Cheap Auto Insurance in Kokomo, Indiana
Cheap Auto Insurance in Kokomo, Indiana
Find Cheap Auto Insurance Quotes in Kokomo, IN
Minimum coverage costs about 5% more in Kokomo, Indiana, than it does in Indiana as a whole, with drivers paying $511 per year on average. Erie has the best rates for most Kokomo drivers, charging $285 per year.
The best way to maximize your savings is to compare quotes from multiple insurers. Companies charge different rates for the same coverage — by hundreds and sometimes even thousands of dollars, depending on your coverage levels.
Erie, the cheapest insurer in Kokomo for most drivers, charges $285 per year for minimum coverage, while Allstate, the most expensive insurer, charges $787. That's a $502 difference — which underscores why it's so important to shop around before you buy a policy.
Cheapest minimum coverage car insurance in Kokomo
Erie has the cheapest rates for auto insurance in Kokomo. The citywide average is $511 per year, but Erie charges 44% less, at just $285 per year.
State Farm offers Kokomo drivers the second-cheapest rates in the city. A minimum coverage policy from State Farm costs $370 per year. That's $85 more per year than Erie but $141 less than the city average.
The overall cheapest insurance comes from USAA. The price of a minimum coverage policy from USAA is $273 per year, which breaks down to just $23 per month. However, USAA is only available to those who have served in the armed forces or certain qualifying family members.
Find Cheap Auto Insurance Quotes in Kokomo
Because minimum coverage insurance is so inexpensive, many drivers choose it instead of a more expensive full coverage policy. In Indiana, a minimum coverage policy includes the following three coverages:
- Bodily injury liability: If an accident you cause results in injuries for the other driver and their passengers, this coverage will pay for those costs.
- Property damage liability: If an accident that you cause damages the other driver's car or property, this coverage will pay for the damage.
- Uninsured motorist bodily injury: If an uninsured driver causes an accident where you sustain injuries, this coverage will pay for your medical bills.
Rank | Insurer | Average annual rate |
|---|---|---|
| 1 | Erie | $285 |
| 2 | State Farm | $370 |
| 3 | American Family | $458 |
| 4 | Progressive | $518 |
| 5 | Geico | $653 |
| 6 | Auto-Owners | $747 |
| 7 | Allstate | $787 |
| N/A* | USAA | $273 |
*USAA is only available to current and former military members and their families.
Cheapest companies in Kokomo for full coverage insurance
Kokomo drivers interested in full coverage should start their search with Erie, State Farm or Progressive. Full coverage from these three companies costs $1,145 on average, which is 20% less than the city average.
Progressive raises rates the least for a full coverage policy. A minimum coverage policy costs $518 per year, while a full coverage policy costs $1,232 per year — an increase of $714.
Once again, USAA offers the cheapest rates overall. With a full coverage policy costing just $770 per year, USAA policyholders will pay $314 less than Erie policyholders. If you qualify, we strongly recommend getting a quote from USAA.
Rank | Company | Average annual rate |
|---|---|---|
| 1 | Erie | $1,084 |
| 2 | State Farm | $1,119 |
| 3 | Progressive | $1,232 |
| 4 | Auto-Owners | $1,543 |
| 5 | Geico | $1,627 |
| 6 | American Family | $1,702 |
| 7 | Allstate | $2,412 |
| N/A* | USAA | $770 |
*USAA is only available to current and former military members and their families.
In Indiana, the average cost of a full coverage policy is three times more expensive than the average cost of a minimum coverage policy. The reason rates go up so significantly is because a full coverage policy includes collision and comprehensive coverage.
Comprehensive
Pays for repairs to your car that result from circumstances beyond your control, such as theft, vandalism or falling objects.
Collision
Pays for the cost of repairs to your car after a collision with another car or a stationary object, or after an incident like driving into a ditch.
ValuePenguin recommends full coverage to most drivers but strongly urges those who have a car that is less than 10 years old or worth more than $3,000 to purchase full coverage. Collision coverage protects your own car — regardless of who is at fault — and comprehensive coverage pays for "acts of God" beyond your control.
Cheap car insurance for drivers with prior incidents
Insurance companies view drivers who have incidents on their record as riskier investments and raise rates to account for that risk. Recognizing this, we identified the cheapest insurers for drivers in Kokomo who have:
Cheapest car insurance for drivers with prior accidents
Most insurance companies increase rates after an accident because they see an accident as a sign that you are a higher-risk driver. State Farm, Erie and Auto-Owners raise rates the least for Kokomo drivers after an at-fault accident.
