Buying low-cost insurance is tough enough, and deciding which company offers the most affordable auto insurance rates for college students may require even more diligence. Every insurance company uses their own calculation for establishing rates, so we’ll take a look at the auto insurance companies that tend to have lower prices in Indiana.
It’s important that you understand Fort Wayne auto insurance rates are impacted by many things that may substantially change the price of coverage. This price variation is why it is so important to shop around with many companies to find the cheapest car insurance rates for college students. Car insurance prices consist of many things and can decrease or increase without notice, so the best option a year ago may now be wasting a lot of money.
Best Insurance Companies for College Students
|Rank||Company||Cost Per Year|
|6||Indiana Farmers Mutual||$875|
|Find Cheaper Rates Go|
Travelers offers some of the best car insurance rates in Fort Wayne at around $596 a year. This is $644 less than the average premium paid by Indiana drivers of $1,240. Cincinnati Insurance, USAA, Erie, and Western Reserve also rank well as some of the lowest-priced Fort Wayne, IN auto insurance companies.
As shown in the table above, if you have coverage with Erie and switched to Cincinnati Insurance, you could earn yearly savings of around $54. Drivers with Western Reserve might save as much as $180 a year, and Indiana Farmers Mutual policyholders might lower prices by up to $217 a year.
Understand that those premiums are averages for all types of drivers and the different vehicles they drive and are not factoring in a vehicle location for college students. So the car insurance company that fits your age and vehicle best may not even be in the top 36 companies in the list above. That’s why you need to get quotes using your own specific driver information and vehicle.
For students in college, one of the largest factors that aid in calculating the amount you pay each year for auto insurance is where you keep your vehicle. Cities with larger populations or higher claim trends tend to have more expensive car insurance rates, whereas less populated areas tend to receive slightly lower rates.
The next table ranks the priciest cities in Indiana for college students in which to purchase auto insurance. Fort Wayne makes the list at #18 costing $956 for the average policy, which is approximately $80 each month.
|Find Cheaper Rates Go|
Price information shown is approximated as the specific geographic location can lower or raise premiums substantially.
The car, truck, or SUV driven is a significant factor when looking for affordable coverage for college students. Vehicles with reasonable performance levels, advanced safety features, or a positive history of liability claims will cost much less to insure than higher performance models. The table below ranks coverage premiums for a handful of the more affordable vehicles to buy coverage for.
|Vehicle Insured||Estimated Cost for Full Coverage|
|Honda CR-V LX 2WD||$2,092|
|Ford Escape XLS 4WD||$2,101|
|Hyundai Elantra GLS Touring Station Wagon||$2,092|
|Honda Odyssey EX W/Rear Entertainment||$2,450|
|Ford Edge SEL AWD||$2,459|
|Dodge Grand Caravan Hero||$2,481|
|Chevrolet Malibu Hybrid||$2,486|
|Toyota RAV4 Limited 2WD||$2,481|
|Ford Explorer Eddie Bauer 4WD||$2,512|
|Toyota Tacoma Double Cab TRD Off-Road Package 4WD||$2,519|
|Ford F-150 Lariat Super Cab 4WD||$2,512|
|Jeep Wrangler Unlimited Sport 2WD 4-Dr||$2,552|
|Honda Civic EX 4-Dr Sedan||$2,585|
|Chevrolet Impala LTZ||$2,616|
|Get a Custom Quote Go|
Prices above based on single female driver age 20, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Indiana minimum liability limits. Discounts applied include safe-driver, and claim-free. Table data does not factor in garaging location in Fort Wayne, IN which can raise or lower rates considerably.
Based on these rates, we can infer that cars like the Honda CR-V, Ford Escape, Hyundai Elantra, Toyota Prius, and Honda Odyssey are likely to be the most budget-friendly vehicles to insure for students in college. Auto insurance rates will be higher anyway just due to the fact that there is more liability exposure for college students, but overall those vehicles will most likely have the cheapest rates compared to other vehicles.
Ending up with the highest-rated auto insurance company can be difficult considering how many choices there are in Indiana. The company rank data in the lists below can help you decide which companies you want to consider comparing rate quotes with.
These rankings include companies with a national presence, so companies that only write business in Indiana or surrounding areas are not taken into consideration for this list. If you would like to check rates from the most competitive companies in Indiana, just click here.
Top 10 Major Auto Insurance Providers in Fort Wayne Ranked by Customer Satisfaction
- USAA – 92%
- Erie Insurance – 88%
- American Family – 88%
- State Farm – 88%
- Nationwide – 88%
- 21st Century – 88%
- AAA Insurance – 87%
- Liberty Mutual – 87%
- Farmers Insurance – 87%
- The Hartford – 87%
Top 10 Major Auto Insurance Providers in Fort Wayne Ranked by Customer Service
- State Farm
- Safeco Insurance
- American Family
- Titan Insurance
- Liberty Mutual
- Erie Insurance
Types of discounts on Fort Wayne insurance rates
Insurance companies that offer coverage for college students may also give you discounts that can reduce rates by as much as 35% or more if you meet specific eligibility requirements. Popular auto insurance companies and a partial list of their discounts are:
- American Family has discounts for early bird, multi-vehicle, mySafetyValet, good driver, bundled insurance, and good student.
- Nationwide policyholders can earn discounts including defensive driving, multi-policy, business or organization, easy pay, accident-free, Farm Bureau membership, and family plan.
- MetLife may have discounts that include multi-policy, good student, claim-free, good driver, defensive driver, accident-free
- 21st Century offers discounts for early bird, anti-lock brakes, theft prevention, 55 and older, and driver training.
- Farmers Insurance has savings for business and professional, switch companies, multi-car, distant student, and alternative fuel.
- Allstate may include discounts for EZ pay plan discount, good student, auto/life discount, early signing, utility vehicle, and eSmart discount.
The illustration below shows the difference between premium costs with and without discounts. The data assumes a female driver, a clean driving record, no claims, Indiana state minimum liability limits, full physical damage coverage, and $250 deductibles.
The first bar for each age group shows insurance cost with no discounts. The lower bar shows the rates with good student, paperless filing, anti-theft, vehicle safety, passive restraint, and paid-in-full discounts applied. When drivers qualify for the discounts, theaverage yearly reduction on auto insurance for college students is 21% or $398.
The diagram below demonstrates how choosing different deductibles can influence insurance costs when trying to find cheap insurance for college students. The information is based on a married female driver, comp and collision included, and no discounts are taken into consideration.
A 40-year-old driver could reduce rates by $192 a year by increasing from a $100 deductible up to a $500 deductible, or save $290 by choosing a $1,000 deductible. Even younger insureds, like the age 20 example, could shave as much as $476 each year by using higher deductibles when buying full coverage. When raising deductibles, it will now be necessary to have emergency funds available to allow you to cover the extra out-of-pocket expense. This is the primary disadvantage of choosing high deductibles.