The car, truck, or SUV needing coverage is a significant factor that determines if you can find the most economical coverage for low credit scores. Vehicles with average performance, good safety features, or low incidents of liability claims will cost much less to insure than adrenaline junky models. The information below estimates coverage costs for a handful of the cheapest vehicles to buy insurance for.
| Insured Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Ford Explorer XLT AWD | $1,143 |
| Ford Focus S 4-Dr Sedan | $1,182 |
| Toyota RAV4 2WD | $1,207 |
| Toyota Camry LE | $1,212 |
| Honda CR-V EX 2WD | $1,248 |
| Ford Escape Limited 4WD | $1,264 |
| Ford Edge Sport 2WD | $1,269 |
| Toyota Prius | $1,289 |
| Chevrolet Silverado 2500HD LTZ Crew Cab 4WD | $1,292 |
| GMC Sierra 2500HD SLE Crew Cab 4WD | $1,298 |
| Ford F-150 XLT Crew Cab 2WD | $1,310 |
| Honda Accord LX-S 2-Dr Coupe | $1,353 |
| Volkswagen Jetta 2.0T Station Wagon | $1,363 |
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Prices above based on single female driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Indiana minimum liability limits. Discounts applied include safe-driver, claim-free, multi-policy, homeowner, and multi-vehicle. Premium costs do not factor in vehicle garaging location which can modify rates greatly.
Based upon these rates, you can expect makes and models like the Ford Explorer, Ford Focus, Toyota RAV4, and Toyota Camry should be some of the most economical vehicles to insure for bad credit.
One of the many criteria that are looked at to determine car insurance rates is your address in Indianapolis. Cities with larger populations or higher claim trends tend to have more expensive auto insurance rates, whereas areas with less crime or weather claims can boast about having cheaper rates.
The following table rates the highest-priced areas in Indiana for low credit scores to purchase a policy in. Indianapolis shows up at #6 having an annual price of $1,082 on average, which is around $90 monthly.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | Gary | $1,388 |
| 2 | Hammond | $1,288 |
| 3 | Merrillville | $1,106 |
| 4 | Lawrence | $1,099 |
| 5 | Portage | $1,093 |
| 6 | Indianapolis | $1,082 |
| 7 | Jeffersonville | $1,048 |
| 8 | Evansville | $1,045 |
| 9 | Terre Haute | $1,045 |
| 10 | New Albany | $1,039 |
| 11 | Kokomo | $1,031 |
| 12 | Anderson | $1,001 |
| 13 | Columbus | $975 |
| 14 | Fishers | $974 |
| 15 | Greenwood | $969 |
| 16 | Mishawaka | $965 |
| 17 | Elkhart | $965 |
| 18 | Richmond | $964 |
| 19 | Bloomington | $958 |
| 20 | South Bend | $956 |
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Rates are estimated as the specific area where the vehicle is garaged can increase or decrease auto insurance rates greatly.
Determining which companies quote the most affordable car insurance rates for low credit scores takes more work than just picking a company at random.
Every insurance provider uses a little different formula for determining rates in each state, so we will examine the car insurance companies that tend to be cheaper in Indianapolis. It’s a good idea to know that Indianapolis car insurance rates are impacted by many things which can substantially change your annual premium. Simply getting older, adding a teenager to your policy, or getting into an accident may prompt premium changes resulting in some rates now being more affordable than before.
Find the Cheapest Car Insurance in Indiana
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Travelers | $602 |
| 2 | Cincinnati Insurance | $658 |
| 3 | USAA | $687 |
| 4 | Erie | $726 |
| 5 | Indiana Farmers Mutual | $841 |
| 6 | The Hartford | $855 |
| 7 | Western Reserve | $864 |
| 8 | Auto-Owners | $879 |
| 9 | Utica National | $956 |
| 10 | Motorists Mutual | $956 |
| 11 | Nationwide | $958 |
| 12 | State Farm | $967 |
| 13 | Safeco | $973 |
| 14 | Hastings Mutual | $1,003 |
| 15 | Farmers | $1,022 |
| 16 | State Auto | $1,087 |
| 17 | GEICO | $1,089 |
| 18 | Wolverine Mutual | $1,094 |
| 19 | Westfield | $1,105 |
| 20 | Progressive | $1,106 |
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Travelers normally has some of the most affordable car insurance rates in Indianapolis at around $602 a year. This is $638 less than the average premium paid by Indiana drivers of $1,240. Cincinnati Insurance, USAA, Erie, and Indiana Farmers Mutual would also be considered some of the cheapest Indianapolis, IN auto insurance companies.
