Whether it is Indiana or any other state in the United States, several factors would affect auto insurance rates. The factors are based on the risk level for each person. If the insurance companies perceive a higher risk on a particular factor about you, it would increase the premium proportionately. Similarly, if a particular risk is perceived as minimal, the premium would be lowered. The major Indiana factors that affect insurance rates are presented here briefly.
Factors that affect insurance rates in Indiana
- Age and gender
- Driving history
- Driving record
- Past accidents history
- Marital status
- Mileage of driving
- Credit history, credit rating, and credit score
- The make, model, and power rating of the vehicle
- Several other factors that vary from one company to another
Since the premiums are decided purely on the risk perception about you by the insurance company, there is no harm in your obtaining quotes from several insurance companies for your auto insurance. You would be able to find out how each insurance company evaluates you. You would be able to understand your strengths and weaknesses. This would help you negotiate better insurance rates with the insurance company.
Once you have selected an insurance company, you should continue your auto insurance policy with the same company. Insurance companies value loyalty and reward their clients with better insurance rates. You should also be careful not to allow the auto insurance policy to lapse even by a day. If that happens, the insurance company would perceive that you are a risky individual and hike up the insurance premium. Similarly, the premium payments should be prompt. Delayed premium payments and periodic defaults would classify you as high risk person. When you apply for renewal, the insurance company would definitely increase your insurance rates without compunction.
You should also explore the possibilities of obtaining discounts from insurance companies. They offer discounts for several factors like good driving history, commitment of higher deductibles, better credit history and credit rating, installation of security and safety devices, etc. Discounts for students, military personnel, and aged persons are also available. You should find out all possibilities of such discounts. Further, insurance companies offer discounts up to 15% if you purchase your life insurance, auto insurance, home insurance, and health insurance from the same insurance company. This would result in considerable saving in your insurance rates.
Even if your driving history is not so clean and the insurance companies demand a higher premium, you should accept the lowest premium quote and purchase the auto insurance. Then you should work towards improving your driving record by driving safely during the auto insurance policy period. When the policy comes up for renewal, you would be able to negotiate better insurance rates with the insurance company by pointing out the recent driving record. Similarly, proving that you had not been at fault in the accidents in the past would also help you obtain lower insurance rates.