Who Has the Cheapest Toledo Car Insurance Rates for Drivers Requiring a SR22?

The words “economical” and “insurance” probably shouldn’t be used in the same sentence, specifically when you are looking for the best insurance rates for drivers requiring a SR22. In an attempt to save some money, let’s go over a few of the things that help determine insurance rates, and come up with some ways to take the bite out of the next policy you buy.

Finding dependable, reasonably-priced insurance is not the easiest thing to do, and finding out which company offers the best insurance rates for drivers requiring a SR22 takes a little more work.

Each insurer has their own process to determine rates, so we’ll take a look at the most affordable insurance companies in Ohio. It’s important to know that Toledo, OH insurance rates are influenced by many factors that control the cost of your policy. This is why consumers need to take the time to compare lots of rates to find the lowest car insurance rates for drivers requiring a SR22. Rates can be determined by many things and can decrease or increase without notice, so the cheapest company the last time you shopped your coverage around may now be priced much higher than other options.

Find the Cheapest Car Insurance for SR22 Drivers

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Rankings for the cheapest Ohio auto insurance companies
Rank Company Cost Per Year
1 Utica National $647
2 Erie $667
3 Allied $676
4 Frankenmuth $701
5 Travelers $705
6 USAA $719
7 Merchants Insurance Group $771
8 Cincinnati Insurance $772
9 Grange Mutual $804
10 General Casualty $805
11 Motorists Mutual $824
12 Hastings Mutual $866
13 Central Mutual $866
14 State Farm $867
15 Atlantic States $904
16 Westfield $918
17 Western Reserve $961
18 Progressive $962
19 Farmers $995
20 Auto-Owners $998
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Utica National may have some of the cheapest car insurance rates in Toledo at around $647 per year. Erie, Allied, Frankenmuth, and Travelers also rank well as some of the more affordable Toledo, OH insurance companies.

In the above example, if you are a customer of Allied and switched to Utica National, you could realize a yearly price reduction of upwards of $29. Policyholders with Frankenmuth might save as much as $54 a year, and Travelers customers might cut rates by $58 a year.

Understand that those premiums are averaged for all drivers and vehicles and are not factoring in a vehicle location for drivers requiring a SR22. So the car insurance company that fits your age and vehicle best may not even be in the top 33 companies in the list above. That points out the importance of why you need to get auto insurance quotes using your own driver information and specific vehicle type.

For high risk drivers, one of the big considerations that aid in calculating the cost of insurance is where you live. Areas with increased crime or more people likely pay more, whereas areas with lower vehicle theft rates and fewer weather claims have the gratification of cheaper auto insurance rates.

The next table ranks the priciest cities in Ohio for drivers requiring a SR22 in which to buy car insurance. Toledo is ranked at #2 with an annual premium of $1,241 on average, which is about $103 each month.

Car insurance prices in Toledo
Rank City Annual Premium
1 Youngstown $1,273
2 Toledo $1,241
3 Cleveland $1,235
4 Columbus $1,211
5 Cincinnati $1,186
6 Akron $1,169
7 Cleveland Heights $1,166
8 Euclid $1,140
9 Hamilton $1,135
10 Dayton $1,120
11 Fairfield $1,095
12 Springfield $1,094
13 Canton $1,091
14 Newark $1,063
15 Lakewood $1,041
16 Kettering $1,040
17 Middletown $1,024
18 Beavercreek $1,016
19 Strongsville $1,011
20 Parma $1,007
21 Lorain $1,005
22 Mansfield $1,002
23 Cuyahoga Falls $997
24 Mentor $978
25 Elyria $975
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Rate information is comparative as the specific area where the vehicle is garaged can alter rates noticeably.

Full coverage versus liability-only

Finding the cheapest insurance is probably important to most drivers, and a good way to pay less for insurance for drivers requiring a SR22 is to not buy comprehensive and collision coverage. The illustration below visualizes the comparison of car insurance costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The premiums assume no claims, a clean driving record, $1,000 deductibles, drivers are not married, and no discounts are applied.

