It’s a known fact that auto insurance companies don’t want their customers to go rate shopping. Consumers who shop around for the cheapest rate will presumably switch to a new company because the odds are good of finding lower rate quotes. A recent survey found that drivers who regularly compared price quotes saved $3,500 over four years compared to those who never compared prices.
If finding the best price on auto insurance is your target objective, then having a good understanding how to shop for cheaper coverage can help you succeed in finding affordable rates.
Really, the only way to get cheaper car insurance rates in Indianapolis is to do an annual price comparison from insurance carriers in Indiana. Rate comparisons can be done by following these steps.
First, get an understanding of the coverage provided by your policy and the steps you can take to keep rates in check. Many rating factors that cause high rates like at-fault accidents and an unacceptable credit score can be controlled by making minor changes in your lifestyle. Continue reading for additional tips to lower rates and get additional discounts that may have been overlooked.
Second, obtain price quotes from direct, independent, and exclusive agents. Direct companies and exclusive agencies can provide rates from one company like Progressive or Farmers Insurance, while independent agencies can provide prices from multiple companies.
Third, compare the new rate quotes to your existing policy to see if a cheaper price is available in Indianapolis. If you can save some money and switch companies, make sure coverage does not lapse between policies.
Fourth, provide notification to your current company to cancel your current car insurance policy. Submit the completed application along with a down payment for your new policy. Once the application is submitted, put the new proof of insurance paperwork in an easily accessible location.
A key point to remember is to make sure you enter the same coverage limits and deductibles on every quote request and and to get prices from as many auto insurance providers as possible. This ensures a fair rate comparison and a thorough price selection.
Finding the cheapest coverage in Indianapolis is really not that difficult. Basically, every car owner who shops around for auto insurance stands a good chance to be able to lower their premiums. But Indiana vehicle owners need to have an understanding of the way insurance companies price insurance differently because it can help you find the best coverage.
How to compare free Indianapolis Honda S2000 insurance quotes
Just keep in mind that quoting more helps locate the best rates. Not every company provides price estimates online, so you should also compare price estimates from those companies as well.
The car insurance companies shown below are ready to provide price comparisons in Indianapolis, IN. If more than one company is shown, it’s highly recommended you visit several of them in order to find the most affordable rates.
Why you need quality insurance for your Honda S2000
Despite the high cost of buying insurance for a Honda S2000 in Indianapolis, insuring your vehicle is required for several reasons.
- Most states have mandatory insurance requirements which means the state requires specific minimum amounts of liability insurance coverage if you want to drive legally. In Indiana these limits are 25/50/10 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
- If you have a loan on your Honda S2000, it’s guaranteed your bank will have a requirement that you have full coverage to ensure the loan is repaid in case of a total loss. If coverage lapses or is canceled, the lender will be forced to insure your Honda at a significantly higher premium and force you to reimburse them the higher premium.
- Insurance preserves both your vehicle and your assets. It also can pay for medical transport and hospital expenses for both you and anyone you injure as the result of an accident. As part of your policy, liability insurance also pays for attorney fees and expenses if you are sued as the result of your driving. If mother nature or an accident damages your car, collision and comprehensive (also known as other-than-collision) coverage will cover the damage repairs after a deductible is paid.
The benefits of buying enough insurance greatly outweigh the cost, particularly when you have a large claim. Unknowingly, the average driver is wasting up to $869 every year so shop around once a year at a minimum to ensure rates are inline.
Honda S2000 Insurance Rate Factors
Part of the auto insurance buying process is learning a few of the rating criteria that aid in calculating the rates you pay for auto insurance. If you have a feel for what influences your rates, this enables informed choices that will entitle you to much lower annual insurance costs. Lots of things are taken into consideration when quoting car insurance. A few of the factors are predictable such as your driving history, but other factors are less apparent like where you live or how safe your car is.
The list below includes some of the most common factors used by companies to determine rates.
Car insurance liability protection limits – A critical coverage on your policy, liability insurance kicks in in the event that you are found liable for personal injury or accident damage. It will provide legal defense coverage to attempt to prove you were not liable. Liability insurance is pretty cheap compared to insuring for physical damage coverage, so do not cut corners here.
