It would sure be easy if we could simply tell you the one auto insurance company that is cheapest in Ohio. It’s just not that simple, as there are many unknown aspects like if you are married, if you have points on your license, and the likelihood of vehicle theft where you live, that all have an effect on the price. We will attempt to cover the best ways to avoid high prices and educate you enough to have a solid foundation to find cheaper car insurance in Toledo.
For youthful drivers, one of the big things that determine the price you pay for insurance is your address. Cities with larger populations tend to have more expensive car insurance rates, whereas more rural areas have the benefit of cheaper auto insurance prices.
The next table rates the most costly cities in Ohio for young drivers in which to purchase auto insurance. Toledo is ranked #2 having an annual price of $1,267 for the average insured, which is approximately $106 each month.
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Prices are approximated as the specific zip code location can revise rates greatly.
Trying to buy cheap insurance is hard enough, and figuring out which insurers offer the cheapest car insurance rates for young drivers requires even more rate comparisons. Each insurance company has a proprietary formula for determining rates, so let’s rank the lowest cost car insurance companies in Toledo.
We do need to point out that Ohio car insurance rates are impacted by many factors that can increase the policy premium. Events like a birthday, buying a different home, or having an at-fault accident can trigger price changes that may make certain companies way too expensive in comparison to the competition.
Find the Best Cheap Insurance for Teens
|Rank||Company||Cost Per Year|
|8||Merchants Insurance Group||$755|
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Utica National has some of the cheapest car insurance rates in Toledo at around $635 each year. This is $405 less than the average policy premium paid by Ohio drivers of $1,040. Erie, Allied, Frankenmuth, and USAA also are some of the more affordable Toledo, OH car insurance companies.
In this example, if you are insured with Erie and switched to Utica National, you could realize annual savings of about $46. Ohio drivers with Allied could save as much as $62 a year, and Frankenmuth policyholders might lower prices by $73 a year.
These policy rates are averaged across all insureds and vehicles and and are not calculated with a vehicle location for young drivers. So the auto insurance company that has the lowest price for you 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 and vehicle profiles.
The car, truck, or SUV you are insuring is probably the most important factor when comparing the cheapest auto insurance for young drivers. Vehicles with more horsepower, poor safety ratings, or high incidents of liability claims will cost significantly more to insure than more economical and safe models.
The information below features coverage prices for some of the most economical automobiles to insure.
|Vehicle Insured||Estimated Cost for Full Coverage|
|Ford Escape XLS 2WD||$5,769|
|Honda Accord EX 4-Dr Sedan||$5,775|
|Honda CR-V EX-L 4WD||$5,823|
|Ford F-150 XL Regular Cab 2WD||$6,080|
|Jeep Wrangler Sport 4WD 2-Dr||$6,090|
|Honda Odyssey LX||$6,433|
|Dodge Grand Caravan SE||$6,487|
|Ford Explorer Eddie Bauer 2WD||$6,494|
|Chevrolet Impala LS||$6,788|
|Toyota RAV4 Limited 4WD||$6,842|
|Nissan Altima 2.5 4-Dr Sedan||$6,849|
|Jeep Grand Cherokee Laredo 4WD||$6,842|
|Chevrolet Equinox LT AWD||$6,851|
|Toyota Tacoma Double Cab TRD Sport Package 4WD||$6,898|
|Dodge Ram 3500 Crew Cab Laramie 2WD||$6,907|
|Ford Focus SEL 4-Dr Sedan||$7,140|
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Above prices assume single male driver age 16, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Ohio minimum liability limits. Discounts applied include safe-driver, and claim-free. Rates do not factor in specific location information which can change premium rates greatly.
Based on these rates, we can tell that models like the Ford Escape, Honda Accord, Honda CR-V, Ford F-150, and Jeep Wrangler are most likely to be a few of the less-costly vehicles to insure for youthful drivers. The cost of auto insurance will tend to be more expensive anyway just because there is more inherent risk for young drivers, but generally speaking those vehicles will have the lowest insurance rates compared to other vehicles.
Price comparison of only insuring for liability
Paying a lower price for car insurance is important to the majority of people, and a good way to find cheap insurance for young drivers is to not pay for full coverage. The illustration below compares insurance costs with full physical damage coverage compared to only buying liability only. The rates are based on no accidents, no driving violations, $100 deductibles, single marital status, and no policy discounts are applied.
On average, physical damage insurance costs $1,308 per year more than buying just liability insurance. That may make you wonder if full coverage is worth the money. There is no exact rule of when to exclude full coverage, but there is a general school of thought. If the yearly cost for physical damage coverage is more than about 10% of replacement cost minus your deductible, the it may be a good time to stop paying for full coverage.
For example, let’s assume your vehicle’s claim settlement value is $7,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled, the most you would get paid by your company is $6,000 after the deductible is paid. If you are currently paying more than $600 annually for your policy with full coverage, then it’s probably a good time to buy liability coverage only.
Finding a good quality auto insurance company can be rather challenging considering how many different companies sell coverage in Toledo. The company information displayed below could help you choose which auto insurers to look at purchasing a policy from.
These ratings are only made up of insurance companies that insure vehicles in the majority of U.S. states, so smaller companies that only insure vehicles in Ohio are not factored into this list. If you would like to check rates from these and other top-rated companies, follow this link.
|Company||Value||Customer Service||Claims||Customer Satisfaction||A.M Best Rating||Overall Score|
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Data Source: Insure.com Best Car Insurance Companies
How to find cheaper car insurance for young drivers
The list below shows some of the recommended thrifty suggestions that can help Toledo drivers buy lower-cost car insurance.
- Do not get into accidents
- Drop full coverage on older vehicles
- Higher credit scores may earn you cheaper rates
- Home or renters coverage can save on auto insurance
- Drive safe vehicles
- Shop around once a year for cheaper rates
The last idea is incredibly critical, as was discussed in this article. Coverage rates in Toledo can be modified anytime, so don’t be tentative to buy from a different company if you can save money.
We understand brand loyalty, but it isn’t a good idea if that loyalty results in overpaying a small fortune year after year. If you have a few minutes, now is a great time to shop around to find cheaper insurance for young drivers.
The insurance agencies listed below can aid you in deciding which policy is best, as many consumers aren’t sure which coverage to buy and prefer to have some professional guidance when buying car insurance for youthful drivers. It can be difficult to find the best policy on your own, so getting advice from a licensed agent can bring peace of mind knowing your coverage gives you suitable coverage if you ever need to use it. To locate a Toledo insurance agent closest to you, click the link after the list or click here to compare price quotes now.
- Park and Co Insurance
5749 Park Center Ct – Toledo, OH 43615 – (419) 474-8135
- Kranz PJ Insurance Agency
4349 Talmadge Rd – Toledo, OH 43623 – (419) 473-2416
- Dave Bly – State Farm Insurance Agent
2416 W Laskey Rd – Toledo, OH 43613 – (419) 474-9672
- Johnny Horn – State Farm Insurance Agent
457 S Reynolds Rd d – Toledo, OH 43615 – (419) 531-4800