It takes a little time, but the best way to find more affordable car insurance rates in Toledo is to begin comparing prices regularly from providers in Ohio. Drivers can shop around by following these steps.
- First, try to understand how your policy works and the steps you can take to prevent high rates. Many factors that result in higher rates such as speeding tickets, careless driving and a negative credit score can be rectified by making minor driving habit or lifestyle changes.
- Second, quote rates from direct, independent, and exclusive agents. Direct companies and exclusive agencies can provide rates from one company like Progressive or Allstate, while independent agencies can quote rates for a wide range of insurance providers.
- Third, compare the new rate quotes to the premium of your current policy to see if cheaper Raider coverage is available in Toledo. If you find a lower rate quote and change companies, ensure coverage does not lapse between policies.
The key thing to remember is that you use identical coverages on every quote request and and to get rate quotes from every company you can. This provides a fair price comparison and the most accurate and complete price analysis.
It’s shocking but over 70% of drivers kept their coverage with the same car insurance company for well over three years, and practically 40% of car insurance customers have never compared rate quotes at all. Toledo drivers could save themselves roughly 55% a year just by comparing rates, but they underestimate how much money they would save if they switched to a cheaper policy.
Locating the best rates in Toledo is easy if you know what you’re doing. Practically anyone who quotes auto insurance stands a good chance to find a lower-cost company. Although Ohio vehicle owners can benefit from knowing the methods companies use to set your policy premium.
Eight Things That Determine Your Insurance Rates
One of the most helpful ways to save on insurance is to to have a grasp of the factors that aid in calculating your policy premiums. If you have some idea of what impacts premium levels, this enables informed choices that could help you find big savings. Many different elements are considered when premium rates are determined. Some are obvious such as traffic violations, but others are less apparent such as your marital status or how safe your car is.
Your spouse saves you money – Having a spouse actually saves money when shopping for insurance. It usually means you are less irresponsible and it’s statistically proven that drivers who are married file infrequent claims.
Higher physical damage deductibles are cheaper – Physical damage coverage, also called ‘full coverage’, protects your Mitsubishi from damage. Some instances where coverage would apply would be a windshield shattered by a rock, collision with an animal, and having your car stolen. Comp and collision deductibles define the amount you are willing to pay in the event of a claim. The more of the claim you’re willing to pay, the less your company will charge you for insurance.
Your liability limits – The liability section of your policy will provide protection when you are determined to be liable for damages from an accident. Your policy’s liability insurance provides you with a defense in court which can be incredibly expensive. Liability insurance is quite affordable compared to comp and collision, so drivers should make sure they buy enough to cover all assets.
Higher rates for specific jobs – Do you work in a high-stress field? Occupations like fire fighters, business owners, and dentists tend to pay higher premium rates due to intense work requirements and lengthy work days. On the other hand, occupations such as scientists, students and performers have lower than average premiums.
Costs are impacted by vehicle performance – The make and model of the vehicle you are buying insurance for makes a big difference in how high your rates are. The lowest premiums will normally be found when insuring the lowest performance passenger models, but other factors influence the final cost greatly.
Excellent credit equals lower rates – Having a bad credit score is a large factor in determining what you pay. So if your credit can be improved, you may save money insuring your Mitsubishi Raider if you improve your credit rating. Drivers with high credit ratings tend to be more responsible than those with lower credit scores.
Safer cars are cheaper to insure – Safe vehicles get lower rates. Vehicles built for safety have better occupant injury protection and any reduction in injury severity translates directly to fewer claims and thus lower rates.
When should you not file claims? – If you’re an insured who likes to file claims you can look forward to either policy cancellation or increased premiums. Auto insurance companies in Ohio generally give lower rates to insureds who are claim-free. Auto insurance is intended for claims that pose a financial burden.
Do you qualify for discounts?
Some insurance providers do not advertise the entire discount list in a way that’s easy to find, so here is a list some of the more common and the harder-to-find ways to save on auto insurance.
- Buy New and Save – Buying insurance coverage on a new vehicle can be considerably cheaper because newer vehicles are generally safer.
- Early Payment Discounts – If paying your policy premium upfront instead of making monthly payments you could save 5% or more.
- Anti-theft Discount – Cars and trucks equipped with tracking devices and advanced anti-theft systems can help prevent theft and earn discounts up to 10% off your Toledo car insurance quote.
- Passenger Safety Discount – Options like air bags or automatic seat belts can qualify for discounts up to 30%.
- Good Student – This discount can save 20 to 25%. Most companies allow this discount until age 25.
- College Student Discount – Kids who live away from home at college and do not take a car to college may qualify for this discount.
- Policy Bundle Discount – If you can combine your homeowners and auto policy and place coverage with the same company you could earn a discount of approximately 10% to 15%.
As a sidenote, most credits do not apply to the entire cost. Most only apply to individual premiums such as physical damage coverage or medical payments. So despite the fact that it appears you could get a free auto insurance policy, it just doesn’t work that way. Any amount of discount will definitely reduce your overall bill.
The best auto insurance companies and a selection of discounts are included below.
- Farm Bureau offers premium reductions for youthful driver, renewal discount, good student, 55 and retired, driver training, and safe driver.
- MetLife may have discounts that include claim-free, accident-free, good driver, defensive driver, multi-policy, and good student.
- Progressive includes discounts for online signing, multi-policy, continuous coverage, homeowner, online quote discount, good student, and multi-vehicle.
- AAA offers discounts including good student, multi-car, AAA membership discount, pay-in-full, education and occupation, good driver, and anti-theft.
- American Family offers discounts for mySafetyValet, defensive driver, bundled insurance, good driver, air bags, good student, and accident-free.
- GEICO may include discounts for seat belt use, five-year accident-free, multi-vehicle, anti-theft, defensive driver, military active duty, and emergency military deployment.
- State Farm has discounts for anti-theft, Steer Clear safe driver discount, defensive driving training, multiple autos, Drive Safe & Save, and accident-free.
Check with every prospective company which discounts you may be entitled to. All car insurance discounts might not be offered on policies everywhere. To find insurers that offer discounts in Toledo, click this link.
In Summary
When you buy Toledo car insurance online, it’s not a good idea to reduce coverage to reduce premium. There are many occasions where an accident victim reduced uninsured motorist or liability limits and learned later that a couple dollars of savings turned into a financial nightmare. The proper strategy is to find the BEST coverage at the best possible price while not skimping on critical coverages.
Budget-friendly car insurance in Toledo can be found both online and from local insurance agents, so you need to shop Toledo car insurance with both to have the best rate selection. There are still a few companies who don’t offer online rate quotes and many times these smaller companies only sell coverage through independent agencies.
For more information, link through to these articles:
- Honda warning system reduces insurance claims (Insurance Institute for Highway Safety)
- How Much are Auto Insurance Quotes for a Kia Forte in Toledo? (FAQ)
- How Much is Toledo Auto Insurance for 18 Year Olds? (FAQ)
- What Auto Insurance is Cheapest for a Toyota RAV4 in Toledo? (FAQ)
- Who Has the Cheapest Toledo Auto Insurance for 4×4 Vehicles? (FAQ)
- Information for Teen Drivers (GEICO)
- Understanding your Policy (NAIC.org)
- Insuring a Leased Car (Insurance Information Institute)