This article would sure be shorter if we could just give you the name of the one best company that has the cheapest rates in Ohio. Regrettably, it’s not quite that easy, as there are a lot of unknown elements such as your credit score, if you own or rent your home, your annual mileage driven, and whether or not your vehicle has good safety ratings. If you keep reading, we will teach you about some of these factors and also should give you a good beginning to your search for cheaper coverage.
For older drivers, one of the largest criteria that are used to help calculate car insurance rates is your address. Areas with increased crime or more people likely pay more, whereas areas with less congestion benefit from lower coverage costs.
The next table rates the most expensive cities in Ohio for drivers over age 60 in which to buy car insurance. Toledo is ranked at #3 with a yearly cost of $1,229 on average, which is approximately $102 per month.
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Premium amounts are approximated as the specific area where the vehicle is garaged can raise or lower coverage rates significantly.
Finding out which companies have the most affordable auto insurance rates for drivers over age 60 will involve a bit more work in order to find a policy that fits your budget. Each auto insurance company uses their own calculation for filing rates in each state, so let’s examine the most competitive auto insurance companies in Toledo, OH.
It’s important to know that Toledo auto insurance rates are influenced by many factors which can substantially change the cost of coverage. Getting older, having a teenage driver, or getting caught speeding may prompt premium changes that can now make some companies more affordable than the competition.
Compare Cheap Insurance Quotes for Age 60+
|Rank||Company||Cost Per Year|
|7||Merchants Insurance Group||$755|
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Utica National has some of the best car insurance rates in Toledo at around $628 annually. Erie, Allied, Frankenmuth, and Travelers are also some of the lowest-priced Toledo, OH insurance companies.
As shown above, if you currently have coverage with Frankenmuth and switched to Utica National, you could see savings of roughly $52. Insureds with Travelers could save as much as $77 a year, and USAA customers might cut rates by $113 a year.
It’s important to note that these premium estimates are averages for all types of drivers and the different vehicles they drive and do not take into consideration an exact vehicle garaging location for drivers over age 60. So the car insurance company that fits you best may not even be in the top 33 companies shown above. That points out the importance of why you need to quote rates from many companies using your own driver data and vehicle information.
The vehicle model that needs insurance is one of the largest factors when comparison shopping for the lowest-priced coverage for drivers over age 60. Vehicles with reasonable performance levels, good crash test ratings, or a low likelihood of having liability claims will cost substantially less to insure than high performance models. The information below features insurance prices for a number of the cheaper automobiles to buy coverage for.
|Make and Model||Estimated Cost for Full Coverage|
|Hyundai Elantra GLS Touring Station Wagon||$1,213|
|Honda CR-V EX 4WD||$1,238|
|Ford Escape Limited 2WD||$1,246|
|Volkswagen Jetta S 2.5 Station Wagon||$1,316|
|Honda Accord EX-L 4-Dr Sedan||$1,324|
|Ford F-150 STX Super Cab 4WD||$1,387|
|Honda Odyssey EX W/Rear Entertainment||$1,412|
|Honda Civic DX 4-Dr Sedan||$1,421|
|Toyota RAV4 Limited 2WD||$1,437|
|Chevrolet Impala LT||$1,445|
|Nissan Altima 2.5 4-Dr Sedan||$1,437|
|Chevrolet Equinox LS AWD||$1,446|
|Chevrolet Malibu Hybrid||$1,437|
|Chevrolet Silverado LT Extended Cab 4WD||$1,443|
|Ford Explorer Eddie Bauer AWD||$1,465|
|Toyota Tacoma Double Cab TRD Sport Package 4WD||$1,473|
|Dodge Grand Caravan Crew||$1,465|
|Jeep Wrangler Unlimited Sport Islander Package 4WD 4-Dr||$1,477|
|Toyota Corolla S||$1,513|
|Toyota Camry XLE||$1,518|
|Ford Edge Sport AWD||$1,513|
|Jeep Grand Cherokee SRT-8 4WD||$1,540|
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Data based on single male driver age 60, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Ohio minimum liability limits. Discounts applied include claim-free, multi-vehicle, safe-driver, multi-policy, and homeowner. Estimates do not factor in specific zip code location which can increase or decrease coverage prices significantly.
