It's hard to avoid all the catchy advertisements from companies like Nationwide, Liberty Mutual, and The General that claim the cheapest rates. So you should just pick the company with the cutest commercial, right?
It's just not that simple, as there are many unknown aspects like how many years you have been driving, the area where you live, and what coverage limits you want, that all impact the price you pay. Car insurance is kind of a dry topic, but this article will explain the different ways you can keep rates low and will hopefully give the reader some help in finding cheaper rates.
One of the more important factors that are used to help calculate insurance cost is the neighborhood you call home in Toledo. Areas with more people or even just a higher incidence of claims will most likely have higher rates, whereas more rural areas benefit from lower coverage costs.
The information below lists the priciest cities in Ohio for used cars to purchase a policy in. Toledo is listed at #1 with an annual cost of $1,267 for the average policyholder, which is around $106 monthly.
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Annual rates are comparative as vehicle location can modify auto insurance rates substantially.
The car, truck, or SUV you are trying to insure is probably the most important factor that determines whether or not you can buy the most economical car insurance for used cars. Vehicles with lower performance, good crash test ratings, or a low likelihood of liability claims will cost quite a bit less to insure than high performance models. The next table illustrates insurance prices for the most affordable automobiles to buy coverage for.
|Make and Model||Estimated Cost for Full Coverage|
|Ford Explorer Eddie Bauer 2WD||$1,411|
|Honda CR-V LX 2WD||$1,442|
|Honda Accord LX 4-Dr Sedan||$1,447|
|Ford Escape XLS 4WD||$1,442|
|Toyota Tacoma 2WD||$1,462|
|Volkswagen Jetta S 4-Dr Sedan||$1,490|
|Jeep Grand Cherokee Laredo 4WD||$1,498|
|Honda Odyssey LX||$1,587|
|Ford Edge SE 2WD||$1,592|
|Nissan Rogue S AWD||$1,597|
|Chevrolet Equinox LTZ 2WD||$1,603|
|Chevrolet Silverado 3500HD LT Crew Cab 2WD||$1,625|
|Dodge Ram Quad Cab SLT 4WD||$1,628|
|Ford F-150 XLT Super Cab 4WD||$1,651|
|Hyundai Sonata SE 4-Dr Sedan||$1,673|
|Ford Focus S 4-Dr Sedan||$1,676|
|Chevrolet Silverado Crew Cab Hybrid 4WD||$1,704|
|GMC Sierra SLE Regular Cab 2WD||$1,709|
|Chevrolet Malibu Hybrid||$1,719|
|Chevrolet Impala LT||$1,709|
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Table data represents single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Ohio minimum liability limits. Discounts applied include multi-vehicle, homeowner, multi-policy, claim-free, and safe-driver. Premium amounts do not factor in specific garaging location which can modify insurance rates substantially.
Based upon the rates shown, makes and models like the Ford Explorer, Honda CR-V, and Honda Accord are the less-costly vehicles to insure for pre-owned vehicles.
The illustration below shows how choosing a deductible can increase or decrease annual premium costs when researching cheap insurance for used cars. The information is based on a married female driver, comp and collision included, and no policy discounts are applied.
In the chart above, a 30-year-old driver could lower their car insurance rates by $242 a year by increasing from a $100 deductible to a $500 deductible, or save $366 by choosing a $1,000 deductible. Even younger insureds, like the 20-year-old, can save up to $516 or even more just by choosing higher deductibles.
If you make the decision to raise deductibles, it is important to have additional funds in a savings account to offset the extra out-of-pocket expense, which is the primary disadvantage of high deductibles.
Buying coverage from the highest-rated auto insurance provider is difficult considering how many different companies sell coverage in Ohio. The ranking data displayed below could help you choose which companies to look at when comparing insurance rates for used cars.
The ratings below are only comprised of companies who write in the majority of U.S. states, so companies with more of a regional focus are not factored into the list. To check rates from these top insurers and more, click this link.
Top 10 Major Car Insurance Companies in Toledo Ranked by Value
- AAA Insurance
- Erie Insurance
- State Farm
- Liberty Mutual
- Safeco Insurance
- 21st Century
Top 10 Major Car Insurance Companies in Toledo Ranked by Claims Service
- Liberty Mutual
- AAA Insurance
- Safeco Insurance
- The General
The benefits of price comparisons
Toledo, OH car insurance rates are impacted by many things which can substantially decrease or increase the cost of a policy. Improving your credit score, marrying your spouse, or getting a DUI can trigger price changes that can make some companies more affordable than others. Not only may your situation change, but insurance companies modify rates every year in order to offset underwriting gains or losses. Larger than normal claims may result in increased rates, while a profitable period may result in lower-priced Toledo car insurance rates.
To illustrate this point, the chart below shows which companies have the cheapest car insurance in Toledo, OH for a 40-year-old female driver with no violations or accidents, and a good credit history. If we compare prices based on her current rating profile, Utica National quotes the cheapest car insurance rates in Toledo at $833 per year. This is $207 less than the average premium paid by Ohio drivers of $1,040. Allied, Frankenmuth, Erie, and Travelers round out the rest of the top five cheapest Toledo, OH auto insurance companies.
Let's now give the driver from the first set of rates a claim, poor credit, and a couple of points charged on her driving record. Because each insurer has a different formula to set premium rates, analyzing rates may result in a completely different list of cheap Toledo auto insurance companies as shown below.
Cincinnati Insurance now has the cheapest rate in Toledo with Merchants Insurance Group, Grange Mutual, General Casualty, and Motorists Mutual also having competitive pricing. This example proves why it is critical to perform an extensive rate comparison when trying to find the best auto insurance quotes for used cars.
Car insurance prices can be altered by many things and can increase or decrease at any time, so the most economical company six months ago may now be costing you a lot of money.
How to find economical car insurance for used cars
The list below summarizes a few money-saving solutions that can help Toledo drivers quote low-cost coverage.
- Claim-free policyholders usually earn a discount
- The safer your car, the less it costs to insure
- Serious violations like DUI or careless driving can make car insurance unaffordable
- Increase your credit score
- Accident-free drivers may qualify for discounts
- Compare rates and switch if you can find a better deal
That last idea is particularly vital, as we discussed in this write-up. Prices fluctuate considerably, so drivers shouldn't hesitate to switch to a new company if a cheaper price is available.
Having a favorite company is fine, but it isn't a good idea if that loyalty results in overpaying a considerable chunk of change every month. Take a couple minutes and compare prices and find cheaper car insurance for used cars in Toledo.
The agencies below are willing to aid you in deciding which auto insurance coverages would be the best in your situation, since lots of drivers aren't clear which coverage they need and would like to get some professional input when shopping around for cheaper insurance for pre-owned vehicles. It's not always simple to find the best rates on your own, so agents can bring satisfaction knowing you have decent coverage if you have a claim.
To locate an agency in your neighborhood, click the button link following the list.
Scott Wood - State Farm Insurance Agent
4802 N Summit St - Toledo, OH 43611 - (419) 726-3741
American Family Insurance - Robert Bias
4466 Heatherdowns Blvd - Toledo, OH 43614 - (419) 381-3352
3034 W Sylvania Ave - Toledo, OH 43613 - (419) 292-0001
American Casualty Insurance
6060 Renaissance Pl i - Toledo, OH 43623 - (419) 885-3571