To save the most money, the best way to find more affordable Chevy Traverse insurance in Fort Wayne is to compare prices annually from different companies in Indiana.
- Step 1: Learn about auto insurance and the changes you can make to keep rates in check. Many policy risk factors that increase rates like speeding tickets, careless driving and an unacceptable credit history can be amended by being financially responsible and driving safely.
- Step 2: Compare price quotes from direct, independent, and exclusive agents. Exclusive and direct companies can provide rates from one company like GEICO and Allstate, while independent agents can quote rates for a wide range of insurance providers.
- Step 3: Compare the new rate quotes to the premium of your current policy and see if you can save money. If you can save money and switch companies, ensure coverage does not lapse between policies.
- Step 4: Tell your current agent or company to cancel your current auto insurance policy and submit the required down payment along with the signed application for the new coverage. Once the application is submitted, place your new certificate verifying coverage in an accessible location in your vehicle.
The most important part of shopping around is to compare identical coverages on each price quote and and to get quotes from as many different companies as possible. This guarantees a fair price comparison and a thorough price selection.
A recent NerdWallet.com study revealed that the vast majority of consumers kept their policy with the same company for over three years, and virtually 40% of consumers have never even compared rates from other companies. With the average auto insurance premium being $1,400, Fort Wayne drivers could save about 55% each year just by getting comparison quotes, but they mistakenly think it’s difficult to find lower-cost auto insurance rates.
If you have insurance now, you will surely be able to save money using the techniques covered below. Finding the cheapest insurance coverage in Fort Wayne is quite easy. But Indiana consumers must comprehend the way insurance companies price online insurance because it varies considerably.
Smart Choices Result in Lower Insurance Premiums
Consumers need to have an understanding of a few of the rating criteria that aid in calculating your policy premiums. If you understand what impacts premium levels, this helps enable you to make changes that can help you get better auto insurance rates.
The items below are a few of the things companies use to determine your prices.
Use but don’t abuse your insurance – If you file claims often, don’t be surprised to see higher premiums or even policy non-renewal. Companies in Indiana award cheaper rates to drivers who are not frequent claim filers. Your insurance policy is intended for claims that pose a financial burden.
Avoid unnecessary incidental coverages – Insurance companies have many extra bells and whistles that may not really be needed on your auto insurance policy. Insurance for rental car coverage, accident forgiveness, and additional equipment coverage are examples of these. The coverages may be enticing at first, but now you might not need them so remove them and pocket the money.
Bundle policies to earn discounts – Lots of insurers will give discounts to people that buy multiple policies, otherwise known as a multi-policy discount. Discounts can amount to 10 percent or more. Even if you already get this discount, you still need to shop around to make sure you are getting the best deal. Drivers may still find better rates by buying auto insurance from a different company.
Gender and insurance coverage costs – Over the last 50 years, statistics have shown that women are safer drivers than men. However, don’t assume that women are BETTER drivers than men. They both get in fender benders in similar numbers, but the males have costlier accidents. Not only are claims higher, but men receive more costly citations like reckless driving and DUI. Male drivers age 16 to 19 have the highest risk to insure and therefore pay the highest rates.
The illustration below shows the comparison of Chevy Traverse insurance premiums for male and female drivers. The data assumes no violations or claims, comp and collision included, $100 deductibles, single status, and no discounts are taken into consideration.
High physical damage deductibles equal low rates – Comprehensive and collision coverage deductibles state the amount of money you are willing to pay before your auto insurance pays a claim. Physical damage insurance, termed comprehensive and collision coverage on your policy, is used to repair damage to your car. Examples of some claims that would be covered could be collision with another vehicle, collision with a deer, or theft of your vehicle. The higher the amount the insured has to pay upfront, the lower your rates will be.
Your job can affect rates – Careers such as military personnel, airline pilots, and medical professionals tend to have higher average rates due to intense work situations and long work hours. Conversely, occupations like farmers, historians and retirees pay lower than average rates.
Chevy Traverse claim probability – Insurers study historical loss data to help calculate premium rates. Vehicles that statistically have high amounts or severity of claims will cost more for coverage. The next table shows the historical loss data for Chevy Traverse vehicles.
