You have probably seen the ads from car insurance companies like State Farm and Nationwide claiming big savings. So drivers should just choose the one with the most memorable commercial, right?
Unfortunately, it’s not that simple as there are a ton of unknown elements such as where you live in Toledo, if you are a good driver, and the amount of coverage you want. This article will discuss these types of topics and also should give you a good start in finding the cheapest car insurance.
For teenage drivers, one of the more important factors that determine the annual cost of car insurance is where you keep your vehicle. Cities with larger populations tend to have more expensive car insurance rates, whereas areas with less people or fewer weather incidents benefit from lower rates.
The following table ranks the highest-priced areas in Ohio for 19 year olds in which to purchase auto insurance. Toledo shows up at #2 with an annual rate of $1,267 for coverage, which is about $106 per month.
| Rank | City | Annual Premium |
|---|---|---|
| 1 | Youngstown | $1,273 |
| 2 | Toledo | $1,267 |
| 3 | Columbus | $1,235 |
| 4 | Cleveland | $1,222 |
| 5 | Cleveland Heights | $1,214 |
| 6 | Cincinnati | $1,186 |
| 7 | Akron | $1,169 |
| 8 | Dayton | $1,154 |
| 9 | Euclid | $1,129 |
| 10 | Hamilton | $1,113 |
| 11 | Springfield | $1,094 |
| 12 | Canton | $1,069 |
| 13 | Lakewood | $1,063 |
| 14 | Fairfield | $1,063 |
| 15 | Beavercreek | $1,058 |
| 16 | Middletown | $1,055 |
| 17 | Newark | $1,053 |
| 18 | Kettering | $1,051 |
| 19 | Mansfield | $1,032 |
| 20 | Mentor | $1,018 |
| 21 | Strongsville | $1,011 |
| 22 | Elyria | $1,005 |
| 23 | Cuyahoga Falls | $997 |
| 24 | Parma | $997 |
| 25 | Lorain | $975 |
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Annual rates are approximated as specific location information can change price quotes substantially.
Deciphering which company has the lowest-priced insurance rates for 19 year olds will take a little more work in order to find coverage that fits your budget. Each company uses their own method for determining prices, so let’s take a look at the most affordable insurance companies in Toledo, OH.
It’s important that you understand Ohio insurance rates are influenced by many factors which can significantly increase or decrease the price you have to pay. Improving your credit rating, filing a claim, or getting into an accident can trigger changes in premium that can now make some companies more affordable than others.
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| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Utica National | $654 |
| 2 | Erie | $661 |
| 3 | Allied | $690 |
| 4 | Travelers | $705 |
| 5 | Frankenmuth | $708 |
| 6 | USAA | $711 |
| 7 | Merchants Insurance Group | $755 |
| 8 | Cincinnati Insurance | $779 |
| 9 | Motorists Mutual | $792 |
| 10 | General Casualty | $829 |
| 11 | Grange Mutual | $836 |
| 12 | Central Mutual | $840 |
| 13 | State Farm | $867 |
| 14 | Hastings Mutual | $893 |
| 15 | Westfield | $918 |
| 16 | Atlantic States | $931 |
| 17 | Western Reserve | $961 |
| 18 | Progressive | $991 |
| 19 | Auto-Owners | $998 |
| 20 | Nationwide | $1,018 |
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Utica National may offer some of the cheapest car insurance rates in Toledo at around $654 each year. Erie, Allied, Travelers, and Frankenmuth also are some of the most economical Toledo, OH insurance companies.
As shown above, if you have coverage with Erie and switched to Utica National, you may see savings of approximately $7. Drivers with Allied might save as much as $36 a year, and Travelers insureds might lower prices by $51 a year.
To compare your rates to other Ohio insurance companies, click here to get a free quote or click through to the companies below.
Remember that these rates are averaged for all types of insureds and vehicles and do not factor in a specific zip code for 19 year olds. So the auto insurance 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 quote rates from many companies using your own specific driver information and vehicle.
