Who Has the Cheapest Auto Insurance for 18 Year Olds in Fort Wayne?

The type of vehicle you are trying to insure is probably the largest consideration when shopping for economical coverage for 18 year olds. Vehicles with high performance features, poor crash test ratings, or an increased likelihood of liability claims will cost much more to insure than safer, lower-performance models.

The next table features coverage costs for some of the most cost-effective automobiles to insure in Indiana.

Cheapest Vehicles to Insure in Fort Wayne, IN
Make and Model Estimated Cost for Full Coverage
Hyundai Elantra GLS Touring Station Wagon $2,878
Ford Escape XLS 4WD $2,883
Honda CR-V EX-L 2WD $2,910
Jeep Wrangler Sport 4WD 2-Dr $2,995
Toyota Prius $3,133
Toyota Tacoma 4WD $3,221
Ford Explorer Eddie Bauer 2WD $3,227
Ford F-150 STX Super Cab 4WD $3,250
Chevrolet Impala LS $3,382
Ford Edge SEL AWD $3,390
Jeep Grand Cherokee Laredo 4WD $3,414
Toyota RAV4 2WD $3,424
Ford Fusion S 4-Dr Sedan $3,414
Chevrolet Malibu LS $3,421
Toyota Camry LE $3,414
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Prices based on single female driver age 18, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Indiana minimum liability limits. Discounts applied include claim-free, and safe-driver. Premium costs do not factor in specific zip code location which can decrease or increase auto insurance rates significantly.

Based on these rates, cars like the Hyundai Elantra, Ford Escape, Honda CR-V, Jeep Wrangler, and Toyota Prius will definitely be a few of the cheaper vehicles to insure for teen drivers. The price for car insurance will tend to be higher because there is a higher risk for 18 year olds, but overall those vehicles will most likely have the cheapest car insurance rates compared to all other vehicles.

Finding out which companies quote the lowest-priced car insurance rates for 18 year olds calls for a little more sweat in order to find coverage that fits your budget. Each auto insurer has their own formula to determine premium rates, so we’ll take a look at the most affordable car insurance companies in Fort Wayne, IN.

It’s important to know that Indiana car insurance rates are determined by lots of factors that can increase the policy price. Simply getting older, increasing liability limits, or having an at-fault accident can cause premium changes resulting in some rates now being affordable when they were higher priced.

Best Auto Insurance Prices for Teens

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Travelers may have some of the lowest car insurance rates in Fort Wayne at around $620 a year. Cincinnati Insurance, USAA, Erie, and Western Reserve would also be considered some of the lowest-priced Fort Wayne, IN insurance companies.

As shown in the rates above, if you currently have a policy with Erie and switched to Cincinnati Insurance, you could see a yearly savings of in the vicinity of $54. Customers with Western Reserve may save as much as $180 a year, and Indiana Farmers Mutual customers might realize rate reductions of up to $183 a year.

Be aware that those prices are averaged for all types of drivers and the different vehicles they drive and and are not calculated with a specific location for 18 year olds. So the car insurance company that can offer you the best rate may not even be in the top 36 companies shown above. That underscores the importance of why you need to quote rates from as many companies as possible using your own specific driver information and vehicle.

Selecting a highly-rated insurance provider can be rather challenging considering how many companies sell insurance in Fort Wayne. The company rank data displayed below can help you analyze which car insurance companies to look at when trying to find cheaper insurance for 18 year olds. The rankings below are only comprised of the largest companies in America, so companies that focus mainly on Indiana business are not included in these rankings.

Top 10 Large Auto Insurance Companies in Fort Wayne Ranked by Value

  1. USAA
  2. GEICO
  3. AAA Insurance
  4. Erie Insurance
  5. State Farm
  6. Liberty Mutual
  7. Safeco Insurance
  8. Allstate
  9. 21st Century
  10. Travelers

Top 10 Large Auto Insurance Companies in Fort Wayne Ranked by Customer Service

  1. Nationwide
  2. State Farm
  3. Safeco Insurance
  4. American Family
  5. Titan Insurance
  6. Travelers
  7. Liberty Mutual
  8. GEICO
  9. Erie Insurance
  10. Allstate

Does full coverage make sense?

Finding cheaper car insurance should be important to most drivers, and one of the quickest ways to find cheap insurance for 18 year olds is to not buy comprehensive and collision coverage. The information below shows the comparison of car insurance costs with full coverage compared to only the Indiana minimum liability coverage. The rates are based on a clean driving record, no at-fault accidents, $1,000 deductibles, single marital status, and no discounts are taken into consideration.

On average, comp and collision coverage costs $1,184 per year over having just liability coverage. That proposes the question if paying for full coverage is a waste of money. There is no exact formula for excluding physical damage coverage on your policy, but there is a general school of thought. If the annual cost of coverage is more than around 10% of the replacement cost of your vehicle minus the policy deductible, then you might consider buying liability only.

For example, let’s assume your vehicle’s replacement value is $9,500 and you have $1,000 policy deductibles. If your vehicle is destroyed, the most your company would pay you is $8,500 after paying your deductible. If you are paying over $850 annually for comprehensive and collision coverage, then you may want to consider only buying liability coverage.

There are some situations where dropping physical damage coverage is not a good plan. If you still owe money on your vehicle, you have to carry full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if your finances do not allow you to purchase a different vehicle in the even your car is totaled, you should not buy liability only.

The benefits of price comparisons

Fort Wayne, IN car insurance rates are based on many factors that may substantially change the policy premium. Getting older, moving to a new city, or getting a few speeding tickets can produce rate changes that can make some companies more affordable than the competition.

In addition, insurance companies change rates as often as every three months to adjust for gains or losses. Unexpectedly high claims can cause additional premium costs, while a better loss history can produce more affordable Fort Wayne car insurance rates.

The data below shows the company with the cheapest car insurance in Fort Wayne, IN for a 40-year-old female driver with no accidents or violations, and good financial standing. If we compare prices based on her current risk factors, Travelers may offer the most affordable car insurance rates in Fort Wayne at $654 annually. This is $586 less than the average policy premium paid by Indiana drivers of $1,240. Cincinnati Insurance, USAA, Erie, and Western Reserve are the rest of the top five cheapest Fort Wayne, IN auto insurance companies.

The chart below compares rates after we give the driver from the first rate comparison an accident surcharge, bad credit, and a traffic ticket or two. Since each insurance company has their own process to set premium rates, analyzing rate quotes could result in a new list of affordable companies as shown below.

Indiana Farmers Mutual now has the best auto insurance rate in Fort Wayne, IN with Auto-Owners, USAA, Utica National, and Motorists Mutual now rounding out the top five. This illustrates why drivers need to perform a complete rate comparison when trying to find the best insurance quotes for 18 year olds. Auto insurance prices are influenced by many different factors and can decrease or increase without notice, so the cheapest option three years ago may now cost much more than other companies.