Are you kicking yourself for buying an overpriced insurance policy? Believe me when I say there are many East Cleveland consumers feeling the pinch from expensive insurance.
Amazingly, a recent NerdWallet.com study showed that a large majority of drivers have been with the same company for at least the last four years, and nearly 40% of drivers have never shopped around. Many consumers in Ohio could cut their rates by 55% a year by just comparing quotes, but they don't believe how much savings they would realize if they switched to a cheaper policy. Having so many insurance providers from which to choose, it can be challenging to find the cheapest insurer.
Consumers need to compare prices at least once a year since insurance prices fluctuate regularly. Despite the fact that you may have had the best price on insurance six months ago you may be paying too much now. Ignore everything you know about insurance because we're going to demonstrate one of the easiest ways to get good coverage on insurance at a lower rate.
How to lower your car insurance premiums
A large part of saving on car insurance is knowing a few of the rating criteria that aid in calculating car insurance rates. If you know what impacts premium levels, this allows you to make good choices that will entitle you to big savings. Lots of things are part of the equation when pricing auto insurance. Some factors are common sense such as your driving record, but other factors are not as apparent such as your credit history and annual miles driven.
- Policy add-ons may be wasting money - Insurance policies have a lot of additional extra coverages that may not really be needed if you aren't careful. Things like personal injury protection, better glass coverage, and motor club memberships are some examples. They may seem like a good idea at first, but if you don't need them think about removing them and cutting costs.
- Accidents inflate prices - Only having one ticket can boost insurance rates substantially. Careful drivers get better rates than their less careful counterparts. Drivers who have received license-revoking tickets like reckless driving or DUI may be required to file a proof of financial responsibility form (SR-22) with their state's licensing department in order to keep their license.
- Coverage deductibles are a factor - Physical damage protection, termed comprehensive and collision coverage on your policy, covers damage that occurs to your car. A few examples of covered claims would be a dented fender, collision with an animal, and burglary. The deductibles define how much you are willing to pay if you file a covered claim. The more of the claim you have to pay, the lower your rates will be.
- With age comes responsibility - More experienced drivers are more cautious drivers, tend to file fewer claims, and receive fewer citations.Youthful drivers have been known to be more careless when driving so they pay higher car insurance rates.
- Defend yourself with liability coverage - Liability coverage will protect you if a jury decides you are liable for damages caused by your negligence. Your liability coverage provides for a legal defense which can cost a lot. Carrying liability coverage is mandatory and cheap compared to physical damage coverage, so insureds should have plenty of protection for their assets.
- Gender as a rate factor - Statistics have proven that females take fewer risks when driving. However, don't assume that men are worse drivers. Males and females get in at-fault accidents in similar percentages, but males tend to have higher claims. Not only that, but men also get cited for more serious violations like reckless driving and DUI. Male drivers age 16 to 19 have the highest risk to insure and therefore are the most expensive to insure.
- Never let your coverage lapse - Allowing your coverage to lapse can be a sure-fire way to drive up your policy premiums. Not only will rates go up, not being able to provide proof of insurance can result in a license revocation or jail time.
- Too many claims drive up car insurance rates - Insurance companies in Ohio give better rates to drivers who do not file claims often. If you file a lot of claims you can look forward to either policy cancellation or increased premiums. Auto insurance is meant to be used in the event of claims that you cannot pay yourself.
Most major insurance companies provide insurance quotes on their websites. Getting online rates is fairly straightforward because it's just a matter of typing in your required coverages into the quote form. After you submit the form their quoting system will order information on your driving record and credit history and quotes a price. Using the web to get price quotes streamlines rate comparisons, and it's very important to perform this step in order to get the cheapest possible prices on car insurance.
In order to find out how much you can save on car insurance, compare quotes from the companies shown below. If you currently have coverage, we recommend you replicate coverages and limits exactly as they are listed on your policy. This makes sure you will have comparison quotes for similar coverage.
