You have probably seen the captivating commercials from insurers like Farmers and GEICO that make claims of dirt cheap rates, so drivers should just choose any one of them, right?
It’s not quite that easy, unfortunately, as there are a whole bunch of unknown factors like your credit rating, whether you are a man or a woman, if you own your own home, and any driving violations you may have, that help determine the price you have to pay. We will attempt to cover the best ways to avoid overpriced car insurance and also should give you a good start to your coverage search.
Finding out which companies have the lowest-priced auto insurance rates for seniors involves a little more work in order to find the lowest price.
Every insurance provider has a unique formula for determining rates, so let’s take a look at the auto insurance companies with the overall best prices in Fort Wayne, IN. It’s important to know that Indiana auto insurance rates are based on many factors that control the price you have to pay. Getting older, buying a new vehicle, or having a fender bender can cause premium changes that can cause some rates to be more affordable than competitors.
Find the Cheapest Auto Insurance for Mature Drivers
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Travelers | $620 |
| 2 | Cincinnati Insurance | $678 |
| 3 | USAA | $687 |
| 4 | Erie | $726 |
| 5 | Western Reserve | $838 |
| 6 | Indiana Farmers Mutual | $875 |
| 7 | The Hartford | $881 |
| 8 | Auto-Owners | $888 |
| 9 | Nationwide | $940 |
| 10 | Motorists Mutual | $956 |
| 11 | State Farm | $967 |
| 12 | Utica National | $985 |
| 13 | Hastings Mutual | $1,003 |
| 14 | Safeco | $1,003 |
| 15 | Wolverine Mutual | $1,061 |
| 16 | Westfield | $1,061 |
| 17 | Farmers | $1,064 |
| 18 | GEICO | $1,100 |
| 19 | Progressive | $1,106 |
| 20 | State Auto | $1,120 |
| Find Cheaper Rates Go | ||
Travelers generally has some of the best car insurance rates in Fort Wayne at around $620 a year. Cincinnati Insurance, USAA, Erie, and Western Reserve also are some of the more affordable Fort Wayne, IN auto insurance companies.
As depicted above, if you are insured with USAA and switched to Travelers, you could earn annual savings of around $67. Drivers with Erie might save as much as $106 a year, and Western Reserve customers might reduce prices by as much as $218 a year.
To see if your current coverage is too expensive, click here to start a quote or feel free to get quotes from the companies below.
Be aware that those prices are averaged for all drivers and vehicles and and are not figured with an exact location for seniors. So the insurer that fits your age and vehicle best may not even be in the top 36 companies shown above. That underscores the importance of why you need to compare rates from as many companies as possible using your own personalized driver profile and vehicle information.
One of the more important things that help determine insurance cost is where your residence is. Cities with more crime and/or more people will most likely have higher rates, whereas areas with fewer weather claims and lower vehicle theft rates have the enjoyment of a little cheaper coverage.
The following table lists the priciest cities in Indiana for seniors to purchase auto insurance in. Fort Wayne is ranked #14 costing $976 on average, which is about $81 each month.
| Rank | City | Premium Per Year |
|---|---|---|
| 1 | Gary | $1,388 |
| 2 | Hammond | $1,327 |
| 3 | Portage | $1,137 |
| 4 | Merrillville | $1,095 |
| 5 | Evansville | $1,077 |
| 6 | Lawrence | $1,066 |
| 7 | Indianapolis | $1,050 |
| 8 | Jeffersonville | $1,048 |
| 9 | Terre Haute | $1,045 |
| 10 | New Albany | $1,039 |
| 11 | Kokomo | $1,011 |
| 12 | Anderson | $1,001 |
| 13 | Elkhart | $995 |
| 14 | Fort Wayne | $976 |
| 15 | Columbus | $975 |
| 16 | Fishers | $974 |
| 17 | Mishawaka | $974 |
| 18 | Bloomington | $968 |
| 19 | South Bend | $956 |
| 20 | Carmel | $947 |
| Find the Best Rates Go | ||
Rates are comparative as the specific geographic location can affect coverage prices considerably.
The type of vehicle that is being insured is one of the largest considerations when shopping around for low-priced car insurance for seniors. Vehicles with limited top-end speed, good safety features, or a track record of few liability claims will cost significantly less to insure than high performance models.
The information below estimates auto insurance premiums for some of the most budget-friendly vehicles to buy insurance for.
| Vehicle Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Honda Accord EX 4-Dr Sedan | $689 |
| Ford Escape XLT 4WD | $704 |
| Honda CR-V EX-L 4WD | $709 |
| Ford F-150 XL Super Cab 2WD | $757 |
| Toyota Prius | $763 |
| Chevrolet Impala LS | $800 |
| Toyota Camry LE | $814 |
| Dodge Grand Caravan Hero | $823 |
| Toyota RAV4 Limited 4WD | $814 |
| Volkswagen Jetta S 4-Dr Sedan | $822 |
| Chevrolet Silverado LT Extended Cab 4WD | $814 |
| Ford Explorer Limited 4WD | $830 |
| Toyota Tacoma Double Cab 4WD | $838 |
| Hyundai Elantra Blue 4-Dr Sedan | $843 |
| Ford Edge Sport 2WD | $857 |
| Toyota Corolla XLE | $862 |
| Nissan Rogue SL 2WD | $871 |
| Compare Rates Now Go | |
Prices above based on married male driver age 60, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Indiana minimum liability limits. Discounts applied include safe-driver, homeowner, claim-free, multi-vehicle, and multi-policy. Information does not factor in specific zip code location which can increase or decrease rates substantially.