These insurers are also the cheapest widely available insurers overall for drivers with an at-fault accident on their record. The average cost of full coverage for drivers in Kokomo with an at-fault accident on their record is $2,275 per year, but State Farm, Erie and Auto-Owners charge 39%, 36% and 12% less, respectively.
Be sure to compare quotes if your driving record changes. Insurance companies penalize drivers to different degrees for at-fault accidents. State Farm, for instance, only raises rates by $279 per year, while Allstate raises rates by $1,689 per year.
Rank | Company | Rate before accident | Rate after accident | Difference |
|---|---|---|---|---|
| 1 | State Farm | $1,119 | $1,398 | $279 |
| 2 | Erie | $1,084 | $1,464 | $380 |
| 3 | Auto-Owners | $1,543 | $2,001 | $458 |
| 4 | Progressive | $1,232 | $2,430 | $1,198 |
| 5 | Geico | $1,627 | $2,819 | $1,192 |
| 6 | American Family | $1,702 | $2,871 | $1,169 |
| 7 | Allstate | $2,412 | $4,101 | $1,689 |
| N/A* | USAA | $770 | $1,117 | $347 |
*USAA is not ranked because only military members (current and former) and their families are eligible.
If you're looking for ways to lower your rates after you've been in an at-fault accident, be sure to ask your insurer about discounts. While many insurers will automatically give you a discount for things like safety and anti-theft devices in your car, you can always ask if additional discounts are available. There may be some that you're not aware of.
Cheapest car insurance for people with a speeding ticket: Erie
Car insurance rates in Kokomo go up by 22% after a speeding ticket, from $1,436 to $1,751 per year. This makes it the least costly incident in our study. Rates go up by 58% after an at-fault accident and 75% after a citation for driving under the influence (DUI).
Erie has the best rates for Kokomo drivers who get a ticket for speeding. An annual full coverage policy costs $1,173 per year, making it 33% cheaper than the city average.
Rank | Company | Annual rate |
|---|---|---|
| 1 | Erie | $1,173 |
| 2 | State Farm | $1,220 |
| 3 | Auto-Owners | $1,543 |
| 4 | Progressive | $1,865 |
| 5 | American Family | $1,950 |
| 6 | Geico | $2,109 |
| 7 | Allstate | $3,167 |
| N/A* | USAA | $980 |
*USAA is only available to current and former military members and their families.
Cheapest car insurance for drivers with a DUI: Progressive
Insurers raise rates significantly if you receive a citation for driving under the influence. The average cost for these Kokomo drivers is $2,508 per year for full coverage — an increase of $1,072 per year.
The most affordable insurance for Kokomo drivers with a DUI comes from Progressive. Rates increase from $1,232 per year before an accident to $1,512 after an accident. That's an increase of $280 per year, which breaks down to just $23 more per month.
Rank | Company | Annual rate |
|---|---|---|
| 1 | Progressive | $1,512 |
| 2 | Erie | $1,757 |
| 3 | State Farm | $1,772 |
| 4 | Allstate | $3,195 |
| 5 | American Family | $3,252 |
| 6 | Geico | $3,406 |
| 7 | Auto-Owners | $3,947 |
| N/A* | USAA | $1,225 |
*USAA is only available to current and former military members and their families.
Cheapest car insurance for drivers with poor credit
Insurance companies can factor in a driver's credit score when setting rates in Indiana, which usually results in higher rates for drivers with a low credit score and lower rates for drivers with a high credit score. We found that Kokomo drivers with very good credit pay $999 on average per year, whereas drivers with poor credit pay almost $1,000 more, with rates averaging $1,950 per year.
Geico has the most affordable rates for Kokomo drivers with poor credit. An annual full coverage policy from Geico costs $1,692, which is 13% lower than the city average.
Rank | Company | Average annual rate |
|---|---|---|
| 1 | Geico | $1,692 |
| 2 | State Farm | $1,750 |
| 3 | Auto-Owner | $1,914 |
| 4 | Progressive | $1,947 |
| 5 | Erie | $2,214 |
| 6 | Allstate | $2,412 |
| 7 | American Family | $2,445 |
| N/A* | USAA | $1,224 |
*USAA is only available to current and former military members and their families.
Cheapest full coverage auto insurance for young drivers
Young drivers pay far more than older drivers for insurance, in large part because insurers see their inexperience on the roads as an increased risk and compensate for that risk with higher rates. A sample 18-year-old driver in Kokomo pays $4,074 per year on average for his full coverage policy — more than double what a 30-year-old driver pays.
