The cost of owning a car is rising for many drivers for a variety of reasons, from spare parts to insurance.

INDIANAPOLIS — There’s good news and bad news when it comes to auto insurance in the Hoosier State.

The good news: Indiana is the 15th cheapest state, according to Bankrate. The average annual premium is $1,242, about $500 less than the national average.

Life events that will significantly increase the cost are (annual cost added in brackets):

  • Credit score went from ‘good’ to ‘poor’ ($771)
  • Received a speeding ticket ($301)
  • Caused a car accident ($550)
  • Had a break in car insurance coverage ($152)
  • Convicted of a DUI ($1,013)
  • Insured teen driver ($1,411)

The bad news is that you might see a rate hike upon renewal.

“A report from S&P Global Market Intelligence shows that many of these premiums have increased by around 3-12%,” said Sarah Foster of Bankrate.

Foster added that there were several reasons for this.

“I think the biggest reason insurance premiums are going up kind of comes down to inflation, where it just becomes more expensive to fix a car,” Foster said.

Think about supply chain issues.

“Many manufacturing plants have closed across the country. There’s a labor shortage. Manufacturing chips and parts, and all these other things that are needed to make these new cars,” said Foster.

Car spare part cost

The smarter the car part, the more expensive it will be to replace it.

Here are the additional costs to repair certain safety features in newer models that contain Advanced Driver Assistance Systems (ADAS) according to the Insurance Information Institute.

The front bumper
Basic bumper repair: $700 to $1,800
Sensor and camera replacement(s): +$500 to $1,900
Recalibration: +$250 to $600

Headlights and taillights
Halogen assemblies: $200 to $500
LED assemblies: $750 to $1,500
Recalibration: +$100 to $250

Windshield replacement
Regular windshield: $300 to $500
ADAS-compliant windshield: $700 to $1,500
Sensor and camera replacement(s): +$800 to $1,900
Recalibration: +$250

Rear bumper
Basic bumper repair: $700 to $1,800
Sensor and camera replacement(s): +$1,000 to $2,500
Recalibration: +$250 and more

Replacement of side mirrors
Standard mirrors: $300 to $500
Mirrors with ADAS: $1,000 to $2,500
Recalibration: +$250 and more

Check your coverage

If you have an accident, you will probably need a rental car, which is expensive.

You may also need this rental for a longer period due to parts delays, so check your coverage carefully.

If you do end up needing a replacement vehicle, the average price for a new car transaction topped $47,000 in December 2021.

The average price of a used car at the same time was $28,205.