The vehicle model requiring insurance is a large factor when trying to find low-cost auto insurance for high risk drivers. Vehicles with lots of speed or power, poor passenger safety features, or a high likelihood of having liability claims will cost significantly more to insure than more modest models. The next table estimates car insurance costs for the cheaper vehicles to insure in Indiana.
| Make, Model, and Trim Level | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V EX-L 2WD | $3,011 |
| Ford Escape Limited 4WD | $3,172 |
| Toyota Prius | $3,205 |
| Honda Accord EX-L 4-Dr Sedan | $3,300 |
| Dodge Grand Caravan CV | $3,466 |
| Volkswagen Jetta 2.0T Station Wagon | $3,477 |
| Honda Odyssey EX W/Rear Entertainment | $3,493 |
| Chevrolet Equinox LT AWD | $3,526 |
| Toyota Camry LE | $3,536 |
| Chevrolet Malibu Hybrid | $3,526 |
| Ford Explorer Limited AWD | $3,559 |
| Ford Focus S 4-Dr Sedan | $3,598 |
| Nissan Altima 2.5 4-Dr Sedan | $3,635 |
| Jeep Grand Cherokee Laredo 4WD | $3,641 |
| Hyundai Elantra Blue 4-Dr Sedan | $3,654 |
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Data variables include single male driver age 40, two speeding tickets, two at-fault accidents, $1,000 deductibles, and Indiana minimum liability limits. Discounts applied include homeowner, multi-policy, and multi-vehicle. Rate quotes do not factor in zip code location which can increase or decrease coverage rates considerably.
Looking at the data, we can tell that vehicles like the Honda CR-V, Ford Escape, Toyota Prius, and Honda Accord are most likely to be a few of the cheapest vehicles to insure for high risk drivers. The cost of auto insurance will be more expensive just because there is more liability exposure for high risk drivers, but overall those models will probably have the best insurance prices possible.
One of the many considerations that help determine car insurance rates is where you choose to live. Areas with a lot of weather claims or more people are more likely to have higher rates, whereas areas with lower crime rates and fewer weather claims tend to receive slightly lower rates.
The following table shows the most expensive places in Indiana for high risk drivers to purchase auto insurance in. Fort Wayne is ranked at #21 with the yearly price of $956 for the average insured, which is about $80 monthly.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | Gary | $1,401 |
| 2 | Hammond | $1,275 |
| 3 | Merrillville | $1,106 |
| 4 | Portage | $1,104 |
| 5 | Jeffersonville | $1,070 |
| 6 | Terre Haute | $1,067 |
| 7 | Lawrence | $1,066 |
| 8 | Indianapolis | $1,060 |
| 9 | Evansville | $1,045 |
| 10 | Anderson | $1,031 |
| 11 | New Albany | $1,028 |
| 12 | Kokomo | $1,001 |
| 13 | South Bend | $976 |
| 14 | Columbus | $975 |
| 15 | Mishawaka | $974 |
| 16 | Richmond | $973 |
| 17 | Bloomington | $968 |
| 18 | Elkhart | $965 |
| 19 | Muncie | $965 |
| 20 | Greenwood | $960 |
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Premium amounts are approximated as the specific Fort Wayne residence address can affect coverage prices noticeably.
Establishing which company offers the cheapest auto insurance rates for high risk drivers requires more work than just getting one or two price quotes. Each insurance company has a proprietary method to set policy rates, so we need to take a look at the auto insurance companies with the overall cheapest rates in Fort Wayne, IN.
Keep in mind that Fort Wayne auto insurance rates are calculated based on many things that control the cost of coverage. Improving your credit score, having a teenage driver, or getting a ticket for running a stop sign may cause policy rate changes that can make some companies more affordable than before.
