For teenagers, one of the big things that determine the annual cost of car insurance is where you normally keep your vehicle in Toledo. Areas with more people or more claims tend to have more expensive car insurance rates, whereas areas with fewer weather claims and lower vehicle theft rates benefit from lower prices.
The following table shows the highest-priced places in Ohio for high school students to buy car insurance in. Toledo makes the list at #2 with a yearly cost of $1,267 for the average insured, which is approximately $106 monthly.
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Rate information is approximated as specific Toledo zip code can modify price quotes substantially.
The vehicle model you are buying coverage for is a large consideration when consumers are trying to find the most economical auto insurance for high school students. Vehicles with high performance features, poor crash test ratings, or a history of substantial liability claims will cost more to insure than more modest models. The next table estimates coverage costs for the most affordable vehicles to buy insurance for.
|Insured Vehicle||Estimated Cost for Full Coverage|
|Hyundai Elantra GLS Touring Station Wagon||$5,737|
|Honda CR-V EX-L 4WD||$5,794|
|Ford Escape Limited 4WD||$6,145|
|Dodge Grand Caravan CV||$6,456|
|Ford F-150 STX Regular Cab 4WD||$6,466|
|Chevrolet Impala LS||$6,750|
|Chevrolet Malibu LS||$6,807|
|Chevrolet Equinox LS AWD||$6,814|
|Toyota Camry LE||$6,807|
|Toyota RAV4 Limited 4WD||$6,817|
|Toyota Tacoma Double Cab 4WD||$6,861|
|Ford Explorer Limited AWD||$6,871|
|Ford Focus SES 4-Dr Sedan||$7,102|
|Honda Civic VP 4-Dr Sedan||$7,111|
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Data variables include single male driver age 16, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Ohio minimum liability limits. Discounts applied include claim-free, and safe-driver. Prices do not factor in Toledo, OH location which can raise or lower rates considerably.
Based upon the rates shown, you can presume that models like the Hyundai Elantra, Honda CR-V, Ford Escape, Toyota Prius, and Dodge Grand Caravan are the more affordable vehicles to insure for teenagers. Rates will tend to be more expensive anyway because of the fact that there is more liability exposure for high school students, but generally speaking those vehicles will most likely have the best rates available.
Full coverage rates vs. liability-only
Saving on car insurance is important to the majority of drivers, and an effective way to pay lower rates for insurance for high school students is to buy liability only. The chart below shows the comparison of yearly insurance costs with full coverage compared to only the Ohio minimum liability coverage. The premiums assume a clean driving record, no claims, $1,000 deductibles, single status, and no discounts are applied to the premium.
As an average for all age groups, physical damage coverage on your policy costs $1,279 per year over and above liability only. At some point, about every driver wonders when is the right time to remove full coverage. There is no clear-cut formula of when to eliminate physical damage coverage on your policy, but there is a guideline you can use. If the yearly cost for physical damage coverage is more than 10% of replacement cost minus your deductible, the it may be a good time to stop paying for full coverage.
For example, let’s say your vehicle’s replacement cost is $8,000 and you have $1,000 deductibles. If your vehicle is damaged in an accident, the most you would get paid by your company is $7,000 after the policy deductible has been paid. If you are currently paying more than $700 a year for your policy with full coverage, then it might be time to consider dropping full coverage.
There are some circumstances where only buying liability is not a good idea. If you still owe a portion of the original loan, you have to keep full coverage in order to keep the loan. Also, if your savings is not enough to buy a different vehicle in case of an accident, you should not drop full coverage.
The diagram below shows how choosing a deductible can change insurance rates when researching cheap insurance for high school students. The price estimates are based on a married male driver, comprehensive and collision coverage, and no other discounts are factored in.
The chart above illustrates that a 30-year-old driver could save $236 a year by switching from a $100 deductible up to a $500 deductible, or save $356 by selecting a $1,000 deductible. Even younger insureds, such as the 20-year-old chart data, can save up to $718 annually by choosing a larger deductible amount. If you do decide to increase your deductibles, it will be important to have enough savings set aside to enable you to pay the extra out-of-pocket expense. That is the one drawback of using higher deductibles.
How to find low-cost car insurance for high school students
It’s not impossible to find cheaper rates, and here are some penny-pinching ideas that can help you find more affordable coverage.
- Accident-free drivers may qualify for discounts
- Bundle car and home insurance and save money
- Pay cheaper rates with good credit scores
- On older vehicles, drop full coverage
- The safer your car, the less it costs to insure
- Shop around for lower rates once a year
The final tip is incredibly necessary, as we discussed in this write-up. Rates in Toledo can change considerably in a year, so drivers shouldn’t hesitate to switch companies if a better deal can be had. Having a favorite company is great, but it’s not a great idea if that faithfulness ends up costing you potentially thousands of dollars a year. It only take a few minutes to shop around to find cheaper auto insurance for high school students.
If you have questions and prefer to have a professional recommendation when buying car insurance for high school students, the agents listed below can help you make a decision which policy is best. To find a Toledo insurance agent by location nearest to you, click the link after the list.
Allstate Insurance: Chuck Bodette
1310 W Sylvania Ave – Toledo, OH 43612 – (419) 478-2400
4149 N Holland Sylvania Rd #3 – Toledo, OH 43623 – (419) 882-1770
Jeff Traudt – State Farm Insurance Agent
2828 Central Ave – Toledo, OH 43606 – (419) 473-3276
Stoner Johnson Insurance Agency
2330 Airport Hwy – Toledo, OH 43609 – (419) 385-3101