The vehicle requiring insurance is a significant factor that determines if you can find the cheapest insurance for business use. Vehicles with economical engines, a great safety record, or a low likelihood of liability claims will cost less to insure than fast, unsafe models.
The next table showcases car insurance costs for a number of the cheaper automobiles to buy insurance for.
| Vehicle Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Hyundai Elantra GLS Touring Station Wagon | $1,319 |
| Ford F-150 STX Super Cab 2WD | $1,448 |
| Honda Accord EX 4-Dr Sedan | $1,455 |
| Ford Escape XLT 4WD | $1,482 |
| Honda CR-V EX 4WD | $1,531 |
| Chevrolet Malibu Hybrid | $1,565 |
| Jeep Wrangler Rubicon 4WD 2-Dr | $1,619 |
| Toyota Prius | $1,650 |
| Chevrolet Silverado LT Regular Cab 2WD | $1,676 |
| GMC Sierra SLT Extended Cab 4WD | $1,684 |
| Honda Odyssey EX W/Rear Entertainment | $1,679 |
| Ford Explorer XLT 4WD | $1,684 |
| Toyota Camry LE | $1,713 |
| Chevrolet Impala LT | $1,718 |
| Toyota RAV4 2WD | $1,713 |
| Ford Edge Limited 2WD | $1,726 |
| Volkswagen Jetta 2.0T Station Wagon | $1,733 |
| Toyota Tacoma Double Cab TRD Sport Package 4WD | $1,746 |
| Dodge Grand Caravan Hero | $1,764 |
| Chevrolet Equinox LT AWD | $1,771 |
| Toyota Corolla S | $1,806 |
| Kia Optima LX | $1,834 |
| Chevrolet Silverado 2500HD LT Crew Cab 4WD | $1,840 |
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Data based on single male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Ohio minimum liability limits. Discounts applied include multi-policy, safe-driver, multi-vehicle, homeowner, and claim-free. Price information does not factor in your specific Toledo, OH location which can modify rates noticeably.
Looking at the numbers, models like the Hyundai Elantra, Ford F-150, Honda Accord, Ford Escape, and Honda CR-V are likely to be some of the most budget-friendly vehicles to insure for using your car for business. The price for car insurance will tend to be more expensive just due to the fact that there is more claim risk for business use, but in general those vehicles will have the lowest prices that you are likely to find.
Deciphering which companies have the cheapest insurance rates for business use may require more work in order to find coverage that fits your budget. Each company has a different process to set their prices, so we need to take a look at the most competitive insurance companies in Toledo, OH.
It’s important that you understand Toledo, OH insurance rates are influenced by many factors that can increase the cost of having a policy. Turning one year older, having a teenage driver, or getting a ticket for careless driving can cause premium changes resulting in some rates now being more affordable than others.
Best Cheap Insurance Rates for Business Use
Utica National generally has some of the lowest car insurance rates in Toledo at around $654 per year. Erie, Allied, Frankenmuth, and USAA would also be considered some of the most economical Toledo, OH insurance companies.
In this example, if you are a customer of Frankenmuth and switched to Utica National, you could earn an annual savings of in the vicinity of $54. Policyholders with USAA might save as much as $65 a year, and Travelers customers might realize rate reductions of up to $79 a year.
To see if you’re overpaying, click here to get quotes or visit any of the low-priced companies below.
Be aware that those estimates are averages for all types of drivers and the different vehicles they drive and and are not figured with a specific location for business use. So the car insurance company that has the cheapest price for you may not even be in the top 33 companies in the list above. That underscores the importance of why you need to compare rates from multiple companies using your own personalized driver profile and vehicle information.
For using your car for business, one of the big things that help determine auto insurance rates is where your residence is in Toledo. Areas with a lot of weather claims or more people tend to pay slightly more, whereas areas with less people or fewer weather incidents have the benefit of cheaper car insurance.
The information below ranks the highest-priced areas in Ohio for business use to purchase car insurance in. Toledo shows up at #1 with an annual premium of $1,279 for the average policy, which is about $107 monthly.
