The words “low-priced” and “insurance” really don’t belong together, specifically when searching for the best coverage prices for low income drivers. Because of the high cost, let’s go over some things that help determine car insurance premiums, and see if we can help you reduce the price of your next policy.
The type of vehicle that is being insured is one of the largest factors that determines if you can find the cheapest coverage for low income drivers. Vehicles with limited top-end speed, modern passenger safety features, or low incidents of liability claims will cost much less to insure than higher performance models.
The table below features coverage premiums for some of the cheapest automobiles to insure.
| Make, Model, and Trim Level | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V LX 2WD | $1,347 |
| Ford Escape Limited 4WD | $1,462 |
| Dodge Grand Caravan CV | $1,512 |
| GMC Sierra SLE Crew Cab 2WD | $1,595 |
| Ford F-150 XLT Super Cab 4WD | $1,682 |
| Nissan Altima 2.5 S 4-Dr Sedan | $1,689 |
| Toyota Prius | $1,682 |
| Nissan Rogue S 2WD | $1,711 |
| Volkswagen Jetta SE 4-Dr Sedan | $1,719 |
| Honda Odyssey EX W/Rear Entertainment | $1,711 |
| Chevrolet Equinox LTZ AWD | $1,717 |
| Ford Fusion SE 4-Dr Sedan | $1,711 |
| Ford Explorer Eddie Bauer 2WD | $1,713 |
| Jeep Wrangler Sahara 4WD 2-Dr | $1,721 |
| Toyota RAV4 Limited 2WD | $1,745 |
| Compare Cheap Rates Go | |
Table data represents single male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Ohio minimum liability limits. Discounts applied include claim-free, homeowner, multi-policy, safe-driver, and multi-vehicle. Premium amounts do not factor in specific location which can decrease or increase insurance rates noticeably.
Based upon the table data, cars like the Honda CR-V, Ford Escape, Dodge Grand Caravan, GMC Sierra, and Ford F-150 are a few of the most budget-friendly vehicles to insure for poor drivers.
Figuring out which companies have the lowest-priced car insurance rates for low income drivers calls for a tad more effort in order to find the lowest price. Every auto insurer has their own guidelines to establish rates, so we will examine the car insurance companies that tend to be cheaper in Ohio.
Best Auto Insurance Prices in Ohio
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Utica National | $654 |
| 2 | Erie | $661 |
| 3 | Allied | $676 |
| 4 | Frankenmuth | $701 |
| 5 | Travelers | $726 |
| 6 | USAA | $741 |
| 7 | Merchants Insurance Group | $748 |
| 8 | Cincinnati Insurance | $749 |
| 9 | General Casualty | $805 |
| 10 | Motorists Mutual | $816 |
| 11 | Grange Mutual | $828 |
| 12 | Central Mutual | $840 |
| 13 | Hastings Mutual | $858 |
| 14 | State Farm | $885 |
| 15 | Atlantic States | $904 |
| 16 | Westfield | $936 |
| 17 | Western Reserve | $970 |
| 18 | Progressive | $982 |
| 19 | Auto-Owners | $988 |
| 20 | Nationwide | $998 |
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Utica National may offer some of the cheapest car insurance rates in Toledo at around $654 annually. Erie, Allied, Frankenmuth, and Travelers also are some of the lowest-priced Toledo, OH auto insurance companies.
As the rates illustrate above, if you currently buy coverage from Travelers and switched to Erie, you might realize a yearly price reduction of around $65. Policyholders with USAA could save as much as $80 a year, and Merchants Insurance Group policyholders might reduce rates by $87 a year.
Understand that those rates are averaged for all ages of drivers and types of vehicles and are not factoring in an exact location for low income drivers. So the insurer that can offer you the best price may not even be in the top 33 companies shown above. That underscores the importance of why you need to compare as many prices as possible using your own personalized driver profile and vehicle information.
One of the many components that are looked at to determine insurance cost is the neighborhood you call home in Toledo. Areas with more people or more claims tend to pay more, whereas areas with lower vehicle theft rates and fewer weather claims benefit from lower rates.
