There isn't a single person who rejoices having to buy insurance, especially when they are aware that they could lower their rates if they shopped around.

Unbelievable but true according to a study about 70% of customers have remained with the same insurance company for well over three years, and almost 40% of drivers have never even compared quotes to find cheap rates. American drivers could cut their rates by as much as $859 a year by just shopping around, but they don't want to spend time to save money by comparing rate quotes.

Online insurance companies like GEICO and Progressive all promote huge savings with TV and radio ads and consumers find it hard to see past the corporate glitz and do the work needed to find the best deal.

It's a good habit to check insurance prices at least once a year because prices are rarely the same from one policy term to another. Even if you got the lowest quotes on insurance on your last policy there is a good chance you can find better rates now. Forget anything you know (or think you know) about insurance because we're going to demonstrate one of the quickest ways to properly buy coverages while reducing your premium.

When quoting auto insurance, remember that comparing a wide range of rates provides better odds of finding more affordable insurance.

The companies shown below offer free quotes in Ohio. If several companies are displayed, it's highly recommended you click on several of them in order to get a fair rate comparison.

Insurance Price Estimates for Popular Vehicles in Marion
Make, Model, and Trim Level Annual Policy Premium 6-month Policy Premium Monthly Premium
Chevrolet Impala LT $764 $382 $64
Chevrolet Malibu LS $624 $312 $52
Chevrolet Silverado LT Extended Cab 4WD $538 $269 $45
Dodge Ram Quad Cab TRX4 Off Road 2WD $782 $391 $65
Ford Escape XLT 4WD $600 $300 $50
Ford Explorer Eddie Bauer AWD $688 $344 $57
Ford F-150 Lariat Super Cab 2WD $616 $308 $51
Ford Focus SES 4-Dr Sedan $690 $345 $58
Ford Fusion S 4-Dr Sedan $764 $382 $64
Honda Accord LX 4-Dr Sedan $604 $302 $50
Honda CR-V LX 2WD $444 $222 $37
Honda Civic EX-L 2-Dr Coupe $948 $474 $79
Nissan Altima 3.5 SR 4-Dr Sedan $762 $381 $64
Toyota Camry SE $840 $420 $70
Toyota Corolla XRS $768 $384 $64
Volkswagen Jetta SE 4-Dr Sedan $876 $438 $73
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Data assumes married female driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and Ohio minimum liability limits. Discounts applied include claim-free, multi-vehicle, multi-policy, homeowner, and safe-driver. Price information does not factor in specific Marion garaging location which can lower or raise premium rates noticeably.

Liability only or full coverage

The chart below shows the difference between Honda Pilot insurance rates with liability coverage only compared to full coverage. Data assumes no accidents, no driving violations, $250 deductibles, married female driver, and no discounts are applied.

Honda Pilot rates are for example purposes only. To get rates for your specific vehicle, click here.

When to stop buying physical damage coverage

There is no exact formula of when to drop full coverage on your policy, but there is a guideline you can consider. 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 might be time to buy liability only.

For example, let's pretend your Honda Pilot claim settlement value is $8,000 and you have $1,000 policy deductibles. If your vehicle is destroyed, the most your company would pay you is $7,000 after you pay the deductible. If you are paying in excess of $700 a year to have full coverage, then it's probably a good time to buy liability coverage only.

There are some scenarios where eliminating full coverage is not financially feasible. If you still have a loan on your vehicle, you are required to maintain full coverage in order to keep the loan. Also, if you cannot afford to purchase a different vehicle in the event your current vehicle is totaled, you should keep full coverage on your policy.

When to buy liability coverage only

There isn't a steadfast formula of when to phase out physical damage insurance, but there is a guideline you can consider. If the annual cost of your full coverage insurance is about 10% or more of the settlement you would receive from your company, then you may need to consider dropping full coverage.

For example, let's assume your Chevrolet Cruze book value is $4,000 and you have $1,000 deductibles. If your vehicle is severely damaged, you would only receive $3,000 after the deductible is paid. If premium cost is more than $300 annually to have full coverage, then it may be the right time to buy liability only.

There are some situations where removing full coverage is not a good plan. If you haven't satisfied your loan, you must maintain physical damage coverage in order to prevent your loan from defaulting. Also, if your savings is not enough to buy a different vehicle if your current one is totaled, you should keep full coverage.

Deductible analysis

One of the hardest decisions when shopping for car insurance is how high should your deductibles be. The comparisons below lay out how much more you'll pay of buying low and high coverage deductibles. The first set of rates uses a $100 physical damage coverage deductible and the second rate table uses a $1,000 deductible.

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

Toyota Camry insurance prices with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Camry LE $196 $352 $226 $14 $68 $881 $73
Camry SE $196 $416 $226 $14 $68 $945 $79
Camry XLE $196 $416 $226 $14 $68 $945 $79
Camry Hybrid $220 $416 $256 $16 $76 $1,009 $84
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Toyota Camry insurance prices with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Camry LE $108 $186 $226 $14 $68 $602 $50
Camry SE $108 $220 $226 $14 $68 $636 $53
Camry XLE $108 $220 $226 $14 $68 $636 $53
Camry Hybrid $122 $220 $256 $16 $76 $690 $58
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Above prices assume married male driver age 30, no speeding tickets, no at-fault accidents, and Ohio minimum liability limits. Discounts applied include multi-vehicle, safe-driver, claim-free, multi-policy, and homeowner. Rate quotes do not factor in specific zip code location which can affect prices greatly.

