Shopping around for budget insurance is not the easiest thing to accomplish, and figuring out which company offers the cheapest car insurance rates for unemployed drivers will take more quotes for comparison. Each insurer has a different process for setting prices, so first let’s look at the rankings for the car insurance companies that tend to be cheaper in Toledo, OH.
It’s important to understand that Ohio car insurance rates are based on many factors that may substantially change the policy price. Improving your credit score, buying a different vehicle, or getting a speeding ticket may generate price changes that can make some companies cheaper than before.
Best Insurance Companies for Job Seekers
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Utica National | $628 |
| 2 | Allied | $676 |
| 3 | Erie | $687 |
| 4 | Frankenmuth | $708 |
| 5 | USAA | $719 |
| 6 | Travelers | $733 |
| 7 | Cincinnati Insurance | $749 |
| 8 | Merchants Insurance Group | $755 |
| 9 | Grange Mutual | $804 |
| 10 | General Casualty | $805 |
| 11 | Motorists Mutual | $816 |
| 12 | Central Mutual | $866 |
| 13 | State Farm | $867 |
| 14 | Hastings Mutual | $893 |
| 15 | Atlantic States | $913 |
| 16 | Western Reserve | $932 |
| 17 | Westfield | $936 |
| 18 | Auto-Owners | $958 |
| 19 | Progressive | $962 |
| 20 | Farmers | $995 |
| Get Personalized Rates Go | ||
Utica National may have some of the lowest car insurance rates in Toledo at around $628 per year. This is $412 less than the average rate paid by Ohio drivers of $1,040. Allied, Erie, Frankenmuth, and USAA are also some of the most economical Toledo, OH insurance companies.
In the rate table above, if you have coverage with Erie and switched to Utica National, you may see an annual savings of approximately $59. Ohio drivers with Frankenmuth might save as much as $80 a year, and USAA customers might reduce prices by as much as $91 a year.
These rates are averages for all types of drivers and the different vehicles they drive and do not take into consideration an exact zip code location for unemployed drivers. So the company that fits your situation best may not even be in the list above. That point stresses why you need to quote rates from many companies using your own personalized driver profile and vehicle information.
For the unemployed, one of the largest factors that determine car insurance rates is the neighborhood you call home in Toledo. More densely populated places will most likely have higher rates, whereas areas with fewer weather claims and lower vehicle theft rates have the luxury of cheap car insurance rates.
The information below ranks the most costly cities in Ohio for unemployed drivers to buy an auto insurance policy in. Toledo comes in at #2 with an annual rate of $1,279 for car insurance, which is about $107 per month.
| Rank | City | Annual Premium |
|---|---|---|
| 1 | Youngstown | $1,285 |
| 2 | Toledo | $1,279 |
| 3 | Columbus | $1,235 |
| 4 | Cleveland | $1,222 |
| 5 | Cincinnati | $1,210 |
| 6 | Cleveland Heights | $1,178 |
| 7 | Akron | $1,135 |
| 8 | Euclid | $1,129 |
| 9 | Dayton | $1,108 |
| 10 | Hamilton | $1,102 |
| 11 | Springfield | $1,094 |
| 12 | Canton | $1,091 |
| 13 | Fairfield | $1,063 |
| 14 | Newark | $1,053 |
| 15 | Beavercreek | $1,047 |
| 16 | Lakewood | $1,041 |
| 17 | Strongsville | $1,041 |
| 18 | Kettering | $1,040 |
| 19 | Middletown | $1,024 |
| 20 | Mentor | $1,008 |
| 21 | Parma | $1,007 |
| 22 | Elyria | $1,005 |
| 23 | Cuyahoga Falls | $997 |
| 24 | Mansfield | $992 |
| 25 | Lorain | $975 |
| Find Cheaper Rates Go | ||
Prices are estimated as specific Toledo zip code can impact premium rates considerably.
Rate comparison of full coverage and liability-only
Reducing the cost of car insurance is the goal of most vehicle owners, and one easy way to buy cheaper insurance for unemployed drivers is to not buy full coverage. The information below illustrates the difference between insurance costs with full coverage and liability only. The rates are based on no claims, a clean driving record, $250 deductibles, single marital status, and no policy discounts are applied.
Averaged out for all age groups, physical damage insurance costs an extra $1,629 per year more than just buying liability only. That may make you wonder if paying for full coverage is a waste of money. There is no definitive rule for phasing out full coverage on your policy, but there is a general convention. If the annual cost of coverage is more than 10% of any settlement you would receive from your insurance company, then it’s probably a good time to buy liability coverage only.
For example, let’s pretend your vehicle’s replacement value is $10,000 and you have $1,000 policy deductibles. If your vehicle is damaged in an accident, the most your company would pay you is $9,000 after paying your policy deductible. If you are paying more than $900 annually for your policy with full coverage, then you may want to consider only buying liability coverage.
Choosing the highest-rated car insurance provider is hard considering how many choices you have in Ohio. The company information below could help you pick which insurers to look at when buying insurance for unemployed drivers. These ratings are only comprised of companies that insure vehicles across America, so companies with more of a regional focus will not be included in the list.
Top 10 Large Auto Insurers in Toledo Ranked by A.M. Best Rating
- USAA – A++
- GEICO – A++
- Travelers – A++
- State Farm – A++
- Allstate – A+
- Progressive – A+
- Erie Insurance – A+
- The Hartford – A+
- Nationwide – A+
- Esurance – A+
Top 10 Large Auto Insurers in Toledo Ranked by Claims Service
- Progressive
- Travelers
- Liberty Mutual
- Nationwide
- USAA
- GEICO
- AAA Insurance
- Safeco Insurance
- Esurance
- The General
The chart below demonstrates how deductibles can change premium costs when getting quotes for cheap insurance for unemployed drivers. The rates are based on a single female driver, comp and collision included, and no discounts are taken into consideration.
In the chart above, a 30-year-old driver could cut expenses by $280 a year by changing their physical damage coverage from a $100 deductible up to a $500 deductible, or save $420 by selecting a $1,000 deductible. Younger drivers, like the 20-year-old, could shave as much as $624 each year by choosing a larger deductible amount.
When choosing a higher deductible, it is a good idea to have additional funds squirreled away to enable you to pay the extra out-of-pocket expense, which is the primary disadvantage of high deductibles.
If you aren’t sure which coverage you need and prefer to get some help when buying car insurance for unemployed drivers, the insurance agencies below can probably help you decide which policy is best.
To find a Toledo insurance agency in your neighborhood, click the link after the list or click here to compare rates now.
- Nationwide Insurance: Smithers Ins Agency LLC
229 Superior St – Rossford, OH 43460 – (419) 666-5703 - Vince Davis State Farm Insurance
3344 Secor Rd – Toledo, OH 43606 – (419) 244-2904 - House of Insurance
5801 Telegraph Rd – Toledo, OH 43612 – (419) 476-8436 - Allstate Insurance: Jessica J. Hernandez
1855 S Reynolds Rd B – Toledo, OH 43614 – (419) 536-9000 - Walton Insurance LLC
3307 N Holland Sylvania Rd #6 – Toledo, OH 43615 – (419) 725-2886