Finding the best cheap car insurance for a Hyundai Elantra doesn’t take too much effort, but it is dependent upon many rating criteria such as whether you are married, your credit rating, and if you have tickets or violations. Drivers in Ohio pay around $640 per year to insure their Elantra, but that cost is calculated based on a 30-year-old married female driver with full physical damage coverage and $250 deductibles.
When projecting a rate like this, the problem is that you’re not a 30-year-old female, single instead of married, and maybe you want different deductibles. Even a minor difference in rating factors or requested coverage amount can result in a big discrepancy in the policy cost.
This demonstrates why the only real way to find the most affordable coverage for your Hyundai is to compare rates from as many companies as possible. Quotes are always free and you can get prices from some of the cheapest companies around.
Your vehicle’s trim level tends to impact the cost of insurance, so the price you will be charged to insure a Elantra GLS Touring Station Wagon model will be $74 lower than the price to insure the higher-end Elantra SE Touring Station Wagon model, as shown in the chart below.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Elantra GLS Touring Station Wagon | $148 | $238 | $196 | $12 | $58 | $652 | $54 |
| Elantra Blue 4-Dr Sedan | $148 | $342 | $232 | $14 | $70 | $806 | $67 |
| Elantra GLS 4-Dr Sedan | $170 | $342 | $232 | $14 | $70 | $828 | $69 |
| Elantra SE 4-Dr Sedan | $170 | $342 | $232 | $14 | $70 | $828 | $69 |
| Elantra SE Touring Station Wagon | $170 | $290 | $196 | $12 | $58 | $726 | $61 |
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Data based on married female driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and Ohio minimum liability limits. Discounts applied include claim-free, homeowner, multi-policy, safe-driver, and multi-vehicle. Table data does not factor in specific Toledo garaging location which can impact coverage prices substantially.
Finding reliable, reasonably-priced car insurance is not the easiest thing to do, and determining which insurers offer the most affordable insurance rates for a Hyundai Elantra will require even more perseverance. Every insurance provider has a proprietary formula for establishing rates, so to begin we’ll rank the insurance companies with the overall best prices in Toledo.
It’s a good idea to be aware that Ohio insurance rates are calculated based on many things that may substantially change the cost of having a policy. Price variation is why it is critical to compare as many rates as possible to get the most budget-friendly car insurance quotes for a Hyundai Elantra. Rates are calculated by many things and can change without notice, so the cheapest rate six months ago may now be quite expensive.
Find the Best Cheap Insurance for Your Hyundai
Utica National may have some of the best car insurance rates in Toledo at around $654 per year. Erie, Allied, Frankenmuth, and Travelers also make the cut as some of the cheapest Toledo, OH car insurance companies.
In the above rates, if you are a customer of Frankenmuth and switched to Utica National, you might realize an annual premium reduction of upwards of $47. Drivers with Travelers may save as much as $58 a year, and USAA customers might lower prices by up to $65 a year.
To compare your rates to other Ohio insurance companies, click here to start your free quote or visit several of the following companies.
Remember that these policy prices are averages for all drivers and vehicles in Ohio and and are not figured with an exact vehicle garaging location for a Hyundai Elantra. So the auto insurance company that has the lowest price for you may not even be in the top 33 companies in the list above. That illustrates why you need to get auto insurance quotes using your own personalized driver profile and vehicle information.
Insurance rate increases from tickets or accidents
The recommended way to maintain good insurance premiums in Ohio for an Elantra is to drive safe and not receive tickets or have accidents. The chart below shows how traffic citations and at-fault fender-benders can influence insurance costs for different age groups. The data assumes a single male driver, full physical damage coverage, $1,000 deductibles, and no discounts are applied.
In the example above, the average cost of an auto insurance policy in Toledo per year with no accidents or violations is $1,197. Get one speeding ticket and the average cost jumps to $1,349, an increase of $152 each year. Then add in one accident along with the one speeding ticket and the annual cost of insurance for a Hyundai Elantra jumps again to an average of $1,777. That’s an increase of $580, or $48 per month, just for not driving safely!
Liability rates compared to full coverage
Reducing premiums for insurance is probably important to the majority of drivers, and an easy way to lower the cost of insurance for a Hyundai Elantra is to buy liability only. The information below illustrates the comparison of premium costs with and without full coverage. Data assumes no accidents, no driving violations, $100 deductibles, marital status is single, and no discounts are applied to the premium.
If averaged for all ages, physical damage coverage costs an extra $1,668 per year over liability only. That touches on the question if paying for full coverage is worth it. There is no clear-cut rule for dropping comp and collision coverage, but there is a general guideline. If the annual cost of comprehensive and collision coverage is about 10% or more of any settlement you would receive from your insurance company, the it may be a good time to stop paying for full coverage.
For example, let’s pretend your vehicle’s replacement value is $8,000 and you have $1,000 policy deductibles. If your vehicle is severely damaged, the most you would receive is $7,000 after paying your deductible. If you are paying over $700 a year for full coverage, then you may want to consider only buying liability coverage.
There are some conditions where only buying liability is not financially feasible. If you have an outstanding loan on your vehicle, you must maintain physical damage coverage as part of the loan conditions. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is in an accident, you should maintain full coverage.
Types of discounts on Toledo auto insurance rates
Insurers that offer quotes for a Hyundai Elantra may additionally offer special discounts that may potentially lower prices by as much as 35% or more if you meet specific eligibility requirements. A few of the larger companies and some of their more popular discounts can be found below.
- State Farm offers discounts including good driver, driver’s education, defensive driving training, multiple autos, good student, accident-free, and anti-theft.
- Farmers Insurance offers discounts for distant student, homeowner, mature driver, alternative fuel, multi-car, and early shopping.
- Progressive policyholders can earn discounts including online signing, multi-vehicle, multi-policy, homeowner, continuous coverage, good student, and online quote discount.
- GEICO includes discounts for air bags, multi-vehicle, multi-policy, seat belt use, and anti-lock brakes.
- Auto-Owners Insurance may include discounts for company car, multiple vehicles, paperless, mature driver, and teen driver.
- The Hartford may offer discounts for air bag, defensive driver, vehicle fuel type, anti-theft, driver training, good student, and bundle.
- Farm Bureau offers premium reductions for multi-policy, youthful driver, safe driver, multi-vehicle, driver training, renewal discount, and good student.
- USAA discounts include new vehicle, multi-policy, defensive driver, safe driver, vehicle storage, military installation, and good student.
The example below shows the difference between insurance rates with and without discounts being applied to the rates. The costs are based on a female driver, no driving violations, no at-fault accidents, Ohio state minimum liability limits, full physical damage coverage, and $1,000 deductibles. The first bar for each age group shows insurance cost with no discounts. The second bar shows the rates with multiple policy, homeowner, passive restraint, safe-driver, marriage, and multiple vehicle discounts applied. When drivers qualify for the discounts, theamount saved on insurance for a Hyundai Elantra is 28% or $317.