Cheaper rates with high coverage deductibles – The deductibles are how much you are required to pay if the claim is covered. Protection for physical damage, commonly called comprehensive (or other-than-collision) and collision coverage, protects your car from damage. Examples of covered claims would be collision with another vehicle, hail damage, and having a roll-over accident. The larger the amount you’re willing to pay, the bigger discount you will receive.
High credit rating translates to low prices – Your credit score will be a significant factor in calculating your premium rate. If your credit history leaves room for improvement, you may save money insuring your Honda S2000 by taking the time to improve your credit score. Insureds that have high credit scores tend to file fewer claims as compared to drivers with lower credit ratings.
Teen drivers are expensive to insure – Teen drivers in Indiana have a tendency to be less responsible when at the wheel of a vehicle so they pay higher auto insurance rates. If you’ve ever had to add a teenage driver to your auto insurance policy can really hurt. More mature drivers are proven to be safer behind the wheel, statistically cause fewer accidents, and get fewer tickets.
Vehicles with better crash test results cost less to insure – Cars with five star safety ratings are cheaper to insure. Vehicles built for safety have better occupant injury protection and any reduction in injury severity means less claims paid which can mean better rates for you.
Job impacts premiums – Jobs like fire fighters, police officers, and medical professionals tend to have higher average rates in part from job stress and incredibly demanding work hours. On the flip side, careers such as farmers, athletes and homemakers pay the least.
Do you qualify for discounts?
Companies don’t list their entire list of discounts very clearly, so the following list contains a few of the more well known in addition to some of the lesser obvious ways to save on insurance.
- Clubs and Organizations – Being in qualifying employment or professional organizations could earn you a nice discount on insurance.
- Bundle and Save – When you have multiple policies with one company you may earn up to 20% and get you low cost Honda S2000 insurance.
- Drive Less and Save – Driving less can earn discounted rates on garaged vehicles.
- Driver’s Education for Students – Require your teen driver to enroll and complete driver’s education as it can save substantially.
- Life Insurance – Some insurance carriers give better premium rates if you take out some life insurance too.
- Early Switch Discount – Some insurance companies give discounts for switching to them before your current expiration date. It could save around 10% when you buy Indianapolis auto insurance online.
- Discounts for Seat Belt Usage – Drivers who always wear seat belts and also require passengers to buckle up can save 10% or more on medical payment and PIP coverage.
A little note about advertised discounts, most discounts do not apply to all coverage premiums. Most only cut specific coverage prices like collision or personal injury protection. So despite the fact that it appears all the discounts add up to a free policy, you won’t be that lucky.
A list of insurance companies and a summarized list of policyholder discounts include:
- American Family discounts include defensive driver, air bags, mySafetyValet, multi-vehicle, and early bird.
- Nationwide has savings for defensive driving, multi-policy, Farm Bureau membership, business or organization, family plan, accident-free, and good student.
- MetLife offers premium reductions for accident-free, multi-policy, good student, good driver, claim-free, and defensive driver.
- 21st Century may include discounts for teen driver, anti-lock brakes, theft prevention, homeowners, student driver, and defensive driver.
- Farmers Insurance may offer discounts for teen driver, homeowner, youthful driver, bundle discounts, electronic funds transfer, and multi-car.
- Allstate policyholders can earn discounts including premier discount, early signing, anti-theft, resident student, and eSmart discount.
When getting a coverage quote, ask every prospective company which discounts you qualify for. Savings may not apply in your area. If you would like to choose from a list of insurers with the best discounts in Indianapolis, click here.
Should I get advice from a local insurance agent?
Some consumers still prefer to sit down and talk to an agent and there is nothing wrong with that. One of the great benefits of comparing insurance prices online is that you can obtain lower rates and also buy local.
To help locate an agent, after submitting this quick form, your insurance data is sent to agents in your area who want to provide quotes for your auto insurance coverage. You never need to contact an agency since price quotes are sent immediately to your email address. You can find the lowest rates AND an agent nearby. If you wish to compare rates from a specific insurance company, you would need to navigate to their website and complete a quote there.
