What Insurance is Cheapest for Homeowners in Toledo?

One of the many considerations that aid in calculating auto insurance rates is your zip code in Toledo. Areas with more people or more claims are more likely to have higher rates, whereas areas with less congestion have the enjoyment of a little cheaper coverage.

The information below sorts the most expensive cities in Ohio for homeowners in which to buy car insurance. Toledo is ranked #1 with the annual price of $1,267 for car insurance, which is approximately $106 monthly.

How much does car insurance cost in Toledo, OH?
Rank City Average Per Year
1 Toledo $1,267
2 Cleveland $1,259
3 Columbus $1,247
4 Youngstown $1,235
5 Cincinnati $1,222
6 Cleveland Heights $1,202
7 Euclid $1,175
8 Dayton $1,154
9 Akron $1,123
10 Springfield $1,105
11 Hamilton $1,102
12 Newark $1,085
13 Middletown $1,066
14 Canton $1,058
15 Fairfield $1,053
16 Lakewood $1,041
17 Mansfield $1,032
18 Parma $1,027
19 Beavercreek $1,016
20 Strongsville $1,011
21 Kettering $1,009
22 Cuyahoga Falls $1,007
23 Lorain $1,005
24 Mentor $978
25 Elyria $975
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Price information shown is comparative as vehicle location can change price quotes substantially.

Finding out which companies quote the most affordable insurance rates for homeowners will take a tad more effort in order to find coverage that fits your budget.

Every auto insurer has their own process to set their prices, so let’s examine the insurance companies with the overall best prices in Toledo. Keep in mind that Toledo, OH insurance rates are impacted by many factors that can increase your annual premium. Improving your credit score, buying a home instead of renting, or having an accident can cause premium changes that can now make some companies cheaper than before.

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Utica National has some of the lowest car insurance rates in Toledo at around $647 each year. Erie, Allied, Frankenmuth, and USAA would also make the list of some of the most economical Toledo, OH insurance companies.

In the above rates, if you buy coverage from Allied and switched to Utica National, you might achieve an annual savings of around $50. Ohio drivers with Frankenmuth may save as much as $61 a year, and USAA insureds might lower prices by $64 a year.

It’s important to note that these policy prices are averaged for all drivers and vehicles and do not factor in an exact location for homeowners. So the auto insurance company that fits your situation best may not even be in the list above. That points out the importance of why you need to compare rates from multiple companies using your own personalized driver profile and vehicle information.

The make and model of vehicle you are buying coverage for is probably the most important factor that determines whether or not you can buy low-priced car insurance for homeowners. Vehicles with high performance features, a lack of advanced safety features, or high incidents of liability claims will cost more to insure than more economical and safe models.

The information below shows insurance premiums for the cheaper vehicles to insure in Ohio.

Cheapest Vehicles to Insure in Toledo, OH
Vehicle Insured Estimated Cost for Full Coverage
Honda Accord LX-P 4-Dr Sedan $1,212
Ford Escape XLT 4WD $1,239
Honda CR-V EX 2WD $1,323
Ford F-150 STX Regular Cab 2WD $1,328
Ford Focus S 4-Dr Sedan $1,405
Jeep Grand Cherokee Laredo 2WD $1,432
Volkswagen Jetta S 4-Dr Sedan $1,437
Dodge Grand Caravan Crew $1,459
Hyundai Elantra SE Touring Station Wagon $1,479
Ford Explorer XLT 2WD $1,482
Toyota Prius $1,514
Hyundai Sonata GLS 4-Dr Sedan $1,534
Chevrolet Impala LS $1,536
Nissan Altima Hybrid 4-Dr Sedan $1,541
GMC Sierra 3500HD SLT Extended Cab 2WD $1,564
Chevrolet Malibu Hybrid $1,568
GMC Sierra SLE Regular Cab 2WD $1,575
Ford Fusion S 4-Dr Sedan $1,568
Toyota Tacoma 2WD $1,576
Toyota RAV4 4WD $1,613
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Data based on single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Ohio minimum liability limits. Discounts applied include safe-driver, homeowner, multi-policy, claim-free, and multi-vehicle. Prices do not factor in zip code location which can lower or raise prices greatly.

Looking at the numbers, you can see that cars like the Honda Accord, Ford Escape, Honda CR-V, Ford F-150, and Ford Focus will definitely be the less-costly vehicles to insure for people who own their homes.

Get discounts on Toledo insurance rates

Save on insurance for people who own their homes in ToledoAuto insurance companies that provide policies for homeowners could also offer price discounts that can lower rates by as much as 35% or more if you are eligible. A list of companies and some of the discounts can be found below.

The example below shows the comparison of insurance rates with and without policy discounts. The premium estimates are based on a male driver, no claims or driving violations, Ohio state minimum liability limits, full coverage, and $1,000 deductibles.

The first bar for each age group shows the average rate with no discounts. The second shows the rates with anti-theft, accident-free, passive restraint, vehicle safety, marriage, and claim-free discounts applied. When discounts are factored in, theamount saved on insurance for homeowners is 28% or $264.

Poor driving habits will raise your insurance rates

The easiest way to score good insurance rates for people who own their homes is to drive safely and avoid at-fault accidents and violations. The information below illustrates how speeding tickets and at-fault claims can drive up auto insurance costs for different categories of driver ages. The rates are based on a single male driver, full coverage, $250 deductibles, and no discounts are taken into consideration.

The data in the chart shows the average cost of car insurance in Ohio per year with no accidents or violations is $1,325. Receive two speeding tickets and the average cost hikes up to $1,758, an increase of $433 each year. Now add one accident along with the two speeding tickets and the annual cost of insurance for homeowners increases to an average of $2,190. That’s an increase of $865, or $72 per month, just for not maintaining a clean driving record!

Why you should shop around

Ohio insurance rates are based on many factors which can substantially decrease or increase the price of your policy. Simply turning a year older, having a teen driver, or having a fender bender may prompt premium changes that can cause some rates to be more affordable than before. In addition to those changes, car insurance companies change premium rates multiple times each year to ensure their profitability. Significantly higher losses can cause price increases, while a better claims history may result in cheaper Toledo car insurance rates.

To help illustrate this point, the data below shows the companies that have the cheapest car insurance in Toledo, OH for a 45-year-old male driver with no prior claims, no tickets, and a good credit rating. If we estimate prices based on his current situation, Utica National quotes the best car insurance rates in Toledo at $778 per year. This is $262 less than the average rate paid by Ohio drivers of $1,040. Erie, Allied, Frankenmuth, and USAA are the remainder of the cheapest Toledo, OH auto insurance companies.

In the next rate comparison, we’ll give the driver in the first chart an accident claim, a little lower credit rating, and a speeding ticket. Since every insurance provider uses their own method to establish rates, comparing rates may now show a slightly different list of companies as shown below.

Merchants Insurance Group now has the best price on car insurance in Toledo, OH with Cincinnati Insurance, General Casualty, Motorists Mutual, and Grange Mutual completing the list. This example demonstrates why consumers need to shop around with many companies when trying to get affordable auto insurance quotes for homeowners. Insurance prices can be altered by many different factors and change dramatically, so the best option the last time you shopped around may now be priced much higher than other options.