You’ve seen the captivating commercials from insurers like Progressive and Farmers guaranteeing the cheapest rates, so you just need to pick the company with the cutest commercial, right?
That is not the case, however, as there are a ton of unknown aspects such as if you need full coverage or just liability, your marital status, and citations or tickets. Car insurance is kind of a dry topic, but this article will explain the best ways to maintain low rates and will hopefully give the reader a good start to your coverage search.
Deciphering which companies have the most affordable auto insurance rates for drivers with good credit requires a tad more effort in order to find the most economical policy.
Each company uses a little different formula for setting rates, so let’s rank the auto insurance companies that tend to be cheaper in Toledo. We do need to point out that Toledo, OH auto insurance rates are impacted by many things which can significantly increase or decrease the cost of coverage. Turning one year older, getting married, or getting a couple of tickets can trigger price changes that can make some companies much cheaper than others.
Lowest Insurance Price Quotes for High Credit
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Utica National | $635 |
| 2 | Allied | $669 |
| 3 | Erie | $687 |
| 4 | Frankenmuth | $708 |
| 5 | Travelers | $712 |
| 6 | USAA | $719 |
| 7 | Merchants Insurance Group | $748 |
| 8 | Cincinnati Insurance | $756 |
| 9 | Motorists Mutual | $792 |
| 10 | Grange Mutual | $804 |
| 11 | General Casualty | $813 |
| 12 | Hastings Mutual | $858 |
| 13 | State Farm | $858 |
| 14 | Central Mutual | $874 |
| 15 | Westfield | $936 |
| 16 | Atlantic States | $940 |
| 17 | Western Reserve | $970 |
| 18 | Progressive | $982 |
| 19 | Auto-Owners | $998 |
| 20 | Farmers | $1,005 |
| Find Cheaper Rates Go | ||
Utica National quotes some of the most affordable car insurance rates in Toledo at around $635 annually. Allied, Erie, Frankenmuth, and Travelers would also make the list of some of the more affordable Toledo, OH insurance companies.
As the rates illustrate above, if you currently buy coverage from Travelers and switched to Allied, you could realize annual savings of approximately $43. Customers with USAA might save as much as $50 a year, and Merchants Insurance Group customers might cut rates by $79 a year.
Bear in mind that those policy prices are averaged for all drivers and vehicles in Ohio and and are not figured with an exact vehicle garaging location for drivers with good credit. So the car insurance company that can offer you the best price may not even be in the top 33 companies in the list above. That underscores the importance of why you need to get car insurance quotes using your own specific driver and vehicle information.
The make and model of vehicle you are insuring is one of the largest factors when comparing economical insurance for drivers with good credit. Vehicles with high performance, poor passenger safety features, or high incidents of liability claims will cost much more to insure than safer models.
The next table illustrates auto insurance rates for a number of the more affordable automobiles to buy coverage for.
| Vehicle Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Dodge Grand Caravan CV | $1,161 |
| Ford Escape XLT 2WD | $1,181 |
| Honda CR-V EX-L 2WD | $1,211 |
| Hyundai Elantra SE Touring Station Wagon | $1,276 |
| Ford Edge Sport AWD | $1,289 |
| Honda Odyssey EX-L W/Navigation | $1,298 |
| Ford F-150 XL Super Cab 2WD | $1,291 |
| Chevrolet Equinox LTZ AWD | $1,314 |
| Nissan Altima Hybrid 4-Dr Sedan | $1,324 |
| Toyota Prius | $1,319 |
| Chevrolet Impala LS | $1,362 |
| Ford Focus SE 2-Dr Coupe | $1,377 |
| Hyundai Sonata SE 4-Dr Sedan | $1,382 |
| Chevrolet Malibu Hybrid | $1,389 |
| Toyota Tacoma Double Cab 4WD | $1,397 |
| Get a Custom Quote Go | |
Data assumes married female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Ohio minimum liability limits. Discounts applied include safe-driver, multi-policy, multi-vehicle, homeowner, and claim-free. Prices do not factor in specific Toledo, OH garaging location which can influence auto insurance rates noticeably.
Based upon the table data, vehicles like the Dodge Grand Caravan, Ford Escape, and Honda CR-V are some of the most economical vehicles to insure for financially responsible drivers.