The auto insurance companies shown below are ready to provide price quotes in East Cleveland, OH. If multiple providers are shown, it's highly recommended you compare several of them to find the most competitive auto insurance rates.
|Make, Model, and Trim Level||Annual Policy Premium||6-month Policy Premium||Monthly Premium|
|Chevrolet Colorado LT 2WD||$592||$296||$49|
|Chevrolet Malibu LT||$780||$390||$65|
|Chevrolet Silverado LS Crew Cab 2WD||$1,030||$515||$86|
|Dodge Grand Caravan Hero||$688||$344||$57|
|Dodge Ram Quad Cab TRX4 Off Road 4WD||$614||$307||$51|
|Ford Escape XLT 4WD||$662||$331||$55|
|Ford F-150 Lariat Crew Cab 2WD||$550||$275||$46|
|Ford Focus SES 4-Dr Sedan||$816||$408||$68|
|Ford Fusion SE 4-Dr Sedan||$730||$365||$61|
|GMC Sierra Denali Crew Cab 4WD||$690||$345||$58|
|Honda Accord LX-S 2-Dr Coupe||$1,004||$502||$84|
|Honda CR-V LX 2WD||$514||$257||$43|
|Honda Civic EX 4-Dr Sedan||$712||$356||$59|
|Jeep Wrangler Unlimited Sport 2WD 4-Dr||$922||$461||$77|
|Nissan Altima 2.5 S 2-Dr Coupe||$788||$394||$66|
|Toyota Camry XLE||$656||$328||$55|
|Toyota Corolla S||$668||$334||$56|
|Get Your Own Custom Quote Go|
Table data represents single male driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and Ohio minimum liability limits. Discounts applied include multi-policy, safe-driver, homeowner, claim-free, and multi-vehicle. Premium amounts do not factor in your specific East Cleveland location which can raise or lower insurance rates significantly.
Comparison of full coverage and liability-only policies
The diagram below illustrates the difference between Ford Fusion car insurance costs with full coverage and liability only. The information is based on no driving violations, no at-fault accidents, $250 deductibles, married female driver, and no policy discounts are applied.
Ford Fusion 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 definitive formula to delete full coverage, but there is a guideline you can consider. If the yearly cost for physical damage coverage is more than 10% of replacement cost minus your deductible, then you might want to consider buying only liability coverage.
For example, let's pretend your Ford Fusion book value is $3,000 and you have $1,000 deductibles. If your vehicle is totaled in an accident, the most you would get paid by your company is $2,000 after paying your policy deductible. If you are currently paying more than $200 a year for your policy with full coverage, then you may want to consider only buying liability coverage.
There are some situations where dropping full coverage is not a good idea. If you still have a lienholder on your title, 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 even your car is totaled, you should not eliminate full coverage.
Should you raise deductibles?
When buying auto insurance, a common question is which comprehensive and collision deductibles to buy. The data tables below outline the cost difference between low and high physical damage deductibles. The first rate table uses a $250 physical damage deductible and the second pricing table uses a $1,000 deductible.
Honda Pilot rates are for example purposes only. To get rates for your specific vehicle, click here.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Pilot LX 2WD||$176||$242||$226||$14||$68||$751||$63|
|Pilot EX 2WD||$198||$242||$226||$14||$68||$773||$64|
|Pilot EX 4WD||$198||$242||$226||$14||$68||$773||$64|
|Pilot EX-L 2WD||$198||$296||$226||$14||$68||$827||$69|
|Pilot EX-L 4WD||$198||$296||$226||$14||$68||$827||$69|
|Pilot Touring 2WD||$198||$296||$226||$14||$68||$827||$69|
|Pilot Touring 4WD||$198||$296||$226||$14||$68||$827||$69|
|Get a Quote for Your Vehicle Go|
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Pilot LX 2WD||$108||$152||$226||$14||$68||$568||$47|
|Pilot EX 2WD||$122||$152||$226||$14||$68||$582||$49|
|Pilot EX 4WD||$122||$152||$226||$14||$68||$582||$49|
|Pilot EX-L 2WD||$122||$186||$226||$14||$68||$616||$51|
|Pilot EX-L 4WD||$122||$186||$226||$14||$68||$616||$51|
|Pilot Touring 2WD||$122||$186||$226||$14||$68||$616||$51|
|Pilot Touring 4WD||$122||$186||$226||$14||$68||$616||$51|
|Get a Quote for Your Vehicle Go|
Above prices assume married male driver age 30, no speeding tickets, no at-fault accidents, and Ohio minimum liability limits. Discounts applied include safe-driver, multi-vehicle, multi-policy, homeowner, and claim-free. Table data does not factor in garaging location in East Cleveland which can affect prices substantially.
