If saving money is your primary concern, then the best way to get more affordable auto insurance rates in Toledo is to start doing a yearly price comparison from providers who provide car insurance in Ohio.
- Step 1: Take a few minutes and learn about what is in your policy and the factors you can control to prevent rate increases. Many things that drive up the price like tickets, at-fault accidents, and your credit history can be amended by making minor changes to your lifestyle.
- Step 2: Compare prices from direct carriers, independent agents, and exclusive agents. Direct and exclusive agents can only provide price estimates from a single company like GEICO and State Farm, while agents who are independent can quote rates from multiple insurance companies.
- Step 3: Compare the quotes to your current policy premium and determine if there is any savings. If you find a lower rate and make a switch, make sure there is no coverage gap between policies.
- Step 4: Provide adequate notice to your current company of your decision to cancel your current car insurance policy. Submit payment and a completed application for the new coverage. Make sure you place your new certificate verifying coverage in an accessible location in your vehicle.
One important bit of advice is that you’ll want to make sure you compare similar limits and deductibles on each price quote and and to get price quotes from as many different companies as possible. This guarantees an accurate price comparison and a thorough selection of prices.
A recent car insurance study revealed that nearly 70% of Ohio drivers have stayed with the same insurance company for at least four years, and practically 40% of car insurance customers have never quoted car insurance rates at all. U.S. consumers could save themselves almost $850 a year by just comparing rate quotes, but they don’t understand how simple it is to compare rate quotes online.
If you are insured now or need new coverage, you can use these techniques to find the best rates and possibly find even better coverage. These tips will help you learn how to get online quotes and some tips to save money. Shoppers just have to use the quickest way to compare prices from many companies at once.
You Can Change Your Insurance Rates
One of the most helpful ways to save on insurance is to to have a grasp of the rating factors that are used to determine your insurance rates. If you know what positively or negatively impacts your premiums, this enables you to make decisions that can help you get lower insurance prices. Multiple criteria are part of the calculation when pricing auto insurance. A few of the factors are predictable such as your driving history, but other factors are not as apparent like where you live or how safe your car is.
- Low credit rating equals high costs – A driver’s credit history is a big factor in determining premium rates. Insureds with excellent credit scores tend to be more responsible and file fewer claims than drivers with poor credit. If your credit score is lower than you’d like, you could pay less to insure your Audi S5 if you clean up your credit.
- Coverage deductibles are a factor – Deductibles for physical damage state the amount of money you are required to spend out-of-pocket if the claim is covered. Insurance for physical damage, also called ‘full coverage’, is used to repair damage to your car. Examples of covered claims could be rear-ending another vehicle, fire damage, and damage caused by road hazards. The larger the amount you are required to pay out-of-pocket, the lower your rates will be.
- Employer can influence prices – Did you know your occupation can influence how much you pay for insurance? Occupational choices like lawyers, business owners, and dentists generally pay higher average rates because of high stress levels and extremely grueling work hours. On the other hand, professions such as scientists, students and performers receive lower rates.
Careless drivers pay higher premiums – Just one moving violation can increase rates substantially. Drivers who don’t get tickets have lower premiums as compared to careless drivers. Drivers who have received careless violations like reckless driving or DUI may need to maintain a SR-22 with their state’s department of motor vehicles in order to legally drive.
The illustration below illustrates how speeding tickets and accidents can drive up Audi S5 yearly insurance costs for different ages of insureds. The prices are based on a married male driver, full physical damage coverage, $250 deductibles, and no discounts are applied to the premium.
Gender and car insurance rates – Statistics show that females take fewer risks when driving. However, don’t assume that women are BETTER drivers than men. Women and men tend to get into auto accidents at a similar rate, but the men tend to have more serious accidents. In addition to higher claims, males also get higher numbers of serious violations like driving under the influence (DUI). Young males are several times more likely to be in an accident and are penalized with high insurance rates.
The example below shows the comparison of Audi S5 insurance prices for male and female drivers. The premium estimates are based on no accidents or driving violations, comp and collision included, $1,000 deductibles, single status, and no other discounts are factored in.
- Rural vs Urban Areas – Residing in less populated areas of the country can save you money when buying insurance. Lower population means less chance of accidents. Residents of big cities tend to have much more traffic and longer commute times. Longer commute distances means more chances of being involved in an auto accident.
Audi S5 statistical loss data – Auto insurance companies use claims history to calculate a rate that will offset losses. Vehicles that the data shows to have higher number or severity of losses will have higher rates. The next table illustrates the actual insurance loss data for Audi S5 vehicles.
For each insurance policy coverage type, the statistical loss for all vehicles combined as an average is considered to be 100. Percentage values below 100 indicate a favorable loss history, while numbers above 100 indicate more frequent losses or an increased chance of a larger loss.