We can estimate from the data above that using a $100 deductible could cost the average driver approximately $25 more each month or $300 a year than selecting the higher $1,000 deductible. Due to the fact that you would have to pay $900 more if you turn in a claim with a $1,000 deductible as compared to a $100 deductible, if you go at a minimum 36 months between claims, you would save money by selecting a higher deductible.

How to decide to raise your deductibles

Average monthly premium for $100 deductibles: $79
Average monthly premium for $1,000 deductibles (subtract): - $54
Monthly savings from raising deductible: $25
Difference between deductibles ($1,000 - $100): $900
Divide difference by monthly savings: $900 / $25
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 36 months

One thing to note is that higher deductibles means you will have to pay more of your own money at claim time. You need enough savings in the event you need to pay more for the deductible.

Car insurance premiums based on gender

The chart below visualizes the comparison of yearly insurance costs for male and female drivers in Marion. Data assumes no violations or accidents, full coverage, $250 deductibles, drivers are not married, and no discounts are applied on a Toyota Corolla S.

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

Get discounts to get affordable Marion car insurance rates

Companies offering auto insurance don't always list every disount available in an easy-to-find place, so we researched a few of the more common and the more hidden ways to save on car insurance.Discount car insurance

Discounts reduce rates, but you should keep in mind that some of the credits will not apply to your bottom line cost. A few only apply to individual premiums such as collision or personal injury protection. Just because you may think it's possible to get free car insurance, companies wouldn't make money that way.

To see a list of providers that can offer you the previously mentioned discounts in Marion, click this link.

Buying the right vehicle insurance in Ohio is an important decision

Despite the high cost, buying car insurance serves an important purpose.

First, just about all states have minimum mandated liability insurance limits which means you are required to buy specific minimum amounts of liability in order to be legal. 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 you have a loan on your vehicle, most lenders will make it mandatory that you buy insurance to protect their interest in the vehicle. If you default on your policy, the bank may buy a policy for your vehicle at an extremely high rate and force you to pay much more than you were paying before.

Third, car insurance preserves not only your vehicle but also your financial assets. Insurance will pay for all forms of medical expenses for both you and anyone you injure as the result of an accident. Liability insurance, one of your policy coverages, will also pay to defend you if anyone sues you for causing an accident. If mother nature or an accident damages your car, collision and comprehensive coverages will cover the damage repairs after a deductible is paid.

The benefits of having car insurance more than cancel out the cost, especially if you ever need it. The average driver in Ohio is overpaying over $820 a year so compare rates every year to ensure rates are competitive.

Tailor your car insurance coverage to you

Always remember that when buying the right insurance coverage for your vehicles, there is no "perfect" insurance plan. Everyone's needs are different and your car insurance should unique, too.Drive safe and save Here are some questions about coverages that may help you determine whether your personal situation may require specific advice.

If you're not sure about those questions, you might consider talking to a licensed agent. If you don't have a local agent, fill out this quick form or you can also visit this page to select a carrier

Vehicle claim statistics

Do you own a high-claim vehicle? The next tables show the highest and lowest vehicle makes and models for the probability of filing claims for each type of coverage listed.

Vehicles with the Lowest and Highest Collision Insurance Claims
Lowest Claim Amount Highest Claim Amount
Smart ForTwo Bently Continental GTC
GMC Canyon Ferrari 458
Nissan Xterra Maserati Granturismo
Ford Edge BMW 6 Series
Chevrolet Colorado Bentley Continental Flying Spur
Ford F-150 SuperCrew Nissan GT-R

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

Lowest and Highest Liability Insurance Claims by Manufacturer Model
Lowest Claim Amount Highest Claim Amount
Volvo XC60 Chevrolet Sonic
Mercedes-Benz SL Class Mitsubishi Mirage
Chevrolet Corvette Kia Rio
Subaru Outback Chevrolet Cruze
Audi A6 Dodge Charger
Acura MDX Chevrolet Impala

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

Lowest and Highest Auto Insurance Comprehensive Claims by Vehicle Model
Lowest Claim Amount Highest Claim Amount
Infiniti QX50 Maserati Granturismo
Nissan Leaf Porsche Panamera GTS
Chevy Silverado 2500 Mercedes-Benz S Class
Smart ForTwo BMW M6
Volvo V60 Bentley Continental GT
Nissan Xterra Maserati Quattroporte

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

Medical Payment Coverage Claims by Vehicle Model
Lowest Claim Amount Highest Claim Amount
Audi A4 Allroad Nissan Sentra
Chevrolet Silverado 3500 Hyundai Accent
Ford Expedition Mitsubishi Lancer
Ford F-250 SuperCrew Chevrolet Sonic
Land Rover Range Rover Sport Mitsubishi Mirage
Chevrolet Corvette Kia Forte

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