For bad credit, one of the largest components that are looked at to help calculate the amount you pay each year for auto insurance is where you call home in Toledo. Areas with high crime rates or more dense population will most likely have higher rates, whereas areas with fewer weather claims and lower vehicle theft rates get the luxury of paying less.
The illustration below sorts the most expensive areas in Ohio for low credit scores to purchase auto insurance in. Toledo comes in at #2 with an annual rate of $1,279 for the average insured, which is around $107 each month.
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Price information shown is estimated as the specific area where the vehicle is garaged can impact insurance rates noticeably.
The car, truck, or SUV you are buying coverage for is a large factor that determines whether or not you find the best cheap coverage for low credit scores. Vehicles with high performance features, poor crash test ratings, or a high likelihood of having liability claims will cost significantly more to insure than safer models.
The list below showcases insurance costs for some of the cheapest vehicles to insure.
|Make and Model||Estimated Cost for Full Coverage|
|Ford Escape XLT 2WD||$1,455|
|Hyundai Elantra GLS Touring Station Wagon||$1,462|
|Honda CR-V LX 2WD||$1,455|
|Ford Edge SEL AWD||$1,544|
|Volkswagen Jetta SE 2.5 Station Wagon||$1,559|
|Chevrolet Equinox LT 2WD||$1,572|
|Ford Explorer Limited AWD||$1,604|
|Ford Focus SES 4-Dr Sedan||$1,630|
|Toyota Camry XLE||$1,658|
|Chevrolet Malibu LTZ||$1,689|
|Honda Civic Hybrid 4-Dr Sedan||$1,698|
|Chevrolet Silverado LT Crew Cab 4WD||$1,689|
|Ford F-150 XLT Crew Cab 2WD||$1,696|
|Chevrolet Impala LS||$1,695|
|Jeep Wrangler Unlimited Sahara 4WD 4-Dr||$1,708|
|Honda Odyssey EX W/Rear Entertainment||$1,734|
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Prices above based on single male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Ohio minimum liability limits. Discounts applied include multi-vehicle, claim-free, homeowner, safe-driver, and multi-policy. Rates do not factor in vehicle garaging location which can revise insurance rates noticeably.
Based upon the table data, cars like the Ford Escape, Hyundai Elantra, Honda CR-V, Ford Edge, and Volkswagen Jetta are likely to be the cheaper vehicles to insure for bad credit.
Finding reliable, affordable car insurance is not always easy, and figuring out which insurers offer the cheapest auto insurance rates for low credit scores will require more quotes for comparison.
Each auto insurance company uses a slightly different approach for setting prices, so let's take a look at the most affordable auto insurance companies in Toledo.
Find the Best Cheap Insurance in Ohio
|Rank||Company||Cost Per Year|
|7||Merchants Insurance Group||$748|
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Utica National offers some of the best car insurance rates in Toledo at around $654 annually. Erie, Allied, Frankenmuth, and USAA would also make the list of some of the cheapest Toledo, OH insurance companies.
As shown in the table above, if you are a customer of Frankenmuth and switched to Erie, you may see yearly savings of approximately $40. Drivers with USAA might save as much as $72 a year, and Travelers customers might cut rates by $72 a year.
To compare your rates to other Ohio insurance companies, click here to begin a quote or visit any of the companies below.
Remember that these estimates are averaged across all drivers and vehicles in Ohio and do not take into consideration a specific vehicle garaging location for low credit scores. So the company that can offer you the best rate may not even be in the top 33 companies shown above. That emphasizes why you need to get auto insurance quotes using your own driver and vehicle profiles.
How to get discounts on Toledo insurance rates
Insurers that offer quotes for low credit scores may also offer special discounts that could potentially reduce rates by 25% or more if you qualify for them. A few popular companies and their possible discounts are outlined below.
- GEICO may offer discounts for air bags, anti-lock brakes, five-year accident-free, defensive driver, emergency military deployment, and military active duty.
- Travelers has savings for hybrid/electric vehicle, student away at school, early quote, IntelliDrive, and good student.
- Farm Bureau may have discounts that include driver training, renewal discount, multi-policy, multi-vehicle, safe driver, good student, and 55 and retired.
- Liberty Mutual may include discounts for multi-policy, newly married, safety features, teen driver discount, new vehicle discount, new graduate, and exclusive group savings.
- American Family offers discounts including early bird, defensive driver, TimeAway discount, bundled insurance, and air bags.
- Progressive includes discounts for multi-vehicle, online quote discount, homeowner, online signing, good student, and multi-policy.
The example below visualizes the comparison of insurance costs with and without discounts applied to the rates. The premiums are based on a female driver, a clean driving record, no at-fault accidents, Ohio state minimum liability limits, comprehensive and collision coverage, and $500 deductibles. The first bar for each age group shows the average annual price with no discounts. The second bar shows the rates with safe-driver, defensive driving course, multiple vehicle, homeowner, claim-free, and anti-theft discounts applied. With discounts applied, theaverage yearly reduction on auto insurance for low credit scores is 27% or $282.
The example below highlights how deductible choice can impact insurance costs when getting quotes for cheap insurance for low credit scores. The price estimates are based on a single female driver, full coverage, and no additional discounts are factored in.
A 30-year-old driver could save $288 a year by changing from a $100 deductible to a $500 deductible, or save $434 by using a $1,000 deductible. Even younger drivers, like the 20-year-old category, could save $640 every year just by choosing higher deductibles. When increasing deductibles, it is necessary to have plenty of savings on hand to pay the extra out-of-pocket expense, which is the one shortcoming of high deductibles.
Why you should be comparing rates
Ohio auto insurance rates are impacted by many factors which can significantly increase or decrease the cost of a policy. Simply improving your credit, having a teenage driver, or getting a DUI may generate price changes that can cause some rates to be more affordable than the competition.
Additionally, car insurance companies change prices at least once a year in order to offset underwriting gains or losses. An unexpected high level of claims can result in additional price hikes, while lower claims can result in cheaper Toledo car insurance rates.
To illustrate this point, the bar chart below shows rates for the cheapest car insurance in Toledo, OH for a 30-year-old female driver with no prior accidents, a clean driving record, and a decent credit rating. If we compare prices based on her current situation, Utica National might quote the cheapest car insurance rates in Toledo at $841 each year. This is $199 less than the average premium paid by Ohio drivers of $1,040. Allied, Erie, Travelers, and Frankenmuth are the remainder of the cheapest Toledo, OH auto insurance companies.
The next chart shows rates after we give the driver from the first example an accident claim, a lower credit rating, and an imperfect driving record. Because every insurance company has their own guidelines to establish rates, comparing prices may now result in a different ranking of cheap Toledo auto insurance companies as shown below.
Merchants Insurance Group now has the best insurance rate in Toledo, OH with Cincinnati Insurance, General Casualty, Motorists Mutual, and Grange Mutual also being competitive. This shows why it is so important to compare lots of rates to get the most budget-friendly auto insurance quotes for low credit scores.
Car insurance prices are influenced by many factors and change substantially, so the cheapest company the last time you shopped around may now be wasting a lot of money.