Deciding on an insurer requires you to look at more than just a low price. These are some questions your agent should answer.
- Does the agent have a valid license to sell insurance in Indiana?
- Do they specialize in personal lines coverage in Indianapolis?
- Will they make sure you get an adequate claim settlement?
- Will the company cover a rental car if your car is getting fixed?
- Is there a Errors and Omissions policy in force?
- Will a damage claim use OEM or aftermarket replacement parts?
- If they are an independent agency in Indianapolis, which companies do they recommend?
- How long has their agency been open in Indianapolis?
Pick the best auto insurance agent in Indianapolis for you
When finding a reputable insurance agent or broker, you must know there are a couple types of agencies and how they are slightly different. Auto insurance policy providers are categorized either exclusive agents or independent agents.
Exclusive Insurance Agencies
Agents of this type work for only one company and some examples include Allstate, State Farm and Farmers Insurance. Exclusive agents cannot provide prices from multiple companies so they really need to provide good service. Exclusive agents are usually quite knowledgeable on what they offer and that enables them to sell even at higher rates. Consumers sometimes choose to use a exclusive agent mainly due to high brand loyalty rather than having the cheapest rates.
Below is a list of exclusive agencies in Indianapolis that are able to give price quotes.
- Scott Nichols – State Farm Insurance Agent
7022 W 10th St b – Indianapolis, IN 46214 – (317) 243-3509 – View Map
- Frances Johnson – State Farm Insurance Agent
5707 N Michigan Rd – Indianapolis, IN 46228 – (317) 257-3504 – View Map
- State Farm: David R Johnson
4770 S Emerson Ave #J, Indianapolis 46203 – 4770 S Emerson Ave #J, IN 46203 – (317) 782-8858 – View Map
Independent Insurance Agents
Independent agents do not write with just one company and that enables them to quote your coverage through many different auto insurance companies and possibly get better coverage at lower prices. If they find a cheaper price, your policy is moved internally and you don’t have to find a new agent. If you are comparing auto insurance prices, you should always get insurance quotes from multiple independent agents for the best price selection. Most have the option of insuring with small regional insurance companies which may provide better rates.
Listed below is a short list of independent insurance agencies in Indianapolis that are able to give comparison quotes.
- Owens Insurance Agency
N Alabama St #350 – Indianapolis, IN 46204 – (317) 572-8080 – View Map
- Walker and Associates Insurance Agency
7364 E Washington St – Indianapolis, IN 46219 – (317) 353-8000 – View Map
- Shepherd Insurance and Financial Services
111 Congressional Blvd Suite 100 – Carmel, IN 46032 – (317) 846-5554 – View Map
One last thing about your coverage
When searching for affordable Indianapolis auto insurance quotes, make sure you don’t reduce coverage to reduce premium. There have been many situations where consumers will sacrifice uninsured motorist or liability limits and discovered at claim time that it was a big mistake. The goal is to get the best coverage possible at the lowest possible cost, but do not skimp to save money.
We covered a lot of information how to compare Honda S2000 insurance premium rates in Indianapolis. The key concept to understand is the more providers you compare, the higher the chance of saving money. You may even be surprised to find that the lowest premium rates are with the least-expected company.
People who switch companies do it for a variety of reasons including high prices, policy non-renewal, an unsatisfactory settlement offer and even lack of trust in their agent. Regardless of your reason for switching companies, choosing a new company can be easier than you think.
Additional auto insurance information can be found at the links below
- Vehicle Insurance in the U.S. (Wikipedia)
- Who Has the Cheapest Indianapolis Auto Insurance for Drivers with Bad Credit? (FAQ)
- What Car Insurance is Cheapest for Teachers in Indianapolis? (FAQ)
- How Much are Car Insurance Quotes After a Speeding Ticket in Indianapolis? (FAQ)
- Protecting Teens from Drunk Driving (Insurance Information Institute)
- Event Data Recorders FAQ (iihs.org)