Vehicle owners in Elwood, IN, are required to carry car insurance. Whether you find yourself in a collision on Anderson Street or a fender bender in the parking lot of the grocery store, a reliable auto insurance policy can protect you from facing large financial losses as a result.
Independent insurance agents make shopping for car insurance easy. These agents can provide you with a variety of customized auto insurance quotes so you can be sure you are getting the coverage you want at a competitive price. Contact an insurance agent near you to learn more.
How Much Does Car Insurance Cost in Elwood, IN?
The average cost of car insurance in Indiana is lower than the national average.
- National average annual car insurance cost: $1,311
- Indiana average annual car insurance cost: $1,033
Of course, car insurance rates will vary from one driver to the next, so the average shown above can only give you a ballpark idea of what your actual costs might be.
When calculating rates, insurance companies usually take the following factors into consideration.
- The make, model, and year of the vehicle(s) you are insuring
- Your age, occupation, and driving record
- Information about other licensed drivers in your household
- Whether you own or rent your home
- Your claims history and credit score
- How much liability coverage you want to purchase
- Which, if any, coverage options you want to include in your policy
- The accident and auto theft rates in the vicinity of your home
- The size of your deductible
What Are Indiana’s Minimum Car Insurance Requirements?
The state of Indiana requires all car insurance policies to include liability insurance. Liability insurance is designed to cover the cost of other people’s medical expenses and property damage if you cause a car crash.
This state also requires your policy to include uninsured motorist insurance. This insurance can cover your own medical bills and property damage if an uninsured or underinsured driver causes a collision with you. However, the state allows you to waive this coverage if you do so in writing.
In Indiana, your car insurance must include, at a minimum, the following amounts of coverage.
- Bodily injury liability insurance: $25,000 per person/$50,000 per accident
- Property damage liability insurance: $25,000 per accident
- Uninsured/underinsured motorist bodily injury insurance: $25,000 per person/$50,000 per accident
- Uninsured motorist property damage insurance: $25,000 per accident
If you cause a serious accident and your liability coverage is not high enough to fully cover your costs, you will be responsible for paying the remainder of the balance. This can get very expensive. That is why many Elwood residents choose to purchase coverage with higher liability limits than the state requires.
What Else Can Elwood Car Insurance Cover?
In addition to the liability and uninsured motorist insurance requirements mentioned above, you can choose to add optional coverage to your car insurance policy such as the following.
- Collision insurance: This can cover the cost to repair or replace your vehicle if it is damaged in a collision, regardless of fault.
- Comprehensive insurance: This can cover the cost to repair or replace your vehicle if it is damaged in a non-collision event like a flood.
- Medical payments insurance: This can cover medical treatments for you and your passengers if you are injured in a collision, regardless of fault.
- Gap insurance: This can cover the difference between your car’s actual value and how much you still owe for it if it is totaled in a covered event.
- Towing and roadside assistance insurance: This can cover the cost of assistance if your vehicle breaks down while you are out on the road.
- Umbrella insurance: This can boost your liability coverage to levels higher than what your car insurance can provide.
If you are still paying for your car or you have it on a lease, you will likely be required by your lender or the dealership to carry collision and comprehensive coverage.
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What Is the Penalty for Driving without Insurance in Elwood?
Driving without insurance is illegal in Indiana. If caught, uninsured drivers can face the following penalties.
- Fines ranging from $250 to $1,000
- The suspension of their driving privileges for 90 days to one year
- A reinstatement fee of $250 to $,1000
- Higher car insurance premiums
Despite these penalties, 16.7% of all drivers in this state are operating uninsured vehicles. This is significantly higher than the national rate of 13.0%.
Uninsured motorist insurance lets you rest assured that if you are in an accident that was caused by an uninsured driver, you will have the coverage you need without needing to go through lengthy legal channels to collect it.
Unless you have chosen to opt out of uninsured motorist coverage in writing, your policy will protect you against damage and injuries caused by uninsured drivers.
Does Elwood Car Insurance Cover Auto Thefts?
The auto theft rate in Indiana is the same as the national average, but in Elwood, the rate is significantly lower. This is not to say the risk does not exist. Residents of this city reported 13 auto thefts in 2019.
- National auto theft rate per 1,000 vehicles: 2.29
- Indiana auto theft rate per 1,000 vehicles: 2.29
- Elwood auto theft rate per 1,000 vehicles: 1.55
Be aware that your car insurance can only reimburse you for an auto theft if you have included comprehensive coverage in your car insurance policy.
This optional insurance covers far more than just car theft. It can also cover other non-collision damage such as those caused by windstorms, hail, and garage fires.
Why Work with an Independent Insurance Agent in Elwood, IN?
If you are looking for an affordable car insurance policy that meets all of your coverage needs, a local independent agent can help. These agents are free to work with several different insurance providers so they can shop around to find you a reliable policy at a competitive price.
Arrange an obligation-free appointment with an insurance agent near you to discover how easy it can be to find the best car insurance policy for you and your family.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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