One of the many components that are looked at to help calculate the price you pay for insurance is where your residence is in Fort Wayne. Cities with larger populations or higher claim trends tend to have higher rates, whereas areas that tend to be more rural have the luxury of cheap car insurance rates.
The illustration below lists the highest-priced places in Indiana for young drivers in which to purchase auto insurance. Fort Wayne comes in at #21 with a yearly cost of $947 for the average policy, which is about $79 per month.
|Rank||City||Average Per Year|
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Price information shown is approximated as specific Fort Wayne garaging address can change insurance rates considerably.
The make and model of vehicle requiring insurance is one of the largest considerations when comparison shopping for the most affordable auto insurance for young drivers. Vehicles with higher performance, a lack of advanced safety features, or high incidents of liability claims will cost more to insure than more modest models. The table below illustrates insurance premiums for a selection of the most economical automobiles to insure.
|Vehicle||Estimated Cost for Full Coverage|
|Honda Accord EX 4-Dr Sedan||$3,789|
|Honda CR-V EX 2WD||$3,794|
|Ford Escape XLS 4WD||$3,789|
|Ford F-150 STX Super Cab 2WD||$4,226|
|Dodge Grand Caravan SE||$4,264|
|Toyota Tacoma 4WD||$4,270|
|Volkswagen Jetta 2.0T Station Wagon||$4,324|
|Ford Edge SE AWD||$4,458|
|Chevrolet Equinox LS AWD||$4,495|
|Chevrolet Silverado LS Extended Cab 4WD||$4,501|
|Jeep Grand Cherokee Laredo 2WD||$4,495|
|Chevrolet Impala LT||$4,503|
|Toyota RAV4 Sport 2WD||$4,495|
|Ford Explorer Limited 2WD||$4,531|
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Table data assumes single male driver age 16, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Indiana minimum liability limits. Discounts applied include safe-driver, and claim-free. Rate information does not factor in specific Fort Wayne, IN garaging location which can lower or raise premiums significantly.
Looking at the data, makes and models like the Honda Accord, Honda CR-V, and Ford Escape are going to be a few of the most economical vehicles to insure for youthful drivers. The cost of auto insurance will be more costly just because there is more inherent risk for young drivers, but in general those particular models will probably have the cheapest rates that you are likely to find.
The illustration below highlights how deductible choice can raise or lower annual premium costs when researching cheap insurance for young drivers. The premium estimates are based on a married female driver, full physical damage coverage, and no discounts are applied to the premium.
As shown above, a 50-year-old driver could pocket $232 a year by increasing from a $100 deductible to a $500 deductible, or save $348 by selecting a $1,000 deductible. Youthful drivers, such as the 20-year-old example, could drop their prices up to $566 annually just by using higher deductibles. When raising deductibles, it will be required to have enough savings set aside to enable you to pay the extra out-of-pocket expense, which is the main inconvenience of larger deductibles.
How to get discounts on Fort Wayne car insurance rates
Insurers that offer coverage for young drivers may provide rate discounts that could reduce prices by as much as 35% or more if you qualify for them. The best insurance companies and their possible discounts are included below.
- GEICO policyholders can earn discounts including emergency military deployment, anti-theft, federal employee, military active duty, and driver training.
- MetLife discounts include good student, good driver, defensive driver, multi-policy, and accident-free.
- State Farm may have discounts that include safe vehicle, Steer Clear safe driver discount, good driver, good student, Drive Safe & Save, student away at school, and defensive driving training.
- Progressive offers discounts for continuous coverage, good student, multi-policy, homeowner, and multi-vehicle.
- Mercury Insurance may offer discounts for professional/association, location of vehicle, ease of repair, good student, type of vehicle, and multi-car.
- 21st Century offers premium reductions for student driver, defensive driver, automatic seat belts, early bird, 55 and older, and good student.
- Allstate offers discounts including good student, premier discount, passive restraint, 55 and retired, eSmart discount, and new car.
The diagram below illustrates the difference between auto insurance rates with and without discounts. The premiums assume a female driver, a clean driving record, no claims, Indiana state minimum liability limits, full physical damage coverage, and $100 deductibles.
The first bar for each age group shows premium with no discounts. The lower bar shows the rates with continuous coverage, paperless filing, paid-in-full, passive restraint, good student, and anti-theft discounts applied. In this example, the average amount saved each year on insurance for young drivers is 28% or $539.
Why are you paying too much for car insurance?
Fort Wayne, IN insurance rates are impacted by many factors which can substantially change the price of coverage. Simply getting older, having a teen driver, or having an accident can trigger rate changes resulting in some rates now being cheaper than competitors. In addition, insurance companies amend premium rates multiple times each year to ensure their profitability. Heavier than normal losses may result in more expensive premiums, while a lower level of claims can cause cheaper Fort Wayne car insurance rates.
The bar chart below shows a variety of companies that have the cheapest car insurance in Fort Wayne, IN for a 35-year-old female driver with a clear driving record, no claims, and excellent credit. If we estimate rates based on her personal risk profile, Travelers might offer the cheapest car insurance rates in Fort Wayne at $628 each year. This is $612 less than the average policy premium paid by Indiana drivers of $1,240. Cincinnati Insurance, USAA, Erie, and Western Reserve also make the list of the top five cheapest Fort Wayne, IN auto insurance companies.
The chart below compares rates after we give the driver from the above example a chargeable claim, a lower credit rating, and a speeding citation. Due to the fact that every insurance company uses their own method to determining premium rates, comparing prices may now present a different set of the cheapest companies as shown below.
The Hartford now has the cheapest auto insurance in Fort Wayne, IN with Auto-Owners, Motorists Mutual, Cincinnati Insurance, and State Farm now being in the top five. This example shows why consumers need to spend some time comparing rates to get cheap car insurance rates for young drivers.
Insurance prices consist of many risk factors and change dramatically, so the best option when you bought your policy may now be priced much higher than other options.