Depositors vs. Indiana Farmers: Which Company is the Best Fit for You?

You've probably seen ads offering big savings on car insurance, but are Depositors or Indiana Farmers right for you? Which carrier offers the lowest rates, or the most discounts? Read on to see how Depositors and Indiana Farmers compare, and to find out which company is the best one for you, your vehicle, and your budget.
Newly insured car driving down the road
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Quick Facts

  • Looking at the national averages for auto insurance, Indiana Farmers offers significantly less expensive prices than Depositors
  • Depositors may help you save more money -- they offer more discounts than Indiana Farmers Insurance
  • Indiana Farmers offers more affordable premiums for drivers with a DUI

Depositors or Indiana Farmers: Which Company has the Cheapest Car Insurance?

Are you considering a new insurance policy? You've probably seen commercials and billboards from companies offering big savings, but exactly how much money can you save by switching?

You've maybe even narrowed your search down to Depositors or Indiana Farmers as your top options, but which company has cheaper rates for insurance?

Depositors Indiana Farmers

Looking at nationwide averages, Depositors is quite a bit more expensive than Indiana Farmers, with premiums averaging $148 a month compared to just $81 with Indiana Farmers.

However, Indiana Farmers may not be the cheapest or best option for each driver out there. Car insurance carriers vary their prices depending on things like how old you are, where you live, how clean your driving record is, how good your credit score is, and a variety of other factors, so rates could change drastically from person to person.

So, if you want to find out which of Depositors or Indiana Farmers is really the best for you, keep reading to see average premiums for each carrier broken down by several different rate factors.

Depositors vs. Indiana Farmers: Average Car Insurance Rates by State

State Depositors Indiana Farmers

Depositors and Indiana Farmers only compete against each other in Indiana, where Indiana Farmers offers the cheaper average prices. Indiana Farmers drivers tend to pay about $54 per month less on average compared to drivers who use Depositors for their auto insurance.

There's a lot more that goes into your car insurance payment than just the state you live in. Keep reading to find out more.

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Which is the Best Company For Young Drivers?

Depositors Indiana Farmers
18-year-old drivers$311$142
25-year-old drivers$132$81

Teen drivers will almost always have the most expensive auto insurance premiums of any other group of drivers out there on the road. Normally, that's because teen drivers are statistically much more likely to cause collisions and other accidents that will result in an insurance claim.

But still, even with seemingly sky-high rates, teen drivers can still find ways to save money. As you can see above, teens who use Indiana Farmers save over 55% a month compared to those who use Depositors.

Even so, both companies will offer you dramatically lower prices once you turn 25. Indiana Farmers offers the steepest drop, with 25-year-olds paying less than half what 18-year-old drivers are charged. Depositors's average premiums lower almost 60% during that same period.

Which is the Best Company for Retired Drivers?

Depositors Indiana Farmers
65+-year-old drivers$111$67

Drivers around retirement age usually enjoy some of the most affordable insurance rates you can find. After all, they've likely been driving for quite some time, which generally reduces their chances of collisions and other infractions that can raise prices.

When looking at Depositors and Indiana Farmers specifically, which company is best for retired drivers? Indiana Farmers gets the edge, with rates for drivers 65 and older nearly 40% more affordable than the national average for Depositors.

Which is the Best Company for Married Drivers?

Depositors Indiana Farmers

You may not be aware, but auto insurance prices tend to be cheaper for married drivers than they are for those who are single. That's because policies for married couples typically cover more than one vehicle, which a lot of carriers will give you a discount for.

For single drivers, the difference in average premiums between these two companies is significant, with Indiana Farmers prices coming in at around half of Depositors's. The advantage is also clear for married policyholders - Indiana Farmers offers the cheapest average premiums.

Depositors or Indiana Farmers: Average Rates by Gender

Depositors Indiana Farmers

Men tend to pay more for car insurance than women. That's because women are less likely to get into accidents and get speeding tickets, which decreases the chances of filing a claim with insurance.

Men normally pay about $10 per month more than women with Depositors, and around $7 more with Indiana Farmers.

Looking at the data for each carrier specifically, Indiana Farmers offers the most affordable average rates for both men and women. On average, male drivers save about $68 a month and women save about $66 with Indiana Farmers compared to the average Depositors policyholder.

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Depositors vs. Indiana Farmers: Compare State Minimum vs. Full Coverage Rates

Depositors Indiana Farmers
State Minimum*$84$44
Full Coverage**$211$118

*State minimum value indicates liability-only policies at each state's minimum bodily injury and property damage (BI/PD) limits

**Full coverage indicates state minimum BI/PD limits with collision and comprehensive coverages added to policy.

It's no secret that insurance can be pretty complicated. There are lots of different coverages that account for multiple different things. Some protect you and your car, while others only provide coverage for other people's property and health if you cause a collision.

