Despite relatively high minimum insurance requirements, Indiana auto insurance is among the ten cheapest in the country when it comes to average costs by state. To realize the low-cost advantages of auto insurance quotes in Indiana, however, you need to do your homework. Some insurance companies offer superior discounts for students, safe drivers, and multiple-policy holders. Others assess smaller penalties for past claims, DUIs, and poor credit ratings. In years past, this homework involved cold-calling insurance agents or visiting local insurance offices. Now, you can streamline this process from the comfort of your own home by taking just a few minutes to submit an online request for Indiana insurance quotes.
Average Costs and Minimum Coverage for Indiana Auto Insurance Quotes
According to the National Association of Insurance Commissioners, the average cost of Indiana auto insurance was $618 in 2007, the last year for which comprehensive data is available. This is considerably lower than the national average of $795 over the same time period and almost half as expensive as D.C.'s $1,140. Moreover, the Hoosier state requires drivers to carry a minimum of $25,000 (per person) and $50,000 (per accident) for bodily injury liability and $10,000 for property damage liability. Consider that next door in Ohio, the average cost of insurance is virtually identical, but the Buckeye state mandates only 12.5/25/7.5 for the same insurance minimums. Admittedly, even Indiana standards may not provide you with sufficient coverage. If you plow into a brand-new Ford Mustang, for example, and you've purchased only the minimum coverage, you will be on the hook for any property damages in excess of $10,000.
Other Statewide Auto Insurance Variables
For other statewide variables, Indiana ranks very near the middle. Population density has a very strong correlation to the cost of auto insurance, and Indiana ranks as the 17th most densely populated state. In terms of drivers, Indiana is just above average, ranking as the 22nd state for best drivers, according to a recent GMAC survey. There is also something to be said for the frugality of the Hoosier state. With fewer residents opting for the most expensive, brand-new vehicles, there is simply less for Indiana insurance companies to insure.
Your Indiana Auto Insurance: Policy and Premium Choices
Depending on circumstances and need, your Indiana auto insurance quotes may not reflect these state averages in either cost or coverage. If you financed your car or want it covered by your insurance company, you'll need to buy comprehensive and collision insurance. You may also determine that it's wise to get the extra coverage afforded by uninsured motorists coverage, rental car and towing insurance, extra personal injury protection, and gap insurance for those who owe more to the bank than the car is worth. Likewise, if you have blemishes on your driving record or fall into some other high-risk pool, your auto insurance is all but assured to cost more than the state average.
The Benefits of Online Indiana Auto Insurance Quotes
Online Indiana auto insurance quotes are about a lot than convenience. Because companies know that you're being matched with competitors, the process helps increase competition, the single most important asset you have as a consumer. This process also eliminates a lot of overhead for the insurance companies by reducing the need for high commission-based sales agents, which allows them to offer you lower premiums. Moreover, few insurance consumers realize the value of getting new auto insurance quotes when their policies are up for renewal. Insurance companies are continually tweaking actuarial guidelines and pricing strategies. The best company for auto insurance last year may not be the best company for you this year.