Based on the figures above, using a $250 deductible will cost in the ballpark of $17 more each month or $204 a year than quoting the higher $1,000 deductible. Since the policyholder would be required to pay $750 more out of your own pocket with a $1,000 deductible as compared to a $250 deductible, if you normally go more than 44 months between claim filings, you would come out ahead by selecting a higher deductible. The table below shows a better example of how you can make this decision for your own policy.
|Average monthly premium for $250 deductibles:||$67|
|Average monthly premium for $1,000 deductibles (subtract):||- $50|
|Monthly savings from raising deductible:||$17|
|Difference between deductibles ($1,000 - $250):||$750|
|Divide difference by monthly savings:||$750 / $17|
|Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible||44 months|
Why you need vehicle insurance in Ohio
Despite the high cost, buying auto insurance serves several important purposes.
First, the majority of states have compulsory liability insurance requirements which means you are required to carry a specific minimum amount of liability insurance 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 lien on your vehicle, almost every bank will force you to buy full coverage to guarantee loan repayment. If you cancel or allow the policy to lapse, the lender may insure your vehicle for a lot more money and require you to pay for the expensive policy.
Third, auto insurance protects both your assets and your vehicle. Insurance will pay for all forms of medical expenses that are the result of an accident. Liability coverage, the one required by state law, will also pay to defend you if you cause an accident and are sued. If your car is damaged in a storm or accident, comprehensive and/or collision insurance will pay to restore your vehicle to like-new condition.
The benefits of having insurance definitely exceed the cost, especially if you ever need it. Today the average American driver overpays more than $830 a year so it's important to compare rates every year to be sure current rates are still competitive.
Companies offer money-saving discounts on insurance
Properly insuring your vehicles can get expensive, but there's a good chance there are discounts that you may not even be aware of. Some discounts apply automatically at quote time, but a few must be requested specifically before you will receive the discount.
- Sign Early and Save - Some larger companies reward drivers for switching policies before your current policy expires. The savings is around 10%.
- Discounts for New Vehicles - Insuring a vehicle that is new can be considerably cheaper because new vehicles have to meet stringent safety requirements.
- Low Mileage - Low mileage vehicles may enable drivers to earn cheaper rates.
- Membership in Organizations - Being in certain professional organizations could qualify you for a break on your next insurance statement.
- Sign Online - Some of the larger companies will give a small break for buying your policy on the web.
- Accident Waiver - This one isn't a discount, but companies like Allstate, Progressive, and GEICO will forgive one accident before your rates go up if you are claim-free for a set time period.
Consumers should know that some of the credits will not apply to all coverage premiums. Some only reduce individual premiums such as liability and collision coverage. Just because you may think you can get free auto insurance, companies don't profit that way.
Large insurance companies and their possible discounts can be found below.
- Progressive offers discounts for homeowner, online quote discount, good student, continuous coverage, online signing, multi-policy, and multi-vehicle.
- The Hartford discounts include air bag, good student, anti-theft, vehicle fuel type, driver training, bundle, and defensive driver.
- Mercury Insurance may have discounts that include low natural disaster claims, professional/association, multi-car, anti-theft, accident-free, type of vehicle, and annual mileage.
- GEICO may offer discounts for five-year accident-free, defensive driver, multi-vehicle, anti-theft, air bags, and anti-lock brakes.
- AAA policyholders can earn discounts including education and occupation, AAA membership discount, good driver, pay-in-full, multi-car, good student, and multi-policy.
- State Farm may include discounts for driver's education, defensive driving training, good driver, multiple autos, student away at school, anti-theft, and good student.
Before you buy a policy, ask every prospective company to apply every possible discount. Discounts might not apply in East Cleveland. For a list of insurers that offer multiple discounts in Ohio, click here to view.
