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In terms of car insurance, Fort Wayne, Indiana, follows at-fault laws. This means you have to compensate the victims for their financial losses if you’re responsible for causing an accident. Generally, the cost of auto insurance in this city is comparatively affordable, but it can vary significantly depending on which insurance company you choose. Check out this detailed guide to car insurance in Fort Wayne:
What Are the Minimum Auto Insurance Requirements in Fort Wayne?
To become a legal driver in Fort Wayne, Indiana, you’re required to purchase an auto insurance policy that meets the minimum coverage requirements in Indiana. According to Insurify, these requirements are as follow:
- Bodily injury or death liability coverage for a single person: $25,000
- Bodily injury or death liability coverage for more than one person: $50,000
- Property damage liability coverage: $25,000
- Uninsured motorist coverage: $50,000
Buying only the state-required auto insurance coverage may lead to major financial problems in the future. While it covers other people’s losses, minimum coverage doesn’t pay for your own damages because it doesn’t come with collision or comprehensive coverage, says QuoteWizard.
What Is the Cost of Auto Insurance in Fort Wayne?
On average, drivers in Fort Wayne pay $1140 per year for auto insurance, according to The Zebra. This amount is lower than the state average of $1165 and the national average of $1548.
What Are the Factors That Influence Auto Insurance Costs in Fort Wayne?
Auto insurance providers in Fort Wayne use many factors to evaluate your accident risk and determine your premium, including:
Age
Compared to other age groups, drivers in their 50s enjoy the most affordable auto insurance in Fort Wayne, paying an average of $981 a year. Those in their 60s have a slightly higher average annual rate of $1023. Drivers in this city who pay the most for auto insurance are teenagers. If you’re a teen driver, one of the best ways to reduce your rate is to reach your 20s. In Fort Wayne, the average premium of teenagers is $2425 higher than that of 20-something drivers.
The following are the average auto insurance costs in Fort Wayne by driver age:
- Teens: $4025 per year.
- 20s: $1600 per year.
- 30s: $1113 per year.
- 40s: $1047 per year.
- 50s: $981 per year.
- 60s: $1023 per year.
- 70s: $1273 per year.
Driving Record
Trying to avoid accidents and traffic citations is probably the most effective way to save on auto insurance. If you’re found guilty of reckless driving, speeding, committing a DUI, or causing an accident, you can expect to pay substantially more for car insurance.
DUI and reckless driving are two of the costliest traffic violations in terms of auto insurance. Compared to the average car insurance cost in Fort Wayne, a reckless driving citation leads to an average premium hike of $550 per year. A DUI violation triggers a $486 increase, while a speeding ticket results in a $324 hike.
Take a look at the average auto insurance rates for Fort Wayne drivers who have recently committed a traffic offense or at-fault accident:
- Exceeding the speed limit by 16 to 20 mph: $1464.
- Reckless driving: $1690.
- DUI: $1626.
- At-fault accident with damages below $1000: $1530.
- At-fault accident with damages over $2000: $1641.
Credit Score
If you have a checkered credit history, you’ll typically face a higher auto insurance rate than someone who has a good credit score. In Fort Wayne, drivers who advance to the “exceptional” credit score bracket (800 to 850) from the “very poor” bracket (300 to 579) see an average decrease of 60 percent in their car insurance costs. Even if you manage to only improve your credit tier from “very poor” to “fair” (580 to 669), you can reduce your annual premium by $938.
Below are the average auto insurance premiums for drivers in Fort Wayne belonging to different credit brackets:
- Very poor: $2333 per year.
- Fair: $1395 per year.
- Good: $1140 per year.
- Very good: $1036 per year.
- Exceptional: $940 per year.
Location
The part of Fort Wayne where you live can also influence your auto insurance premium. Other than your credit score and driving record, your location is one of the most significant contributing factors to your car insurance cost. This is because your ZIP code may have a higher crime or accident rate than another area in the city.
If your home is located in an unsafe neighborhood, your auto insurance provider may classify you as a high-risk driver. As a result, you’ll likely pay a higher rate than a friend or relative who lives a couple of blocks away. In Fort Wayne, the difference in car insurance costs from ZIP code 46819 to 46806 is 6 percent.
What Are the Cheapest Auto Insurance Companies in Fort Wayne?
According to Moneygeek, Erie is the most affordable auto insurance provider in Fort Wayne, charging an average annual premium of $493. In fact, getting a car insurance policy from this company will cost you 78.9 percent less than buying from Allstate, which is the most expensive insurer in the city.
The following are the average auto insurance prices of different companies in Fort Wayne:
- Erie: $493 per year.
- GEICO: $540 per year.
- Progressive: $572 per year.
- State Farm: $589 per year.
- American Family: $736 per year.
- Farmers: $755 per year.
- United Farm Bureau of Indiana Group: $791 per year.
- Allstate: $882 per year.
It may be tempting to purchase only the minimum auto insurance coverage required in Fort Wayne because it can substantially reduce your expenses. However, it’s highly recommended that you raise your liability coverage limits. If you’re the responsible party in a major accident, you can easily use up your minimum coverage and sustain huge out-of-the-pocket losses. Therefore, it’s essential to make sure you have enough car insurance coverage to protect your savings and assets.
Check this out if you need additional information, resources, or guidance on car insurance.
Sources:
Cheap Auto Insurance Quotes in Fort Wayne, IN (2021) | insurify.com
Best Car Insurance Rates in Fort Wayne, IN | quotewizard.com
Fort Wayne, IN Car Insurance | thezebra.com
Compare the Cheapest Car Insurance Quotes in Fort Wayne, IN | moneygeek.com
Collision Insurance: Everything You Need to Know | caranddriver.com
High-Risk Auto Insurance: Everything You Need to Know | caranddriver.com
Car Insurance: Everything You Need to Know | caranddriver.com
Car Insurance | caranddriver.com
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