For older drivers, one of the big considerations that help determine the annual cost of car insurance is your address. Areas with more people or more claims tend to have higher rates, whereas areas with less crime or weather claims have the gratification of cheaper auto insurance rates.
The information below shows the most expensive areas in Indiana for drivers over age 50 in which to buy car insurance. Fort Wayne is ranked at #14 with the annual price of $985 for car insurance, which is around $82 monthly.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | Gary | $1,388 |
| 2 | Hammond | $1,314 |
| 3 | Portage | $1,137 |
| 4 | Merrillville | $1,128 |
| 5 | Lawrence | $1,099 |
| 6 | Indianapolis | $1,082 |
| 7 | Evansville | $1,077 |
| 8 | New Albany | $1,059 |
| 9 | Anderson | $1,041 |
| 10 | Jeffersonville | $1,038 |
| 11 | Terre Haute | $1,035 |
| 12 | Kokomo | $1,001 |
| 13 | Bloomington | $988 |
| 14 | Fort Wayne | $985 |
| 15 | South Bend | $976 |
| 16 | Carmel | $957 |
| 17 | Elkhart | $956 |
| 18 | Columbus | $955 |
| 19 | Fishers | $945 |
| 20 | Richmond | $944 |
| Find Cheaper Insurance Go | ||
Rates are estimated as the specific garaging location can modify premium rates greatly.
The make and model of vehicle driven is probably the most important factor when quoting the most economical insurance for drivers over age 50. Vehicles with economical engines, modern passenger safety features, or a track record of few liability claims will cost substantially less to insure than higher performance models.
The data below features coverage costs for a handful of the cheaper automobiles to buy coverage for.
| Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Honda Accord EX 4-Dr Sedan | $830 |
| Ford Escape XLS 2WD | $840 |
| Honda CR-V EX-L 4WD | $849 |
| Toyota Prius | $919 |
| Ford Explorer XLT 4WD | $929 |
| Ford Edge SEL 2WD | $962 |
| Ford Focus SE 4-Dr Sedan | $968 |
| Volkswagen Jetta SE 2.5 Station Wagon | $969 |
| Chevrolet Impala LT | $981 |
| Toyota RAV4 Limited 2WD | $988 |
| Chevrolet Malibu LS | $981 |
| Toyota Tacoma Double Cab 4WD | $988 |
| Dodge Grand Caravan Hero | $981 |
| Jeep Grand Cherokee Laredo 4WD | $987 |
| Chevrolet Silverado LS Extended Cab 4WD | $981 |
| Compare Rates Now Go | |
Prices above based on single female driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Indiana minimum liability limits. Discounts applied include safe-driver, multi-vehicle, claim-free, homeowner, and multi-policy. Rate quotes do not factor in vehicle location which can modify coverage rates noticeably.
Looking at the rates, you can conclude that vehicles like the Honda Accord, Ford Escape, Honda CR-V, and Toyota Prius are likely to be some of the most budget-friendly vehicles to insure for older drivers.
Deciphering which company offers the best car insurance rates for drivers over age 50 calls for more time in order to find a policy that fits your budget. Each auto insurance company has their own unique process for determining prices, so we’ll go over the most affordable car insurance companies in Indiana.
It’s important that readers know that Fort Wayne, IN car insurance rates are influenced by many factors that may substantially change the policy price. Improving your credit score, buying a different home, or getting a ticket for careless driving can cause premium changes resulting in some companies being much cheaper than others.
Find Cheaper Auto Insurance for Age 50+
Travelers may offer some of the cheapest car insurance rates in Fort Wayne at around $614 each year. This is $626 less than the average rate paid by Indiana drivers of $1,240. Cincinnati Insurance, USAA, Erie, and Western Reserve also are some of the more affordable Fort Wayne, IN car insurance companies.
As illustrated above, if you are a policyholder with Erie and switched to Cincinnati Insurance, you may realize an annual premium reduction of in the vicinity of $68. Customers with Western Reserve could save as much as $214 a year, and Indiana Farmers Mutual insureds might reduce rates by $217 a year.
To get a quick, customized rate comparison, click here to start your custom quote or click through to the companies below.
These estimates are averaged for all types of drivers and the different vehicles they drive and and are not figured with an exact vehicle garaging location for drivers over age 50. So the company that can offer you the best price may not even be in the top 36 companies in the list above. That emphasizes why you need to quote rates from as many companies as possible using your own personalized driver profile and vehicle information.