Independent and exclusive car insurance agents
A small number of people just prefer to buy from a licensed agent and we recommend doing that Good agents can point out coverage gaps and give you someone to call. One of the best bonuses of comparing rate quotes online is you can get cheap rate quotes and still have a local agent. Buying from small agencies is definitely important in East Cleveland.
To help locate an agent, after submitting this form (opens in new window), your coverage information is immediately sent to participating agents in East Cleveland who will give you quotes to get your business. You won't need to contact any insurance agencies as quotes are delivered to your email. If for some reason you want to get a price quote from one company in particular, just visit that company's website and complete a quote there.
How to choose the best auto insurance agent in East Cleveland
If you are wanting to purchase insurance from a good insurance agency, there are two different agency structures and how they can quote your rates. Agents in East Cleveland are considered either exclusive or independent. Either one can sell and service insurance coverage, but it's a good idea to understand the subtle differences because it can factor into the type of agent you choose.
Independent Insurance Agencies or Brokers
These agents are not employed by any specific company so they can write business amongst many companies and find the cheapest insurance rates. If prices rise, your policy is moved internally and you don't have to do anything.
If you need lower rates, it's recommended you include a couple of independent agencies in order to have the best price comparison.
Exclusive Insurance Agencies
Exclusive agencies have only one company to place business with and some examples include Allstate, State Farm and Farmers Insurance. Exclusive agents are unable to provide prices from multiple companies so they really need to provide good service. They are trained well on their company's products and that allows them to sell at a higher price point.
Choosing an car insurance agent requires more thought than just a cheap price. Agents should be asked these questions:
- What are their preferred companies if they are an independent agency?
- Are they in the agency full-time?
- Do they offer claims assistance after hours?
- Will the agent help in case of a claim?
- Where would your vehicle be repaired?
Everyone needs different car insurance coverages
When quoting and comparing adequate coverage, there is no "perfect" insurance plan. Everyone's situation is unique and your car insurance should unique, too. For instance, these questions might point out whether your personal situation might need professional guidance.
- How much can I save by bundling my policies?
- What companies insure drivers after a DUI or DWI?
- I have good health insurance, so how much medical payments coverage do I need?
- What if I total my vehicle and owe more than it's worth?
- Does my policy pay for OEM or aftermarket parts?
- I have a DUI can I still get coverage?
- Will my rates increase for filing one claim?
- Am I covered when delivering products for my home-based business?
- Do I pay less if my vehicle is kept in my garage?
If it's difficult to answer those questions, you may need to chat with a licensed agent. If you don't have a local agent, simply complete this short form or you can also visit this page to select a carrier It's fast, free and can provide invaluable advice.
Quote more to save more
As you shop your coverage around, do not buy poor coverage just to save money. In too many instances, someone dropped liability coverage limits only to regret at claim time that saving that couple of dollars actually costed them tens of thousands. Your objective should be to find the BEST coverage for the lowest cost, but do not skimp to save money.
We covered many tips how you can shop for car insurance online. The most important thing to understand is the more you quote East Cleveland car insurance, the more likely it is that you will get a better rate. Drivers may even discover the best price on car insurance is with the smaller companies. Regional companies may often insure only within specific states and give getter rates than their larger competitors like Progressive and GEICO.
Affordable car insurance in East Cleveland can be sourced both online and from local insurance agents, and you should compare rates from both so you have a total pricing picture. Some car insurance companies may not provide online quoting and these regional insurance providers sell through local independent agencies.
More detailed car insurance information is located at these sites:
- How to Avoid Buying a Flooded Car (Insurance Information Institute)
- Who Has Cheap Car Insurance Quotes for Good Drivers in Ohio? (FAQ)
- Who Has the Cheapest Auto Insurance Rates for a Learners Permit in Ohio? (FAQ)
- What Auto Insurance is Cheapest for a Nissan Altima in Ohio? (FAQ)
- Who Has Affordable Car Insurance Rates for a Mazda CX-7 in Ohio? (FAQ)
- Insurance Losses by Make and Model (iihs.org)
- Safe Vehicles for Teens (iihs.org)
- Dangers of fake or stolen airbags (Insurance Institute for Highway Safety)
- Help Your Teen Be a Better Driver (State Farm)