Residents of Indiana have the fortune of paying some of the lowest insurance rates in the country for home, auto, and health insurance. And like every state, there are certain requirements and minimums you must have.
Auto Insurance
Indiana insurance rates for cars average around $618 a year, which is far less than the national average of nearly $800. A state of fairly good drivers, relatively low crime rate, and affordable cars help to keep rates low. The minimum requirements for auto insurance include:
- Bodily Injury—$25,000/50,000 ($25,000 per person and up to $50,000 per car)
- Property Damage—$10,000
Keep in mind these minimums are fairly low and don't include coverage for your own vehicle. Many insurance agents recommend minimums of $100,000/300,000 for bodily injury and $50,000 for property. Other types of Indiana insurance you should consider in order to be fully protected include:
- Comprehensive. This will cover repair costs to your car as a result of weather damage, theft, vandalism, and so forth.
- Collision. This will cover your own repair costs if you are in an accident. Many lenders require you to have comprehensive and collision insurance if you have an auto loan.
- Uninsured/underinsured. If you are hit by someone who is uninsured, this coverage will still cover your repair costs.
Home Insurance
Hoosiers are also fortunate to live in an area that is not prone to major disasters like hurricanes, earthquakes, or flooding. Not only that, but combined with affordable housing and low incidence of crime, Indiana insurance rates for homeowners with a typical HO-3 policy average $638 each year. This is also far less than the national average.
Indiana is also home to a number of colleges, which tends to drive up the percentage of renters in an area. While not required, Indiana renters should take advantage of renters insurance, which not only protects the contents of their homes, but also covers liability in the event someone is injured in their home and sues.
Health Insurance
Hoosiers who are fortunate enough to have health insurance from their employers also enjoy low insurance rates. Private insurance, however, tends to be a bit higher. This is due in part by health and lifestyle habits of Hoosiers. Lowering health insurance rates and raising your life expectancy at the same time can greatly impact your costs. For example, smokers pay up to 40% more on their health insurance than nonsmokers.
Saving On Indiana Insurance Rates
Even if you are paying less for insurance than the national average, you can save even more money by shopping around for the best insurance rates and comparing costs. This can be time consuming unless you use a site like localinsurance.com. Here, you can easily get multiple Indiana insurance rates in just minutes for free.
