What Car Insurance is Cheapest in Toledo, Ohio?

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Deciding which company has the most affordable insurance rates in Toledo will take a tad more effort in order to find the best price. Every car insurance company has a different formula for establishing rates, so we need to take a look at the most budget-friendly insurance companies in Toledo.

Cheapest auto insurance in Ohio ranked by cost per year
Rank Company Cost Per Year
1 Utica National $647
2 Erie $667
3 Frankenmuth $687
4 Allied $697
5 Travelers $712
6 USAA $719
7 Cincinnati Insurance $756
8 Merchants Insurance Group $778
9 Motorists Mutual $800
10 General Casualty $829
11 Grange Mutual $836
12 Central Mutual $866
13 State Farm $867
14 Hastings Mutual $884
15 Westfield $918
16 Atlantic States $931
17 Western Reserve $961
18 Auto-Owners $968
19 Progressive $982
20 Nationwide $988
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Utica National has some of the most affordable car insurance rates in Toledo at around $647 per year. Erie, Frankenmuth, Allied, and Travelers also qualify as some of the cheapest Toledo, OH car insurance companies.

As shown above, if you buy coverage from Allied and switched to Utica National, you may see an annual savings of around $50. Policyholders with Travelers might save as much as $65 a year, and USAA policyholders might reduce rates by $72 a year.

It's important to note that these estimates are averaged across all insureds and vehicles and do not take into consideration a vehicle location in Toledo. So the company that fits your situation best may not even be in the top 33 companies shown above. That underscores the importance of why you need to compare rates from multiple companies using your own driver data and vehicle information.

One of the more important things that are looked at to help calculate auto insurance rates is the neighborhood you call home. Areas with more people or higher crime rates tend to pay more, whereas areas that tend to be more rural benefit from having to pay less for coverage.

The information below lists the most expensive places in Ohio to buy auto insurance in. Toledo is listed at #3 having an annual price of $1,229 on average, which is around $102 per month.

How much is car insurance in Toledo?
Rank City Annual Rate
1 Columbus $1,247
2 Youngstown $1,235
3 Toledo $1,229
4 Cleveland $1,222
5 Cincinnati $1,222
6 Cleveland Heights $1,214
7 Euclid $1,175
8 Akron $1,157
9 Hamilton $1,146
10 Dayton $1,120
11 Fairfield $1,095
12 Canton $1,091
13 Springfield $1,072
14 Middletown $1,066
15 Lakewood $1,063
16 Newark $1,053
17 Mansfield $1,022
18 Beavercreek $1,016
19 Strongsville $1,011
20 Kettering $1,009
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Premium costs are approximated as the specific area where the vehicle is garaged can increase or decrease premium rates noticeably.

What aren't you shopping around?

Toledo, OH insurance rates are impacted by many factors that control the policy premium. Simply turning a year older, buying a home instead of renting, or getting caught speeding can trigger price changes resulting in some rates now being more affordable than others. Additionally, insurers modify rates every year to adjust for heavy claims or excess profits. A period of higher than normal claims may result in rate hikes, while long-term profits can result in lower-cost Toledo car insurance rates.

For example, the graph below compares the cheapest car insurance in Toledo, OH for a 40-year-old female driver with no violations or accidents, and solid credit. If we estimate rates based on her personal profile, Utica National might quote the best car insurance rates in Toledo at $847 each year. This is $193 less than the average policy premium paid by Ohio drivers of $1,040. Erie, Frankenmuth, Allied, and Travelers are also on the list of the cheapest Toledo, OH auto insurance companies.

In the next rate comparison, we'll give the driver from the first set of rates some claims, a lower credit score, and a traffic ticket or two. Since each auto insurance company has a different process to establish rates, comparing insurance quotes most likely will result in a completely different list of cheap Toledo auto insurance companies as shown below.

Cincinnati Insurance now has the best car insurance rate in Toledo with Merchants Insurance Group, Motorists Mutual, Grange Mutual, and General Casualty also being competitive. This example proves why it is critical to compare many different companies when trying to get the cheapest insurance quotes in Toledo. Car insurance prices are influenced by many factors and can change without notice, so the cheapest company when you last compared rates may now cost much more than other companies.

