Purchasing insurance for your new or used car can be difficult with the different options and companies from which you can purchase. In Iowa, there are also minimum coverage requirements for you to explore to ensure you comply with legal guidelines. Though you’ll take on a monthly premium, there are plenty of cheap car insurance options you can choose from in Iowa. Let’s look at some of the essential information about cheap insurance in Iowa.
Requirements for Insurance in Iowa
There are several minimum coverage amounts you must have to be insured in Iowa. For bodily injuries, you need liability coverage for a minimum of $20,000 for each person and $40,000 for each accident. Along with this, the state requires you to secure $15,000 of property damage coverage.
Factors That Affect Insurance Price
Insurance rates can vary depending on many factors, including location, age, car model, and driving history. Here are some of the common reasons you might see differences in price and how they can affect your premiums:
Age
Typically insurance prices go down as you get older. Insurance companies determine this by expecting you to improve your driving skills as time goes on. You might get the lowest insurance prices if you’re between 30 and 50. People over 60 might see a slight increase in insurance prices, as people in this age range might be more likely to have accidents
Driving Record
You’re driving record is one of the most important factors in getting a good premium on your insurance. Different aspects of your record can influence this in unique ways. For example, moving violations, like speeding tickets can cause a slight increase. Accidents can cause a greater increase, as insurance companies might expect to pay more for damages. Many of these violations disappear after several years of a clean record.
Car Make and Model
Different cars can affect the price of your insurance. For example, SUVs typically have lower premiums because they have more safety features. Sports or racing cars might have higher costs as these could incur more damages in accidents. You also might find older cars have cheaper premiums than newer cars, as newer cars might require additional insurance, like collision or comprehensive insurance.
Coverage Type
There are several types of coverage you can explore with insurance. Most states require you get at least liability insurance to own and drive a vehicle. Other options you might choose from include collision, comprehensive, rental reimbursement, or guaranteed asset protection insurance.
Cheap Insurance Rates in Iowa (Full Coverage)
Depending on the unique factors that affect insurance rates, the price for overall coverage can vary. State Farm offers the cheapest full-coverage insurance in Iowa, averaging around $764 annually, or $64 a month. Here are some of the other companies and their rates:
- IMT: $1,138 annually
- Farm Bureau: $1,303 annually
- Auto-Owners: $1,372 annually
- American Family: $1,398 annually
- Geico: $1,766 annually
- Nationwide: $1,778 annually
- Allstate: $1,817 annually
- Grinnell: $1,917 annually
- Progressive: $2,384 annually
Cheap Insurance Rates in Iowa (By Age)
As age is a major factor in insurance rates, there are several differences in rates you might find. NerdWallet estimated the prices you can expect at different ages based on minimum coverage limits, like $100,000 in bodily injury liability and collision coverage.
Cheap Insurance Rates for 20-year-olds
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State Farm: $1,505 annually
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Pekin: $1,634 annually
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IMT: $1,676annually
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Geico: $1,690 annually
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Allstate: $1,802 annually
Cheap Insurance Rates for 30-year-olds
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State Farm: $790 annually
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Hastings Mutual: $801 annually
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Pekin: $890 annually
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Geico: $919 annually
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West Bend: $972 annually
Cheap Insurance Rates for 40-year-olds
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Hastings Mutual: $704 annually
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State Farm: $768 annually
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Pekin: $837 annually
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West Bend: $922 annually
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Geico: $938 annually
Cheap Insurance Rates for 50-year-olds
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Hastings Mutual: $593 annually
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State Farm: $737 annually
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Pekin: $805 annually
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Farm Bureau Financial Services: $848 annually
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Geico: $861 annually
Cheap Insurance Rates for 60-year-olds
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Hastings Mutual: $606 annually
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State Farm: $688 annually
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Pekin: $787 annually
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Farm Bureau Financial Services: $811 annually
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Geico: $839 annually
Cheap Insurance Rates for People with Speeding Tickets
- State Farm: $817
- IMT: $1,415
- Auto-Owners: $1,561
- Farm Bureau: $1,594
- American Family: $1,803
Cheap Insurance Rates for Married People
- State Farm: $764
- IMT: $1,045
- Farm Bureau: $1,169
- Auto-Owners: $1,372
- American Family: $1,398
Tips for Finding Cheap Insurance in Iowa
Along with understanding the average rates, there are other strategies to consider when shopping for insurance for your new or used car. Here are some tips you can use to find cheap car insurance in Iowa:
Compare Rates
To ensure you get the cheapest premium, you can compare rates between providers. The rates provided in this article are all averages, so contacting companies and providing them with your specific information can get you accurate figures. You might also compare both state and national insurance providers to see if the rates vary.
Select the Right Coverage
Although there are minimum requirements for the state, you still have options with the different coverage types. If you don’t plan to drive much, you might explore the most basic coverage plans for the cheapest option. For people who drive frequently and expect sometimes dangerous situations, you might explore additional coverage.
Explore Discounts
Many companies offer insurance discounts that you can explore when shopping for car insurance. These can involve discounts for people like students or veterans, or those who have certain affiliations. You might also get discounts for a clean driving record. Consider asking each company what their discounts are to see where you might save the most money.
Now that you know about the different rates, influencing factors and requirements for purchasing insurance in Iowa, you can browse around to select the lowest rate for you. When purchasing from a dealer, you might also explore any additional coverage they may offer for coverage for things like lost keys and roadside assistance. Though insurance can seem like a big payment, shopping around can help you get cheap car insurance in Iowa.
At FIXD, our mission is to make car ownership as simple, easy, and affordable as possible. Our research team utilizes the latest automotive data and insights to create tools and resources that help drivers get peace of mind and save money over the life of their car.