But most policies end up falling into two different types of coverage -- liability coverage (which covers the other party's property damage and injuries if you cause an accident) and full coverage (which includes collision and comprehensive coverages that protect your own car, in addition to liability coverage).

Looking specifically at state minimum liability limits, Indiana Farmers has the significant edge, with average monthly prices coming in at $44. If you want a full coverage policy with the same state minimum limits, Indiana Farmers again has the edge, with policies averaging around $118 per month to Depositors's $211.

Is Depositors or Indiana Farmers Better for Drivers with Spotty Records?

You've probably seen plenty of commercials from car insurance carriers offering great rates for good drivers, but that doesn't mean people with less-than-perfect driving records can't save money, too.

You'll probably end up paying more with at-fault accidents and speeding tickets on your record, but which of these two companies offers the lowest premiums to drivers with spotty records?

Which Company is Best for Drivers with Speeding Tickets?

Depositors Indiana Farmers
Clean Record$106$70
1 Speeding Ticket$130$84

Policyholders who use Depositors for their auto insurance can usually expect their monthly bill to go up about 18% after getting a speeding ticket. Indiana Farmers policyholders can expect a less drastic increase of around 17%.

That being said, Indiana Farmers has more affordable prices for drivers in both categories. With Indiana Farmers Insurance, drivers with a clean record can save about $36 a month and drivers with a ticket can save around $46 per month.

Which Company is Best for Drivers After an Accident?

Depositors Indiana Farmers
Clean Record$106$70
1 At-Fault Accident$157$84

Both carriers will increase rates pretty significantly if you get into an at-fault collision with Depositors increasing by about 32%. Indiana Farmers has a less extreme increase, but you can still expect to pay more than 15% more than you were prior to your first accident.

At the end of the day, the less expensive premiums come from Indiana Farmers, with average rates coming in at $84 compared to Depositors Insurance Company's $157.

Which Company is Best for Drivers with a DUI?

Depositors Indiana Farmers
Clean Record$106$70
1 DUI$198$84

If you get a DUI charge, you can expect some pretty significant increases in your monthly insurance bill -- typically a lot more than a collision or speeding ticket. On average, Depositors will raise your premiums around 46% after a DUI, while Indiana Farmers's average prices rise by over 15%.

But if you end up with a DUI charge and are looking for more affordable premiums, Indiana Farmers tends to be more affordable for the average driver, with monthly premiums coming in at about $84 to Depositors's $198.

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How does Credit Score Impact Depositors and Indiana Farmers Rates?

Did you know many car insurance companies take your credit score into account when determining rates? This isn't true for everyone (for example, Massachusetts and Hawaii are two states that ban the practice entirely), but it might come into play for several drivers.

The reasoning insurance carriers use is that policyholders with bad credit will be less likely to pay their bills on time; so generally, they'll be asked to pay more, while those with good credit will be rewarded with cheaper prices.

So, which company offers the best rates for drivers with good, average, or poor credit?

Which Company is Best for Drivers with Good Credit?

Depositors Indiana Farmers
Excellent Credit Score$117$60
Good Credit Score$134$68

If you have a solid credit score, Indiana Farmers will typically reward you the most. For policyholders with "excellent" credit scores, Indiana Farmers comes in nearly 48.72 less expensive. Drivers with "good" credit scores usually save around 49% with Indiana Farmers compared to average premiums from Depositors.

Which Company is Best for Drivers with Bad Credit?

Depositors Indiana Farmers
Fair Credit Score$155$79
Poor Credit Score$185$116

Indiana Farmers typically offers lower prices than Depositors when it comes to drivers with less-than-stellar credit. Drivers with "fair" credit pay about 49% a month less with Indiana Farmers compared to Depositors, and those with "poor" scores generally save an average of around 37% monthly.

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Is Depositors or Indiana Farmers Better for Drivers who Work from Home or Have Short Commutes?

Depositors Indiana Farmers
6,000 Annual Miles$148$80
12,000 Annual Miles$148$82

How much you drive can have a pretty big impact on how much auto insurance companies will charge for coverage. Normally, the more milage you put on your vehicle each year, the more you can expect to pay for coverage.

As you can see in the table above, annual mileage doesn't have much of an impact on how much Depositors charges. However, there's a small difference in monthly rates for Indiana Farmers, with policyholders who drive 6,000 miles annually paying about $2 less every month compared to those who drive 12,000 miles each year. Still, for drivers in both categories, Indiana Farmers is the cheaper carrier.

Depositors or Indiana Farmers: Compare Rates for Urban, Suburban, and Rural Drivers

Where you call home can have a considerable impact on your monthly car insurance bill. Generally, those who live in urban areas will pay more than drivers in rural areas due to the number of cars that are on the roads where they live.