The car, truck, or SUV needing coverage is one of the primary factors when looking for cheap car insurance in Toledo. Vehicles with high performance, a lack of safety features, or an increased likelihood of liability claims will cost substantially more to insure than safer models.

The list below presents auto insurance costs for a handful of the most cost-effective vehicles to buy insurance for.

Cheapest Vehicles to Insure in Toledo, OH
Insured Vehicle Estimated Cost for Full Coverage
Ford Escape XLT 4WD $1,378
Toyota Prius $1,491
Honda Accord EX 4-Dr Sedan $1,520
Honda CR-V LX 4WD $1,527
Ford Edge Limited 2WD $1,564
Toyota RAV4 Limited 4WD $1,595
Honda Odyssey LX $1,614
Toyota Tacoma Double Cab TRD Sport Package 4WD $1,624
Ford F-350 XL Super Cab 2WD $1,656
Ford F-150 STX Regular Cab 2WD $1,674
Honda Civic Hybrid 4-Dr Sedan $1,711
Chevrolet Silverado 2500HD LTZ Crew Cab 4WD $1,720
Nissan Rogue S AWD $1,711
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Data variables include single male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Ohio minimum liability limits. Discounts applied include homeowner, claim-free, safe-driver, multi-vehicle, and multi-policy. Rate information does not factor in garaging location in Toledo, OH which can raise or lower coverage rates considerably.

Based upon the table data, makes and models like the Ford Escape, Toyota Prius, and Honda Accord are most likely going to be some of the cheapest vehicles to insure for drivers in Toledo.

Do you need full coverage?

Buying cheaper auto insurance is the goal of most people, and one easy way to find cheaper insurance in Toledo is to not buy full coverage. The illustration below compares insurance premiums with full coverage and liability only. The premiums assume no claims or violations, $100 deductibles, marital status is single, and no discounts are factored in.

As an average for all age groups, comp and collision coverage costs $1,308 per year more than carrying just liability coverage. That is a large expense and it proposes the question when is it safe to stop buying full coverage. There is no definitive guideline to exclude physical damage insurance, but there is a guideline you can consider. If the yearly cost of comp and collision coverage is 10% or more of the replacement cost minus the deductible, then you might consider buying liability only.

For example, let's say your vehicle's claim settlement value is $3,000 and you have $1,000 deductibles. If your vehicle is severely damaged, the most you would get paid by your company is $2,000 after the deductible is paid. If premium cost is more than $200 annually for physical damage coverage, then it might be time to buy liability only.

Auto insurance rates are higher with tickets and accidents

In a perfect world, the ideal way to score low auto insurance prices in Toledo for drivers in Toledo is to be a cautious driver and avoid at-fault accidents and violations. The illustration below highlights how traffic violations and at-fault accidents drive up car insurance rates for different age groups of insureds. The price estimates are based on a married male driver, comprehensive and collision coverage, $1,000 deductibles, and no discounts are taken into consideration.

In the previous chart, the average cost of a car insurance policy in Toledo per year with a clean driving record and no accidents is $819. Factor in two speeding tickets and the average cost surges to $1,121, an increase of $302 each year. Now throw in one accident along with the two speeding tickets and the 12-month cost of auto insurance in Toledo goes up to an average of $1,425. That's an increase of $606, or $51 per month, just for not maintaining a clean driving record!

The information below illustrates how your deductible choice can affect insurance costs when researching cheap insurance in Toledo. The information is based on a single male driver, comprehensive and collision coverage, and no other discounts are factored in.

As shown above, a 30-year-old driver could reduce rates by $284 a year by switching their comprehensive and collision coverages from a $100 deductible up to a $500 deductible, or save $426 by choosing a $1,000 deductible. Young drivers, like the 20-year-old category, could reduce their rates up to $842 annually just by choosing higher deductibles. If you do raise deductibles, it will be important to have additional savings on hand to enable you to pay the extra out-of-pocket expense associated with higher deductibles.

How to find the cheapest insurance in Toledo

The list below details some money-saving solutions that can help Ohio drivers buy lower-cost coverage.

The last tip is especially valuable, as was discussed in this article. Prices in Toledo change frequently, so you should be ready to change to a new company if a better rate can be found. Many drivers prefer to stick with one company, but it's not recommended if that dedication is costing a lot of money every month. Take a few minutes and compare rates and find cheaper insurance in Toledo.