Audi S5 Insurance Claim Statistics Vehicle Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Audi S5 2dr 4WD 197 85 161 68 Audi S5 Convertible 4WD 162 62 124BETTERAVERAGEWORSE
Empty fields indicate not enough data collected
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Car insurance statistics and figures
The coverage table shown next highlights detailed analysis of insurance costs for Audi S5 models. Understanding how insurance premiums are determined can aid in making smart policy decisions.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|S5 4.2 Quattro 2-Dr Coupe||$170||$420||$256||$16||$76||$938||$78|
|S5 4.2 Quattro 2-Dr Coupe||$170||$420||$256||$16||$76||$938||$78|
|S5 3.0 Quattro 2-Dr Convertible||$170||$376||$256||$16||$76||$894||$75|
|S5 4.2 Quattro 2-Dr Coupe||$170||$464||$256||$16||$76||$982||$82|
|S5 4.2 Quattro 2-Dr Coupe||$170||$464||$256||$16||$76||$982||$82|
|S5 3.0 Quattro 2-Dr Convertible||$186||$420||$256||$16||$76||$954||$80|
|Get Your Own Custom Quote Go|
Cost estimates assume single male driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and Ohio minimum liability limits. Discounts applied include claim-free, multi-vehicle, multi-policy, safe-driver, and homeowner. Rates do not factor in specific garaging location which can decrease or increase insurance rates significantly.
The chart below demonstrates how choosing different deductibles and can impact Audi S5 insurance rates for each age group. The costs are based on a married male driver, full coverage, and no other discounts are factored in.
Full coverage versus liability only rates
The chart below illustrates the comparison of Audi S5 insurance premiums when comparing full coverage to liability only. The price estimates are based on no tickets, no at-fault accidents, $250 deductibles, marital status is single, and no additional discounts are factored in.
When to eliminate full coverage
There isn’t a written rule to stop buying physical damage coverage on your policy, but there is a general guideline. If the yearly cost for physical damage coverage is more than about 10% of the replacement cost of your vehicle minus the policy deductible, then it may be the right time to buy liability only.
For example, let’s assume your Audi S5 book value is $3,000 and you have $1,000 deductibles. If your vehicle is totaled in an accident, the most your company would pay you is $2,000 after paying your deductible. If you are paying in excess of $200 a year for full coverage, the it may be a good time to stop paying for full coverage.
There are some situations where dropping full coverage is not recommended. If you haven’t paid off your loan, you have to carry full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if you don’t have enough money to buy a different vehicle if your current one is in an accident, you should keep full coverage on your policy.
Determine discounts on Toledo car insurance
Insuring your fleet can be pricey, but discounts can save money and there are some available that you may not know about. A few discounts will automatically apply at the time you complete a quote, but less common discounts must be requested specifically before they will apply. If you’re not getting every credit available, you could be saving more on your car insurance.
- Senior Citizen Rates – Mature drivers are able to get a slight reduction on a Toledo auto insurance quote.
- Early Switch Discount – A few insurance companies allow discounts for switching to them prior to the expiration date on your current S5 insurance policy. This can save 10% or more.
- Anti-theft Discount – Cars and trucks with anti-theft systems help deter theft and will save you 10% or more on S5 insurance in Toledo.
- Safety Course Discount – Passing a course in defensive driver could possibly earn you a 5% discount depending on where you live.
- Accident Free – Toledo drivers who stay claim-free are rewarded with significantly better rates on Toledo auto insurance quote when compared with insureds who have frequent claims or accidents.
- Discounts for New Vehicles – Insuring a new S5 can save you some money since new model year vehicles are generally safer.
- Multi-car Discount – Having more than one vehicle on a single policy may reduce the rate for each vehicle.
- Bundle and Save – If you can bundle your auto and homeowners insurance and insure them both with the same insurance company you could get a discount of up to 20% off your total S5 insurance premium.
- Telematics Data Discounts – Insureds who allow their insurance company to analyze their driving habits by installing a telematics device like Drivewise from Allstate or In-Drive from State Farm could possibly reduce rates if they exhibit good driving behavior.
- Good Students Pay Less – Being a good student can get you a discount of up to 25%. This discount can apply up until you turn 25.
As a disclaimer on discounts, many deductions do not apply to the whole policy. Most only reduce the cost of specific coverages such as comprehensive or collision. So even though they make it sound like having all the discounts means you get insurance for free, it’s just not the way it works.
The information below visualizes the comparison of Audi S5 car insurance costs with and without discounts. The rate quotes are based on a male driver, no violations or accidents, Ohio state minimum liability limits, comp and collision included, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with safe-driver, marriage, multi-policy, homeowner, multi-car, and claim-free discounts applied.
For a list of insurance companies with the best discounts in Toledo, click this link.
Compare. Compare. Compare.
In this article, we covered some good ideas how to find cheap Audi S5 insurance in Toledo. It’s most important to understand that the more providers you compare, the better chance you’ll have of finding affordable Audi S5 insurance quotes. You may even be surprised to find that the lowest rates come from a company that doesn’t do a lot of advertising. Smaller companies may only write in your state and offer lower car insurance rates than the large multi-state companies such as Allstate and Progressive.
When getting Toledo auto insurance quotes online, don’t be tempted to buy lower coverage limits just to save a few bucks. There have been many cases where someone sacrificed comprehensive coverage or liability limits and found out when filing a claim that their decision to reduce coverage ended up costing them more. The ultimate goal is to purchase plenty of coverage for the lowest cost, but don’t skip important coverages to save money.
For more information, take a look at these articles:
- Young Drivers: The High Risk Years Video (iihs.org)
- What Auto Insurance is Cheapest for Drivers Under 25 in Toledo? (FAQ)
- Who Has Affordable Toledo Auto Insurance Rates for Drivers with Bad Credit? (FAQ)
- Eight Auto Insurance Myths (Insurance Information Institute)
- When is the Right Time to Switch Car Insurance Companies? (Allstate)
- Speed and Speed Limit FAQ (iihs.org)