Who Has Affordable Indianapolis Auto Insurance for Electric Cars?

Wouldn’t it be excellent if we knew the single best car insurance company that has the cheapest policy rates for electric cars? It’s not quite that easy, unfortunately, as there are a lot of unknown factors like if you are married or single, what liability limits you need, whether you are female or male, and your credit rating, that all go into determining the rate you pay. This article goes into detail about the best ways to compare rates and hopefully give you enough understanding to have a good beginning to your quest for cheaper car insurance in Indianapolis.

For eco-friendly vehicles, one of the more important components that determine the cost of insurance is where you call home in Indianapolis. Cities with larger populations or higher claim trends tend to pay more, whereas areas with lower crime rates and fewer weather claims tend to receive cheaper rates.

The following table ranks the most expensive areas in Indiana for electric cars in which to buy car insurance. Indianapolis ranks #7 having an annual price of $1,060 for the average insured, which is approximately $88 monthly.

How much does car insurance cost in Indianapolis, IN?
Rank City Average Per Year
1 Gary $1,360
2 Hammond $1,288
3 Merrillville $1,128
4 Portage $1,104
5 Lawrence $1,099
6 Terre Haute $1,077
7 Indianapolis $1,060
8 Jeffersonville $1,048
9 Evansville $1,045
10 New Albany $1,028
11 Kokomo $1,011
12 Anderson $1,001
13 Elkhart $995
14 South Bend $976
15 Mishawaka $974
16 Greenwood $960
17 Bloomington $958
18 Fort Wayne $956
19 Muncie $955
20 Carmel $947
21 Columbus $946
22 Fishers $945
23 Richmond $944
24 Noblesville $930
25 Lafayette $926
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Annual rates are comparative as specific location information can change prices significantly.

Finding out which companies have the most affordable insurance rates for electric cars involves a little more sweat in order to find the best price.

Each auto insurer has their own unique process for setting prices, so to begin we’ll rank the insurance companies that tend to be cheaper in Indianapolis. It’s important to know that Indianapolis insurance rates are determined by lots of factors that can increase the price you have to pay for coverage. Simply having another birthday, buying a new vehicle, or having an accident can cause premium changes that can make some companies more affordable than the competition.

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Cheapest Indiana car insurance ranked by price
Rank Company Cost Per Year
1 Travelers $620
2 Cincinnati Insurance $664
3 USAA $667
4 Erie $712
5 The Hartford $855
6 Western Reserve $872
7 Indiana Farmers Mutual $875
8 Auto-Owners $888
9 Nationwide $940
10 Hastings Mutual $973
11 Safeco $973
12 Utica National $995
13 Motorists Mutual $996
14 State Farm $997
15 Farmers $1,022
16 Wolverine Mutual $1,061
17 GEICO $1,100
18 Westfield $1,105
19 State Auto $1,131
20 Celina Insurance $1,135
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Travelers may have some of the cheapest car insurance rates in Indianapolis at around $620 each year. This is $620 less than the average policy premium paid by Indiana drivers of $1,240. Cincinnati Insurance, USAA, Erie, and The Hartford are also some of the cheaper Indianapolis, IN auto insurance companies.

As the rates illustrate above, if you are a customer of Erie and switched to Travelers, you might see an annual savings of about $92. Customers with The Hartford could save as much as $235 a year, and Western Reserve insureds might realize rate reductions of up to $252 a year.

Be aware that those policy prices are averages for all ages of drivers and types of vehicles and do not factor in an exact location for electric cars. So the company that fits your age and vehicle best may not even be in the list above. That’s why you need to get rate quotes using your own personal information and vehicle type.

The make and model of vehicle on the policy is one of the largest factors when consumers are trying to find the best car insurance for electric cars. Vehicles with average performance, modern passenger safety features, or a positive history of liability claims will cost substantially less to insure than adrenaline junky models.

The next table estimates coverage premiums for some of the most affordable automobiles to insure.