Looking at the numbers, models like the Hyundai Elantra, Honda CR-V, Ford Escape, Volkswagen Jetta, and Honda Accord are likely to be some of the most economical vehicles to insure for older drivers.
Discounts on Toledo insurance
Auto insurance companies that provide policies for drivers over age 60 may also offer special discounts that could potentially reduce rates by 35% or more if you meet specific eligibility requirements. Large auto insurance companies and some of the discounts are outlined below.
- GEICO may include discounts for multi-policy, anti-theft, seat belt use, daytime running lights, military active duty, and anti-lock brakes.
- Mercury Insurance has discounts for accident-free, anti-theft, age of vehicle, low natural disaster claims, good student, multi-car, and multi-policy.
- Farmers Insurance policyholders can earn discounts including switch companies, business and professional, good student, distant student, youthful driver, and early shopping.
- Auto-Owners Insurance has savings for anti-lock brakes, multi-policy, safe driver, anti-theft, safe vehicle, company car, and group or association.
- Liberty Mutual may offer discounts for multi-car, preferred payment discount, safety features, exclusive group savings, newly married, hybrid vehicle, and newly retired.
- SAFECO offers premium reductions for bundle discounts, safe driver, anti-theft, homeowner, and teen safe driver.
- Progressive offers discounts including continuous coverage, good student, homeowner, online signing, multi-vehicle, online quote discount, and multi-policy.
- USAA discounts include defensive driver, good student, family discount, loyalty savings, multi-policy, military installation, and annual mileage.
The illustration below illustrates the comparison of insurance prices with and without discounts applied to the policy rates. The information is based on a female driver, no violations or claims, Ohio state minimum liability limits, full coverage, and $100 deductibles. The first bar for each age group shows the price with no discounts. The lower bar shows the rates with safe-driver, multiple vehicle, multiple policy, passive restraint, defensive driving course, and vehicle safety discounts applied. When discounts are applied, the average savings per year on auto insurance for drivers over age 60 is 29% or $359.
The information below demonstrates how deductibles can change yearly insurance costs when trying to find cheap insurance for drivers over age 60. The premium estimates are based on a married female driver, full physical damage coverage, and no discounts are taken into consideration.
As shown above, a 50-year-old driver could lower their policy premium by $156 a year by increasing from a $100 deductible to a $500 deductible, or save $234 by using a $1,000 deductible. Even younger insureds, such as the 20-year-old chart data, could roll back prices $384 or more just by using higher deductibles.
If you do decide to increase your deductibles, it will be necessary to have additional funds in a savings account to be able to pay the extra out-of-pocket expense that is associated with using high deductibles.
How to find budget-friendly auto insurance for drivers over age 60
Below you’ll find a few penny-pinching suggestions that can help Toledo drivers quote lower-cost auto insurance.
- Assess whether full coverage is needed
- Safe vehicles generally have lower rates
- Improve your credit rating
- Buying car and homeowners insurance together can save money
- Higher physical damage deductibles lower rates
- Pay for small claims rather than turning them in to your insurance company
- Keep rates low by comparing prices once a year
The last suggestion is especially vital, as we discussed in the article above. Insurance rates in Toledo can change considerably based on profitability, so don’t be hesitant to switch to a new company if a more affordable rate is found.
Having a favorite company is great, but it’s not recommended if that devotion results in you overpaying hundreds of dollars year after year. Take a few minutes and compare rates to find cheaper insurance for drivers over age 60.
If you have questions and prefer to have the advice of a professional agent when trying to find lower insurance rates for older drivers, the insurance agencies below can most likely help you determine which auto insurance policy fits you best. To locate a Toledo car insurance agency in your neighborhood, click the button link following the list or click here to get price quotes now.
American Casualty Insurance
6060 Renaissance Pl i – Toledo, OH 43623 – (419) 885-3571
Nationwide Insurance: AOK Ins and Financial Services LLC
4452 Heatherdowns Blvd – Toledo, OH 43614 – (419) 472-9405
Walton Insurance LLC
3307 N Holland Sylvania Rd #6 – Toledo, OH 43615 – (419) 725-2886
Powell Insurance Inc
6029 Renaissance Pl # A – Toledo, OH 43623 – (419) 882-1076