Average car insurance cost in Carmel, IN

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The average car insurance cost in Carmel, Indiana is $1,402 per year, according to Insure.com data analysis. Also, the car insurance rates in Carmel is $113 less than the average rates in Indiana and $493 less than the national average.

Most insurance providers consider factors such as location, city demographics, population density, and average resident age, accident rates, theft and vandalism rates while determining your car insurance premium. This may lead to either lower or higher costs compared to other regions.

This article provides details on the most and least expensive car insurance companies in Carmel, the average car insurance rates categorized by age and gender, and the cost of car insurance in Carmel based on coverage limits. Whether you’re a new driver or an experienced driver, this article will help you find the most cost-effective auto insurance in Carmel. Read on to learn more.

Cheap car insurance companies in Carmel

Geico offers the cheapest car insurance in Carmel, at an average of $895 per year with full coverage limits of 100/300/100.

The second cheapest company in Carmel is Auto-Owners, offering car insurance rates at $1,095 per year.

As mentioned earlier, car insurance rates vary from one company to another because the factors used to calculate rates vary by insurer. Therefore, comparing quotes from multiple insurers is recommended to find cheap car insurance rates in Carmel before deciding on the policy that matches your requirements.

The table below lists 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

The average car insurance rates in Carmel by coverage type are as follows:

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

In many states, drivers are legally required to maintain state minimum coverage. However, these requirements vary by state. However, the state minimum coverage does not protect vehicles listed on your policy in an at-fault accident.

It’s advisable to choose full coverage to avoid the risk of inadequate coverage and out-of-pocket expenses. You can also choose non-owners coverage if you often borrow or rent vehicles and don’t own one yourself.

Average car insurance rates by gender in Carmel

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

Whereas the yearly average car insurance rate for male drivers is $1,396, which is $12 less than what female drivers pay.

According to the Insurance Information Institute, women are considered to be safer drivers than men, and statistics have proved this. They often enjoy lower auto insurance premiums due to their lower incidence of severe accidents compared to men.

Read more on how gender affects car insurance rates.

Average car insurance rates by age in Carmel

In Carmel, car insurance rates are highest for teens, averaging $4,448 per year or $371 per month. According to the Insurance Information Institute, these higher rates for 16- to 19-year-olds are due to their increased likelihood of road accidents due to their lack of driving experience.

Specific teen driving laws have been implemented to help them become better drivers. Additionally, parents can lower teen insurance rates by adding them to their existing auto insurance policy.

As teens grow older and build a positive driving history, their car insurance rates decrease. Young adults usually pay $2,314 annually for their car insurance, which is $2,134 less than what teens pay for their coverage.

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

According to the Insurance Information Institute, rates for adults and seniors are significantly lower than for teens and young adults, as they are more likely to obey speed limits and follow road rules.

Read more on auto insurance for seniors.

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

Car insurance rate trends in Carmel

If we look at the car insurance rates trends in Carmel, Indiana, it was on an upward swing from 2022 to 2023. From 2022 to 2023, the rates increase overall by 26%, or $289.

The table below shows the trend for last four years:

Conclusion

In conclusion, Carmel’s car insurance rates are lower than the average insurance rates in Indiana. Drivers in Carmel can find affordable car insurance options by shopping around and taking advantage of available discounts. Moreover, 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.