Based on these rates, we can infer that cars like the Honda Accord, Ford Escape, Honda CR-V, and Ford F-150 will be a few of the most economical vehicles to insure for senior citizens.
Tickets and at-fault accidents raise rates
The obvious way to maintain good auto insurance prices in Fort Wayne for senior citizens is to drive cautiously and avoid accidents and traffic citations. The illustration below shows how speeding tickets and accident claims can impact premium costs for each age group. The data is based on a married male driver, comp and collision included, $500 deductibles, and no discounts are applied.
In the chart above, the average cost of an auto insurance policy per year with a clean driving record and no accidents is $1,133. Add in one speeding ticket and the average cost jumps to $1,302, an increase of $168 each year. Then throw in two accidents along with the one speeding ticket and the yearly cost of auto insurance for seniors goes up to an average of $2,817. That’s an increase of $1,683, or $140 per month, just for not being more responsible behind the wheel!
Rate difference between full and liability-only coverage
Finding cheaper auto insurance is the goal of most drivers, and one easy way to find cheap insurance for seniors is to not buy comprehensive and collision coverage. The example below shows the comparison of car insurance rates with full physical damage coverage and with liability coverage only. The rates are based on no accidents, no driving violations, $100 deductibles, marital status is single, and no other discounts are factored in.
If we average the cost for ages 20 through 70, comp and collision coverage costs $2,160 per year more than carrying just liability coverage. That proposes the question if paying for full coverage is worth it. There is no specific rule for dropping full coverage on your policy, but there is a general guideline. If the annual cost of your full coverage insurance is more than 10% of the settlement you would receive from your company, then it might be time to consider dropping full coverage.
For example, let’s say your vehicle’s claim settlement value is $9,500 and you have $1,000 physical damage deductibles. If your vehicle is severely damaged, the most your company would pay you is $8,500 after the deductible is paid. If you are paying over $850 annually for full coverage, then it may be the right time to buy liability only.
There are some situations where only buying liability is not a good plan. If you still owe a portion of the original loan, you have to keep full coverage in order to keep the loan. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is in an accident, you should not drop full coverage.
The importance of shopping around
Fort Wayne, IN auto insurance rates are impacted by many things which can significantly increase or decrease your annual premium. Improving your credit rating, moving to a new city, or getting a driving violation can trigger changes in premium that may make certain companies cheaper than competitors. Not only may things change on your end, but insurers change rates every year to adjust for gains or losses. An extended period of higher than normal claims can result in increased rates, while profitable underwriting may result in more affordable Fort Wayne car insurance rates.
To help illustrate this point, the bar chart below demonstrates which company has the cheapest car insurance in Fort Wayne, IN for a 40-year-old male driver with no accidents, a clean driving record, and a decent credit rating. If we estimate prices based on his current situation, Travelers may have the cheapest car insurance rates in Fort Wayne at $616 annually. This is $624 less than the average price paid by Indiana drivers of $1,240. USAA, Cincinnati Insurance, Erie, and The Hartford also make the list of the cheapest Fort Wayne, IN auto insurance companies.
In the next rate comparison, we’ll give the driver from the first set of rates a claim surcharge, poor credit, and a traffic citation. Since every insurance provider has their own unique process for determining rates, comparing quotes could now result in a different ranking of affordable Fort Wayne car insurance companies as shown below.
Indiana Farmers Mutual now has the lowest price in Fort Wayne with Auto-Owners, Cincinnati Insurance, Nationwide, and USAA completing the list. This example demonstrates why consumers need to compare lots of rates when trying to get the lowest insurance quotes for seniors.
Rates can be altered by many different factors and can decrease or increase without notice, so the most economical option a year ago may now be quite expensive.
If you aren’t sure which coverage to buy and prefer to get help from a professional when shopping for cheaper insurance for seniors, the agencies below are a good start to provide answers to your questions and help you determine which coverage meets your needs best. To locate a Fort Wayne car insurance agency near you, click the link after the list or click here to compare price quotes.
- InsureOne Insurance Agency
3213 E State Blvd – Fort Wayne, IN 46805 – (260) 216-0024 - Tom Steckler Agency Inc
10432 Coldwater Rd – Fort Wayne, IN 46845 – (260) 338-0338 - Allstate Insurance: Keith Miller
4930 Illinois Rd Ste 1 – Fort Wayne, IN 46804 – (260) 434-0010 - Traxler Insurance Agency
10729 Coldwater Rd #100 – Fort Wayne, IN 46845 – (260) 494-9035