Do you want to learn to get more affordable insurance rates in Lorain, OH? Tired of sacrificing to insure your vehicles every month? You're in the same situation as millions of other drivers.

Remarkably, a study showed that most insurance customers renewed their policy with the same company for well over three years, and nearly the majority have never quoted rates to find affordable coverage. The average driver in Lorain could save an average of roughly 55% each year, but they just don't understand the amount of money they would save if they switch to a new company.

You have multiple car insurance companies to choose from, and even though it's nice to have multiple companies, lots of choices makes it harder to find the lowest cost provider.

It's a great practice to compare rates periodically because insurance prices trend upward over time. Even if you think you had the lowest rates on insurance two years ago a different company probably has better rate quotes today. Block out anything you think you know about insurance because you're about to find out the best methods to find great coverage at a great price.

When comparison shopping, there are several ways of comparing price quotes from many auto insurance companies in Ohio. The easiest way by far to find competitive insurance rates is to use the internet to compare rates.

Comparing free rates online is easy and it, takes the place of having to spend time driving to all the different Lorain insurance agencies. The ability to buy insurance online eliminates the need for an insurance agent unless you want the guidance of a licensed agent. If you prefer, some companies allow you to compare online quotes but have a local Lorain agent actually write the policy.

Just keep in mind that comparing more prices will improve the odds of getting a lower rate.

The providers in the list below provide price comparisons in Ohio. If several companies are displayed, it's highly recommended you get rate quotes from several of them in order to find the most competitive rates.

Insurance Rate Estimates for Popular Vehicles in Lorain
Make, Model, and Trim Level Annual Policy Premium 6-month Policy Premium Monthly Premium
Chevrolet Equinox LTZ AWD $818 $409 $68
Chevrolet Silverado LS Regular Cab 4WD $820 $410 $68
Dodge Ram Crew Cab ST 4WD $746 $373 $62
Ford Escape XLT 2WD $508 $254 $42
Ford F-150 XLT Regular Cab 4WD $726 $363 $61
Ford Focus SES 4-Dr Sedan $798 $399 $67
Honda Accord EX 4-Dr Sedan $508 $254 $42
Honda CR-V EX 4WD $522 $261 $44
Honda Civic DX 4-Dr Sedan $612 $306 $51
Honda Odyssey EX-L $722 $361 $60
Jeep Wrangler Unlimited Sahara 2WD 4-Dr $682 $341 $57
Kia Optima LX $670 $335 $56
Nissan Altima 2.5 4-Dr Sedan $680 $340 $57
Toyota Camry XLE $760 $380 $63
Toyota Corolla XRS $680 $340 $57
Toyota RAV4 Limited 2WD $716 $358 $60
Get Your Own Custom Quote Go

Data based on single female driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and Ohio minimum liability limits. Discounts applied include claim-free, multi-vehicle, multi-policy, safe-driver, and homeowner. Table data does not factor in vehicle location which can impact coverage rates noticeably.

Full coverage rates compared to liability only

The chart below shows the comparison of Toyota Corolla auto insurance rates with liability coverage only compared to full coverage. The premiums are based on no claims, a clean driving record, $500 deductibles, married female driver, and no policy discounts are applied.

Toyota Corolla rates are for example purposes only. To get rates for your specific vehicle, click here.

Should you be buying full coverage?

There is no exact rule for phasing out physical damage coverage, but there is a general guideline you can use. If the annual cost of coverage is about 10% or more of the replacement cost of your vehicle minus the policy deductible, then you might want to consider buying only liability coverage.

For example, let's say your Toyota Corolla book value is $4,000 and you have $1,000 policy deductibles. If your vehicle is severely damaged, the most you would receive is $3,000 after you pay the deductible. If you are paying more than $300 annually for physical damage coverage, then you might want to consider buying only liability coverage.

There are some cases where eliminating full coverage is not in your best interest. If you still owe a portion of the original loan, you have to keep full coverage in order to satisfy the requirements of the loan. Also, if you cannot afford to purchase a different vehicle in the event your current vehicle is totaled, you should not eliminate full coverage.

Why do I need car insurance?

Despite the potentially high cost of auto insurance, insurance is most likely required but also gives you several important benefits.

First, the majority of states have minimum liability requirements which means the state requires specific limits of liability insurance in order to license the vehicle. In Ohio these limits are 25/50/25 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.

Second, if your car has a loan, more than likely the lender will have a requirement that you have comprehensive coverage to ensure the loan is repaid in case of a total loss. If the policy lapses, the bank will be required to insure your vehicle at an extremely high rate and force you to pay for the much more expensive policy.

Third, auto insurance protects both your vehicle and your personal assets. Insurance will pay for hospital and medical expenses for you, any passengers, and anyone injured in an accident. Liability coverage, the one required by state law, will also pay for a defense attorney if you are sued as the result of an accident. If you have damage to your vehicle as the result of the weather or an accident, comprehensive (other-than-collision) and collision coverage will pay to have it repaired.

