The words “low-cost” and “insurance” really shouldn’t be used together, especially when shopping around for the cheapest coverage for 20 year old guys. Because it’s not cheap, let’s go over a few of the factors that help determine insurance prices, and figure out some ideas to reduce the cost of the next policy you buy.
For young men, one of the more important factors that aid in calculating the amount you pay each year for auto insurance is where your residence is in Fort Wayne. More populated areas tend to have more expensive car insurance rates, whereas areas with less people or fewer weather incidents have the enjoyment of a little cheaper coverage.
The illustration below shows the priciest cities in Indiana for 20 year old guys to purchase car insurance in. Fort Wayne is listed at #20 with an annual cost of $956 for the average policy, which is around $80 each month.
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Rate quotes are approximated as the specific geographic location can decrease or increase premiums noticeably.
Locating low-cost car insurance is tough enough, and figuring out which companies quote the most affordable auto insurance rates for 20 year old guys will involve even more work. Each auto insurance company has a proprietary method for setting prices, so we need to take a look at the lowest cost auto insurance companies in Fort Wayne, IN.
Keep in mind that Fort Wayne auto insurance rates are based on many factors which can substantially decrease or increase the policy price. Simply turning a year older, buying a different vehicle, or getting a speeding ticket can trigger changes in premium that can make some companies way too expensive in comparison to the competition.
Find the Cheapest Auto Insurance for Men Age 20
|Rank||Company||Cost Per Year|
|7||Indiana Farmers Mutual||$875|
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Travelers may offer some of the lowest car insurance rates in Fort Wayne at around $602 annually. Cincinnati Insurance, USAA, Erie, and Western Reserve also qualify as some of the cheapest Fort Wayne, IN auto insurance companies.
As shown above, if you are insured with Erie and switched to Travelers, you could earn an annual savings of around $131. Insureds with Western Reserve may save as much as $244 a year, and The Hartford policyholders might lower prices by $261 a year.
If you want to find out if you’re overpaying, click here to get quotes or quote rates from the companies below.
Remember that these premiums are averaged for all drivers and vehicles in Indiana and do not factor in a specific location for 20 year old guys. So the auto insurance company that can offer you the best rate may not even be in the top 36 companies shown above. That affirms the importance of why you need to compare as many prices as possible using your own specific driver and vehicle information.
Difference between liability only and full coverage rates
Paying a lower price for auto insurance should be important to most vehicle owners, and one easy way to pay lower rates for insurance for 20 year old guys is to not buy comprehensive and collision coverage. The illustration below shows the difference between annual premium costs with and without physical damage coverage. The rate quotes are based on no claims, a clean driving record, $100 deductibles, marital status is single, and no policy discounts are applied.
As an average for all age groups, full coverage costs an extra $1,613 per year over having just liability coverage. Many of you may wonder when is it safe to stop buying full coverage. There is no exact rule of when to eliminate physical damage coverage, but there is a general guideline you can use. If the yearly cost of comp and collision coverage is 10% or more of the replacement cost minus the deductible, then it might be time to buy liability only.
The information below shows how different deductible levels can increase or decrease insurance prices when trying to find cheap insurance for 20 year old guys. The rate quotes are based on a married female driver, full physical damage coverage, and no policy discounts are applied.
A 40-year-old driver could pocket $232 a year by switching the physical damage coverage from a $100 deductible up to a $500 deductible, or save $348 by changing to a $1,000 deductible. Young drivers, like the Age 20 chart data, could potentially save $566 every year by selecting a higher deductible.
When increasing deductibles, it is a good idea to have additional funds squirreled away to enable you to pay the extra out-of-pocket expense, which deters some drivers from choosing higher deductibles.
How to get discounts on Fort Wayne insurance
Insurers that offer quotes for 20 year old guys may have price discounts that can reduce rates by 25% or more if you qualify for them. The best auto insurance companies and their possible discounts are:
- Farmers Insurance policyholders can earn discounts including bundle discounts, distant student, business and professional, good student, and pay in full.
- Esurance may have discounts that include renters, paid-in-full, homeowner, multi-policy, good student, and claim free.
- State Farm may offer discounts for defensive driving training, multiple policy, Drive Safe & Save, good student, passive restraint, Steer Clear safe driver discount, and multiple autos.
- GEICO has savings for seat belt use, federal employee, good student, multi-vehicle, air bags, and daytime running lights.
- Allstate offers discounts including senior citizen, EZ pay plan discount, good student, good payer, and economy car.
The example below shows the difference between insurance premiums with and without discounts applied to the policy premium. The data assumes a female driver, a clean driving record, no claims, Indiana state minimum liability limits, comprehensive and collision coverage, and $500 deductibles. The first bar for each age group shows the average annual price with no discounts. The lower bar shows the rates with good student, paperless filing, vehicle safety, continuous coverage, paid-in-full, and passive restraint discounts applied. When taking advantage of discounts, theamount saved on auto insurance for 20 year old guys is 21% or $291.
Why are you paying too much for car insurance?
Indiana auto insurance rates are impacted by many things which can significantly increase or decrease the price of your policy. Simply improving your credit, having a teenage driver, or getting a ticket for careless driving may cause policy rate changes that can cause some rates to be more affordable than competitors. Also, car insurance companies modify pricing as often as every three months in order to protect their financial rating. An unexpected high level of claims can cause more expensive prices, while a lower level of claims can produce lower-priced Fort Wayne car insurance rates.
As an example, the data below analyzes the cheapest car insurance in Fort Wayne, IN for a 30-year-old male driver with no violations or accidents, and solid credit. When quoting prices based on his current situation, Travelers might offer the cheapest car insurance rates in Fort Wayne at $653 a year. This is $587 less than the average rate paid by Indiana drivers of $1,240. Cincinnati Insurance, USAA, Erie, and Western Reserve are also on the list of the most affordable Fort Wayne, IN auto insurance companies.
The next chart shows rates after we give the driver in the first example an at-fault accident, slightly worse credit, and a stop sign violation. Due to the fact that every auto insurer uses their own calculation to determining premium rates, analyzing rates most likely will result in a slightly different list of the cheapest Fort Wayne car insurance companies as shown below.
The Hartford now has the best price on car insurance in Fort Wayne, IN with Auto-Owners, Nationwide, Cincinnati Insurance, and State Farm now being in the top five. This example shows why it is so important to compare rates to find the most economical car insurance rates for 20 year old guys. Rates are calculated by many different factors and can change substantially, so the most economical option two years ago may now be an over-priced policy.