Erie, State Farm and Progressive offer the best rates to young Kokomo drivers. All three charge less than $4,000 per year, making them among the more affordable insurers for full coverage.
Although insurers will almost always charge teen drivers more for insurance, shopping around for reduced rates can help you get costs down.
Rank | Insurer | Average annual rate |
|---|---|---|
| 1 | Erie | $2,669 |
| 2 | State Farm | $3,637 |
| 3 | Progressive | $3,791 |
| 4 | Geico | $4,080 |
| 5 | Auto-Owners | $4,261 |
| 6 | American Family | $6,276 |
| 7 | Allstate | $6,427 |
| N/A* | USAA | $1,449 |
*USAA is not ranked because only military members (current and former) and their families are eligible. Our sample driver is an 18-year-old man.
In addition to comparing rates, there are other strategies young drivers can use to help make their car insurance premiums more affordable:
- Ask your insurer if you can get discounts like the good student or student away from home discount.
- Ask your parents if you can stay on their plan.
ValuePenguin found it costs half as much for a teen to stay on their parents' auto insurance policy as it does for them to take out their own policy. This is why we recommend staying on your parents' policy as long as possible.
Best car insurance companies in Kokomo by customer service
Cheap rates matter, but if your insurer can't provide support in the wake of an accident, affordable premiums likely won't make up for it. To help Kokomo drivers pick a reliable insurer, we've identified the top insurance companies, in terms of customer satisfaction with recent claims.
Of the eight insurers in our study, Auto-Owners, USAA and American Family have the highest percentage of customers nationwide who said they were "extremely satisfied" with their most recent claim.
Cost of car insurance in Kokomo by ZIP code
In addition to your age, accident history and credit score, insurers also take your ZIP code into account when setting your rates. They do this because certain neighborhoods are at greater risk for claims — due to crime, traffic and other factors.
However, we found that the difference between Kokomo ZIP code 46901 and 46902 is minimal. Full coverage costs $4 more per year in ZIP code 46902, while minimum coverage costs $2 more per year in ZIP code 46901.
ZIP code | Average cost, full coverage | Average cost, minimum coverage |
|---|---|---|
| 46901 | $1,433 | $513 |
| 46902 | $1,437 | $511 |
Minimum car insurance requirements in Indiana
To drive legally in Indiana, your car insurance policy must meet mandatory state minimum requirements. These requirements are as follows:
Liability | Minimum coverage |
|---|---|
| Bodily injury (BI) | $25,000 per person and $50,000 per accident |
| Property damage (PD) | $25,000 per accident |
| Uninsured motorist bodily injury (UMBI) | $25,000 per person and $50,000 per accident |
We usually recommend that drivers carry additional coverage and not just the state minimums. Collision and comprehensive coverages cover damage to your own car, while none of the state-mandated coverages provide this kind of protection.
Auto theft statistics in Kokomo
We analyzed FBI crime data from 2019 and found that, of the 10 most populous cities in Indiana, Kokomo has the 10th-highest rate of auto insurance theft. Approximately 1.7 cars are stolen for every 1,000 residents.
Theft rank | City | Population | Motor thefts in 2019 | Thefts per 1,000 people |
|---|---|---|---|---|
| 1 | Gary | 74,687 | 490 | 6.6 |
| 2 | South Bend | 101,944 | 561 | 5.5 |
| 3 | Lawrence | 49,432 | 187 | 3.8 |
| 4 | Anderson | 54,899 | 195 | 3.6 |
| 5 | Hammond | 75,201 | 264 | 3.5 |
| 6 | Evansville | 117,700 | 403 | 3.4 |
| 7 | Lafayette | 72,585 | 157 | 2.2 |
| 8 | Fort Wayne | 269,366 | 568 | 2.1 |
| 9 | Greenwood | 59,797 | 124 | 2.1 |
| 10 | Kokomo | 57,845 | 100 | 1.7 |
Methodology
For this analysis of car insurance rates in Kokomo, our sample driver was a 30-year-old man with a clean driving record and average credit. He had the following limits on his full coverage policy:
Coverage type | Study limits |
|---|---|
| Bodily injury liability | $50,000 per person/$100,000 per accident |
| Personal injury protection | $10,000 |
| Property damage liability | $25,000 per accident |
| Uninsured/underinsured motorist bodily injury | $50,000 per person/$100,000 per accident |
| Comprehensive and collision | $500 deductible |
Unless otherwise noted, this was the base driver policy for our study.
Insurance rate data in this ValuePenguin analysis came from Quadrant Information Services. Publicly sourced from insurer filings, these quotes should be used only for comparative purposes. Your own quotes will most likely be different.
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