It’s hard to avoid all the captivating commercials from companies like Liberty Mutual and Nationwide guaranteeing big savings, so drivers just need to pick the one with the best commercial, right?
Regrettably, it’s not quite that easy, as there are a ton of unknown aspects like if you are a good driver, the vehicle you are insuring, if you have ever had a gap in coverage, and your gender, that all impact the cost of your policy. The content below covers the best ways to avoid paying too much and should give you a good start in finding the cheapest insurance in Toledo.
The vehicle model you are buying coverage for is one of the biggest factors when comparing quotes for affordable insurance for a learners permit. Vehicles with more horsepower, a lack of safety features, or high incidents of liability claims will cost significantly more to insure than more economical and safe models. The data below features auto insurance rates for a handful of the cheaper automobiles to buy coverage for.
|Make and Model||Estimated Cost for Full Coverage|
|Honda CR-V EX 2WD||$5,042|
|Honda Accord EX 4-Dr Sedan||$5,052|
|Ford Escape Limited 2WD||$5,095|
|Jeep Wrangler Sport Islander Package 4WD 2-Dr||$5,602|
|Ford Explorer XLT 2WD||$5,654|
|Toyota Tacoma 4WD||$5,659|
|Volkswagen Jetta 2.0T Station Wagon||$5,808|
|Ford Edge SEL 2WD||$5,932|
|Toyota RAV4 Sport 4WD||$5,985|
|Jeep Grand Cherokee Laredo 4WD||$5,995|
|Chevrolet Malibu Hybrid||$5,985|
|Dodge Grand Caravan SXT||$6,037|
|Ford F-150 FX2 2WD||$6,045|
|Hyundai Elantra Blue 4-Dr Sedan||$6,262|
|Toyota Camry SE||$6,315|
|Toyota Corolla LE||$6,325|
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Data variables include single male driver age 17, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Ohio minimum liability limits. Discounts applied include claim-free, and safe-driver. Price information does not factor in vehicle garaging location which can revise coverage rates substantially.
Based upon these rates, we can presume that makes and models like the Honda CR-V, Honda Accord, Ford Escape, and Toyota Prius will be the most affordable vehicles to insure for new drivers. Prices will be more costly just because there is a higher risk for a learners permit, but overall those specific models will most likely have the best rates possible.
One of the many considerations that are looked at to help calculate the amount you pay each year for auto insurance is where you normally keep your vehicle. Regions with more people or even just more weather-related claims likely pay more, whereas areas with lower vehicle theft rates and fewer weather claims benefit from lower rates.
The next table shows the most costly cities in Ohio for a learners permit to buy an auto insurance policy in. Toledo is ranked at #2 costing $1,267 for the average insurance policy, which is approximately $106 per month.
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Premium costs are comparative as the vehicle garaging location can change price quotes significantly.
Comparing rates for cost effective insurance is not easy, and deciding which company offers the cheapest car insurance rates for a learners permit takes more quotes for comparison. Each insurance company has their own unique process for establishing rates, so first let’s look at the rankings for the car insurance companies with the overall cheapest rates in Ohio.
Best Insurance Companies in Ohio
|Rank||Company||Cost Per Year|
|8||Merchants Insurance Group||$771|
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Utica National normally has some of the cheapest car insurance rates in Toledo at around $628 each year. This is $412 less than the average price paid by Ohio drivers of $1,040. Erie, Allied, Frankenmuth, and Travelers would also be considered some of the cheaper Toledo, OH auto insurance companies.
As illustrated above, if you are a policyholder with Frankenmuth and switched to Utica National, you might achieve an annual savings of around $73. Customers with Travelers might save as much as $77 a year, and USAA policyholders might cut rates by $113 a year.
Remember that these policy rates are averaged for all drivers and vehicles and do not take into consideration a specific zip code for a learners permit. So the car insurance company that can offer you the best rate may not even be in the top 33 companies shown above. That illustrates why you need to get rate quotes using your own personal information and vehicle type.
The illustration below illustrates how choosing a deductible can influence insurance rates when researching cheap insurance for a learners permit. The data is based on a married female driver, full coverage, and no additional discounts are factored in.
The chart above illustrates that a 30-year-old driver could cut expenses by $214 a year by increasing from a $100 deductible to a $500 deductible, or save $324 by changing to a $1,000 deductible. Young drivers, like the 20-year-old category, can save as much as $458 every year by using a higher deductible. When insureds make the decision to increase the deductibles on their policy, it will be important to have enough savings set aside to satisfy the extra out-of-pocket expense, which is the main drawback of higher deductibles.
Discount Toledo auto insurance
Insurance providers that provide policies for a learners permit could also offer rate discounts that may potentially lower prices by as much as 35% or more if you meet specific eligibility requirements. Larger car insurance companies and the discounts they provide include:
- GEICO offers discounts for defensive driver, daytime running lights, multi-policy, air bags, and good student.
- Travelers offers discounts including home ownership, early quote, multi-car, multi-policy, save driver, and student away at school.
- Nationwide discounts include business or organization, family plan, easy pay, accident-free, and anti-theft.
- Farmers Insurance includes discounts for homeowner, youthful driver, multi-car, teen driver, alternative fuel, and electronic funds transfer.
- Esurance has discounts for Switch & Save, emergency road assistance, online shopper, safety device, and homeowner.
- State Farm has savings for anti-theft, Drive Safe & Save, student away at school, driver’s education, good driver, multiple autos, and good student.
- Progressive policyholders can earn discounts including multi-vehicle, homeowner, continuous coverage, online signing, multi-policy, and online quote discount.
- Mercury Insurance may have discounts that include type of vehicle, annual mileage, good driver, accident-free, location of vehicle, professional/association, and multi-car.
The chart below visualizes the comparison of car insurance costs with and without discounts applied to the policy premium. Data assumes a female driver, no claims, a clean driving record, Ohio state minimum liability limits, comp and collision included, and $500 deductibles. The first bar for each age group shows the price with no discounts. The second shows the rates with paperless filing, paid-in-full, continuous coverage, anti-theft, passive restraint, and good student discounts applied. When these discounts are applied to the policy premium, the average savings per year on car insurance for a learners permit is 28% or $479.
Are you paying too much for car insurance in Toledo?
Toledo car insurance rates are influenced by many factors that will increase or decrease your annual premium. Improving your credit rating, moving to a new city, or getting a reckless driving citation may prompt premium changes that may make certain companies more affordable than competitors.
In addition, auto insurance companies amend premium rates as often as every quarter to reflect underwriting profits or losses. A period of higher than normal claims may result in higher prices, while better underwriting can produce lower-priced Toledo car insurance rates.
The graph below shows the companies that have the cheapest car insurance in Toledo, OH for a 30-year-old female driver with a clear driving record, no claims, and great credit. If we look at prices based on her current risk profile, Utica National might quote the best car insurance rates in Toledo at $824 annually. This is $216 less than the average policy premium paid by Ohio drivers of $1,040. Erie, Allied, Frankenmuth, and Travelers round out the rest of the cheapest Toledo, OH auto insurance companies.
Let’s now give the driver from the first set of rates a claim, poor credit, and a stop sign violation. Because every insurance company has a unique approach to establish rates, getting updated rate quotes may now present a different set of the cheapest car insurance companies in Toledo as shown below.
Merchants Insurance Group now has the lowest price in Toledo, OH with Cincinnati Insurance, Motorists Mutual, Grange Mutual, and General Casualty now being in the top five. This example proves why drivers need to compare many different companies when trying to get the cheapest car insurance rates for a learners permit.
Insurance rates consist of many things and change dramatically, so the best price the last time you checked may now be quite expensive.