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Knowing where and how to shop for Indiana car insurance can save you hundreds of dollars. MoneyGeek's simple and easy-to-use car insurance calculator allows you to calculate how much car insurance you need in Indiana.
MoneyGeek evaluated how Indiana’s car insurance rates are calculated and what factors influence them so you can determine what is impacting your premiums.
Indiana Car Insurance Calculator: How it Gets You an Instant, Free Estimate
It takes about 10 to 15 minutes to enter the necessary personal information and get a personalized car insurance quote in Indiana.
MoneyGeek's car insurance calculator for Indiana estimates your annual or monthly premiums depending on your age, driving record, vehicle type and coverage levels.
According to our calculator, adding a teen driver, the age of driver and credit scores have the most influence on Indiana car insurance rates. However, you might have a different factor affecting your insurance premiums.
MoneyGeek's calculator can give you a close estimate of the cheapest car insurance quote, although many factors are involved in finding the most affordable company. Erie's $304 a year is the cheapest average quote for MoneyGeek's default driver in Indiana.
That said, you may want to consider a company based on great customer service and coverage options.
You can either use our car insurance calculator to learn how to calculate insurance premiums in Indiana, to get a sense of how much your premiums will be or look through our list of sample drivers who have Indiana’s cheapest car insurance premiums.
We analyzed how much Indiana's average car insurance costs compared to other states so you can compare your rates to the rates of other drivers in other locations.
MoneyGeek also listed the best auto insurance companies in the state that balance quality service and affordability.
How Car Insurance Premiums are Calculated in Indiana
Indiana’s car insurance companies use a range of criteria, such as your age, gender, vehicle details, driving history and coverage levels to calculate your insurance premiums. The addition of a teen driver to the family policy, the driver's age and the driver's credit score can all have an impact on the cost of car insurance in the state.
Adding a teen driver to your policy in Indiana has the biggest impact on rates and might result in a 3.2x raise in auto insurance rates.
How Much Adding a Teen Driver Matters in Calculating Car Insurance in Indiana
Adding a young driver to your policy will result in increased auto insurance prices regardless of where you live. This is due to the lack of experience that young drivers have, which leads insurers to charge a hefty premium for including them in your auto insurance policy.
Adding a teen to your policy is the factor that most affects your car insurance premiums in Indiana. It could raise your premiums by around 3.2x.
How Much Age Matters Matters in Calculating Car Insurance in Indiana
Your age is the second most important factor influencing your car insurance premiums in Indiana. Insurance premiums for 19- to 20-year-old drivers are more expensive, while drivers who are around 40 years of age pay the lowest premiums in the state.
Depending on your age, your insurance premiums can increase by up to 2.2x in Indiana.
How Much Credit Score Matters in Calculating Car Insurance in Indiana
The ability to secure low car insurance premiums in Indiana is partly contingent on maintaining a good credit score. Indiana’s drivers with good credit scores can expect to pay less for their auto insurance, whereas those with bad credit scores pay more.
Having a bad credit score as compared to an excellent one can result in your auto insurance premiums going up by 2.1x.
How Much Your Coverage Level Matters in Calculating Car Insurance in Indiana
The cost of your Indiana car insurance will be influenced by the level of protection you purchase. Increasing your insurance coverage will cost you more money, but it will also give you more protection. A liability-only policy in Indiana with state minimum limits is the cheapest option, while the highest annual premium is for full coverage car insurance with liability limits of 100/300/100 and a $500 deductible.
Your coverage level can impact your car insurance rates by up to 2.1x in Indiana.
How Much Your Car Model Matters in Calculating Car Insurance in Indiana
Your insurance premiums will vary depending on the make and model of your car. Because luxury cars are more difficult to repair and have a higher resale value, their insurance premiums are higher. Additional security accessories may be required for certain models, like sports cars, because of their higher theft and damage risk.
If you drive a luxury car in Indiana, you can expect to pay up to 2x as much for car insurance.
How to Calculate How Much Car Insurance You Need in Indiana
The level of coverage you purchase in Indiana has a significant impact on how much you pay in premiums. Be aware of how much coverage you require. This makes it easier to find an insurance policy balancing cost and protection.
Indiana's law requires every driver to have bodily injury liability coverage and property damage liability insurance. However, if your situation warrants it, you must consider additional coverage like comprehensive and collision coverage.
Understand Indiana car insurance requirements
Understanding Indiana's minimum insurance requirements can help you know how much coverage you require. The state's minimum insurance limits bodily injury liability to $25,000 per person, $50,000 per accident and $25,000 in property damage liability per accident.
It should be noted that Indiana law does not require collision or comprehensive coverage. Increasing your liability limits or buying comprehensive and collision coverage is a great way to improve protection.
Consider Purchasing Additional Liability Insurance
State minimum liability insurance only provides basic protection in an accident. However, being involved in a serious accident may cause you to incur higher costs, which may require higher liability insurance limits.
In Illinois, minimum liability insurance costs around $380 per year. Increasing your bodily injury liability coverage to $300,000 costs an average of $482 per year.
Decide whether or not to buy comprehensive and collision insurance
Collision and comprehensive insurance are not required in Indiana. However, you may need it if you're leasing or financing your car. A full coverage policy might be your best choice since it protects you in the event of any type of loss or damage to your vehicle.
In Indiana, adding comprehensive and collision insurance with a $1,000 deductible costs an average of $232 per year. However, a car worth a few thousand dollars may not be worth hundreds of dollars in annual insurance premiums.
Consider buying additional protection besides these core coverages
Indiana does not mandate uninsured/underinsured motorist coverage. Uninsured motorists make up 15.8% of the driving population in Indiana, which is not that low. It might be smart for drivers to purchase uninsured/underinsured motorist coverage to protect themselves against potential financial losses should they get into an accident with an uninsured or underinsured motorist.
Personal injury protection coverage is not required in the state of Indiana. Insurance companies in Indiana also offer medical payments coverage (Medpay) as an alternative to personal injury protection (PIP), which helps pay for medical expenses incurred as a result of an auto accident.
Frequently Asked Questions About How Car Insurance is Calculated in Indiana
Some frequently asked questions about Indiana car insurance are included below. If you know what factors go into determining your premium, you can make better choices about your auto insurance.
MoneyGeek partnered with Quadrant Data Services to get car insurance quotes from across Indiana. Our data science team analyzed how personal factors impacted cost and incorporated our findings into our calculator to provide users with an accurate estimate of their expected yearly auto insurance costs. Read more about our methodology here.
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