The words “economical” and “insurance” really should not be used together, in particular when you are shopping around for the lowest insurance rates for college students. Because it’s not cheap, let’s start off by going over a few of the things that significantly impact auto insurance prices, and come up with some ideas to slash the price of your next policy.
One of the more important criteria that aid in calculating car insurance rates is your address. Cities with larger populations or higher claim trends will most likely have higher rates, whereas areas with fewer weather claims and lower vehicle theft rates have the benefit of cheaper car insurance.
The next table rates the highest-priced areas in Indiana for college students to purchase car insurance in. Indianapolis is listed at #5 with the annual price of $1,092 for the average policyholder, which is around $91 each month.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | Gary | $1,401 |
| 2 | Hammond | $1,314 |
| 3 | Merrillville | $1,128 |
| 4 | Portage | $1,126 |
| 5 | Indianapolis | $1,092 |
| 6 | Evansville | $1,087 |
| 7 | Terre Haute | $1,077 |
| 8 | Jeffersonville | $1,070 |
| 9 | Lawrence | $1,055 |
| 10 | New Albany | $1,039 |
| 11 | Kokomo | $1,031 |
| 12 | Anderson | $1,001 |
| 13 | Elkhart | $995 |
| 14 | Columbus | $984 |
| 15 | Fort Wayne | $976 |
| 16 | Fishers | $974 |
| 17 | Bloomington | $968 |
| 18 | Greenwood | $960 |
| 19 | Noblesville | $958 |
| 20 | Muncie | $955 |
| 21 | South Bend | $947 |
| 22 | Mishawaka | $936 |
| 23 | Richmond | $935 |
| 24 | Carmel | $929 |
| 25 | Lafayette | $926 |
| Find Cheaper Insurance Go | ||
Prices are approximated as vehicle location can revise auto insurance rates greatly.
The vehicle model driven is probably the biggest factor when looking for the most affordable auto insurance for college students. Vehicles with limited top-end speed, good crash test ratings, or a low likelihood of liability claims will cost quite a bit less to insure than fast, unsafe models.
The next table outlines coverage costs for a handful of the most economical automobiles to insure.
| Vehicle Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Honda Accord LX-P 4-Dr Sedan | $2,622 |
| Honda CR-V EX-L 4WD | $2,660 |
| Jeep Wrangler Sport 4WD 2-Dr | $2,687 |
| Ford Escape Limited 4WD | $2,855 |
| Honda Odyssey LX | $2,882 |
| Toyota Prius | $2,896 |
| Dodge Grand Caravan CV | $2,921 |
| Honda Civic DX 4-Dr Sedan | $3,077 |
| Ford Focus SE 4-Dr Sedan | $3,085 |
| Volkswagen Jetta 2.0T Station Wagon | $3,091 |
| Chevrolet Equinox LS 2WD | $3,116 |
| Toyota Camry LE | $3,126 |
| Chevrolet Malibu LS | $3,116 |
| Jeep Grand Cherokee Laredo 2WD | $3,126 |
| Toyota RAV4 Limited 4WD | $3,116 |
| Nissan Altima 2.5 4-Dr Sedan | $3,124 |
| Ford F-150 SVT Raptor Super Cab 4WD | $3,157 |
| Ford Explorer Limited 2WD | $3,162 |
| Toyota Tacoma Double Cab TRD Sport Package 4WD | $3,157 |
| Ford F-350 XL Super Cab 2WD | $3,195 |
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Cost estimates assume single male driver age 20, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Indiana minimum liability limits. Discounts applied include safe-driver, and claim-free. Information does not factor in specific location which can increase or decrease premiums significantly.
Looking at the numbers, we can conclude that vehicles like the Honda Accord, Honda CR-V, and Jeep Wrangler are most likely to be some of the most economical vehicles to insure for students in college. The price for an auto insurance policy will be higher anyway just due to the fact that there is more claim risk for college students, but overall those specific models will probably have the cheapest auto insurance rates possible.
Finding dependable, low-priced insurance is challenging, and figuring out which company quotes the best insurance rates for college students may require a bit more work.
Each insurer uses a different method for setting rates, so let’s take a look at the most affordable insurance companies in Indiana. It’s important that readers know that Indianapolis, IN insurance rates are impacted by many things which can significantly increase or decrease the policy premium. Simply having a birthday, having a teen driver, or getting a speeding ticket can cause premium changes that can cause some rates to be much cheaper than others.
Best Cheap Insurance Rates for College Students
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Travelers | $596 |
| 2 | USAA | $661 |
| 3 | Cincinnati Insurance | $664 |
| 4 | Erie | $712 |
| 5 | Indiana Farmers Mutual | $841 |
| 6 | Western Reserve | $846 |
| 7 | Auto-Owners | $888 |
| 8 | The Hartford | $889 |
| 9 | Utica National | $956 |
| 10 | Nationwide | $958 |
| 11 | Motorists Mutual | $966 |
| 12 | State Farm | $967 |
| 13 | Hastings Mutual | $1,013 |
| 14 | Safeco | $1,013 |
| 15 | Farmers | $1,053 |
| 16 | Westfield | $1,061 |
| 17 | GEICO | $1,089 |
| 18 | Wolverine Mutual | $1,105 |
| 19 | State Auto | $1,120 |
| 20 | Progressive | $1,139 |
| View More Rates Go | ||
Travelers normally has some of the lowest car insurance rates in Indianapolis at around $596 per year. USAA, Cincinnati Insurance, Erie, and Indiana Farmers Mutual would also be considered some of the most economical Indianapolis, IN car insurance companies.
