Average car insurance cost in Carmel, IN

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Based on an analysis by Insure.com, the typical car insurance expense in Carmel, Indiana is $1,402 annually. Furthermore, car insurance premiums in Carmel are $113 less than compared to the state average in Indiana and $493 less than the national average.

Car insurance premiums differ widely depending on the location, city demographics, population density, average resident age, accident rates, and theft and vandalism.

This article looks at the most affordable car insurance companies in Carmel, the average car insurance rates by age and gender, and the costs in Carmel based on coverage limits.

Whether you’re a new or experienced driver, this article will guide you in finding the most affordable car insurance in Carmel. Keep reading to learn more.

Cheap car insurance companies in Carmel

Geico offers the most affordable car insurance in Carmel for coverage limits of 100/300/100 at $895 per year.

The Auto-Owners comes close second offering car insurance at $1,095 per year.

As mentioned previously, car insurance quotes differ amongst companies due to the factors they consider when determining rates. Hence, it’s advisable to obtain quotes from multiple insurers to find affordable car insurance rates in Carmel that align with your needs before finalizing your insurance carrier.

Here are the average annual and monthly costs for the various car insurance companies providing coverage in Carmel, Indiana:

Read about the best car insurance companies.

Average car insurance cost in Carmel by coverage limits

In Carmel, the average car insurance rates the coverage levels are as follows:

• State minimum coverage: $447 per year (limits are 25/50/25)
• Liability only coverage: $524 per year (limits are 50/100/50)
• Full coverage: $1,402 per year (limits are 100/300/100)
• Non-owners coverage: $277 per year

In most states, drivers are required to have state minimum coverage to drive legally, although these requirements vary by state. However, it’s important to note that state minimum coverage does not provide coverage for any vehicles listed on your policy in the event of an at-fault accident.

To prevent compromising on coverage and out-of-pocket expenses, it’s advisable to opt for full coverage or non-owner coverage if you frequently borrow or rent a car but do not own one.

Average car insurance rates by gender in Carmel

The average car insurance rate for a female driver in Carmel, Indiana, is $1,408 per year.

While the rate for a male driver is $1,396 per year, which is $12 less than what female drivers pay, according to a rate analysis by Insure.com.

Women are considered to be safer drivers than men, and statistics have proved this, according to the Insurance Information Institute. They often pay less for auto insurance because of their lower rate of severe accidents than men.

Read more on how gender affects car insurance rates.

Average car insurance rates by age in Carmel

Car insurance rates in Carmel, are highest for teens at $4,448 per year or $371 per month. According to the Insurance Information Institute, the rates are higher for teens (16- to 19-year-olds) as they are more prone to road accidents due to their lack of experience on the road. To address this, there are specific driving laws for teens to help them drive better. Additionally, parents can potentially reduce teen insurance rates by adding them to their existing auto insurance policy.

As teens age and build a positive driving history, it’s common for car insurance rates to decline. Young adults typically pay $2,314 annually for their car insurance, which is $2,134 less than what teens pay for their insurance coverage.

In Carmel, adult drivers pay an average of $1,398 per year for car insurance, while senior drivers pay $1,407 annually.

The rates for adults and seniors are notably lower compared to the rates for teens and young adults as they are more likely to obey the speed limits and follow the rules of the road, as per the Insurance Information Institute.

Read more on auto insurance for seniors.

The table below depicts the average annual rates for drivers of different age groups:

Car insurance rate trends in Carmel

Examining the trends in car insurance rates in Carmel, Indiana, there was an upward trend from 2022 to 2023. Between 2022 and 2023, rates increase overall by 26% or $289.

The table below illustrates the trend over the three years:

Conclusion

In conclusion, the insurance rates in Carmel, are lower than the average insurance cost in Indiana. Shopping around and taking advantage of available discounts, drivers in Carmel can find affordable car insurance options. Additionally, many car insurance companies offer discounts for customers who purchase multiple policies through the same company.

Sources

• Insurance Information Institute. “What determines the price of my auto insurance policy,” Accessed September 2024.
• Insurance Information Institute. “Auto insurance for teen drivers,” Accessed September 2024.
• Insurance Information Institute. “Senior driving safety and tips,” Accessed September 2024.

Methodology

Insure.com team worked with Quadrant Information Service to get car insurance data. To determine the average premiums, our team of data analysts and expert editors have analyzed 53,409,632 insurance quotes from 170 insurance companies across 34,588 ZIP codes.

The insurance rates are based on a sample profile of a 40-year-old male and female driver with a clean driving record and a good insurance score. Quotes premiums are for a full coverage policy with limits:

• $100,000 bodily injury per person
• $300,000 bodily injury per accident
• $100,000 property damage per accident
• $500 comprehensive and collision deductible

The quoted insurance rates are for comparison purposes, and your individual rates may vary.

Prachi Singh

Contributing Researcher

 

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Prachi is an insurance writer with a master’s degree in business administration. Through her writing, she hopes to help readers make smart and informed decisions about their finances. She loves to travel and write poetry.