The make and model of vehicle that is being insured is one of the primary factors when comparing low-priced insurance for homeowners. Vehicles with lots of horsepower, poor safety ratings, or an increased likelihood of liability claims will cost quite a bit more to insure than more economical and safe models. The data below shows car insurance prices for a handful of the cheaper automobiles to buy coverage for.
| Vehicle Insured | Estimated Cost for Full Coverage |
|---|---|
| Ford Escape Limited 4WD | $990 |
| Chevrolet Equinox LT 2WD | $1,081 |
| Ford F-150 Lariat Crew Cab 4WD | $1,103 |
| Honda Accord LX 4-Dr Sedan | $1,120 |
| Honda CR-V LX 2WD | $1,128 |
| Nissan Altima Hybrid 4-Dr Sedan | $1,159 |
| Toyota Prius | $1,169 |
| Toyota Corolla XRS | $1,159 |
| Dodge Ram Crew Cab ST 2WD | $1,183 |
| Volkswagen Jetta S 2.5 Station Wagon | $1,218 |
| Ford Edge Limited 2WD | $1,226 |
| Ford Explorer Eddie Bauer AWD | $1,266 |
| Honda Odyssey EX-L | $1,307 |
| Hyundai Elantra GLS 4-Dr Sedan | $1,314 |
| Chevrolet Impala LTZ | $1,307 |
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Prices above based on single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Indiana minimum liability limits. Discounts applied include claim-free, homeowner, multi-vehicle, safe-driver, and multi-policy. Table data does not factor in Fort Wayne, IN location which can change coverage rates substantially.
Based upon the rates shown, we can tell that vehicles like the Ford Escape, Chevrolet Equinox, Ford F-150, and Honda Accord should be the cheaper vehicles to insure for people who own their homes.
For people who own their homes, one of the big things that aid in calculating the price you pay for insurance is where you normally keep your vehicle. Cities with larger populations or higher claim trends tend to pay more, whereas areas with lower crime rates and fewer weather claims benefit from lower prices.
The information below sorts the priciest cities in Indiana for homeowners in which to buy car insurance. Fort Wayne is listed at #16 with an annual cost of $976 for the average policyholder, which is around $81 each month.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | Gary | $1,401 |
| 2 | Hammond | $1,288 |
| 3 | Merrillville | $1,139 |
| 4 | Portage | $1,137 |
| 5 | Lawrence | $1,099 |
| 6 | Evansville | $1,077 |
| 7 | Jeffersonville | $1,070 |
| 8 | Indianapolis | $1,050 |
| 9 | Anderson | $1,041 |
| 10 | New Albany | $1,039 |
| 11 | Terre Haute | $1,035 |
| 12 | Kokomo | $1,031 |
| 13 | Elkhart | $995 |
| 14 | South Bend | $985 |
| 15 | Columbus | $984 |
| 16 | Fort Wayne | $976 |
| 17 | Mishawaka | $974 |
| 18 | Bloomington | $968 |
| 19 | Richmond | $964 |
| 20 | Greenwood | $960 |
| 21 | Carmel | $947 |
| 22 | Fishers | $945 |
| 23 | Noblesville | $930 |
| 24 | Muncie | $927 |
| 25 | Lafayette | $899 |
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Premium amounts are estimated as vehicle location can increase or decrease coverage rates significantly.
Trying to find low-cost car insurance is not the easiest thing to do, and finding out which companies have the most affordable insurance rates for homeowners calls for even more work.
Each insurer uses a slightly different approach for establishing rates, so to begin we’ll rank the lowest cost insurance companies in Fort Wayne. It’s a good idea to know that Indiana insurance rates are based on many factors that will increase or decrease the cost of coverage. This price variability is why it is crucial to compare rates to find the lowest auto insurance rates for homeowners. Auto insurance prices are made up of many risk factors and can change without notice, so the cheapest company the last time you checked may now be priced much higher than other options.