For each policy coverage type, the loss probability for all vehicles averaged together is equal to 100. Values that are below 100 represent a good loss history, while numbers that are greater than 100 indicate a higher chance of having a claim or an increased likelihood of larger losses.
| Make and Model | Collision | Property Damage | Comp | Personal Injury | Medical Payment | Bodily Injury |
|---|---|---|---|---|---|---|
| Chevrolet Traverse 4dr 2WD | 75 | 101 | 72 | 93 | 90 | 90 |
| Chevrolet Traverse 4dr 4WD | 72 | 91 | 82 | 78 | 76 | 78 |
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Analysis of coverages
The rate information shown next outlines estimates of coverage prices for Chevy Traverse models. Understanding how rates are determined can be useful when making smart choices when comparing insurance rates.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Traverse LS 2WD | $136 | $202 | $224 | $14 | $68 | $644 | $54 |
| Traverse LS AWD | $154 | $202 | $224 | $14 | $68 | $662 | $55 |
| Traverse LT 2WD | $154 | $202 | $224 | $14 | $68 | $662 | $55 |
| Traverse LT AWD | $154 | $244 | $224 | $14 | $68 | $704 | $59 |
| Traverse LTZ 2WD | $154 | $244 | $224 | $14 | $68 | $704 | $59 |
| Traverse LTZ AWD | $154 | $244 | $224 | $14 | $68 | $704 | $59 |
| Get Your Own Custom Quote Go | |||||||
Prices above based on married female driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and Indiana minimum liability limits. Discounts applied include homeowner, claim-free, multi-vehicle, multi-policy, and safe-driver. Estimates do not factor in vehicle location which can modify price quotes substantially.
Raise deductibles and save
The hardest decision when buying coverage is which deductible level should you buy. The rates shown below sum up the differences in premium rates of buying low and high insurance deductibles. The first data table uses a $100 deductible for physical damage and the second pricing table uses a $1,000 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Traverse LS 2WD | $242 | $358 | $238 | $14 | $72 | $949 | $79 |
| Traverse LS AWD | $272 | $358 | $238 | $14 | $72 | $979 | $82 |
| Traverse LT 2WD | $272 | $358 | $238 | $14 | $72 | $979 | $82 |
| Traverse LT AWD | $272 | $436 | $238 | $14 | $72 | $1,057 | $88 |
| Traverse LTZ 2WD | $272 | $436 | $238 | $14 | $72 | $1,057 | $88 |
| Traverse LTZ AWD | $272 | $436 | $238 | $14 | $72 | $1,057 | $88 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Traverse LS 2WD | $134 | $188 | $238 | $14 | $72 | $646 | $54 |
| Traverse LS AWD | $152 | $188 | $238 | $14 | $72 | $664 | $55 |
| Traverse LT 2WD | $152 | $188 | $238 | $14 | $72 | $664 | $55 |
| Traverse LT AWD | $152 | $230 | $238 | $14 | $72 | $706 | $59 |
| Traverse LTZ 2WD | $152 | $230 | $238 | $14 | $72 | $706 | $59 |
| Traverse LTZ AWD | $152 | $230 | $238 | $14 | $72 | $706 | $59 |
| Get Your Own Custom Quote Go | |||||||
Premium data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Indiana minimum liability limits. Discounts applied include multi-vehicle, homeowner, claim-free, multi-policy, and safe-driver. Rate information does not factor in specific location information which can revise premiums considerably.
Based on this data, we can arrive at the conclusion that using a $100 deductible could cost the average driver approximately $28 more each month or $336 a year than buying the higher $1,000 deductible. Since the policyholder would be required to pay $900 more to settle a claim with a $1,000 deductible as compared to a $100 deductible, if you have at a minimum 32 months between claim filings, you would probably be better off by selecting a higher deductible.
The illustration below demonstrates how deductible levels and can raise or lower Chevy Traverse insurance costs for different age categories. The premiums are based on a single male driver, full coverage, and no discounts are applied.
Safe drivers Fort Wayne pay cheaper rates
The chart below demonstrates how speeding tickets and accident claims impact Chevy Traverse auto insurance costs for different age groups of insureds. The information is based on a married female driver, comprehensive and collision coverage, $250 deductibles, and no discounts are applied to the premium.
