The words “bargain” and “auto insurance” really shouldn’t be used in the same sentence, in particular when comparison shopping for the cheapest auto insurance for homeowners. Because it’s not cheap, let’s teach you some of the things that have an impact on car insurance premiums, and figure out some ideas to cut the cost of the next policy you buy.
Figuring out which companies offer the cheapest insurance rates for homeowners will involve a bit more effort than just picking a company at random.
Each auto insurance company has a proprietary method for filing rates in each state, so let’s take a look at the lowest cost insurance companies in Indianapolis. It’s important that readers know that Indianapolis insurance rates are influenced by many factors that will increase or decrease the cost of coverage. Simply having a birthday, having a teenage driver, or having a fender bender can trigger rate changes resulting in some companies being cheaper than others.
Best Cheap Insurance Rates for Homeowners
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Travelers | $620 |
| 2 | USAA | $667 |
| 3 | Cincinnati Insurance | $678 |
| 4 | Erie | $712 |
| 5 | Western Reserve | $846 |
| 6 | Indiana Farmers Mutual | $849 |
| 7 | The Hartford | $863 |
| 8 | Auto-Owners | $879 |
| 9 | Nationwide | $930 |
| 10 | Utica National | $985 |
| 11 | Motorists Mutual | $986 |
| 12 | State Farm | $997 |
| 13 | Hastings Mutual | $1,003 |
| 14 | Safeco | $1,013 |
| 15 | Farmers | $1,022 |
| 16 | Wolverine Mutual | $1,061 |
| 17 | Westfield | $1,094 |
| 18 | Progressive | $1,095 |
| 19 | GEICO | $1,100 |
| 20 | State Auto | $1,120 |
| Find Your Rate Go | ||
Travelers offers some of the most affordable car insurance rates in Indianapolis at around $620 annually. This is $620 less than the average rate paid by Indiana drivers of $1,240. USAA, Cincinnati Insurance, Erie, and Western Reserve also qualify as some of the cheaper Indianapolis, IN insurance companies.
In the above example, if you are a policyholder with Western Reserve and switched to USAA, you could see an annual savings of about $179. Indiana drivers with Indiana Farmers Mutual might save as much as $182 a year, and The Hartford policyholders might realize rate reductions of up to $196 a year.
To find out how much you can save, click here to get a free quote or visit any of the companies below.
It’s important to note that these estimates are averaged for all types of insureds and vehicles and and are not figured with a vehicle location for homeowners. So the company that fits your age and vehicle best may not even be in the top 36 companies in the list above. That point stresses why you need to get rate quotes using your own driver information and specific vehicle type.
One of the more important components that determine the cost of insurance is where you call home. Regions with larger populations or more claims tend to have higher rates, whereas areas with lower vehicle theft rates and fewer weather claims benefit from lower prices.
The information below lists the highest-priced places in Indiana for homeowners to buy car insurance in. Indianapolis is ranked #8 with a yearly premium of $1,050 for the average insured, which is approximately $88 each month.
| Rank | City | Annual Premium |
|---|---|---|
| 1 | Gary | $1,347 |
| 2 | Hammond | $1,314 |
| 3 | Merrillville | $1,139 |
| 4 | Lawrence | $1,099 |
| 5 | Portage | $1,093 |
| 6 | Evansville | $1,087 |
| 7 | New Albany | $1,059 |
| 8 | Indianapolis | $1,050 |
| 9 | Jeffersonville | $1,048 |
| 10 | Terre Haute | $1,045 |
| 11 | Kokomo | $1,041 |
| 12 | Anderson | $1,001 |
| 13 | Elkhart | $995 |
| 14 | Fort Wayne | $985 |
| 15 | Columbus | $984 |
| 16 | South Bend | $976 |
| 17 | Greenwood | $969 |
| 18 | Bloomington | $968 |
| 19 | Muncie | $955 |
| 20 | Fishers | $954 |
| 21 | Richmond | $944 |
| 22 | Mishawaka | $936 |
| 23 | Carmel | $929 |
| 24 | Noblesville | $920 |
| 25 | Lafayette | $899 |
| Quote Best Rates Go | ||
Rate quotes are comparative as zip code location can increase or decrease price quotes noticeably.
