Top 10 Indiana Car Insurance Companies
The top Indiana car insurance company is State Farm for their extremely low complaint rating, but that doesn't necessarily mean they offer the best Indiana car insurance rates for you. Your rates can vary by where you live in Indiana, so enter your ZIP code below to start comparing insurance quotes from the best Indiana car insurance companies on our top ten list.
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UPDATED: Sep 5, 2020
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There are a number of issues that face a buyer of car insurance in Indiana. First to be considered is the minimum coverage requirement for insurance in Indiana. These requirements are outlined in the first heading below. Most car owners, however, will need more liability coverage than this minimum. Compare car insurance companies with our FREE comparison tool TODAY!
A customer has several car insurance coverage choices, and additional coverage is based on the specific needs of a customer. Some of these additional coverage choices are outlined in the second heading below.
Indiana is a relatively inexpensive state for car insurance coverage in the overall national picture. Some average expenditures for three years in Indiana are provided in the third heading below, to help insurance buyers get a feel for several years of rate averages in Indiana.
For more specific data on rates, the paragraph in the fourth heading below, on how a premium payment is determined, is included to help drivers see the risk factors that go into a premium quote.
The topic on important statistics in the fifth heading below, is designed to help a buyer evaluate different car insurance companies that do business in Indiana. The resulting rankings of the top ten based on customer complaints and top premium producers in Indiana, are included in the sixth heading section. The seventh and final heading is a performance based award ranking of Indiana car insurance companies based on several factors. It is published annually by J.D. Power and Associates.
By carefully analyzing the choices, risk factors, and performance statistics of Indiana car insurance companies, a buyer should be able to get a good competitive quote from one of the many car insurance companies that do business in Indiana.
Mandatory Car Insurance Requirements in Indiana
The Indiana Bureau of Motor Vehicles is the regulating agency for all Indiana car insurance. The state required minimum auto insurance coverage is in the following amount:
- $25,000 bodily injury liability per person per accident
- $ 50,000 combined bodily injury for injuries to all parties per accident
- $ 10,000 property damage liability coverage
This minimum coverage is called 25/50/10 coverage.
Insurance Coverage Choices
Indiana does not have no fault insurance laws but follows the Tort system, which requires that the individual driver, and the insurance company insuring the driver that is deemed to be at fault, is responsible for paying the costs involved in an accident. The mandatory rates are a minimum. Indiana drivers frequently purchase additional coverage, and some pay for coverage against damages from underinsured and uninsured drivers.
Many drivers consider a higher comprehensive /collision car insurance coverage which will insure against damage to the insured’s vehicle and passengers. Adding such coverage does not necessarily add a great deal to the premium paid by the insured. Some drivers are also eligible for driver discounts such as the following: Low Mileage Discounts, Good Driver Discounts, Vehicle Safety Discounts, and Multi-Policy Discounts. It is important to inquire about eligibility for any of these discounts.
Average Expenditure on Auto Insurance Premiums in Indiana, 2006-2008
The auto insurance average in any state is determined by adding all the insurance premiums collected for all policies, including liability, and optional comprehensive and collision coverages, and dividing that number by the number of insured vehicles for that year. The averages, as determined by the National Association of Insurance Commissioners for Indiana, were as follows:
- Indiana in 2008 had an average cost of $612 and was ranked 42nd in price in the nation.
- Indiana in 2007 had an average cost of $618 and was ranked 42nd in price in the nation.
- Indiana in 2006 had an average cost of $631 and was ranked 41st in price in the nation.
How Premium Payment for Insurance is Determined
The amount an individual pays for auto insurance is based primarily on the risk that the driver is predicted to be, considering such factors as type of car, age and gender of driver, marital status, state/ location, and driving history. A person thus comes out as a low risk (preferred), a standard risk (average) or a non-standard (high risk). The higher the risk, the more the individual pays in premiums.
The type of car an individual drives, its crashworthiness and its safety features are important factors in determining a price quote. Also, how the car is used in driving is a consideration; the more miles driven, the greater the risk of an accident. All the above factors are statistically considered by insurance companies in determining a premium price quote.
Important Statistics in Evaluating Car Insurance Companies
When considering a car insurance company, there are some important statistics to evaluate. One piece of data, available online from the Illinois Department of Insurance in all states, is the number of consumer complaints against the particular insurance company. Other statistics available include the percent of premium share that the company has, the amount of premiums written in millions of dollars, the number of policies written, and the complaint index.
In Indiana, the complaint index is the index between the share of complaints received to the share of all Indiana business that was written. So an index of 3.00 would mean that the insurer’s share of complaints is three times greater than its share of business that was written. The smaller the complaint index, the better the company performance.
The Top Ten Companies in Indiana
Indiana has a wide number of car insurance companies to choose from, including big brand name car insurance companies and more localized companies. A company may be primarily based in another state as long as it is licensed to do business in Indiana. A comparison of the above referenced statistics reveals the following top ten companies in Indiana:
Lowest Indiana complaint indexes for 2010:
- State Farm Fire and Casualty had a .08 complaint index
- Cincinnati Insurance Company had a .11 complaint index
- Auto-Owners Insurance Company had a .24 complaint index
- Westfield National Insurance Company had a .26 complaint index
- Owners Insurance Company had a .31 complaint index
- Esurance Insurance Company had a .33 complaint index
- Milbank Insurance Company had a .35 complaint index
- Central Mutual Insurance Company had a .35 complaint index
- Standard Mutual Insurance Company had a .36 complaint index
- Westfield Insurance Company had a .39 complaint index
Top ten premium ( in millions) producers in Indiana for 2010:
- State Farm Mutual Automobile Insurance Company had 639.99
- United Farm Family Mutual Insurance Company had 232.54
- American Family Mutual Insurance Company had 131.98
- Allstate Property and Casualty Insurance Company had 126.42
- Progressive Paloverde Insurance had 105.9
- Progressive Southeastern Insurance Company had 105.84
- Erie Insurance Exchange had 68.57
- Allstate Insurance Company had 56.63
- Indiana Farmers Mutual Insurance Company had 55.41
- GEICO General Insurance Company had 52.85
Top Ten Companies based on average of complaint index over several years as reported to Department of Insurance:
- Allstate Insurance Company
- Automobile Club Inter-Insurance Exchange
- Titan Indemnity Company
- American Standard Insurance Company of Wisconsin
- Trustgard Insurance Company
- Liberty Mutual Fire Insurance Company
- Nationwide Affinity Car Insurance Company of America
- Trumbull Insurance Company
- Progressive Casualty Insurance Company
- State Farm Mutual Automobile Insurance Company
Performance Based Awards Based on Standards Set by J.D. Power and Associates
The J.D. Power and Associates annual National Auto Insurance Study, rates insurance companies on overall customer satisfaction using these five indices: claims, price, billing and payment, policy offerings and interaction. The winner for Indiana companies in 2010 was Amica Mutual with what is called a five circle JDPA rating.
Four circle companies were Erie Insurance, State Farm, Auto-Owners Insurance, Shelter and Geico. Three circle ratings were given to Liberty Mutual, Farmers, American Family and Allstate. A five circle rating means Among the best, a four circle rating means Better than most, and a three circle rating means Above average.
Armed with good performance statistics information, and knowing the specific needs for insurance that a buyer has, a driver is in a good position to go ahead and get specific quotes from a number of carefully chosen companies.
Remember to also ask local friends and relatives for specific recommendations on Indiana car insurance companies, since a long time satisfied customer is another good indication of a trustworthy car insurance company. Enter your ZIP and allow us to do a free car insurance comparison for your specific needs!