It’s hard to avoid all the captivating commercials from car insurance companies like The General, Allstate, and State Farm that make promises of the cheapest price. So you should just choose any one of them, right?
It’s not quite that easy, unfortunately, as there are a ton of unknowns such as your credit score, the crime level of your neighborhood, and the deductible level you need, that all have an effect on the price of a policy. If you keep reading, we will teach you about the different ways you can keep rates low and will hopefully give you a good start to your coverage search.
One of the many factors that aid in calculating car insurance rates is where you choose to live in Fort Wayne. Areas with more people or even just a higher incidence of claims will most likely pay more, whereas areas that tend to be more rural tend to receive slightly lower rates.
The illustration below ranks the priciest cities in Indiana for electric cars in which to buy car insurance. Fort Wayne comes in at #14 with an annual cost of $976 for coverage, which is about $81 monthly.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | Gary | $1,401 |
| 2 | Hammond | $1,275 |
| 3 | Merrillville | $1,128 |
| 4 | Portage | $1,126 |
| 5 | Indianapolis | $1,092 |
| 6 | Lawrence | $1,066 |
| 7 | Evansville | $1,055 |
| 8 | Jeffersonville | $1,048 |
| 9 | Anderson | $1,041 |
| 10 | New Albany | $1,039 |
| 11 | Terre Haute | $1,035 |
| 12 | Kokomo | $1,031 |
| 13 | Columbus | $984 |
| 14 | Fort Wayne | $976 |
| 15 | Mishawaka | $974 |
| 16 | Fishers | $974 |
| 17 | Richmond | $973 |
| 18 | Greenwood | $969 |
| 19 | Bloomington | $968 |
| 20 | Muncie | $965 |
| Find Cheaper Insurance Go | ||
Table data uses estimated as the garaging address in Fort Wayne can change prices substantially.
Establishing which companies have the most affordable auto insurance rates for electric cars calls for a tad more effort than just comparing a company or two.
Each auto insurer uses a slightly different approach to determine rates, so let’s look at the rankings for the most competitive auto insurance companies in Indiana.
Compare Cheap Insurance Quotes for EV’s
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Travelers | $602 |
| 2 | Cincinnati Insurance | $678 |
| 3 | USAA | $681 |
| 4 | Erie | $726 |
| 5 | Western Reserve | $864 |
| 6 | Indiana Farmers Mutual | $875 |
| 7 | The Hartford | $889 |
| 8 | Auto-Owners | $906 |
| 9 | Motorists Mutual | $956 |
| 10 | Nationwide | $958 |
| 11 | State Farm | $967 |
| 12 | Hastings Mutual | $973 |
| 13 | Safeco | $973 |
| 14 | Utica National | $995 |
| 15 | Farmers | $1,053 |
| 16 | State Auto | $1,087 |
| 17 | GEICO | $1,089 |
| 18 | Wolverine Mutual | $1,094 |
| 19 | Westfield | $1,105 |
| 20 | Allied | $1,138 |
| Compare Rates Now Go | ||
Travelers may have some of the cheapest car insurance rates in Fort Wayne at around $602 annually. This is $638 less than the average policy premium paid by Indiana drivers of $1,240. Cincinnati Insurance, USAA, Erie, and Western Reserve would also make the list of some of the lowest-priced Fort Wayne, IN car insurance companies.
As the rates illustrate above, if you currently have coverage with Erie and switched to Travelers, you might see savings of upwards of $124. Insureds with Western Reserve may save as much as $262 a year, and Indiana Farmers Mutual policyholders might lower prices by up to $273 a year.
It’s important to note that these prices are averages across all types of insureds and vehicles and do not take into consideration an exact zip code location for electric cars. So the auto insurance company that is most affordable for your situation may not even be in the top 36 companies in the list above. That points out the importance of why you need to compare prices as often as possible using your own driver information and specific vehicle type.
Ending up with the highest-rated company is hard considering how many different companies sell coverage in Fort Wayne. The company ratings shown next could help you pick which coverage providers to look at putting your business with.
These ratings are only comprised of companies that insure vehicles nationwide, so companies that have a smaller presence are not factored into this list. If you’d like to compare prices from these top insurers and more, just click here.
| 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
Full coverage versus liability only rates
Finding cheaper auto insurance is important to most people, and one great way to pay less for insurance for electric cars is to not insure for full coverage. The information below compares car insurance rates when comparing full coverage to liability only. The price estimates are based on no accidents, no driving violations, $500 deductibles, drivers are not married, and no discounts are taken into consideration.
As an average, comprehensive and collision coverage on your policy costs an extra $1,771 per year more than insuring for liability only. That is a large expense which might make you wonder when is it safe to stop buying full coverage. There is no definitive rule to exclude comprehensive and collision coverage on your policy, but there is a general convention. If the yearly cost for physical damage coverage is more than around 10% of replacement cost minus your deductible, then it might be time to consider dropping full coverage.
There are some scenarios where removing full coverage is not in your best interest. If you still owe a portion of the original loan, you have to maintain full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if you don’t have enough money to buy a different vehicle in case of an accident, you should not opt for liability only.
The example below demonstrates how deductibles can impact yearly insurance costs when getting quotes for cheap insurance for electric cars. The price estimates are based on a married female driver, comp and collision included, and no discounts are taken into consideration.
In the chart above, a 50-year-old driver could save $192 a year by increasing from a $100 deductible to a $500 deductible, or save $290 by changing to a $1,000 deductible. Even younger insureds, like the Age 20 chart data, can save as much as $476 annually just by using higher deductibles. When using a larger deductible, it’s a good idea to have plenty of money set aside to cover the extra out-of-pocket expense, which is the primary disadvantage of high deductibles.
Here’s why price comparisons are so important
Indiana auto insurance rates are impacted by many factors which can substantially change the policy premium. Getting older, buying a different vehicle, or getting a driving violation can produce rate changes that can make some companies affordable when they were higher priced. Not only may your situation change, but car insurance companies change the rates they charge in Indiana every year to adjust for gains or losses. Higher than normal claims may result in additional price hikes, while a lower level of claims can produce lower-cost Fort Wayne car insurance rates.
To illustrate this example, the graph below shows the company with the cheapest car insurance in Fort Wayne, IN for a 40-year-old female driver with no prior accidents, a clean driving record, and solid credit. If we estimate rates based on her current risk factors, Travelers might offer the best car insurance rates in Fort Wayne at $609 annually. This is $631 less than the average price paid by Indiana drivers of $1,240. Cincinnati Insurance, USAA, Erie, and Western Reserve are the remainder of the most affordable Fort Wayne, IN auto insurance companies.
Now we will pretend the driver from the above example some claims, a little lower credit rating, and a speeding ticket. Since each company has a proprietary method for determining prices, comparing quotes may result in a different ranking of affordable companies as shown below.
Indiana Farmers Mutual now has the cheapest insurance rate in Fort Wayne with Auto-Owners, Cincinnati Insurance, State Farm, and Nationwide also being competitive. This example illustrates why consumers need to take the time to take the time to shop around to find the most affordable car insurance rates for electric cars. Insurance rates are made up of many risk factors and can decrease or increase without notice, so the cheapest rate the last time you compared rates may now be one of the higher cost companies.