The benefits of buying enough insurance more than offset the price you pay, especially with large liability claims. According to a recent study, the average American driver is wasting up to $869 every year so you should quote rates each time the policy renews to save money.

Rate influencing factors

Part of the car insurance buying process is learning a few of the rating criteria that play a part in calculating car insurance rates. If you have some idea of what influences your rates, this helps enable you to make changes that can earn you lower car insurance prices. Many things are used in the calculation when you get a price on insurance. Some are pretty understandable such as your driving record, but some are not as apparent such as your marital status or how safe your car is.

Deter theft and pay less - Purchasing a vehicle with a theft deterrent system can help lower your rates. Systems that thwart thieves like GM's OnStar, tamper alarm systems and vehicle immobilizers all aid in stopping your car from being stolen.

Single drivers take more risk - Your spouse can actually save you money compared to being single. Marriage is viewed as being less irresponsible and it's statistically proven that married drivers get in fewer accidents.

Insurance rates and driver gender - Statistics demonstrate women tend to be less risk to insure than men. That doesn't necessarily mean that women are BETTER drivers than men. Males and females are in accidents in similar percentages, but the male of the species tend to have more serious accidents. They also get higher numbers of serious violations like DWI (DUI) or reckless driving. Male teenagers are most likely to cause an accident and therefore pay the highest rates.

Age of drivers impacts costs - Inexperience drivers are proven to be inattentive and easily distracted when driving with friends so they pay higher car insurance rates. Adding a teenage driver onto your car insurance can increase premiums substantially. Older people are more responsible, are lower risk to insure, and get fewer tickets.

Get discounts on Lorain insurance

Insurance is not an enjoyable expense, but you can get discounts to help bring down the price. Certain discounts will be triggered automatically at the time of quoting, but a few need to be specifically requested prior to receiving the credit.Save money with discounts

Discounts lower rates, but some credits don't apply to the entire cost. Most only apply to the cost of specific coverages such as comprehensive or collision. Even though the math looks like all those discounts means the company will pay you, insurance companies wouldn't stay in business. But any discount will help lower the cost of your policy.

The best insurance companies and some of their more popular discounts are shown below.

Before you buy a policy, ask every company the best way to save money. Savings may not apply in every state. To view insurers offering insurance discounts in Ohio, click here to view.

Claim statistics by make and model

Do you own a vehicle likely to have a claim? The claim statistics below list the highest and lowest makes and models for likelihood of having to file claims.

Collision Insurance Claims by Vehicle
Lowest Claim Amount Highest Claim Amount
Ford F-150 SuperCrew Bently Continental GTC
Nissan Xterra Bently Continental GT
GMC Canyon Audi RS7
Ford Edge Maserati Granturismo
Smart ForTwo Ferrari 458
Jeep Wrangler BMW M6

Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years

Liability Insurance Claims by Vehicle
Lowest Claim Amount Highest Claim Amount
Audi A6 Mitsubishi Mirage
Fiat 500 Chevrolet Cruze
Chevrolet Corvette Mitsubishi Lancer
Subaru Forester Kia Optima
Mercedes-Benz SL Class Chrysler 200
Volvo XC60 Chevrolet Impala

Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years

Medical Payment Insurance Claims by Manufacturer Model
Lowest Claim Amount Highest Claim Amount
Ford Expedition Chevrolet Spark
Chevrolet Silverado 3500 Nissan Sentra
Audi A4 Allroad Nissan Versa
Tesla Model S Mitsubishi Lancer
Land Rover Range Rover Sport Hyundai Accent
Chevrolet Corvette Dodge Charger

Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years

Lowest and Highest Comprehensive Coverage Claims by Vehicle
Lowest Claim Amount Highest Claim Amount
Volvo V60 Bentley Continental GTC
Nissan Xterra Bentley Continental GT
Ford F-350 Audi S7
Infiniti QX50 Maserati Granturismo
Chevy Spark Maserati Quattroporte
Chevy Silverado 2500 BMW M6

Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years

Find affordable rates by being thorough

Budget-friendly auto insurance in Lorain can be purchased online and from local insurance agents, and you should be comparing both to get a complete price analysis. A few companies do not offer rates over the internet and most of the time these smaller providers only sell through independent agents.

When buying insurance coverage, do not reduce needed coverages to save money. In many cases, an insured dropped liability coverage limits and learned later that they should have had better coverage. The goal is to purchase a proper amount of coverage at an affordable rate while still protecting your assets.

We covered a lot of techniques to get a better price on auto insurance in Lorain. It's most important to understand that the more companies you get premium rates for, the more likely it is that you will get a better rate. Consumers could even find that the most savings is with an unexpected company. Some small companies may have significantly lower premium rates on certain market segments than their larger competitors like Progressive and GEICO.

Additional information can be found below: