Do you want to stop overpaying and find lower-priced insurance rates in Toledo, OH? Pricey insurance in Toledo can deplete your savings account, especially in this economy. Doing a rate analysis is free, only takes a few minutes, and is a good way to lower your monthly bill.
Remarkably, a study showed that the vast majority of drivers have remained with the same insurance company for more than four years, and 38% of customers have never quoted rates to find cheap coverage. Toledo drivers could pocket 55% a year just by comparing rates, but most tend to underestimate how much savings they would realize if they moved their coverage to a different company. There are many insurance companies to pick from, and although it's a good thing to be able to choose, it makes it harder to compare company pricing.
Finding the cheapest insurance coverage in Toledo can be easy if you know a few tricks. If you currently have insurance, you stand a good chance to be able to save money using this information. Shoppers just have to understand the least time-consuming way to get comparison quotes instantly.
Finding more affordable auto insurance rates is an easy way to save money. You just have to invest a few minutes comparing price quotes provided by online insurance companies.
Doing price comparisons online is so simple that it makes it obsolete to drive around to insurance agents' offices. Quoting auto insurance online eliminates this option unless you prefer the trained guidance of a local agency. Some companies do allow you to compare online quotes and get advice from an agent in your area.
The car insurance companies shown below are our best choices to provide price comparisons in Ohio. If multiple companies are shown, we suggest you visit as many as you can in order to find the most affordable rates.
|Make, Model, and Trim Level||Annual Policy Premium||6-month Policy Premium||Monthly Premium|
|Chevrolet Equinox LS AWD||$802||$401||$67|
|Chevrolet Impala LT||$672||$336||$56|
|Chevrolet Silverado LTZ Extended Cab 2WD||$686||$343||$57|
|Dodge Ram Quad Cab Sport 4WD||$892||$446||$74|
|Ford Escape XLT 2WD||$646||$323||$54|
|Ford Explorer XLT AWD||$908||$454||$76|
|Ford F-150 Lariat Crew Cab Harley 2WD||$748||$374||$62|
|Ford Focus SEL 4-Dr Sedan||$816||$408||$68|
|Honda Accord EX-L 2-Dr Coupe||$686||$343||$57|
|Honda CR-V EX-L 4WD||$752||$376||$63|
|Honda Civic EX 4-Dr Sedan||$838||$419||$70|
|Jeep Grand Cherokee SRT-8 4WD||$874||$437||$73|
|Nissan Altima 2.5 S 2-Dr Coupe||$820||$410||$68|
|Toyota Camry LE||$680||$340||$57|
|Toyota Corolla S||$730||$365||$61|
|Get Your Own Custom Quote Go|
Data assumes single male driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and Ohio minimum liability limits. Discounts applied include safe-driver, multi-vehicle, multi-policy, claim-free, and homeowner. Price estimates do not factor in your specific Toledo location which can influence premium rates greatly.
Physical damage deductibles: Should you raise them?
A question often asked by Toledo drivers is how high should the deductibles for physical damage be. The comparison tables below summarize the rate differences of buying low and high policy deductibles. The first set of rates uses a $100 deductible for comp and collision and the second rate chart uses a $500 deductible.
Toyota Camry 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|
|Get a Quote for Your Vehicle Go|
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Get a Quote for Your Vehicle Go|
Prices above based on married male driver age 30, no speeding tickets, no at-fault accidents, and Ohio minimum liability limits. Discounts applied include multi-vehicle, homeowner, safe-driver, claim-free, and multi-policy. Premium amounts do not factor in specific garaging location which can lower or raise coverage rates noticeably.
We can estimate from the data above that using a $100 deductible costs approximately $18 more each month or $216 each year than opting for the higher $500 deductible. Since you would have to pay $400 more out-of-pocket with a $500 deductible as compared to a $100 deductible, if you have at a minimum 22 months between claims, you would come out ahead if you elect the higher deductible. The numbers below show how you can decide this on your own policy.
|Average monthly premium for $100 deductibles:||$79|
|Average monthly premium for $500 deductibles (subtract):||- $61|
|Monthly savings from raising deductible:||$18|
|Difference between deductibles ($500 - $100):||$400|
|Divide difference by monthly savings:||$400 / $18|
|Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible||22 months|
An important sidenote is that a higher deductible results in a higher out-of-pocket expense when you do file a claim. You need enough savings in the event you need to pay the deductible for vehicle repair.
Full coverage rates vs. liability-only
The information below illustrates the difference between Chevrolet Silverado insurance costs with and without physical damage coverage. The rates are based on no claims or driving violations, $1,000 deductibles, single male driver, and no discounts are factored in.
