How Much are Indianapolis Auto Insurance Rates for a 20 Year Old Male?

For young men, one of the big components that are looked at to help calculate the amount you pay for auto insurance is the neighborhood you call home. Areas with more people or higher crime rates tend to have more expensive auto insurance rates, whereas areas with less crime or weather claims tend to receive cheaper rates.

The table below shows the most expensive cities in Indiana for 20 year old guys to purchase car insurance in. Indianapolis is ranked at #8 with an annual premium of $1,050 for the average policyholder, which is around $88 monthly.

How much is auto insurance in Indianapolis, IN?
Rank City Premium Per Year
1 Gary $1,347
2 Hammond $1,288
3 Portage $1,104
4 Merrillville $1,095
5 Jeffersonville $1,080
6 Evansville $1,077
7 Lawrence $1,055
8 Indianapolis $1,050
9 Terre Haute $1,035
10 Kokomo $1,031
11 New Albany $1,028
12 Anderson $1,001
13 Fort Wayne $985
14 Fishers $983
15 Mishawaka $965
16 Richmond $964
17 Noblesville $958
18 Bloomington $958
19 Elkhart $956
20 Columbus $955
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Rate quotes are comparative as specific location information can change prices noticeably.

The type of vehicle you are seeking coverage for is one of the primary factors when comparison shopping for cheaper insurance for 20 year old guys. Vehicles with average performance, good safety features, or low incidents of liability claims will cost quite a bit less to insure than adrenaline junky models.

The information below shows coverage costs for some of the cheaper vehicles to insure in Indiana.

Cheapest Vehicles to Insure in Indianapolis, IN
Vehicle Make and Model Estimated Cost for Full Coverage
Honda Accord LX-P 4-Dr Sedan $2,839
Honda CR-V EX-L 4WD $2,881
Ford Escape XLT 4WD $2,889
Ford F-150 XL Regular Cab 2WD $2,907
Toyota Prius $3,133
Honda Odyssey EX $3,329
Chevrolet Impala LS $3,339
Ford Edge Limited 2WD $3,329
Toyota RAV4 Limited 2WD $3,372
Chevrolet Silverado LT Extended Cab 4WD $3,379
Jeep Wrangler Unlimited Sport 2WD 4-Dr $3,372
Jeep Grand Cherokee Laredo 4WD $3,378
Dodge Grand Caravan Crew $3,414
Toyota Tacoma Double Cab TRD Sport Package 4WD $3,423
Ford Explorer Limited 4WD $3,414
Hyundai Elantra Blue 4-Dr Sedan $3,542
Toyota Camry SE $3,584
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Prices above based on single male driver age 20, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Indiana minimum liability limits. Discounts applied include claim-free, and safe-driver. Table data does not factor in specific location which can modify rates substantially.

Based upon the table data, you can infer that makes and models like the Honda Accord, Honda CR-V, Ford Escape, Ford F-150, and Toyota Prius are going to be the most budget-friendly vehicles to insure for young men. Auto insurance rates will tend to be more expensive because there is a higher risk for 20 year old guys, but generally speaking those particular vehicles will tend to have the cheapest auto insurance rates compared to all other vehicles.

The information below highlights how deductible choice can impact annual premium costs when getting quotes for cheap insurance for 20 year old guys. The information is based on a single female driver, comp and collision included, and no discounts are taken into consideration.

The data above shows that a 50-year-old driver could lower their policy premium by $222 a year by switching from a $100 deductible up to a $500 deductible, or save $334 by switching to a $1,000 deductible. Young drivers, like the 20-year-old, can save $566 annually by choosing larger deductibles on their policy. If you do raise deductibles, it is a good idea to have plenty of discretionary funds to enable you to cover the extra out-of-pocket expense, which is the main disadvantage of using high deductibles.

Cost comparison with and without full coverage

Saving money on insurance is probably important to most vehicle owners, and an effective way to buy cheaper insurance for 20 year old guys is to only pay for liability coverage. The diagram below illustrates the difference between yearly insurance costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The information is based on no driving violations, no at-fault accidents, $100 deductibles, drivers are not married, and no other discounts are factored in.

As an average for all age groups, physical damage coverage on your policy costs an additional $1,613 per year more than just buying liability insurance. Many drivers will wonder if buying full coverage is worth the money. There is no exact formula of when to phase out comp and collision coverage, but there is a broad guideline. If the annual cost of coverage is more than 10% of replacement cost minus your deductible, then you may want to consider only buying liability coverage.

For example, let’s assume your vehicle’s book value is $7,500 and you have $1,000 deductibles. If your vehicle is totaled in an accident, the most your company will settle for is $6,500 after paying your deductible. If it’s costing in excess of $650 annually to have full coverage, then it might be time to consider dropping full coverage.

The importance of shopping around

Indianapolis, IN insurance rates are based on many factors that can increase the cost of having a policy. Simply turning a year older, marrying your spouse, or getting a driving violation can trigger changes in premium resulting in some rates now being more affordable than the competition. And not only may your rating factors change, but companies change prices without warning to adjust for unexpected claims or profits. Higher than usual claims can result in increased policy costs, while less frequent claims can cause cheaper Indianapolis car insurance rates.

The graph below compares the cheapest car insurance in Indianapolis, IN for a 40-year-old male driver with no violations or accidents, and good credit. When comparing rates based on his current risk factors, Travelers might quote the lowest car insurance rates in Indianapolis at $703 a year. This is $537 less than the average policy premium paid by Indiana drivers of $1,240. Cincinnati Insurance, USAA, Erie, and Western Reserve are the rest of the top five cheapest Indianapolis, IN auto insurance companies.

Let’s now give the driver in the first example a claim, a little lower credit rating, and a traffic ticket or two. Since each company uses a different method for establishing rates, getting updated rate quotes could result in a completely different list of the cheapest car insurance companies in Indianapolis as shown below.

Indiana Farmers Mutual now has the cheapest car insurance in Indianapolis, IN with Auto-Owners, Nationwide, Motorists Mutual, and Erie also being competitive. This example shows why it is critical to take the time to shop around when trying to get the best insurance rates for 20 year old guys.

Auto insurance prices are made up of many risk factors and change substantially, so the cheapest option two years ago may now be one of the higher cost companies.

The auto insurance agents in Indianapolis shown below can help you make a decision which coverage meets your needs best, as lots of people like to get some guidance when shopping for cheaper insurance for 20 year old guys. It can be complicated to find the best policy on your own, and getting advice from a licensed Indiana insurance agent can give you comfort knowing you have adequate protection in case of an accident or claim.

To locate an Indianapolis car insurance agency by location nearest to you, click the button following the list or click here to get price quotes now.

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