For financially responsible drivers, one of the largest components that aid in calculating the annual cost of car insurance is your zip code in Toledo. Areas with increased crime or more people tend to have higher auto insurance costs, whereas areas with less people or fewer weather incidents can boast about having cheaper rates.
The information below rates the most costly cities in Ohio for drivers with good credit to purchase auto insurance in. Toledo is ranked #2 having an annual price of $1,241 on average, which is around $103 per month.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | Cleveland | $1,259 |
| 2 | Toledo | $1,241 |
| 3 | Youngstown | $1,235 |
| 4 | Columbus | $1,235 |
| 5 | Cincinnati | $1,222 |
| 6 | Akron | $1,169 |
| 7 | Cleveland Heights | $1,166 |
| 8 | Euclid | $1,164 |
| 9 | Dayton | $1,120 |
| 10 | Hamilton | $1,102 |
| 11 | Fairfield | $1,095 |
| 12 | Springfield | $1,094 |
| 13 | Canton | $1,091 |
| 14 | Middletown | $1,066 |
| 15 | Newark | $1,053 |
| 16 | Beavercreek | $1,047 |
| 17 | Strongsville | $1,031 |
| 18 | Lakewood | $1,031 |
| 19 | Kettering | $1,020 |
| 20 | Lorain | $1,015 |
| Compare Rates Now Go | ||
Annual rates are approximated as the specific geographic location can change insurance rates greatly.
Insuring your vehicle with the top insurance company is hard considering how many companies sell coverage in Toledo. The company rank data displayed below may help you decide which insurers to look at purchasing coverage from.
These ratings include companies that write coverage in many states, so companies that may only write in Ohio are not taken into consideration for these rankings. To compare price quotes and find cheaper insurance for drivers with good credit, follow this link.
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 Value
- USAA
- GEICO
- AAA Insurance
- Erie Insurance
- State Farm
- Liberty Mutual
- Safeco Insurance
- Allstate
- 21st Century
- Travelers
The information below shows how different deductible levels can raise or lower premium costs when trying to find cheap insurance for drivers with good credit. Data assumes a married female driver, comp and collision included, and no policy discounts are applied.
The data above shows that a 40-year-old driver could lower their policy premium by $210 a year by changing from a $100 deductible to a $500 deductible, or save $316 by switching to a $1,000 deductible. Even younger insureds, like the 20-year-old, could potentially save as much as $516 or more just by choosing higher deductibles when buying full coverage. When increasing deductibles, it will be required to have plenty of discretionary funds to pay the extra out-of-pocket expense, which deters some people from using high deductibles.
Don’t stick with an overpriced policy
Toledo, OH auto insurance rates are influenced by many factors which can substantially decrease or increase the price you pay for coverage. Simply having a birthday, having a teenage driver, or having a fender bender can produce rate changes that can cause some rates to be more affordable than the competition.
Not only may your risk profile change, but companies modify pricing as often as every three months to reflect underwriting profits or losses. Significantly higher losses can cause increased policy costs, while a profitable period can produce lower-cost Toledo car insurance rates.
To illustrate this example, the graph below shows rates for the cheapest car insurance in Toledo, OH for a 35-year-old female driver with no accidents, a clean driving record, and a decent credit rating. If we estimate rates based on her current situation, Utica National quotes the lowest car insurance rates in Toledo at $797 each year. This is $243 less than the average policy premium paid by Ohio drivers of $1,040. Frankenmuth, Erie, Allied, and Travelers are the remaining cheapest Toledo, OH auto insurance companies.
Now we will give the driver from the above example an accident surcharge, a lower credit score, and a couple of points charged on her driving record. Since each company uses a different method to set policy rates, analyzing rates most likely will result in a completely different list of companies as shown below.
Cincinnati Insurance now has the cheapest insurance rate in Toledo with Merchants Insurance Group, General Casualty, Grange Mutual, and Motorists Mutual completing the list. This demonstrates why it is important to spend some time comparing rates to get the best car insurance rates for drivers with good credit.
Prices are made up of many factors and change frequently, so the most economical option the last time you shopped your coverage around may now be wasting a lot of money.