Chevrolet Silverado 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 rule for eliminating physical damage coverage, but there is a general guideline you can use. If the annual cost of coverage is 10% or more of the vehicle's replacement cost less your deductible, then it might be time to consider dropping full coverage.
For example, let's assume your Chevrolet Silverado replacement cost is $6,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled, you would only receive $5,000 after paying your deductible. If premiums are more than $500 annually to have full coverage, then it might be time to consider dropping full coverage.
There are a few situations where removing full coverage is not advised. If you haven't satisfied your loan, you have to carry full coverage to satisfy the loan requirements. Also, if you don't have enough money to buy a different vehicle if your current one is in an accident, you should not eliminate full coverage.
Cut your insurance rates with discounts
Properly insuring your vehicles can get expensive, but there may be some discounts that you may not even know about. Many of these discounts will be applied automatically at the time of purchase, but a few must be inquired about before you get the savings. If you do not double check each discount available, it's possible you qualify for a lower rate.
- Passive Restraints - Cars that have air bags or motorized seat belts can qualify for discounts of 20 to 30 percent.
- Discounts for Multiple Vehicles - Purchasing coverage when you have all your vehicles on one policy can reduce the rates for all insured vehicles.
- Federal Employees - Being employed by or retired from a federal job could provide a small rate reduction with select insurance companies.
- Student Driver Training - Make teen driver coverage more affordable by requiring them to successfully take a driver's education course if it's offered in school.
- Discount for Good Grades - Excelling in school could provide a savings of up to 20% or more. You can use this discount normally well after school through age 25.
It's important to note that some credits don't apply to the entire policy premium. The majority will only reduce individual premiums such as liability and collision coverage. So even though you would think adding up those discounts means a free policy, that's just not realistic. Any amount of discount will positively reduce the amount you have to pay.
Popular insurance companies and their offered discounts are outlined below.
- American Family offers discounts for early bird, multi-vehicle, air bags, good student, TimeAway discount, accident-free, and bundled insurance.
- Nationwide includes discounts for family plan, business or organization, anti-theft, easy pay, Farm Bureau membership, and good student.
- MetLife may have discounts that include claim-free, defensive driver, accident-free, good driver, multi-policy, and good student.
- 21st Century may offer discounts for homeowners, early bird, anti-lock brakes, teen driver, and theft prevention.
- Farmers Insurance discounts include distant student, bundle discounts, early shopping, mature driver, and multi-car.
- Allstate has discounts for anti-theft, early signing, premier discount, FullPay discount, auto/life discount, senior citizen, and eSmart discount.
Double check with every insurance company the best way to save money. Some discounts may not be offered in your state. To see insurers that offer the discounts shown above in Ohio, click here to view.
Car insurance in Ohio serves several purposes
Even though it can be expensive, buying car insurance is not optional due to several reasons.
First, most states have mandatory insurance requirements which means the state requires a minimum amount of liability protection in order to drive the car. 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 have a requirement that you have insurance to ensure they get paid if you total the vehicle. If you let the policy lapse, the bank will be required to insure your vehicle at an extremely high rate and require you to reimburse them for the much more expensive policy.
Third, car insurance preserves both your car and your personal assets. It will also cover medical expenses for you, any passengers, and anyone injured in an accident. As part of your policy, liability insurance also covers all legal expenses up to the policy limit if you are named as a defendant in an auto accident. If damage is caused by hail or an accident, your policy will pay to restore your vehicle to like-new condition.
The benefits of insuring your vehicle outweigh the cost, especially when you need to use it. But the average driver in Ohio is overpaying over $850 per year so you should quote rates at least once a year to be sure current rates are still competitive.
Buying auto insurance from Toledo auto insurance agents
Some people would rather talk to a local agent and that is not a bad decision Good agents can help you choose the best coverages and help submit paperwork. The best thing about comparing rates online is that drivers can save money and get better rates and still have an agent to talk to.
To find an agent, once you fill out this short form, the quote information is sent to local insurance agents in Toledo who can give free rate quotes to get your business. You won't even need to drive around due to the fact that quote results will go to the email address you provide. If you wish to get a price quote from a specific insurance company, you can always search and find their rate quote page and submit a quote form there.
Choosing the best company requires more thought than just a cheap quote. Any agent in Toledo should be willing to answer these questions.
- When do they do policy reviews?
- Do you have coverage for a rental car if your vehicle is in the repair shop?
- Do they offer claims assistance after hours?
- Which insurance company do they prefer to write with?
- How are claims handled?
- How much training do they have in personal risk management?
- Is coverage determined by price?
- Can glass claims be handled at your home?
Upon getting positive feedback as well as a price you're happy with, most likely you have located a company that is a good match to service your policy.