Cost comparison with and without full coverage
The diagram below shows the difference between Chevy Traverse insurance premiums with full physical damage coverage compared to only buying the minimum liability limits required in Indiana. The rate quotes are based on no driving violations, no at-fault accidents, $1,000 deductibles, marital status is single, and no discounts are factored in.
Are you wasting money on full coverage?
There is no clear-cut rule to stop paying for physical damage coverage on your policy, but there is a general guideline. If the yearly cost for physical damage coverage is more than about 10% of replacement cost minus your deductible, then you might consider buying liability only.
For example, let’s pretend your Chevy Traverse book value is $9,000 and you have $1,000 physical damage deductibles. If your vehicle is damaged in an accident, the most you would get paid by your company is $8,000 after paying your deductible. If you are paying more than $800 annually to have full coverage, then it may be the right time to buy liability only.
There are some circumstances where only buying liability is not advised. If you still owe money on your vehicle, you are required to maintain full coverage in order to prevent your loan from defaulting. Also, if you can’t afford to buy a different vehicle in case of an accident, you should not consider dropping full coverage.
Discount Fort Wayne auto insurance quotes
Auto insurance is not inexpensive, but there could be significant discounts that you may not know about. Certain reductions will be credited when you quote, but some must be specially asked for in order for you to get them. If you don’t get every credit available, you may be paying too high a price.
- Buy New and Save – Buying insurance on a new vehicle can save up to 30% since newer vehicles are generally safer.
- Multi-car Discount – Having multiple cars or trucks on the same auto insurance policy qualifies for this discount.
- Air Bag Discount – Vehicles equipped with air bags or automatic seat belts can receive discounts of more than 20%.
- Own a Home and Save – Just owning your own home can earn you a little savings because maintaining a house demonstrates responsibility.
- Telematics Data Discounts – Drivers who elect to allow driving data collection to look at vehicle usage by using a small device installed in their vehicle such as In-Drive from State Farm or Allstate’s Drivewise system may get a rate reduction if they exhibit good driving behavior.
- Student Discount for Driver Training – Have your child successfully take a driver’s education course as it can save substantially.
- Theft Deterrent Discount – Cars equipped with tracking devices and advanced anti-theft systems are stolen with less frequency and can earn a small discount on your policy.
- Mature Driver Discount – If you’re over the age of 55, you may receive reduced rates.
As a footnote on discounts, most of the big mark downs will not be given to the overall cost of the policy. A few only apply to individual premiums such as comprehensive or collision. So despite the fact that it appears adding up those discounts means a free policy, companies don’t profit that way. But all discounts will reduce the cost of coverage.
The example below visualizes the comparison of Chevy Traverse auto insurance rates with and without some available policy discounts. The prices are based on a female driver, no violations or accidents, Indiana state minimum liability limits, comprehensive and collision coverage, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with marriage, multi-policy, safe-driver, homeowner, claim-free, and multi-car discounts applied.
To locate companies with discount rates in Fort Wayne, click this link.
Frequent quotes can save
We just presented a lot of information how to shop for Chevy Traverse insurance online. The most important thing to understand is the more times you quote, the higher the chance of saving money. Consumers may even find the lowest prices are with a company that doesn’t do a lot of advertising. Regional companies may cover specific market segments cheaper as compared to the big name companies such as Allstate and Progressive.
As you go through the steps to switch your coverage, don’t be tempted to buy poor coverage just to save money. There are many occasions where an insured dropped comprehensive coverage or liability limits only to regret that the savings was not a smart move. The proper strategy is to buy a smart amount of coverage at the best price but still have enough coverage for asset protection.
For more information, link through to the articles below:
- Insuring a Leased Car (Insurance Information Institute)
- Who Has Affordable Car Insurance Rates for Good Students in Fort Wayne? (FAQ)
- Who Has Affordable Car Insurance Rates for Business Use in Fort Wayne? (FAQ)
- How Much are Auto Insurance Rates for a Ford Edge in Fort Wayne? (FAQ)
- What is the Cheapest Auto Insurance in Fort Wayne, IN? (FAQ)
- Vehicle Size and Weight FAQ (iihs.org)
- Side Impact Crash Tests (iihs.org)
- Rearview cameras reduce backing crashes (Insurance Institute for Highway Safety)
- Top Signs Your Brakes are Giving Out (State Farm)