The illustration below rates the most expensive places in Ohio for low income drivers to buy an auto insurance policy in. Toledo comes in at #1 with the annual price of $1,279 for car insurance, which is around $107 each month.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | Toledo | $1,279 |
| 2 | Youngstown | $1,273 |
| 3 | Cleveland | $1,259 |
| 4 | Columbus | $1,247 |
| 5 | Cleveland Heights | $1,202 |
| 6 | Cincinnati | $1,186 |
| 7 | Euclid | $1,175 |
| 8 | Akron | $1,169 |
| 9 | Dayton | $1,142 |
| 10 | Springfield | $1,105 |
| 11 | Hamilton | $1,102 |
| 12 | Fairfield | $1,085 |
| 13 | Middletown | $1,066 |
| 14 | Canton | $1,058 |
| 15 | Beavercreek | $1,058 |
| 16 | Newark | $1,053 |
| 17 | Lakewood | $1,041 |
| 18 | Parma | $1,027 |
| 19 | Kettering | $1,009 |
| 20 | Lorain | $1,005 |
| Quote Best Rates Go | ||
Information shown are comparative as zip code location can influence auto insurance rates noticeably.
The information below illustrates how choosing a deductible can influence insurance costs when getting quotes for cheap insurance for low income drivers. The premiums assume a single male driver, full coverage, and no policy discounts are applied.
The chart above illustrates that a 30-year-old driver could save $284 a year by switching the physical damage coverage from a $100 deductible up to a $500 deductible, or save $426 by selecting a $1,000 deductible. Even younger insureds, like the 20-year-old, could roll back prices up to $842 or even more just by choosing larger deductibles.
When insureds make the decision to increase the deductibles on their policy, it will be necessary to have additional funds squirreled away to enable you to pay the extra out-of-pocket expense. This is the primary disadvantage of choosing high deductibles.
Buying coverage from the highest-rated company can be rather challenging considering how many companies provide coverage in Toledo. The ranking data shown next could help you select which car insurance providers you want to consider when trying find the best insurance for low income drivers.
The rankings below include the largest companies in the United States, so smaller regional companies are not taken into consideration for this list. If you wish to compare rates and find the cheapest rates for low income drivers, simply click here.
Top 10 Large Auto Insurance Providers in Toledo Ranked by Customer Service
- Nationwide
- State Farm
- Safeco Insurance
- American Family
- Titan Insurance
- Travelers
- Liberty Mutual
- GEICO
- Erie Insurance
- Allstate
Why are you paying too much for car insurance?
Toledo, OH car insurance rates are impacted by many things that may substantially change the cost of having a policy. Turning one year older, having a claim, or having a fender bender can produce rate changes that can cause some rates to be cheaper than competitors.
Not only that, but insurers file new rates every year to adjust for unexpected claims or profits. Heavier than normal losses may result in high rates, while a better claims history can cause lower-priced Toledo car insurance rates.
To illustrate this example, the bar chart below shows the company with the cheapest car insurance in Toledo, OH for a 35-year-old male driver with a clear driving record, no claims, and a decent credit rating. When comparing rates based on his current rating profile, Utica National may offer the most affordable car insurance rates in Toledo at $855 per year. This is $185 less than the average rate paid by Ohio drivers of $1,040. Erie, Allied, Frankenmuth, and Travelers are the remainder of the top five cheapest Toledo, OH auto insurance companies.
In the next rate comparison, we’ll give the driver from above an accident claim, a lower credit rating, and a few blemishes on his driving record. Since each insurance company uses their own method to set premium rates, comparing insurance quotes could result in a slightly different list of affordable companies as shown below.
Merchants Insurance Group now has the lowest car insurance rate in Toledo with Cincinnati Insurance, Motorists Mutual, Grange Mutual, and General Casualty now rounding out the top five. This demonstrates why it is crucial to take the time to shop around when trying to find the best insurance quotes for low income drivers.
Prices are impacted by many risk factors and can change substantially, so the cheapest option the last time you shopped around may now be quite expensive.
Ideas for finding low-cost car insurance for low income drivers
Lowering your rates is not difficult, and here are some of the better penny-pinching ideas that can help Toledo drivers find more affordable auto insurance.
- Good credit can save money
- Tickets and violations raise rates
- Claim-free drivers earn discounts
- At-fault accidents can raise rates significantly
- Get cheaper liability coverage by choosing a safer vehicle
- Shop around and save
The last tip in the list is highly critical, as was affirmed in this write-up. Rates fluctuate constantly, so don’t hesitate to buy from a new company if you can find a cheaper rate.
Many consumers stick with the same company and that’s fine, but it’s not a great idea if that dedication is costing hundreds of dollars year after year. Now is a great time to shop around to find cheaper car insurance for low income drivers in Toledo.