As shown in the rates above, if you currently have a policy with Erie and switched to Travelers, you may realize yearly savings of upwards of $116. Insureds with Indiana Farmers Mutual might save as much as $245 a year, and Western Reserve customers might reduce rates by $250 a year.
To discover how much you can save, click here to begin a quote or quote prices from the following companies.
Be aware that those premium estimates are averaged across all drivers and vehicles in Indiana and and are not figured with an exact vehicle garaging location for college students. So the car insurance company that is best for you may not even be in the top 36 companies in the list above. That illustrates why you need to compare rates from as many companies as possible using your own driver and vehicle profiles.
Indianapolis insurance companies
Ending up with a good quality insurance provider can be challenging considering how many choices you have in Indianapolis. The company ratings in the next section can help you analyze which coverage providers you want to consider to insure your vehicles.
These ratings are only comprised of companies that write coverage in many states, so smaller regional companies are not included in these rankings. To compare prices from these and other competitive companies, 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 |
| Compare Rates Now Go | ||||||
Data Source: Insure.com Best Car Insurance Companies
Should you buy full coverage?
Finding the cheapest insurance is important to the majority of vehicle owners, and one great way to pay less for insurance for college students is to not buy full coverage. The example below illustrates the difference between car insurance costs with and without full coverage. The rates are based on no tickets, no at-fault accidents, $250 deductibles, marital status is single, and no discounts are applied to the premium.
If all age groups are averaged, physical damage coverage on your policy costs an extra $2,009 per year more than just buying liability insurance. Many drivers may wonder when is the right time to remove full coverage. There is no set guideline of when to exclude comp and collision coverage, but there is a broad guideline. If the yearly cost of comp and collision coverage is about 10% or more of the vehicle’s replacement cost less your deductible, the it may be a good time to stop paying for full coverage.
For example, let’s say your vehicle’s book value is $9,000 and you have $1,000 deductibles. If your vehicle is destroyed, the most your company would pay you is $8,000 after paying your deductible. If it’s costing you more than $800 a year for your policy with full coverage, then it might be time to consider dropping full coverage.
Your low-price policy may be costing you money
Indiana insurance rates are based on many factors which can substantially change the cost of having a policy. Simply having a birthday, marrying your spouse, or getting a ticket for running a stop sign can trigger changes in premium that can cause some rates to be more affordable than before.
In addition, insurers file new Indiana auto insurance rates as needed to help ensure profitability. A period of increased losses may result in price increases, while profitable underwriting can cause more affordable Indianapolis car insurance rates.
The graph below demonstrates which company has the cheapest car insurance in Indianapolis, IN for a 45-year-old male driver with no accidents, a clean driving record, and a good credit rating. If we look at prices based on his current rating profile, Travelers might offer the lowest car insurance rates in Indianapolis at $683 a year. This is $557 less than the average price paid by Indiana drivers of $1,240. Cincinnati Insurance, USAA, Erie, and The Hartford are also on the list of the cheapest Indianapolis, IN auto insurance companies.
In this next rate comparison, we will give the driver from the first example an accident claim, slightly worse credit, and a stop sign violation. Due to the fact that every insurance company has a unique formula for determining prices, comparing prices could result in a different ranking of the cheapest Indianapolis car insurance companies as shown below.
Indiana Farmers Mutual now has the best insurance rate in Indianapolis, IN with Auto-Owners, Cincinnati Insurance, USAA, and Nationwide now rounding out the top five. This illustrates why consumers need to do a thorough rate comparison to get the lowest insurance quotes for college students. Car insurance prices are determined by many risk factors and can decrease or increase without notice, so the most economical company when you bought your policy may now be one of the more expensive options.
How to find cheaper auto insurance for college students
Here are some of the recommended money-saving suggestions that can help Indiana drivers locate cheap coverage.
- Do not insure for full coverage
- Do not get traffic citations
- Earn a discount by not filing claims
- Do not get into accidents
- Higher comprehensive and collision coverage deductibles will save money
- Compare rate quotes frequently
The last item on the list is certainly necessary, as was noted in the article above. Prices charged by companies in Indianapolis can be modified anytime, so drivers shouldn’t be reluctant to switch carriers if a more affordable rate is found. Loyalty to a specific company is fine, but it’s not a good idea if your bullheadedness ends up costing you thousands of dollars over the life of your policy. It only take a few minutes to shop around to find cheaper car insurance for college students.
If you like to have the advice of a professional agent when shopping for the best coverage for students in college, the agents shown below can aid you in deciding which coverage meets your needs best.
To locate an Indianapolis auto insurance agent using an interactive map, click the link at the bottom or click here to compare price quotes now.
- Jim Crinklaw – State Farm Insurance Agent
9423 Pendleton Pike – Indianapolis, IN 46236 – (317) 897-6129 - Norm Street – State Farm Insurance Agent
8610 E Washington St – Indianapolis, IN 46219 – (317) 898-2626 - Brandon Libunao – State Farm Insurance Agent
1014 Prospect St – Indianapolis, IN 46203 – (317) 783-3391 - Nationwide Insurance: Brelage Insurance Agency Inc
5451 Emerson Way – Indianapolis, IN 46226 – (317) 591-2660