As shown in the rates above, if you are insured with USAA and switched to Travelers, you might achieve yearly savings of around $85. Customers with Erie might save as much as $124 a year, and Indiana Farmers Mutual policyholders might realize rate reductions of up to $239 a year.
To find out how your current rates compare, click here to get a free quote or quote prices from the following companies.
These premiums are averages across all types of drivers and the different vehicles they drive and and are not figured with an exact location for low credit scores. So the company that fits your age and vehicle best may not even be in the top 36 companies shown above. That illustrates why you need to get rate quotes from many companies using your own driver and vehicle profiles.
Full coverage rates vs. liability-only in Indianapolis
Reducing premiums for car insurance is important to most vehicle owners, and one of the quickest ways to lower the cost of insurance for low credit scores is to not buy full coverage. The illustration below illustrates the difference between yearly insurance costs with full coverage compared to only the Indiana minimum liability coverage. The prices are based on a clean driving record, no claims, $500 deductibles, marital status is single, and no other discounts are factored in.
Averaged for all ages 20 through 70, physical damage insurance costs $1,328 per year more than buying just liability insurance. That is a large expense and it proposes the question if you should buy full coverage at all. There is no definitive formula to stop paying for comprehensive and collision coverage on your policy, but there is a general guideline. If the yearly cost of full coverage is more than 10% of the vehicle’s replacement cost less your deductible, then you may need to consider dropping full coverage.
For example, let’s pretend your vehicle’s replacement cost is $9,000 and you have $1,000 deductibles. If your vehicle is destroyed, the most you would get paid by your company is $8,000 after you pay the deductible. If it’s costing you more than $800 annually for full coverage, then it’s probably a good time to buy liability coverage only.
There are some situations where dropping full coverage is not financially feasible. If you still have a loan on your vehicle, you must maintain physical damage coverage to protect the lienholder’s interest. Also, if your savings is not enough to buy a different vehicle if your current one is in an accident, you should keep full coverage.
Best car insurance company in Indiana
Insuring your vehicle with the highest-rated insurance company can be a challenge considering how many different companies sell coverage in Indianapolis. The company rank data shown below could help you select which companies you want to consider when trying find the best insurance for low credit scores.
These rankings include the largest companies in America, so companies with more of a regional focus will not be included in these rankings. To compare prices from the insurers below and more, just 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 |
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Data Source: Insure.com Best Car Insurance Companies
Discounts on Indianapolis insurance
Auto insurance companies that provide policies for low credit scores may also offer discounts that could reduce prices by 30% or more if you meet specific criteria. A list of companies and their possible discounts are outlined below.
- Esurance offers discounts for good student, anti-lock brakes, Switch & Save, DriveSense, emergency road assistance, multi-car, and paid-in-full.
- The Hartford may offer discounts for driver training, air bag, anti-theft, bundle, defensive driver, and good student.
- AAA has savings for pay-in-full, multi-policy, AAA membership discount, good driver, good student, and education and occupation.
- GEICO policyholders can earn discounts including good student, seat belt use, membership and employees, defensive driver, and multi-vehicle.
- State Farm includes discounts for passive restraint, Steer Clear safe driver discount, defensive driving training, anti-theft, and multiple autos.
The chart below shows the comparison of insurance prices with and without discounts applied to the policy premium. The premium estimates are based on a female driver, no violations or accidents, Indiana state minimum liability limits, full coverage, and $500 deductibles. The first bar for each age group shows the average rate with no discounts. The second shows the rates with multiple vehicle, safe-driver, accident-free, multiple policy, vehicle safety, and defensive driving course discounts applied. With discounts applied, theaverage amount saved on car insurance for low credit scores is 28% or $348.