For realtors, one of the big criteria that aid in calculating the amount you pay each year for auto insurance is where you live. Cities with more crime and/or more people likely pay more, whereas areas that tend to be more rural benefit from lower coverage costs.
The next table sorts the highest-priced places in Ohio for real estate agents to purchase a policy in. Toledo is listed at #4 with an annual premium of $1,241 for the average insured, which is around $103 per month.
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Table data uses estimated as specific location information can revise prices substantially.
The car, truck, or SUV requiring insurance is a significant factor when shopping for the best cheap insurance for real estate agents. Vehicles with high performance engines, poor safety features, or high incidents of liability claims will cost much more to insure than safer models. The list below estimates coverage premiums for a handful of the most economical automobiles to buy insurance for.
|Make, Model, and Trim Level||Estimated Cost for Full Coverage|
|Ford Escape XLT 2WD||$1,331|
|Honda CR-V EX 2WD||$1,500|
|Honda Accord LX 4-Dr Sedan||$1,505|
|Honda Odyssey EX||$1,544|
|GMC Sierra SLE Regular Cab 2WD||$1,572|
|Toyota Camry LE||$1,581|
|Nissan Altima 2.5 4-Dr Sedan||$1,572|
|Jeep Grand Cherokee Laredo 2WD||$1,582|
|Toyota RAV4 Limited 4WD||$1,572|
|Ford Explorer Eddie Bauer AWD||$1,604|
|Toyota Tacoma Double Cab TRD Sport Package 4WD||$1,611|
|Dodge Grand Caravan Crew||$1,604|
|Chevrolet Impala LTZ||$1,658|
|Chevrolet Malibu LTZ||$1,689|
|Chevrolet Equinox LTZ AWD||$1,699|
|Jeep Wrangler Unlimited Sahara 4WD 4-Dr||$1,708|
|GMC Sierra 3500HD SLE Crew Cab 2WD||$1,718|
|Ford Edge SE AWD||$1,734|
|Ford Fusion S 4-Dr Sedan||$1,773|
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Premium data assumes single male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Ohio minimum liability limits. Discounts applied include claim-free, safe-driver, multi-vehicle, homeowner, and multi-policy. Rate information does not factor in garaging location in Toledo, OH which can decrease or increase insurance rates considerably.
Looking at the rates, cars like the Ford Escape, Toyota Prius, Honda CR-V, Honda Accord, and Honda Odyssey will be some of the more affordable vehicles to insure for realtors.
Deciphering which companies offer the best insurance rates for real estate agents may require more time than just comparing rates from one or two companies.
Each insurer has their own formula for filing rates in each state, so let’s examine the overall cheapest insurance companies in Toledo. We do need to point out that Ohio insurance rates are determined by lots of factors that may substantially change the cost of a policy. Simply improving your credit, adding a teenager to your policy, or getting a driving violation can cause premium changes resulting in some rates now being much cheaper than others.
Cheap Insurance Rates for Realtors
Utica National quotes some of the best car insurance rates in Toledo at around $654 per year. Erie, Allied, Frankenmuth, and USAA would also make the list of some of the cheapest Toledo, OH insurance companies.
As shown above, if you currently have a policy with Frankenmuth and switched to Utica National, you might see an annual savings of in the neighborhood of $54. Ohio drivers with USAA could save as much as $57 a year, and Travelers insureds might reduce prices by as much as $72 a year.
If you want to see how much you could save, click here to begin a quote or click through to the companies below.
These estimates are averages for all drivers and vehicles in Ohio and and are not calculated with an exact zip code location for real estate agents. So the auto insurance company that is best suited for you may not even be in the top 33 companies shown above. That helps illustrate why you need to quote rates from many companies using your own driver information and specific vehicle type.
Impact of careless driving on insurance rates
In a perfect world, the ideal way to receive the best insurance premiums in Ohio for realtors is to drive safely and maintain a clean driving record. The chart below highlights how speeding tickets and at-fault accidents can increase insurance prices for different age categories. The data assumes a single female driver, full coverage, $250 deductibles, and no discounts are applied to the premium.
The data above shows the average cost of a car insurance policy in Ohio per year with no violations or accidents is $1,141. Factor in one speeding ticket and the average cost increases to $1,293, an increase of $152 each year. Now add in two accidents along with the one speeding ticket and the annual cost of insurance for real estate agents jumps again to an average of $2,595. That’s an increase of $1,454, or $121 per month, just for not being a responsible driver!
