The type of vehicle that needs insurance is one of the main factors when comparing cheaper car insurance for drivers with bad credit. Vehicles with lower performance, modern passenger safety features, or a low likelihood of liability claims will cost significantly less to insure than higher performance models. The data below estimates auto insurance prices for a number of the more affordable vehicles to insure in Indiana.
| Vehicle Insured | Estimated Cost for Full Coverage |
|---|---|
| Ford Escape XLS 2WD | $879 |
| Honda CR-V EX-L 2WD | $898 |
| Ford F-150 XL Super Cab 2WD | $966 |
| Toyota Prius | $972 |
| Honda Accord EX 4-Dr Sedan | $1,006 |
| Toyota RAV4 Sport 4WD | $1,040 |
| Jeep Grand Cherokee Limited 2WD | $1,113 |
| Ford Fusion SEL 4-Dr Sedan | $1,123 |
| Nissan Altima 3.5 SR 4-Dr Sedan | $1,113 |
| Chevrolet Malibu LTZ | $1,120 |
| Chevrolet Silverado 2500HD LT Crew Cab 4WD | $1,113 |
| Kia Optima LX | $1,115 |
| Dodge Grand Caravan SE | $1,128 |
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Data assumes single female driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Indiana minimum liability limits. Discounts applied include homeowner, multi-vehicle, claim-free, safe-driver, and multi-policy. Price estimates do not factor in vehicle garaging location which can raise or lower price quotes considerably.
Based upon the table data, we can infer that models like the Ford Escape, Honda CR-V, Ford F-150, and Toyota Prius are most likely going to be some of the cheaper vehicles to insure for people with poor credit. The price for an auto insurance policy will be higher anyway just because there is more inherent risk for drivers with bad credit, but in general those particular vehicles will most likely have the lowest insurance prices possible.
One of the more important components that determine the cost of insurance is your address. Areas with more people or higher crime rates tend to pay slightly more, whereas areas with fewer weather claims and lower vehicle theft rates benefit from having to pay less for coverage.
The next table sorts the priciest cities in Indiana for drivers with bad credit in which to purchase auto insurance. Fort Wayne shows up at #16 with the yearly price of $976 for the average insurance policy, which is approximately $81 each month.
| Rank | City | Annual Premium |
|---|---|---|
| 1 | Gary | $1,401 |
| 2 | Hammond | $1,275 |
| 3 | Portage | $1,137 |
| 4 | Merrillville | $1,106 |
| 5 | Lawrence | $1,099 |
| 6 | Jeffersonville | $1,080 |
| 7 | Evansville | $1,077 |
| 8 | Terre Haute | $1,067 |
| 9 | Indianapolis | $1,060 |
| 10 | New Albany | $1,039 |
| 11 | Anderson | $1,031 |
| 12 | Kokomo | $1,001 |
| 13 | Elkhart | $985 |
| 14 | Columbus | $984 |
| 15 | Fishers | $983 |
| 16 | Fort Wayne | $976 |
| 17 | Bloomington | $968 |
| 18 | Greenwood | $960 |
| 19 | South Bend | $956 |
| 20 | Muncie | $955 |
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Rate information is comparative as zip code location can raise or lower rates noticeably.
Finding decent, low-priced auto insurance is hard enough, and deciding which company has the most affordable insurance rates for drivers with bad credit will take even more diligence. Each insurance company has a different process to set premium rates, so we’ll take a look at the most budget-friendly insurance companies in Fort Wayne.
It’s a good idea to be aware that Fort Wayne insurance rates are impacted by many factors that will increase or decrease the policy premium. This price variation is why it is so important to shop around to get the lowest auto insurance quotes for drivers with bad credit. Car insurance prices are made up of many things and change dramatically, so the best option the last time you compared rates may now cost much more than other companies.
Best Car Insurance Prices with Bad Credit
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Travelers | $620 |
| 2 | Cincinnati Insurance | $658 |
| 3 | USAA | $661 |
| 4 | Erie | $726 |
| 5 | Indiana Farmers Mutual | $849 |
| 6 | The Hartford | $863 |
| 7 | Western Reserve | $864 |
| 8 | Auto-Owners | $906 |
| 9 | Nationwide | $930 |
| 10 | Safeco | $973 |
| 11 | Hastings Mutual | $983 |
| 12 | Utica National | $985 |
| 13 | Motorists Mutual | $986 |
| 14 | State Farm | $987 |
| 15 | Farmers | $1,053 |
| 16 | Wolverine Mutual | $1,061 |
| 17 | Westfield | $1,072 |
| 18 | State Auto | $1,087 |
| 19 | Progressive | $1,095 |
| 20 | GEICO | $1,100 |
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Travelers may offer some of the lowest car insurance rates in Fort Wayne at around $620 per year. This is $620 less than the average rate paid by Indiana drivers of $1,240. Cincinnati Insurance, USAA, Erie, and Indiana Farmers Mutual would also be considered some of the more affordable Fort Wayne, IN auto insurance companies.
