Finding decent, reasonably-priced auto insurance is not the easiest thing to do, and determining which company has the most affordable insurance rates for welfare recipients may require even more diligence.
Every insurance company uses slightly different criteria to determine rates, so let’s begin by examining the insurance companies that tend to be cheaper in Toledo. We do need to point out that Toledo, OH insurance rates are determined by lots of factors which can substantially change the policy price. This price variation is why drivers need to shop around with many companies when trying to get the most budget-friendly auto insurance quotes for welfare recipients. Prices can be determined by many different factors and can increase or decrease at any time, so the best option six months ago may now cost much more than other companies.
Cheap Insurance Rates in Ohio
Utica National generally has some of the cheapest car insurance rates in Toledo at around $647 per year. Erie, Allied, Frankenmuth, and USAA would also be considered some of the more affordable Toledo, OH car insurance companies.
As illustrated above, if you currently have a policy with Erie and switched to Utica National, you might see yearly savings of approximately $20. Drivers with Allied could save as much as $43 a year, and Frankenmuth customers might reduce rates by $54 a year.
These rates are averages for all drivers and vehicles and and are not calculated with an exact zip code location for welfare recipients. So the auto insurance company that can offer you the best rate may not even be in the list above. That points out the importance of why you need to quote rates from many companies using your own specific driver information and vehicle.
For drivers on welfare, one of the big considerations that determine the price you pay for insurance is where your residence is in Toledo. Cities with larger populations tend to pay slightly more, whereas areas that tend to be more rural benefit from having to pay less for coverage.
The illustration below ranks the highest-priced areas in Ohio for welfare recipients in which to purchase auto insurance. Toledo is listed at #1 having an annual price of $1,279 for car insurance, which is approximately $107 per month.
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Prices are estimated as specific Toledo garaging address can lower or raise auto insurance rates noticeably.
Full coverage rates compared to liability only
Saving money on insurance is probably important to the majority of vehicle owners, and one common way to pay less for insurance for welfare recipients is to not buy comprehensive and collision coverage. The illustration below illustrates the difference between yearly insurance costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The costs are based on no claims, a clean driving record, $1,000 deductibles, drivers are single, and no discounts are factored in.
If averaged out across all ages, physical damage insurance costs an additional $961 per year over having just liability coverage. That brings up the question if paying for full coverage is worth it. There is no definitive rule of when to stop paying for physical damage coverage on your policy, but there is a guideline you can consider. If the annual cost of having full coverage is about 10% or more of any settlement you would receive from your insurance company, then you may need to consider dropping full coverage.
There are some conditions where buying only liability insurance is not recommended. If you still owe money on your vehicle, you have to carry full coverage as part of the loan conditions. Also, if your finances do not allow you to purchase a different vehicle if your current one is damaged, you should not eliminate full coverage.
How to find a good Toledo insurance company
Picking a high-quality insurer is hard considering how many companies sell insurance in Ohio. The ranking information listed below can help you select which providers you want to consider shopping your coverage with. The ratings below include companies that insure vehicles across America, so companies that may only write in Ohio are not taken into consideration for the list.
Top 10 Large Auto Insurers in Toledo Ranked by Customer Service
- State Farm
- Safeco Insurance
- American Family
- Titan Insurance
- Liberty Mutual
- Erie Insurance
Top 10 Large Auto Insurers in Toledo Ranked by Claims Service
- Liberty Mutual
- AAA Insurance
- Safeco Insurance
- The General
Can you find cheaper Toledo car insurance?
Toledo, OH insurance rates are determined by lots of factors which can substantially change the cost of having a policy. Turning one year older, buying a home instead of renting, or getting a DUI may cause policy rate changes that may make certain companies cheaper than others. In addition, auto insurance companies file new Ohio auto insurance rates at least once a year to ensure their profitability. Larger than normal claims may result in higher priced premiums, while better underwriting may cause cheaper Toledo car insurance rates.
To help illustrate this point, the chart below shows the company with the cheapest car insurance in Toledo, OH for a 30-year-old male driver with a clean driving record, no accidents, and a decent credit rating. When comparing rates based on his current rating profile, Utica National may have the cheapest car insurance rates in Toledo at $850 a year. This is $190 less than the average premium paid by Ohio drivers of $1,040. Frankenmuth, Erie, Allied, and Travelers are the remaining cheapest Toledo, OH auto insurance companies.
The example below compares rates after we give the driver in the first example some claims, a lower credit rating, and a speeding ticket. Because each company uses their own method to establish rates, comparing insurance quotes may now present a significantly different list of cheap Toledo auto insurance companies as shown below.
Merchants Insurance Group now has the best price in Toledo, OH with Cincinnati Insurance, Motorists Mutual, General Casualty, and Grange Mutual now being in the top five. This shows why consumers need to take the time to shop around to find affordable auto insurance quotes for welfare recipients.
Insurance rates can be determined by many risk factors and change frequently, so the cheapest company a year ago may now be wasting a lot of money.