Full coverage rates compared to liability-only
Paying a lower price for insurance should be important to most people, and one of the easiest ways to pay less for insurance for real estate agents is to buy only liability coverage. The example below compares car insurance rates with liability coverage only compared to full coverage. Data assumes no violations or claims, $1,000 deductibles, marital status is single, and no other discounts are factored in.
On average, comprehensive and collision coverage on your policy costs $961 per year over and above liability coverage. That amount may make you wonder if buying full coverage is a waste of money. There is no specific rule of when to drop comp and collision coverage, but there is a general guideline. If the yearly cost of comp and collision coverage is more than 10% of replacement cost minus your deductible, then you may want to consider only buying liability coverage.
For example, let’s assume your vehicle’s book value is $9,000 and you have $1,000 physical damage deductibles. If your vehicle is damaged in an accident, the most your company would pay you is $8,000 after the deductible is paid. If you are paying in excess of $800 annually to have full coverage, then you might want to consider buying only liability coverage.
There are some cases where only buying liability is not advised. If you still owe a portion of the original loan, you have to carry full coverage as part of the loan conditions. Also, if your savings is not enough to buy a different vehicle if your current one is in an accident, you should keep full coverage in place.
Why you should be shopping around
Toledo, OH insurance rates are calculated based on many things that may substantially change the price you have to pay for coverage. Improving your credit rating, marrying your spouse, or getting a speeding ticket can trigger price changes that can now make some companies cheaper than competitors.
Not only may your situation change, but insurance companies change the rates they charge in Ohio multiple times each year to adjust for unexpected claims or profits. An unexpected high level of claims may cause additional premium costs, while a profitable period can cause lower-priced Toledo car insurance rates.
The bar chart below shows rates for the cheapest car insurance in Toledo, OH for a 45-year-old male driver with no prior claims, no tickets, and a high credit rating. Based on his current risk factors, Utica National quotes the lowest car insurance rates in Toledo at $841 per year. This is $199 less than the average price paid by Ohio drivers of $1,040. Erie, Allied, Frankenmuth, and Travelers are the remaining most affordable Toledo, OH auto insurance companies.
Now let’s give the driver from above an accident surcharge, a lower credit rating, and a blemish on his driving record. Because each company has a proprietary formula to establish rates, comparing quotes could result in a different set of companies as shown below.
Merchants Insurance Group now has the cheapest insurance rate in Toledo, OH with Cincinnati Insurance, General Casualty, Grange Mutual, and Motorists Mutual also being competitive. This illustrates why it is crucial to take the time to shop around to get the lowest auto insurance rates for real estate agents.
Insurance rates are influenced by many things and change substantially, so the cheapest company when you last compared rates may now be an over-priced policy.
How to find the cheapest car insurance for real estate agents
It is possible to find better rates, and here are many money-saving ideas that can help Ohio drivers locate low-cost coverage.
- Pay for small claims rather than turning them in to your insurance company
- Buy safe vehicles
- Full coverage may not be needed on older vehicles
- Increase physical damage deductibles
- Buying car and homeowners insurance together can save money
- Good credit can help you save money
- Keep rates low by shopping around frequently
The final tip is incredibly critical, as we noted in this piece. Coverage rates in Toledo go up and down frequently, so drivers shouldn’t hesitate to buy from a new company if you find a better deal. Having a favorite company is fine, but it’s not recommended if that stubbornness costs you potentially thousands of dollars a year. In just a couple of minutes you could compare rates and find cheaper auto insurance for real estate agents.
The agents below can help you decide which coverages you need, since lots of people like to get some guidance when shopping for the best coverage for real estate agents. It can be time-consuming to find the cheapest rate yourself, so getting advice from a licensed agent can bring comfort knowing your coverage gives you adequate asset protection.
To find an auto insurance agency by location nearest to you, click the link after the list.
Gus Badra Insurance Agency
3454 Oak Alley Court, Suite 106 A, Toledo 43606 – Suite 106 A, OH 43606 – (419) 469-5522
Kranz PJ Insurance Agency
4349 Talmadge Rd – Toledo, OH 43623 – (419) 473-2416
RBI Insurance and Financial Services
3421 N Holland Sylvania Rd – Toledo, OH 43615 – (419) 841-4446