Who Has the Cheapest Auto Insurance for Unemployed Drivers in Indianapolis?

The vehicle that is being insured is one of the largest factors when shopping for the most affordable insurance for unemployed drivers. Vehicles with higher performance, poor safety ratings, or a history of substantial liability claims will cost substantially more to insure than safer, lower-performance models. The next list shows auto insurance rates for a handful of the cheaper automobiles to buy coverage for.

Cheapest Vehicles to Insure in Indianapolis, IN
Make and Model Estimated Cost for Full Coverage
Honda CR-V EX-L 4WD $1,120
Honda Accord LX-P 4-Dr Sedan $1,200
Ford Escape XLS 4WD $1,205
Toyota Prius $1,212
Ford Edge SE AWD $1,271
Dodge Grand Caravan Hero $1,297
Ford F-150 XL Crew Cab 2WD $1,340
Kia Optima LX $1,389
Nissan Rogue S 2WD $1,396
Ford Explorer XLT 4WD $1,392
Chevrolet Equinox LTZ AWD $1,400
Chevrolet Impala LT $1,417
Honda Odyssey EX W/Rear Entertainment $1,425
Dodge Ram 3500 Crew Cab ST 2WD $1,441
Volkswagen Jetta LE 4-Dr Sedan $1,458
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Data rating is based on single male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Indiana minimum liability limits. Discounts applied include claim-free, multi-vehicle, multi-policy, safe-driver, and homeowner. Rate information does not factor in vehicle garaging location which can affect premiums considerably.

Based upon the table data, we can tell that makes and models like the Honda CR-V, Honda Accord, Ford Escape, Toyota Prius, and Ford Edge will be some of the most budget-friendly vehicles to insure for the unemployed.

Comparing rates for affordable auto insurance is not the easiest thing to accomplish, and determining which company quotes the most affordable car insurance rates for unemployed drivers requires a bit more work. Each auto insurance company uses a slightly different approach for establishing rates, so let’s begin by examining the overall cheapest car insurance companies in Indiana.

Keep in mind that Indianapolis car insurance rates are impacted by many things that will increase or decrease the cost of coverage. Price variation is why Indianapolis drivers need to compare rates when trying to find the lowest car insurance quotes for unemployed drivers. Car insurance prices can be determined by many risk factors and can change substantially, so the cheapest option two years ago may now be quite expensive.

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What’s the cheapest car insurance in Indiana?
Rank Company Cost Per Year
1 Travelers $614
2 Cincinnati Insurance $658
3 USAA $661
4 Erie $712
5 Indiana Farmers Mutual $849
6 The Hartford $855
7 Western Reserve $872
8 Auto-Owners $879
9 Nationwide $940
10 Utica National $965
11 Safeco $973
12 Hastings Mutual $983
13 Motorists Mutual $996
14 State Farm $997
15 Farmers $1,053
16 State Auto $1,087
17 Wolverine Mutual $1,094
18 Westfield $1,105
19 GEICO $1,122
20 Progressive $1,128
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Travelers may have some of the most affordable car insurance rates in Indianapolis at around $614 a year. This is $626 less than the average policy premium paid by Indiana drivers of $1,240. Cincinnati Insurance, USAA, Erie, and Indiana Farmers Mutual are also some of the most economical Indianapolis, IN car insurance companies.

As illustrated above, if you currently have a policy with Erie and switched to Cincinnati Insurance, you might achieve a yearly price reduction of upwards of $54. Policyholders with Indiana Farmers Mutual could save as much as $191 a year, and The Hartford insureds might lower prices by up to $197 a year.

To get a quick, customized rate comparison, click here to get a free quote or visit any of the low-priced companies below.

Be aware that those premiums are averages for all insureds and vehicles and do not take into consideration a specific zip code for unemployed drivers. So the auto insurance company that is best suited for you may not even be in the top 36 companies shown above. That affirms the importance of why you need to get car insurance quotes using your own specific driver information and vehicle.

Get discounts on Indianapolis auto insurance

Car insurance for the unemployed in Indianapolis, INInsurers that offer cheap quotes for unemployed drivers may additionally offer special discounts that can lower rates by 35% or more if you meet certain criteria. A list of car insurance companies and their offered discounts are included below.