Depositors Indiana Farmers
Urban Areas$174$88
Suburban Areas$139$83
Rural Areas$130$72

Indiana Farmers boasts the most affordable average prices for drivers in all types of areas, no matter if they're urban, suburban, or rural.

For drivers in urban ZIP codes, Indiana Farmers's average premiums are around $88 while Depositors offers rates about $174. People in suburban areas pay a monthly premium of around $83 with Indiana Farmers compared to $139 with Depositors. Those in rural areas can expect to pay about $72 per month with Indiana Farmers and $130 with Depositors.

Depositors vs. Indiana Farmers Discounts

No matter why you might be in the market for a new auto insurance policy, you're always going to want to save as much money as you can, and the best way to do that is by taking advantage of as many insurance discounts as possible.

But where do you even start? With so many discounts out there, it may seem hard to find all the of the ones you're eligible for.

Luckily, we did the hard work for you and compared all of the different discounts offered by Depositors and Indiana Farmers so that you can find the carrier that has the most discounts and, therefore, the largest savings.

Depositors Indiana Farmers
Advance Quote Discount
Covid-19 Relief Discount 
Defensive Driver Discount
Distant Student Discount 
EFT Discount 
Employee Discount 
Good Driving Discount
Good Student Discount
Group Discount 
Homeowner Discount 
Intra-Agency Transfer Discount 
Life Policy Discount 
Mature Driver Discount 
Multi-Car Discount 
Multi-Policy Discount
New Vehicle Discount 
Paperless Discount 
Passive Restraint Discount 
Renewal Discount 
Select Market Discount 

Depositors knocks Indiana Farmers out of the park when it comes to the sheer number of discounts available, offering nine more discounts than Indiana Farmers.

There are a couple discounts both carriers offer, but Depositors also offers discounts for COVID-19 relief, distant student, EFT, and more.

On the other hand, Indiana Farmers has a few proprietary discounts of their own for things like mature driver discounts, renewal discounts, and select market discounts.

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Final Thoughts: Is Depositors or Indiana Farmers Best for You?

So, we've broken down the average premiums for many of the variables car insurance companies look at, and walked through the different discounts each company offers, too. But, at the end of the day, which carrier is the right one for you and your specific needs?

Indiana Farmers might be best for you if....

  • You will be the only person on the auto insurance policy.
  • You already have a great credit score.
  • You have a short commute.

Depositors might be best for you if...

  • You're looking for the company with the most discounts.

Hopefully, this guide helps you get a good idea of the differences between Depositors and Indiana Farmers and that it aids in making a more informed decision about your insurance.

At the end of the day, the sure-fire way to make sure you're getting the best deal on your auto insurance policy is to compare quotes from several carriers, not just Depositors and Indiana Farmers. Luckily, does all the hard work for you. Just enter your ZIP code below and get free quotes from dozens of the top car insurance companies in your area, all in just a few minutes.

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Depositors vs. Indiana Farmers FAQs

Is Depositors or Indiana Farmers cheaper?

Indiana Farmers is the more affordable of the two carriers when looking at national average prices, with policies averaging $81 per month with Indiana Farmers and $148 for Depositors. But that doesn't mean Indiana Farmers will be the lowest carrier for every policyholder, since there are a range of different factors that come into play when it comes to your insurance cost.

Who is better, Depositors or Indiana Farmers?

Sadly, the real answer is "it depends.". No one company is "better" for everyone -- it all boils down to your unique auto insurance profile.

Why do Depositors and Indiana Farmers offer me different rates?

Car insurance companies use lots of different variables when calculating the rates they charge. Factors like gender, where your home is, your driving record, age, and sometimes even things like your credit score can all come into play. Both Depositors and Indiana Farmers calculate premiums using different formulas, so it's likely they'll offer different prices. The best way to determine which carrier is the cheapest for you is by comparing personalized quotes from a bunch of different carriers.

How do I know if Depositors or Indiana Farmers is right for me?

The only way to find the insurance company that's right for you is by getting quotes from multiple companies and finding the one best suited for your individual budget. Luckily, sites like make it easy for you to do just that. Just enter your information once and you'll get quotes from dozens of your local top car insurance carriers for free. That way, you can guarantee you're getting the most affordable rate. And maybe you'll find that the best carrier for you isn't Depositors or Indiana Farmers at all, but another you hadn't even thought of!


All of the data referenced in this article has been gathered in collaboration with Quadrant Information Services. We analyzed more than 2.5 million rows of carrier-reported data to calculate the average rates referenced above. All rates are based on an insurance profile of a single-vehicle policy for a driver that owns a 2016 Honda Accord. For more information on how we calculate rates, please reference our data methodology.

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