Figuring out which insurers offer the cheapest car insurance rates for low credit scores will take a tad more effort in order to find the best price. Every auto insurer has their own process for determining rates, so to begin we’ll rank the most competitive car insurance companies in Indiana.
Find Cheaper Auto Insurance in Indiana
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Travelers | $602 |
| 2 | Cincinnati Insurance | $678 |
| 3 | USAA | $687 |
| 4 | Erie | $705 |
| 5 | Western Reserve | $846 |
| 6 | Indiana Farmers Mutual | $849 |
| 7 | The Hartford | $889 |
| 8 | Auto-Owners | $915 |
| 9 | State Farm | $957 |
| 10 | Nationwide | $968 |
| 11 | Hastings Mutual | $973 |
| 12 | Utica National | $995 |
| 13 | Motorists Mutual | $996 |
| 14 | Safeco | $1,013 |
| 15 | Farmers | $1,022 |
| 16 | Westfield | $1,072 |
| 17 | State Auto | $1,098 |
| 18 | GEICO | $1,100 |
| 19 | Wolverine Mutual | $1,105 |
| 20 | Progressive | $1,139 |
| Find Cheaper Rates Go | ||
Travelers may offer some of the lowest car insurance rates in Fort Wayne at around $602 a year. This is $638 less than the average rate paid by Indiana drivers of $1,240. Cincinnati Insurance, USAA, Erie, and Western Reserve would also make the list of some of the cheaper Fort Wayne, IN insurance companies.
As depicted above, if you are a customer of USAA and switched to Travelers, you could realize an annual savings of in the vicinity of $85. Drivers with Erie may save as much as $103 a year, and Western Reserve insureds might see rate reductions of $244 a year.
To see if your current coverage is too expensive, click here to start your custom quote or visit several of the following companies.
Be aware that those premium estimates are averages for all drivers and vehicles in Indiana and do not factor in a specific vehicle garaging location for low credit scores. So the insurer that fits your situation best may not even be in the top 36 companies in the list above. That affirms the importance of why you need to quote rates from as many companies as possible using your own personalized driver profile and vehicle information.
One of the more important things that are used to help calculate insurance cost is where you keep your car. Cities with larger populations or higher claim trends will most likely pay more, whereas areas with lower vehicle theft rates and fewer weather claims have the gratification of cheaper auto insurance rates.
The next table ranks the most costly cities in Indiana for low credit scores to buy an auto insurance policy in. Fort Wayne comes in at #15 with a yearly cost of $976 for the average insurance policy, which is around $81 per month.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | Gary | $1,388 |
| 2 | Hammond | $1,314 |
| 3 | Merrillville | $1,106 |
| 4 | Portage | $1,093 |
| 5 | Indianapolis | $1,082 |
| 6 | Lawrence | $1,066 |
| 7 | Evansville | $1,055 |
| 8 | Jeffersonville | $1,048 |
| 9 | Anderson | $1,041 |
| 10 | New Albany | $1,039 |
| 11 | Terre Haute | $1,035 |
| 12 | Kokomo | $1,031 |
| 13 | Elkhart | $995 |
| 14 | Columbus | $984 |
| 15 | Fort Wayne | $976 |
| 16 | South Bend | $976 |
| 17 | Richmond | $973 |
| 18 | Greenwood | $960 |
| 19 | Bloomington | $958 |
| 20 | Muncie | $955 |
| Find Cheaper Insurance Go | ||
Prices are approximated as the garaging address in Fort Wayne can raise or lower coverage prices greatly.
The diagram below shows how choosing a deductible can increase or decrease yearly insurance costs when trying to find cheap insurance for low credit scores. The data assumes a married female driver, full physical damage coverage, and no other discounts are factored in.
As shown above, a 30-year-old driver could pocket $222 a year by switching their comprehensive and collision coverages from a $100 deductible to a $500 deductible, or save $334 by changing to a $1,000 deductible. Young drivers, like the 20-year-old, could possibly save up to $476 each year by choosing a higher deductible.
When increasing deductibles, it’s a good idea to have additional funds in a savings account to enable you to pay the extra out-of-pocket expense, which deters some drivers from choosing higher deductibles.
Liability only or full coverage
Saving money on car insurance is probably important to most vehicle owners, and one common way to reduce the cost of insurance for low credit scores is to not insure for full coverage. The illustration below visualizes the comparison of insurance rates with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. Data assumes no accidents, no driving violations, $100 deductibles, drivers are single, and no discounts are taken into consideration.
If averaged for all ages, physical damage insurance costs $2,160 per year more than just insuring for liability. At some point, every insured wonders if buying full coverage is worth the expense. There is no exact formula for phasing out comprehensive and collision coverage on your policy, but there is a guideline you can use. If the yearly cost of comp and collision coverage is more than 10% of the replacement cost of your vehicle minus the policy deductible, then you might consider buying liability only.
How to find more affordable insurance for low credit scores
Lowering your rates is not difficult, and here are some of the better thrifty ideas that can help drivers get cheaper coverage.
- At-fault accidents will increase rates
- Violations like speeding or DUI increase rates
- Assess whether full coverage is needed
- Frequent claims will increase rates
- Increase your physical damage deductibles
- Compare rate quotes often
The last idea is very crucial, as was affirmed in the article above. Coverage prices vary considerably, so drivers shouldn’t hesitate to switch companies if you find a cheaper price. Being loyal to a particular company is commendable, but we do not recommend it if that dedication is costing lots of money. In less than five minutes you could compare rates to find cheaper auto insurance for low credit scores in Fort Wayne.