The illustration below visualizes the comparison of premium costs with and without discounts applied. The information is based on a male driver, no claims, a clean driving record, Indiana state minimum liability limits, comp and collision included, and $100 deductibles.

The first bar for each age group shows the average rate with no discounts. The lower bar shows the rates with anti-theft, passive restraint, claim-free, vehicle safety, defensive driving course, and multiple vehicle discounts applied. When drivers take advantage of discounts, theaverage yearly reduction on car insurance for unemployed drivers is 27% or $443.

Difference between liability only and full coverage rates

Reducing premiums for car insurance is probably important to the majority of vehicle owners, and one great way to lower the cost of insurance for unemployed drivers is to buy only liability coverage. The chart below compares auto insurance rates when comparing full coverage to liability only. The data assumes no claims, a clean driving record, $100 deductibles, single marital status, and no other discounts are factored in.

If the expense is averaged for all age categories, physical damage insurance costs $1,613 per year more than just buying liability only. At some point, almost every driver questions when is the right time to remove full coverage. There isn’t a written rule to drop full coverage, but there is a broad guideline. If the yearly cost of full coverage is more than 10% of any settlement you would receive from your insurance company, then you might consider buying liability only.

There are some scenarios where dropping physical damage coverage is not a good plan. If you still owe money on your vehicle, you have to carry full coverage as part of the loan requirements. Also, if your finances do not allow you to purchase a different vehicle if your current one is totaled, you should not drop full coverage.

Why you are probably overpaying for car insurance

Indianapolis, IN car insurance rates are calculated based on many things that may substantially change the price of your policy. Simply having a birthday, having a teenage driver, or having an accident can produce rate changes that can make some companies more affordable than before. Not only may your situation change, but auto insurance companies amend premium rates without warning in order to be able to pay unexpected claims. An extended period of higher than normal claims may result in increased rates, while profitable underwriting may cause lower-cost Indianapolis car insurance rates.

The graph below shows which companies have the cheapest car insurance in Indianapolis, IN for a 35-year-old male driver with no accidents or violations, and a decent credit rating. If we estimate prices based on his personal risk profile, Travelers quotes the lowest car insurance rates in Indianapolis at $703 annually. This is $537 less than the average price paid by Indiana drivers of $1,240. USAA, Cincinnati Insurance, Erie, and The Hartford are also on the list of the top five cheapest Indianapolis, IN auto insurance companies.

In this example, we will give the driver in the first chart a claim, poor credit, and a couple of points charged on his driving record. Because every insurance company has their own guidelines to determine rates, comparing insurance quotes may now show a different ranking of companies as shown below.

Indiana Farmers Mutual now has the cheapest auto insurance in Indianapolis with Auto-Owners, Cincinnati Insurance, Nationwide, and Motorists Mutual now being in the top five. This example illustrates why it is important to compare lots of rates when trying to get the most affordable car insurance quotes for unemployed drivers. Prices are calculated by many factors and change frequently, so the most economical option the last time you checked may now be priced much higher than other options.

Ideas for finding cheaper auto insurance for unemployed drivers

The list below summarizes some of the recommended money-saving suggestions that can help Indiana drivers get cheaper coverage.

The last tip is remarkably vital, as was noted in this article. Auto insurance rates in Indianapolis can change considerably in a year, so drivers shouldn’t be reluctant to switch companies if you find a better deal. Staying with the same company for years is fine, but we do not recommend it if that loyalty results in overpaying hundreds of dollars year after year. Take a few minutes and compare prices to find cheaper car insurance for unemployed drivers.

The agents shown below can probably help you decide which coverages you need, since some drivers aren’t sure which coverage they need and prefer to get some professional input when shopping around for cheaper insurance for the unemployed. It can be challenging to find the cheapest rates, and insurance agents licensed in the state of Indiana can provide you satisfaction knowing you have sufficient coverage for your assets. To locate an Indianapolis insurance agent close to where you live, click the button after the list.

GEICO Insurance Agent
3837 N High School Rd Suite 10Indianapolis, IN 46254(317) 216-0932

Chris Stringer – State Farm Insurance Agent
4875 W 56th St gIndianapolis, IN 46254(317) 803-2241

Indiana Discount Insurance
5502 N Keystone AveIndianapolis, IN 46220(317) 863-0349

View more Indianapolis, IN insurance agents