If we average all the age groups together, physical damage coverage costs $1,279 per year over and above liability only. Many drivers will wonder if it’s worth it to buy full coverage. There is no definitive rule for phasing out comp and collision coverage, but there is a guideline you can consider. If the annual cost of comprehensive and collision coverage is more than about 10% of the settlement you would receive from your company, then you may need to consider dropping full coverage.

Ratings for Toledo insurance companies

Selecting the right company can be difficult considering how many companies sell insurance in Ohio. The ranking information in the next section can help you analyze which insurers you want to consider buying from. These rankings only include companies who write in the majority of U.S. states, so companies that only write business in Ohio or surrounding areas are not taken into consideration for this list.

Top 10 Large Auto Insurance Providers Overall in Toledo

  1. USAA
  2. 21st Century
  3. GEICO
  4. Nationwide
  5. AAA Insurance
  6. Liberty Mutual
  7. Safeco Insurance
  8. State Farm
  9. Travelers
  10. American Family

Top 10 Large Auto Insurance Providers in Toledo Ranked by Customer Satisfaction

  1. USAA – 92%
  2. Erie Insurance – 88%
  3. American Family – 88%
  4. State Farm – 88%
  5. Nationwide – 88%
  6. 21st Century – 88%
  7. AAA Insurance – 87%
  8. Liberty Mutual – 87%
  9. Farmers Insurance – 87%
  10. The Hartford – 87%

Discount Toledo insurance rates

Discounts on insurance for drivers requiring a SR22Auto insurance companies that provide coverage for drivers requiring a SR22 may also give you price discounts that could potentially reduce rates by 35% or more if you meet specific criteria. A few of the larger companies and some of the discounts are included below.

The information below shows the difference between insurance costs with and without discounts. The price estimates are based on a male driver, one violation and one at-fault accident, Ohio state minimum liability limits, full coverage, and $250 deductibles. The first bar for each age group shows the average rate with no discounts. The second shows the rates with continuous coverage, anti-theft, paperless filing, multiple policy, vehicle safety, and passive restraint discounts applied. When these discounts are applied to the policy premium, the average amount saved each year on insurance for drivers requiring a SR22 is 28% or $666.

What aren’t you shopping around?

Toledo insurance rates are calculated based on many things that control the policy price. Simply getting older, filing a claim, or getting a ticket for careless driving can trigger rate changes that can now make some companies cheaper than competitors.

Not only may your situation change, but companies modify rates every year or even multiple times each year to ensure their profitability. A period of increased losses can result in additional premium costs, while a lower level of claims may cause cheaper Toledo car insurance rates.

For example, the data below compares the cheapest car insurance in Toledo, OH for a 30-year-old female driver with a clean driving record, no accidents, and good credit. If we estimate prices based on her current rating profile, Utica National might offer the lowest car insurance rates in Toledo at $797 annually. This is $243 less than the average rate paid by Ohio drivers of $1,040. Erie, Allied, Frankenmuth, and Travelers round out the rest of the 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 her driving record. Due to the fact that every auto insurer has a proprietary method for determining prices, comparing quotes most likely will result in a significantly different list of the cheapest car insurance companies in Toledo as shown below.

Merchants Insurance Group now has the cheapest auto insurance in Toledo, OH with Cincinnati Insurance, Motorists Mutual, Grange Mutual, and General Casualty also being competitive. This example shows why it is crucial to compare rates to find the most affordable insurance quotes for drivers requiring a SR22. Prices are calculated by many different factors and can increase or decrease at any time, so the best company the last time you checked may now be quite expensive.

If you aren’t sure which coverage to buy and prefer to get help from a professional when trying to find lower insurance rates for high risk drivers, the insurance agencies listed below can probably aid you in deciding which coverage fits your budget.

To locate a Toledo auto insurance agent close to you, click the button after the list.

Bob Burns Insurance and Financial
2229 W Laskey RdToledo, OH 43613(419) 471-1950

Todd Riggs – State Farm Insurance Agent
7109 Central AveToledo, OH 43617(419) 841-4800

Allstate Insurance: Jennifer Soda Zielinski
2509 W Sylvania Ave Ste 12Toledo, OH 43613(419) 472-9690

View more Toledo, OH insurance agencies