Impact of citations and accidents on Indianapolis insurance rates
The recommended way to maintain the best insurance prices in Indiana for people who own their homes is to be a safe driver and have a clean driving record. The chart below demonstrates how speeding tickets and accident claims raise annual premium costs for different categories of driver ages. The data assumes a married female driver, comprehensive and collision coverage, $500 deductibles, and no discounts are factored in.
In the prior example, the average cost of auto insurance in Indianapolis per year with no accidents or violations is $1,024. Get written up for two speeding tickets and the average cost surges to $1,448, an increase of $424 each year. Now add one accident along with the two speeding tickets and the annual cost of insurance for homeowners goes up to an average of $1,873. That’s an increase of $849, or $71 per month, just for not driving responsibly!
Ending up with a highly-rated insurance company is difficult considering how many choices there are in Indiana. The company rank data listed below could help you decide which car insurance companies you want to consider when buying insurance for homeowners.
The ratings below only include companies who write in the majority of U.S. states, so smaller companies that only insure vehicles in Indiana are not factored into these rankings. To compare price quotes from the most competitive companies in Indiana, click this link.
Top 10 Large Auto Insurance Companies in Indianapolis Ranked by Customer Satisfaction
- USAA – 92%
- Erie Insurance – 88%
- American Family – 88%
- State Farm – 88%
- Nationwide – 88%
- 21st Century – 88%
- AAA Insurance – 87%
- Liberty Mutual – 87%
- Farmers Insurance – 87%
- The Hartford – 87%
Top 10 Large Auto Insurance Companies in Indianapolis Ranked by Value
- USAA
- GEICO
- AAA Insurance
- Erie Insurance
- State Farm
- Liberty Mutual
- Safeco Insurance
- Allstate
- 21st Century
- Travelers
Types of discounts on Indianapolis auto insurance rates
Insurance companies that provide coverage for homeowners may provide policy discounts that could reduce prices by as much as 35% or more if you qualify. The best insurance companies and their offered discounts are included below.
- The Hartford offers discounts including bundle, driver training, defensive driver, good student, and anti-theft.
- American Family policyholders can earn discounts including air bags, Steer into Savings, mySafetyValet, bundled insurance, multi-vehicle, accident-free, and good driver.
- Progressive includes discounts for good student, continuous coverage, multi-policy, online signing, online quote discount, homeowner, and multi-vehicle.
- Travelers may offer discounts for multi-car, driver training, continuous insurance, home ownership, student away at school, and multi-policy.
- Farmers Insurance offers discounts for distant student, pay in full, homeowner, alternative fuel, youthful driver, bundle discounts, and switch companies.
- USAA may include discounts for military installation, family discount, new vehicle, good student, and vehicle storage.
- Liberty Mutual has savings for new graduate, hybrid vehicle, newly retired, new move discount, newly married, good student, and new vehicle discount.
The illustration below illustrates the difference between auto insurance costs with and without discounts applied to the policy premium. The price estimates are based on a female driver, no violations or claims, Indiana state minimum liability limits, full coverage, and $1,000 deductibles.
The first bar for each age group shows the average rate with no discounts. The second bar shows the rates with safe-driver, anti-theft, vehicle safety, marriage, multiple vehicle, and claim-free discounts applied. When drivers take advantage of discounts, theaverage amount saved on insurance for homeowners is 28% or $312.
If you prefer to get some help when trying to find the best insurance rates for people who own their homes, the agencies below can probably aid you in deciding which coverages are best.
To locate an agency in your neighborhood, click the button following the list or click here to compare price quotes.
- Allstate Insurance: Jorge Herrera
2346 S Lynhurst Dr Ste 304 – Indianapolis, IN 46241 – (317) 246-7203 - American Family Insurance – Brian Ciesil
1398 Shadeland Ave Ste 2233 – Indianapolis, IN 46219 – (317) 353-6225 - Bill Hill – State Farm Insurance Agent
7423 E 82nd St – Indianapolis, IN 46256 – (317) 849-4119