The vehicle model on the policy is probably the largest consideration when consumers are trying to find low-cost insurance for high school students. Vehicles with lots of horsepower, poor crash test ratings, or high incidents of liability claims will cost quite a bit more to insure than more economical and safe models.
The table below ranks auto insurance costs for a number of the most cost-effective automobiles to buy coverage for.
| Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Ford Escape Limited 2WD | $3,630 |
| Honda CR-V EX-L 4WD | $3,636 |
| Toyota Prius | $3,901 |
| Ford Edge SE 2WD | $3,990 |
| Toyota Tacoma 4WD | $4,028 |
| Ford Explorer XLT 4WD | $4,034 |
| Ford F-150 STX Regular Cab 4WD | $4,028 |
| Chevrolet Impala LT | $4,262 |
| Chevrolet Equinox LS AWD | $4,271 |
| Chevrolet Silverado LS Extended Cab 4WD | $4,262 |
| Toyota RAV4 Sport 4WD | $4,270 |
| Chevrolet Malibu LT | $4,298 |
| Dodge Grand Caravan Crew | $4,307 |
| Jeep Wrangler Unlimited Sport 4WD 4-Dr | $4,458 |
| Hyundai Elantra Blue 4-Dr Sedan | $4,460 |
| Honda Civic EX 4-Dr Sedan | $4,465 |
| Toyota Corolla XLE | $4,498 |
| Toyota Camry SE | $4,503 |
| Honda Odyssey Touring | $4,534 |
| GMC Sierra 2500HD SLE Regular Cab 4WD | $4,540 |
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Prices above based on single male driver age 17, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Indiana minimum liability limits. Discounts applied include claim-free, and safe-driver. Estimates do not factor in specific location which can increase or decrease rates noticeably.
Looking at the data, you can figure that vehicles like the Ford Escape, Honda CR-V, Toyota Prius, and Ford Edge are likely to be the more affordable vehicles to insure for teenagers. Car insurance rates will tend to be more expensive just because there is more claim exposure for high school students, but in general those makes and models will probably have the lowest insurance rates available.
Determining which companies offer the most affordable car insurance rates for high school students takes more work in order to find the best price.
Each auto insurer has a different formula to determine rates, so we will examine the car insurance companies that tend to have lower prices in Fort Wayne, IN.
Find Cheaper Car Insurance for Students
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Travelers | $620 |
| 2 | USAA | $661 |
| 3 | Cincinnati Insurance | $684 |
| 4 | Erie | $726 |
| 5 | Indiana Farmers Mutual | $849 |
| 6 | Western Reserve | $872 |
| 7 | The Hartford | $881 |
| 8 | Auto-Owners | $915 |
| 9 | Utica National | $965 |
| 10 | Motorists Mutual | $966 |
| 11 | Nationwide | $968 |
| 12 | Safeco | $983 |
| 13 | State Farm | $997 |
| 14 | Hastings Mutual | $1,003 |
| 15 | Farmers | $1,033 |
| 16 | Wolverine Mutual | $1,061 |
| 17 | State Auto | $1,087 |
| 18 | Westfield | $1,094 |
| 19 | Progressive | $1,106 |
| 20 | GEICO | $1,122 |
| Find Cheaper Rates Go | ||
Travelers normally has some of the cheapest car insurance rates in Fort Wayne at around $620 each year. This is $620 less than the average price paid by Indiana drivers of $1,240. USAA, Cincinnati Insurance, Erie, and Indiana Farmers Mutual would also make the list of some of the most economical Fort Wayne, IN car insurance companies.
As shown in the table above, if you currently buy coverage from Erie and switched to USAA, you could earn an annual premium reduction of about $65. Drivers with Indiana Farmers Mutual could save as much as $188 a year, and Western Reserve customers might lower prices by up to $211 a year.
To get a fast rate comparison, click here to get a free quote or click several companies below for low rates.
Remember that these premiums are averaged for all drivers and vehicles and are not factoring in an exact vehicle garaging location for high school students. So the car insurance company that has the lowest price for you may not even be in the list above. That helps illustrate why you need to get rate quotes using your own personal information and vehicle type.
Comparison of full coverage and liability-only policies
Saving money on car insurance is probably important to most vehicle owners, and one common way to buy cheaper insurance for high school students is to not buy comprehensive and collision coverage. The diagram below shows the difference between insurance costs with and without physical damage coverage. The information is based on no violations or accidents, $100 deductibles, single marital status, and no discounts are applied.
Averaged for all ages 20 through 70, full coverage costs an additional $1,613 per year more than insuring for liability only. That may make you wonder if paying for full coverage is worth it. There is no specific rule of when to drop comprehensive and collision coverage on your policy, but there is a broad guideline. If the annual cost of your full coverage insurance is more than 10% of the replacement cost of your vehicle minus the policy deductible, the it may be a good time to stop paying for full coverage.
There are some situations where dropping physical damage coverage is not recommended. If you haven’t satisfied your loan, you have to carry full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if your savings is not enough to buy a different vehicle in the event your current vehicle is totaled, you should not opt for liability only.
Safe drivers pay cheaper rates
The recommended way to get the most affordable car insurance rates in Fort Wayne for teenagers is to drive safely and avoid tickets and accidents. The chart below illustrates how speeding tickets and at-fault collisions can raise auto insurance costs for each different age group. The prices are based on a single female driver, comp and collision included, $250 deductibles, and no discounts are applied to the premium.
In the chart above, the average cost of car insurance in Fort Wayne per year with a clean driving record and no accidents is $1,549. Add in two speeding tickets and the average cost jumps to $2,084, an increase of $535 each year. Then throw in one accident along with the two speeding tickets and the 12-month cost of car insurance for high school students jumps again to an average of $2,617. That’s an increase of $1,068, or $89 per month, just for not driving attentively!
Ending up with the highest-rated company can be rather challenging considering how many companies there are in Fort Wayne. The ranking data displayed below could help you decide which providers to look at comparing rates with. These rankings include companies that insure vehicles nationwide, so companies that only write business in Indiana or surrounding areas will not be included in these rankings.
Top 10 Major Auto Insurance Companies in Fort Wayne Ranked by A.M. Best Rating
- USAA – A++
- GEICO – A++
- Travelers – A++
- State Farm – A++
- Allstate – A+
- Progressive – A+
- Erie Insurance – A+
- The Hartford – A+
- Nationwide – A+
- Esurance – A+
Top 10 Major Auto Insurance Companies in Fort Wayne Ranked by Value
- USAA
- GEICO
- AAA Insurance
- Erie Insurance
- State Farm
- Liberty Mutual
- Safeco Insurance
- Allstate
- 21st Century
- Travelers