Discounts on Toledo car insurance rates
Insurance companies that offer coverage for 19 year olds may additionally offer rate discounts that can reduce rates by as much as 35% or more if you are eligible. A few of the larger companies and a partial list of their discounts can be read below.
- Progressive offers premium reductions for continuous coverage, multi-vehicle, homeowner, online signing, online quote discount, good student, and multi-policy.
- AAA may offer discounts for pay-in-full, multi-policy, multi-car, good student, good driver, and education and occupation.
- Farmers Insurance policyholders can earn discounts including distant student, bundle discounts, multi-car, pay in full, youthful driver, business and professional, and good student.
- GEICO has savings for driver training, daytime running lights, seat belt use, multi-policy, defensive driver, military active duty, and federal employee.
- Esurance includes discounts for emergency road assistance, Switch & Save, anti-lock brakes, Pac-12 alumni, renters, anti-theft, and defensive driver.
- SAFECO offers discounts for accident prevention training, anti-lock brakes, teen safety rewards, anti-theft, safe driver, and homeowner.
- State Farm has discounts for safe vehicle, Steer Clear safe driver discount, student away at school, multiple autos, anti-theft, driver’s education, and defensive driving training.
The diagram below shows the difference between insurance premiums with and without discounts. The data assumes a female driver, no accidents, no driving violations, Ohio state minimum liability limits, full coverage, and $100 deductibles. The first bar for each age group shows the average annual price with no discounts. The second bar shows the rates with multiple policy, marriage, homeowner, claim-free, anti-theft, and multiple vehicle discounts applied. With discounts applied, the average savings per year on insurance for 19 year olds is 28% or $544.
The information below illustrates how choosing a deductible can influence annual premium costs when researching cheap insurance for 19 year olds. The rate quotes are based on a married female driver, comprehensive and collision coverage, and no other discounts are factored in.
The chart above illustrates that a 40-year-old driver could pocket $210 a year by switching the physical damage coverage from a $100 deductible to a $500 deductible, or save $316 by selecting a $1,000 deductible. Youthful drivers, like the 20-year-old, could shave $516 or even more just by choosing higher deductibles when buying full coverage.
If you do raise deductibles, it will be important to have plenty of money set aside to allow you to pay the extra out-of-pocket expense, which deters some drivers from choosing higher deductibles.
The benefits of price comparisons
Ohio insurance rates are influenced by many factors that will increase or decrease the price you have to pay for coverage. Simply getting older, getting divorced, or getting a speeding ticket may cause policy rate changes that can now make some companies more affordable than others. Not only that, but car insurance companies amend pricing every year or even multiple times each year in order to be able to pay unexpected claims. A period of higher than normal claims may result in increased policy costs, while a lower level of claims can cause cheaper Toledo car insurance rates.
For instance, the chart below shows which company has the cheapest car insurance in Toledo, OH for a 35-year-old female driver with no prior accidents, a clean driving record, and great credit. If we estimate prices based on her current risk profile, Utica National may have the cheapest car insurance rates in Toledo at $832 a year. This is $208 less than the average price paid by Ohio drivers of $1,040. Allied, Frankenmuth, Erie, and Travelers also make the list of the top five cheapest Toledo, OH auto insurance companies.
Now let’s give the driver from the above example an at-fault accident, poor credit, and a few blemishes on her driving record. Since every insurance provider has a proprietary formula to establish rates, comparing quotes will most likely result in a substantially altered list of affordable companies as shown below.
Merchants Insurance Group now has the cheapest price in Toledo with Cincinnati Insurance, Motorists Mutual, Grange Mutual, and General Casualty also being competitive. This shows why consumers need to take the time to shop around when trying to get the best car insurance quotes for 19 year olds.
Rates are impacted by many different factors and can decrease or increase without notice, so the lowest-price company the last time you shopped around may now be wasting a lot of money.