Choosing a highly-rated auto insurance provider can be challenging considering how many choices drivers have in Fort Wayne. The company information displayed below could help you analyze which car insurance companies to look at when looking for cheaper rates. The ratings below are only made up of large nationwide companies, so smaller regional companies are not factored into the list.
| Company | Value | Customer Service | Claims | Customer Satisfaction | A.M Best Rating | Overall Score |
|---|---|---|---|---|---|---|
| USAA | 99 | 100 | 90 | 92% | A++ | 97.4 |
| 21st Century | 89 | 86 | 100 | 88% | A | 92.7 |
| GEICO | 97 | 91 | 88 | 85% | A++ | 92.5 |
| Nationwide | 88 | 94 | 91 | 88% | A+ | 91.3 |
| AAA Insurance | 93 | 87 | 88 | 87% | A | 90.8 |
| Liberty Mutual | 91 | 91 | 92 | 87% | A | 90.7 |
| Safeco Insurance | 90 | 93 | 88 | 86% | A | 90.2 |
| State Farm | 91 | 94 | 80 | 88% | A++ | 90.2 |
| Travelers | 89 | 91 | 94 | 79% | A++ | 90.1 |
| American Family | 88 | 92 | 83 | 88% | A | 89.4 |
| Titan Insurance | 89 | 91 | 83 | 86% | A+ | 89.3 |
| Allstate | 90 | 90 | 84 | 85% | A+ | 89.1 |
| Progressive | 83 | 85 | 99 | 87% | A+ | 88.7 |
| Erie Insurance | 92 | 90 | 82 | 88% | A+ | 88.5 |
| The Hartford | 87 | 89 | 84 | 87% | A+ | 88 |
| Esurance | 84 | 88 | 85 | 83% | A+ | 86 |
| Farmers Insurance | 79 | 88 | 84 | 87% | A | 84.7 |
| The General | 88 | 80 | 85 | 80% | A- | 84.5 |
| Compare Rates Now Go | ||||||
Data Source: Insure.com Best Car Insurance Companies
Violations and accidents raise rates
In a perfect world, the ideal way to receive the cheapest car insurance prices in Indiana for older drivers is to drive carefully and avoid accidents and traffic citations. The example below demonstrates how traffic citations and at-fault collisions can influence auto insurance rates for each age group. The rates are based on a married male driver, full coverage, $250 deductibles, and no discounts are applied.
The data in the chart shows the average cost of car insurance in Indiana per year with no accidents and a clean driving record is $1,715. Get written up for one speeding ticket and the average cost increases to $1,968, an increase of $253 each year. Now add in two accidents along with the one speeding ticket and the yearly cost of car insurance for drivers over age 50 jumps again to an average of $4,153. That’s an increase of $2,438, or $203 per month, just for not driving safely!
How much more does full coverage cost in Fort Wayne?
Finding the cheapest car insurance should be important to the majority of vehicle owners, and one of the fastest ways to pay less for insurance for drivers over age 50 is to buy only liability coverage. The diagram below illustrates the difference between car insurance costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The information is based on no claims or driving violations, $100 deductibles, drivers are single, and no discounts are applied to the premium.
As an average, physical damage insurance costs an additional $2,160 per year over liability only. Lot’s of drivers question if buying full coverage is a waste of money. There isn’t a steadfast formula to delete physical damage coverage on your policy, but there is a general convention. If the yearly cost of full coverage is about 10% or more of the replacement cost minus the deductible, then you may want to consider only buying liability coverage.
For example, let’s assume your vehicle’s claim settlement value is $8,500 and you have $1,000 deductibles. If your vehicle is destroyed, the most your company would pay you is $7,500 after the policy deductible has been paid. If you are currently paying more than $750 annually for full coverage, then you may want to consider only buying liability coverage.
There are some circumstances where only buying liability is not in your best interest. If you haven’t paid off your loan, you are required to maintain full coverage as part of the loan requirements. Also, if you don’t have enough money to buy a different vehicle in the event your current vehicle is totaled, you should not buy liability only.
Your cheap policy may actually be overpriced
Indiana car insurance rates are influenced by many factors that will increase or decrease the price you pay for coverage. Simply having another birthday, buying a different home, or getting a few speeding tickets may prompt premium changes resulting in some rates now being more affordable than others. Also, insurance companies change premium rates as often as every quarter in order to be able to pay unexpected claims. Heavy losses may cause additional price hikes, while a profitable period may result in lower-cost Fort Wayne car insurance rates.
The data below shows the companies that have the cheapest car insurance in Fort Wayne, IN for a 45-year-old male driver with a good driving record, no prior claims, and good financial standing. If we look at prices based on his current risk profile, Travelers might offer the lowest car insurance rates in Fort Wayne at $634 annually. This is $606 less than the average premium paid by Indiana drivers of $1,240. Cincinnati Insurance, USAA, Erie, and Western Reserve are the remainder of the cheapest Fort Wayne, IN auto insurance companies.
Let’s now give the driver from the first set of rates a chargeable accident, slightly worse credit, and a blemish on his driving record. Due to the fact that each insurance company has a unique formula for setting rates, analyzing rates will most likely result in a different ranking of affordable companies as shown below.
Auto-Owners now has the lowest car insurance rate in Fort Wayne with The Hartford, Cincinnati Insurance, USAA, and Erie also being competitive. This shows why drivers need to compare rates when trying to find the cheapest insurance quotes for drivers over age 50. Insurance rates consist of many factors and change substantially, so the most affordable company the last time you compared rates may now be one of the higher cost companies.