Find the Best Cheap Insurance for Risky Drivers
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Travelers | $596 |
| 2 | Cincinnati Insurance | $658 |
| 3 | USAA | $667 |
| 4 | Erie | $705 |
| 5 | Western Reserve | $838 |
| 6 | Indiana Farmers Mutual | $841 |
| 7 | The Hartford | $881 |
| 8 | Auto-Owners | $906 |
| 9 | Nationwide | $930 |
| 10 | Utica National | $956 |
| 11 | Safeco | $983 |
| 12 | State Farm | $987 |
| 13 | Motorists Mutual | $996 |
| 14 | Hastings Mutual | $1,003 |
| 15 | Farmers | $1,033 |
| 16 | Westfield | $1,061 |
| 17 | Wolverine Mutual | $1,061 |
| 18 | State Auto | $1,087 |
| 19 | GEICO | $1,122 |
| 20 | Progressive | $1,139 |
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Travelers normally has some of the lowest car insurance rates in Fort Wayne at around $596 a year. Cincinnati Insurance, USAA, Erie, and Western Reserve would also make the list of some of the cheapest Fort Wayne, IN insurance companies.
As illustrated above, if you are currently insured with Western Reserve and switched to Cincinnati Insurance, you could earn an annual savings of upwards of $180. Indiana drivers with Indiana Farmers Mutual could save as much as $183 a year, and The Hartford insureds might cut rates by $223 a year.
These premiums are averaged for all drivers and vehicles and do not take into consideration an exact location for high risk drivers. So the auto insurance company that has the cheapest rates 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 as many companies as possible using your own driver information and specific vehicle type.
Liability rates compared to full coverage
Finding the cheapest auto insurance should be important to most drivers, and one good way to buy cheap insurance for high risk drivers is to only buy liability insurance. The diagram below illustrates the comparison of annual premium costs with and without full coverage. The costs are based on no driving violations, no at-fault accidents, $250 deductibles, drivers are single, and no discounts are taken into consideration.
Averaged for all ages 20 through 70, full coverage on your policy costs an extra $2,009 per year over and above liability only. That raises the question if buying full coverage is a good investment. There is no definitive rule of when to stop paying for physical damage coverage on your policy, but there is a general convention. If the yearly cost of full coverage is more than around 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.
For example, let’s pretend your vehicle’s claim settlement value is $3,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled, the most your company will settle for is $2,000 after the policy deductible has been paid. If you are currently paying more than $200 a year for physical damage coverage, then you might want to think about dropping full coverage.
The illustration below demonstrates how deductibles can impact insurance prices when researching cheap insurance for high risk drivers. The data assumes a single male driver, full physical damage coverage, and no discounts are factored in.
As shown above, a 40-year-old driver could lower their policy premium by $312 a year by changing their physical damage coverage from a $100 deductible up to a $500 deductible, or save $470 by switching to a $1,000 deductible. Youthful drivers, such as the 20-year-old chart data, could drop their prices $1,042 or more just by choosing larger deductibles. When increasing deductibles, it will be required to have plenty of savings on hand to be able to pay the extra out-of-pocket expense. That is the one drawback of using higher deductibles.
Discounts on Fort Wayne car insurance rates
Insurance providers that offer coverage for high risk drivers may provide special discounts that can lower rates by as much as 30% if you meet specific eligibility requirements. A few of the larger companies and a summarized list of policyholder discounts can be found below.
- Progressive may include discounts for good student, continuous coverage, multi-policy, multi-vehicle, online signing, online quote discount, and homeowner.
- SAFECO offers discounts for teen safety rewards, multi-car, drive less, safe driver, accident prevention training, homeowner, and bundle discounts.
- American Family policyholders can earn discounts including early bird, air bags, good student, good driver, and accident-free.
- MetLife offers premium reductions for good student, multi-policy, claim-free, defensive driver, and good driver.
- GEICO has discounts for anti-theft, membership and employees, multi-vehicle, daytime running lights, good student, and five-year accident-free.
- The Hartford offers discounts including vehicle fuel type, air bag, defensive driver, driver training, anti-theft, and bundle.
The illustration below shows the difference between yearly insurance costs with and without some available policy discounts. The premiums assume a male driver, two accidents and one traffic ticket, Indiana state minimum liability limits, comp and collision included, and $500 deductibles.
The first bar for each age group shows the price with no discounts. The lower bar shows the rates with paid-in-full, anti-theft, vehicle safety, marriage, multiple vehicle, and passive restraint discounts applied. When drivers take advantage of discounts, theaverage amount saved on auto insurance for high risk drivers is 29% or $861.