| Rank | City | Annual Premium |
|---|---|---|
| 1 | Toledo | $1,279 |
| 2 | Cleveland | $1,272 |
| 3 | Youngstown | $1,247 |
| 4 | Cincinnati | $1,210 |
| 5 | Cleveland Heights | $1,202 |
| 6 | Columbus | $1,199 |
| 7 | Hamilton | $1,146 |
| 8 | Euclid | $1,129 |
| 9 | Akron | $1,123 |
| 10 | Dayton | $1,120 |
| 11 | Springfield | $1,105 |
| 12 | Canton | $1,102 |
| 13 | Fairfield | $1,095 |
| 14 | Newark | $1,095 |
| 15 | Middletown | $1,055 |
| 16 | Beavercreek | $1,047 |
| 17 | Lakewood | $1,041 |
| 18 | Parma | $1,027 |
| 19 | Mentor | $1,018 |
| 20 | Kettering | $1,009 |
| 21 | Mansfield | $1,002 |
| 22 | Strongsville | $1,001 |
| 23 | Cuyahoga Falls | $997 |
| 24 | Lorain | $975 |
| 25 | Elyria | $965 |
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Rates are estimated as the specific geographic location can revise auto insurance rates substantially.
Should you buy full coverage?
Saving money when shopping for insurance is probably important to the majority of people, and a great way to lower the cost of insurance for business use is to buy only liability coverage. The example below compares car insurance rates with full coverage and liability only. The information is based on no accidents, no driving violations, $1,000 deductibles, single status, and no policy discounts are applied.
If we average the cost for all age groups, comp and collision coverage costs an extra $961 per year over and above liability only. Many drivers will wonder if buying full coverage is a good investment. There is no exact rule that is best for determining when to drop full coverage, but there is a general guideline. If the annual cost of your full coverage insurance is more than around 10% of any settlement you would receive from your insurance company, the it may be a good time to stop paying for full coverage.
There are a few cases where removing full coverage is not a good plan. If you still have a loan on your vehicle, you have to maintain full coverage in order to satisfy the requirements of the loan. Also, if you can’t afford to buy a different vehicle in the even your car is totaled, you should keep full coverage.
Types of discounts on Toledo insurance rates
Insurance providers that offer coverage for business use may also give you policy discounts that could potentially reduce rates by as much as 35% if you meet certain criteria. A few of the larger companies and a partial list of their discounts can be read below.
- Progressive has savings for multi-vehicle, online signing, homeowner, online quote discount, multi-policy, and continuous coverage.
- The Hartford offers discounts for air bag, defensive driver, anti-theft, bundle, good student, driver training, and vehicle fuel type.
- Mercury Insurance offers premium reductions for multi-policy, annual mileage, low natural disaster claims, age of vehicle, and location of vehicle.
- GEICO discounts include seat belt use, military active duty, daytime running lights, good student, and emergency military deployment.
- AAA policyholders can earn discounts including multi-policy, good student, education and occupation, AAA membership discount, anti-theft, and pay-in-full.
- State Farm has discounts for Drive Safe & Save, good student, passive restraint, student away at school, and multiple autos.
The chart below illustrates the difference between annual premium costs with and without discounts. The rates are based on a female driver, a clean driving record, no claims, Ohio state minimum liability limits, comp and collision included, and $250 deductibles. The first bar for each age group shows the average annual price with no discounts. The second bar shows the rates with vehicle safety, passive restraint, safe-driver, anti-theft, defensive driving course, and marriage discounts applied. When discounts are factored in, theamount saved on insurance for business use is 27% or $312.
Here’s why you should shop around
Ohio insurance rates are influenced by many factors that can increase the cost of a policy. Simply getting older, increasing liability limits, or getting caught speeding may generate price changes resulting in some companies being cheaper than competitors. In addition to those changes, insurance companies change premium rates at least once a year to ensure their profitability. Higher than normal claims can cause rate hikes, while profitable underwriting may result in lower-priced Toledo car insurance rates.
To illustrate this point, the graph below shows the companies that have the cheapest car insurance in Toledo, OH for a 30-year-old female driver with no prior accidents, a clean driving record, and good credit. When comparing rates based on her current risk factors, Utica National may offer the most affordable car insurance rates in Toledo at $847 annually. This is $193 less than the average premium paid by Ohio drivers of $1,040. Erie, Allied, Frankenmuth, and Travelers are the rest of the cheapest Toledo, OH auto insurance companies.
The example below compares rates after we give the driver from above a chargeable accident, a lower credit rating, and a speeding ticket. Since every car insurance company has a unique approach for setting prices, comparing quotes could now result in a different list of the cheapest car insurance companies in Toledo as shown below.
Cincinnati Insurance now has the best price on car insurance in Toledo, OH with Merchants Insurance Group, General Casualty, Grange Mutual, and Motorists Mutual now being in the top five. This example demonstrates why Ohio drivers need to compare as many rates as possible when trying to get the lowest car insurance rates for business use. Insurance rates are determined by many different factors and can change substantially, so the most economical option the last time you checked may now be quite expensive.