Cheapest Vehicles to Insure in Indianapolis, IN
Make, Model, and Trim Level Estimated Cost for Full Coverage
Ford Escape XLS 4WD $1,038
Honda Accord LX 4-Dr Sedan $1,188
Ford Edge SE AWD $1,202
Honda CR-V EX-L 2WD $1,216
Chevrolet Equinox LS 2WD $1,225
Dodge Ram 3500 Crew Cab Laramie 2WD $1,251
Toyota Tacoma Double Cab 4WD $1,260
Hyundai Elantra SE 4-Dr Sedan $1,290
Toyota Prius $1,315
Jeep Wrangler Rubicon 4WD 2-Dr $1,334
Chevrolet Impala LS $1,475
Dodge Grand Caravan Hero $1,505
Toyota RAV4 Sport 4WD $1,515
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Table data assumes single female driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Indiana minimum liability limits. Discounts applied include claim-free, homeowner, multi-vehicle, multi-policy, and safe-driver. Rates do not factor in specific zip code location which can decrease or increase premiums substantially.

Looking at the numbers, cars like the Ford Escape, Honda Accord, and Ford Edge are the more affordable vehicles to insure for eco-friendly vehicles.

Impact of violations and accidents on rates in Indianapolis

The common sense way to maintain low insurance prices in Indianapolis for eco-friendly vehicles is to be a safe driver and avoid accidents and traffic citations. The illustration below demonstrates how citations and fender-benders influence insurance premiums for each different age category. The premiums are based on a married female driver, comprehensive and collision coverage, $100 deductibles, and no discounts are factored in.

The data in the chart shows the average cost of car insurance in Indianapolis per year with no accidents and a clean driving record is $1,693. Add in one speeding ticket and the average cost jumps to $1,968, an increase of $276 each year. Now throw in one accident along with the one speeding ticket and the 12-month cost of insurance for electric cars increases to an average of $2,756. That’s an increase of $1,063, or $89 per month, just for being a careless driver!

Finding the top insurance provider can be challenging considering how many companies sell coverage in Indianapolis. The company information in the next section can help you select which auto insurance companies you want to consider when shopping car insurance rates for electric cars.

These rankings only include major nationwide insurance companies, so companies that only write business in Indiana or surrounding areas are not taken into consideration for these rankings. If you’d like to compare prices from these top-rated insurers and more, follow this link.

Top 10 Large Auto Insurance Companies in Indianapolis Ranked by Value

  1. USAA
  2. GEICO
  3. AAA Insurance
  4. Erie Insurance
  5. State Farm
  6. Liberty Mutual
  7. Safeco Insurance
  8. Allstate
  9. 21st Century
  10. Travelers

Top 10 Large Auto Insurance Companies in Indianapolis Ranked by Customer Service

  1. Nationwide
  2. State Farm
  3. Safeco Insurance
  4. American Family
  5. Titan Insurance
  6. Travelers
  7. Liberty Mutual
  8. GEICO
  9. Erie Insurance
  10. Allstate

Full coverage rates vs. liability-only

Buying cheaper insurance should be important to most vehicle owners, and one good way to find cheaper insurance for electric cars is to buy only liability coverage. The chart below illustrates the comparison of auto insurance costs with full coverage and liability only. The data assumes no claims, a clean driving record, $1,000 deductibles, marital status is single, and no discounts are taken into consideration.

If we average the cost for all age groups, comp and collision coverage costs an extra $1,281 per year more than insuring for liability only. That is a large expense and it proposes the question if buying full coverage is worth the expense. There isn’t a written rule of when to phase out physical damage coverage, but there is a general school of thought. If the annual cost of your full coverage insurance is more than around 10% of the settlement you would receive from your company, then you may need to consider dropping full coverage.

For example, let’s assume your vehicle’s replacement value is $4,500 and you have $1,000 deductibles. If your vehicle is totaled in an accident, the most you would receive is $3,500 after the policy deductible has been paid. If premium cost is more than $350 annually to have full coverage, then it may be the right time to buy liability only.

There are a few cases where dropping physical damage coverage is not financially feasible. If you still owe money on your vehicle, you have to maintain full coverage in order to satisfy the requirements of the loan. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is totaled, you should keep full coverage in place.

How to find budget-friendly auto insurance for electric cars

Here are many penny-pinching solutions that can help drivers buy cheaper coverage.

The final tip is extremely crucial, as we noted in the prior article. Car insurance prices adjust frequently, so drivers shouldn’t hesitate to buy from a new company if a cheaper price is available.

Many drivers tend to have loyalty to a certain company, but it’s not recommended if that loyalty ends up costing a considerable chunk of change every month. Now is a great time to compare rates and find cheaper auto insurance for electric cars in Indianapolis.