Facts about Indianapolis Car Insurance
Indianapolis insurance falls under the legal requirements instituted by the state of Indiana. Indiana’s minimum requirements for liability insurance are $25,000 for uninsured motorist coverage, $10,000 for Property Damage Liability, and $50,000 for underinsured motorist coverage.
Voluntary types of coverage available in Indianapolis include medical payments, collision, comprehensive, towing and car rental. Though collision coverage is not required legally by the state of Indiana, it is often required by the lender if you still owe a balance on your automobile loan.
Though Indiana’s Department of Insurance does not “fix” rates, it does require every auto insurance provider to file the rates and forms with the Department before implementing them. The Department examines each company’s intentions to ensure consumers are getting car insurance at a fair price. The Department also requires that rates be open for public inspection. This benefits you because you can compare rates from numerous providers in Indianapolis without making a commitment to purchase.
Indianapolis providers use a number of factors when determining your car insurance premium. These include (but are not limited to) gender and age, marital status, type of automobile, place of residence, financial credit scores, daily commute distance, driving record, driver training (if you have completed a driver’s course), history of automobile claims, and the deductible and type of coverage chosen.
Insurance companies combine these factors with general statistics, a process that helps the provider come to reasonable conclusions about the amount of risk each driver poses. Indianapolis statistics about drivers, cars and highways are readily available so you can see how your area fares in the eyes of insurers. For example, the average daily commute in Indianapolis is 22.7 minutes. The city reported 70 fatal automobile crashes in 2007, which involved 174 people and 114 automobiles. Indianapolis had an estimated 7,680 car thefts that same year. You can research statistics such as these and find lists of the most stolen cars in Indianapolis as well as the safest cars to drive.
As you research auto insurance companies in Indianapolis, be sure to compare the rates based on the following criteria:
*Does the policy provide adequate coverage?
*Can you lower your premium by raising your deductible?
*Does the company offer discounts for student drivers (good grades and training), a good driving history, safety features on your vehicle, etc.?
*Can you depend on the company when you need to file a claim?
*How is the company rated financially? (Use A. M. Best Rating Service and others to find out.)
*Will insuring your vehicle and home with the same company save you money?
*Can you lower your premium by implementing anti-theft devices or by parking your car in a locked garage versus on the street?
Ask these questions about each provider so you can make an informed decision. Lower price is not always best if it means sacrificing the quality of service you receive. Indiana’s average car insurance premium is $1,715 per year (as of 2009). This is right in tune with the national average of $1,735. But with online auto insurance comparisons, you might be able to get even better rates. Use these guidelines to start your search for affordable car insurance in Indianapolis today.