Who Has the Cheapest Toledo Car Insurance for College Students?

Finding out which company offers the cheapest insurance rates for college students will involve a little more effort in order to find the best price. Each insurer has a proprietary formula to establish rates, so let’s take a look at the most competitive insurance companies in Toledo, OH.

Best Car Insurance Prices for College Students

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Rankings for the cheapest Ohio auto insurance companies
Rank Company Cost Per Year
1 Utica National $654
2 Frankenmuth $680
3 Erie $687
4 Allied $690
5 USAA $719
6 Travelers $733
7 Merchants Insurance Group $748
8 Cincinnati Insurance $756
9 Grange Mutual $804
10 Motorists Mutual $816
11 General Casualty $829
12 Central Mutual $848
13 State Farm $867
14 Hastings Mutual $884
15 Westfield $936
16 Atlantic States $940
17 Progressive $953
18 Western Reserve $961
19 Auto-Owners $988
20 Nationwide $1,018
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Utica National generally has some of the lowest car insurance rates in Toledo at around $654 each year. This is $386 less than the average policy premium paid by Ohio drivers of $1,040. Frankenmuth, Erie, Allied, and USAA also qualify as some of the most economical Toledo, OH car insurance companies.

As illustrated above, if you buy coverage from Allied and switched to Utica National, you could see a yearly price reduction of around $36. Ohio drivers with USAA might save as much as $65 a year, and Travelers policyholders might reduce prices by as much as $79 a year.

Be aware that those estimates are averaged across all drivers and vehicles in Ohio and do not factor in an exact vehicle garaging location for college students. So the auto insurance company that has the cheapest rates for you may not even be in the top 33 companies in the list above. That illustrates why you need to compare as many prices as possible using your own driver information and specific vehicle type.

For students in college, one of the largest considerations that help determine auto insurance rates is where your car is garaged. Areas with more people or more claims tend to pay slightly more, whereas areas that tend to be more rural tend to receive cheaper rates.

The information below sorts the highest-priced places in Ohio for college students in which to buy car insurance. Toledo ranks #1 having an annual price of $1,267 for car insurance, which is around $106 monthly.

How much does car insurance cost in Toledo, OH?
Rank City Annual Premium
1 Toledo $1,267
2 Youngstown $1,235
3 Cincinnati $1,222
4 Cleveland $1,222
5 Columbus $1,211
6 Cleveland Heights $1,178
7 Euclid $1,164
8 Akron $1,157
9 Hamilton $1,146
10 Dayton $1,120
11 Canton $1,102
12 Fairfield $1,085
13 Springfield $1,072
14 Lakewood $1,063
15 Beavercreek $1,058
16 Middletown $1,055
17 Newark $1,053
18 Cuyahoga Falls $1,027
19 Kettering $1,020
20 Strongsville $1,011
21 Parma $997
22 Mansfield $992
23 Mentor $978
24 Lorain $975
25 Elyria $965
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Rate information is comparative as vehicle location can raise or lower coverage prices substantially.

The make and model of vehicle driven is probably the biggest factor when comparing quotes for the cheapest coverage for college students. Vehicles with lower acceleration and performance, a great safety record, or a low likelihood of having liability claims will cost less to insure than adrenaline junky models.

The table below showcases insurance costs for a selection of the most affordable automobiles to insure in Ohio.

Cheapest Vehicles to Insure in Toledo, OH
Make and Model Estimated Cost for Full Coverage
Honda CR-V EX 2WD $3,302
Ford Escape XLS 2WD $3,309
Hyundai Elantra SE Touring Station Wagon $3,600
Ford Edge SE 2WD $3,628
Toyota Prius $3,648
Volkswagen Jetta SE 2.5 Station Wagon $3,892
Nissan Altima 2.5 4-Dr Sedan $3,925
Chevrolet Malibu LS $3,931
GMC Sierra SLE Crew Cab 2WD $3,925
Chevrolet Equinox LT AWD $3,932
Chevrolet Impala LT $3,925
Dodge Grand Caravan Hero $3,933
Toyota RAV4 Limited 4WD $3,925
Jeep Wrangler Unlimited Sport Islander Package 4WD 4-Dr $3,974
Toyota Tacoma Double Cab TRD Off-Road Package 4WD $3,979
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Data assumes single male driver age 20, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Ohio minimum liability limits. Discounts applied include claim-free, and safe-driver. Premium amounts do not factor in your specific Toledo, OH location which can lower or raise coverage rates substantially.

Looking at the data, we can expect makes and models like the Honda CR-V, Ford Escape, Hyundai Elantra, and Ford Edge are most likely going to be a few of the most economical vehicles to insure for students in college. Car insurance rates will be higher anyway because there is more inherent risk for college students, but in general those vehicles will tend to have the best rates compared to all other vehicles.

The chart below shows how choosing a deductible can raise or lower insurance premiums when getting quotes for cheap insurance for college students. The rate quotes are based on a married male driver, full physical damage coverage, and no other discounts are factored in.

The chart above illustrates that a 50-year-old driver could lower their car insurance rates by $190 a year by switching from a $100 deductible to a $500 deductible, or save $286 by choosing a $1,000 deductible. Young drivers, like the 20-year-old example, could reduce their rates up to $630 or more by using higher deductibles when buying full coverage.

If you make the decision to raise deductibles, it will be required to have emergency funds available to satisfy the extra out-of-pocket expense, which is the one inconvenience of using high deductibles.

Full coverage rates vs. liability-only in Toledo

Lowering the price of insurance is probably important to the majority of people, and one of the best ways to buy cheap insurance for college students is to only buy liability coverage. The diagram below compares insurance prices with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The rate quotes are based on no claims or violations, $500 deductibles, single marital status, and no policy discounts are applied.

As an overall average, comprehensive and collision coverage on your policy costs $1,077 per year over and above liability only. At some point, almost every driver questions when is the right time to remove full coverage. There isn’t a steadfast formula of when to exclude physical damage insurance, but there is a general guideline you can use. If the yearly cost of full coverage is 10% or more of any settlement you would receive from your insurance company, then you may want to consider only buying liability coverage.

For example, let’s pretend your vehicle’s book value is $9,000 and you have $1,000 deductibles. If your vehicle is severely damaged, the most your company would pay you is $8,000 after you pay the deductible. If it’s costing you more than $800 a year for your policy with full coverage, then it’s probably a good time to buy liability coverage only.

How to get discounts on Toledo insurance rates

Discounts on insurance for college studentsInsurance companies that provide policies for college students may also provide special discounts that can reduce rates by 30% or more if you qualify. Popular insurance companies and a selection of discounts are included below.

The illustration below visualizes the comparison of yearly insurance costs with and without discounts. The information is based on a male driver, no claims, a clean driving record, Ohio state minimum liability limits, full physical damage coverage, and $100 deductibles. The first bar for each age group shows the average annual price with no discounts. The second shows the rates with vehicle safety, passive restraint, paid-in-full, good student, paperless filing, and continuous coverage discounts applied. When drivers qualify for the discounts, the average savings per year on insurance for college students is 18% or $321.

If you like to have professional advice when comparing insurance rates for college students, the agencies below can help you decide which insurance coverage will be best for you. To find an auto insurance agency closest to you, click the button link following the list.

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