In this example, if you are insured with Erie and switched to Travelers, you may see an annual premium reduction of in the neighborhood of $106. Insureds with Indiana Farmers Mutual may save as much as $229 a year, and The Hartford customers might lower prices by up to $243 a year.
Be aware that those policy rates are averages across all types of insureds and vehicles and are not factoring in an exact vehicle garaging location for drivers with bad credit. So the auto insurance company that fits you best may not even be in the top 36 companies in the list above. That emphasizes why you need to get rate quotes from many companies using your own personalized driver profile and vehicle information.
The diagram below shows how choosing a deductible can increase or decrease premium costs when researching cheap insurance for drivers with bad credit. The price estimates are based on a single female driver, full coverage, and no discounts are applied.
The chart above illustrates that a 50-year-old driver could lower their car insurance rates by $300 a year by switching the physical damage coverage from a $100 deductible up to a $500 deductible, or save $454 by switching to a $1,000 deductible. Even younger insureds, such as the Age 20 example, could shave $772 or even more by selecting a higher deductible.
If you do make the decision to raise your deductibles, it is essential to have enough savings to enable you to pay the extra out-of-pocket expense. That is the one disadvantage of using higher deductibles.
Careless driving habits raise Fort Wayne insurance rates
The common sense way to enjoy cheap insurance prices in Indiana for people with poor credit is to be a cautious driver and avoid getting tickets or having accidents. The diagram below shows how violations and fender-benders increase premium costs for different age categories. The premiums assume a married male driver, comp and collision included, $1,000 deductibles, and no policy discounts are applied.
The chart shows that the average cost of an auto insurance policy in Indiana per year with no violations or accidents is $1,008. Get written up for two speeding tickets and the average cost hikes up to $1,379, an increase of $371 each year. Then throw in two accidents along with the two speeding tickets and the annual cost of insurance for drivers with bad credit jumps again to an average of $2,936. That’s an increase of $1,928, or $161 per month, just for not being attentive to the road!
Why you should be shopping around
Indiana insurance rates are impacted by many things that will increase or decrease the policy price. Simply having another birthday, becoming a homeowner, or getting a ticket for running a stop sign can produce rate changes that can now make some companies affordable when they were higher priced. In addition to those changes, car insurance companies file new Indiana auto insurance rates every year to ensure their profitability. Higher than normal claim frequency or severity may cause increased rates, while profitable underwriting can produce cheaper Fort Wayne car insurance rates.
The chart below shows the company with the cheapest car insurance in Fort Wayne, IN for a 30-year-old female driver with no accidents or violations, and good credit. When quoting prices based on her current rating profile, Travelers might offer the lowest car insurance rates in Fort Wayne at $660 a year. This is $580 less than the average rate paid by Indiana drivers of $1,240. Cincinnati Insurance, USAA, Erie, and Western Reserve are the remaining top five cheapest Fort Wayne, IN auto insurance companies.
Now we will pretend the driver from above a couple of claims, a lower credit rating, and an imperfect driving record. Because each insurer uses their own calculation to set policy rates, analyzing rate quotes most likely will result in a different list of the cheapest Fort Wayne car insurance companies as shown below.
Indiana Farmers Mutual now has the best auto insurance rate in Fort Wayne, IN with Auto-Owners, Nationwide, State Farm, and Utica National now being in the top five. This example shows why Fort Wayne drivers need to compare lots of rates to find the most economical auto insurance rates for drivers with bad credit. Car insurance prices consist of many risk factors and change substantially, so the best option the last time you compared rates may now be one of the more expensive options.
How to find more affordable insurance for drivers with bad credit
Below you’ll find a few penny-pinching ideas that can help Indiana drivers find low-cost coverage.
- You will pay more if you get tickets or have at-fault accidents
- Raise your physical damage coverage deductibles
- Safer vehicles generally have cheaper insurance rates
- Do not get into accidents
- Do not pay for full coverage if not needed
- Good credit can mean cheaper rates
- Check for cheaper rates once a year
The last tip is especially necessary, as we emphasized in this piece. Car insurance rates in Fort Wayne can change in a short period of time, so drivers shouldn’t hesitate to buy a policy from a new company if you find a better deal.
Many drivers prefer to stick with one company, but it isn’t a good idea if it’s costing you a fortune every year. In just a couple of minutes you could shop around to find cheaper car insurance for drivers with bad credit.
If you aren’t sure which coverage you need and prefer to get some help when comparing insurance rates for drivers with bad credit, the agents shown below can help you determine which insurance coverage you need. To find a Fort Wayne insurance agent in your neighborhood, click the button at the bottom or click here to get price quotes now.
- G A MacDonald Associates
2200 Lake Ave #120 – Fort Wayne, IN 46805 – (260) 422-5377 - John Hayes – State Farm Insurance Agent
6407 Stellhorn Rd – Fort Wayne, IN 46815 – (260) 486-4711 - Allstate Insurance: Paul Michaylo
2416 Getz Rd – Fort Wayne, IN 46804 – (260) 459-1700