutual could save as much as $247 a year, and The Hartford insureds might reduce rates by $261 a year.
It’s important to note that these premium estimates are averaged across all drivers and vehicles in Indiana and and are not calculated with an exact zip code location for veterans. So the car insurance company that is most affordable for your situation may not even be in the top 36 companies in the list above. That’s why you need to compare rates from as many companies as possible using your own individual information.
Difference between liability only and full coverage rates
Saving money on insurance is probably important to the majority of vehicle owners, and one great way to find cheap insurance for veterans is to only buy liability insurance. The illustration below compares insurance prices with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The price estimates are based on no driving violations, no at-fault accidents, $500 deductibles, marital status is single, and no discounts are applied to the premium.
If we average the cost for all age groups, physical damage coverage on your policy costs $1,771 per year over having just liability coverage. That amount may make you wonder if buying full coverage is worth the expense. There is no clear-cut rule to stop buying physical damage insurance, but there is a guideline you can consider. If the annual cost of having full coverage is more than 10% of replacement cost minus your deductible, then you might want to think about dropping full coverage.
For example, let’s assume your vehicle’s replacement cost is $10,500 and you have $1,000 deductibles. If your vehicle is totaled, the most your company would pay you is $9,500 after paying your policy deductible. If you are currently paying more than $950 a year to have full coverage, then you may need to consider dropping full coverage.
Safe drivers pay cheaper rates
A great way to receive the cheapest insurance prices in Indiana for veterans is to be a cautious driver and not receive tickets or have accidents. The chart below demonstrates how speeding tickets and accidents drive up insurance costs for each different age group. The rates are based on a married female driver, comp and collision included, $500 deductibles, and no discounts are applied.
The chart shows that the average cost of auto insurance per year with no accidents and a clean driving record is $1,357. Get one speeding ticket and the average cost rises to $1,582, an increase of $225 each year. Then include two accidents along with the one speeding ticket and the 12-month cost of insurance for veterans goes up to an average of $3,624. That’s an increase of $2,267, or $189 per month, just for not being attentive to the road!
Shop around and save
Indiana insurance rates are calculated based on many things which can substantially decrease or increase the price you have to pay. Simply having another birthday, filing a claim, or getting a ticket for running a stop sign can produce rate changes that can cause some rates to be cheaper than before. In addition to those changes, insurers file new Indiana car insurance rates at least once a year in order to maintain liquidity for claims. Higher than normal claim frequency or severity may result in rate increases, while a profitable period may result in cheaper Indianapolis car insurance rates.
To help illustrate this point, the bar chart below shows the company with the cheapest car insurance in Indianapolis, IN for a 45-year-old male driver with no accidents, a clean driving record, and good credit. When comparing rates based on his current risk factors, Travelers has the best car insurance rates in Indianapolis at $753 a year. This is $487 less than the average policy premium paid by Indiana drivers of $1,240. Cincinnati Insurance, USAA, Erie, and Indiana Farmers Mutual are also included in the cheapest Indianapolis, IN auto insurance companies.
In this next rate comparison, we will give the driver from the first example an accident surcharge, less-than-perfect credit, and a couple of points charged on his driving record. Because every insurance company has a proprietary formula to determining premium rates, analyzing rate quotes most likely will result in a slightly different list of companies as shown below.
Western Reserve now has the lowest price in Indianapolis with Auto-Owners, Cincinnati Insurance, Motorists Mutual, and State Farm also being competitive. This example proves why it is important to take the time to shop around when trying to find affordable car insurance quotes for veterans.
Insurance rates are made up of many risk factors and can increase or decrease at any time, so the cheapest option six months ago may now be quite expensive.
How to find low-cost insurance for veterans
The list below summarizes some of the better thrifty ideas that can help you quote cheaper car insurance.
- Drop full coverage on older vehicles
- Multi-policy discounts save money
- Safe vehicles generally have lower rates
- Do not get into accidents that are your fault
- Drivers with good credit often pay less
- Compare quotes from other companies often
The last tip is highly significant, as we noted in the prior article. Coverage rates in Indianapolis vary greatly, so don’t be unwilling to buy from a different company if a better rate can be found. Sticking with a specific company is fine, but is isn’t recommended if that inflexibility results in costing you a fortune every year. Take a couple minutes and compare prices to find cheaper insurance for veterans.
If you aren’t clear which coverage you need and would like to have the advice of a professional agent when trying to find the best insurance rates for veterans, the insurance agencies below can most likely provide answers to your questions and help you determine which policy fits your needs best. To locate an Indianapolis car insurance agency using an interactive map, click the button below the list.
Keith Eberg – State Farm Insurance Agent
7550 S Meridian St d – Indianapolis, IN 46217 – (317) 887-1400
Frances Johnson – State Farm Insurance Agent
5707 N Michigan Rd – Indianapolis, IN 46228 – (317) 257-3504
Multiline Insurance Agency
9801 Fall Creek Rd #156 – Indianapolis, IN 46256 – (317) 476-6141
State Farm: Rahvy Murray
3955 Eagle Creek Pkwy E – Indianapolis, IN 46254 – (317) 297-3804
Skaggs Insurance Agencies Inc
5519 E 82nd St e – Indianapolis, IN 46250 – (317) 841-6000