Lowest Insurance Price Quotes for Homeowners
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Travelers | $614 |
| 2 | USAA | $681 |
| 3 | Cincinnati Insurance | $684 |
| 4 | Erie | $712 |
| 5 | Indiana Farmers Mutual | $849 |
| 6 | The Hartford | $863 |
| 7 | Western Reserve | $864 |
| 8 | Auto-Owners | $915 |
| 9 | Nationwide | $940 |
| 10 | State Farm | $967 |
| 11 | Hastings Mutual | $973 |
| 12 | Safeco | $973 |
| 13 | Utica National | $995 |
| 14 | Motorists Mutual | $996 |
| 15 | Farmers | $1,022 |
| 16 | Wolverine Mutual | $1,061 |
| 17 | State Auto | $1,087 |
| 18 | Westfield | $1,094 |
| 19 | GEICO | $1,100 |
| 20 | Celina Insurance | $1,135 |
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Travelers quotes some of the lowest car insurance rates in Fort Wayne at around $614 annually. USAA, Cincinnati Insurance, Erie, and Indiana Farmers Mutual also make the cut as some of the cheapest Fort Wayne, IN car insurance companies.
As shown in the table above, if you currently buy coverage from Cincinnati Insurance and switched to Travelers, you could realize an annual savings of around $70. Policyholders with Erie might save as much as $98 a year, and Indiana Farmers Mutual insureds might reduce prices by as much as $235 a year.
To see if you’re overpaying, click here or visit any of the low-priced companies below.
Bear in mind that those policy prices are averaged for all types of drivers and the different vehicles they drive and are not factoring in a vehicle location for homeowners. So the car insurance company that has the cheapest price for you may not even be in the top 36 companies in the list above. That points out the importance of why you need to compare rates from multiple companies using your own driver and vehicle profiles.
The example below demonstrates how deductible levels can affect insurance costs when trying to find cheap insurance for homeowners. The data assumes a married male driver, full physical damage coverage, and no discounts are taken into consideration.
The data above shows that a 50-year-old driver could lower rates by $264 a year by switching their comprehensive and collision coverages from a $100 deductible to a $500 deductible, or save $398 by switching to a $1,000 deductible. Young drivers, like the 20-year-old example, could drop their prices as much as $890 annually by choosing a higher deductible. When increasing deductibles, it will now be necessary to have additional savings on hand to enable you to pay the extra out-of-pocket expense, which is the main inconvenience of larger deductibles.
Do you need full coverage?
Buying cheaper insurance is the goal of most people, and one great way to save on the cost of insurance for homeowners is to buy liability only. The information below compares annual premium costs with and without physical damage coverage. The prices are based on no tickets, no at-fault accidents, $250 deductibles, single status, and no discounts are applied.
On average, physical damage coverage on your policy costs an extra $1,480 per year over and above liability coverage. At some point, almost every driver questions when is it safe to stop buying full coverage. There is no clear-cut formula for excluding full coverage, but there is a general guideline you can use. If the yearly cost of comp and collision coverage is more than about 10% of replacement cost minus your deductible, then it could be time to drop full coverage.
Compare rates to save
Fort Wayne, IN insurance rates are calculated based on many things which can substantially change the cost of coverage. Simply having a birthday, adding a teenager to your policy, or getting a ticket for running a stop sign may cause policy rate changes that can cause some rates to be cheaper than competitors. Also, insurance companies change prices at least once a year as an adjustment for underwriting gains or losses. Higher than usual claims may cause higher priced premiums, while long-term profits can produce cheaper Fort Wayne car insurance rates.
To illustrate this example, the chart below shows the companies that have the cheapest car insurance in Fort Wayne, IN for a 45-year-old female driver with no accidents or violations, and great credit. Based on her personal profile, Travelers offers the best car insurance rates in Fort Wayne at $653 each year. This is $587 less than the average price paid by Indiana drivers of $1,240. Cincinnati Insurance, USAA, Erie, and Indiana Farmers Mutual also make the list of the most affordable Fort Wayne, IN auto insurance companies.
In the next rate comparison, we’ll give the driver from above a claim surcharge, poor credit, and a couple of points charged on her driving record. Due to the fact that every auto insurer uses their own calculation for setting prices, getting updated rate quotes may now result in a substantially altered list of affordable companies as shown below.
Western Reserve now has the cheapest rate in Fort Wayne, IN with Auto-Owners, Cincinnati Insurance, USAA, and Motorists Mutual also having competitive pricing. This example shows why it is important to shop around with many companies to find the best insurance quotes for homeowners. Insurance prices consist of many risk factors and change frequently, so the lowest-price company the last time you shopped your coverage around may now be quite expensive.