You have surely seen all the captivating commercials from companies like Progressive and State Farm that promise huge savings, so drivers just need to pick one randomly, right?
It’s not that simple, unfortunately, as there are a whole slew of unknowns like whether you are a man or a woman, the safety ratings of your vehicle, and if you own or rent your home. This article will discuss the types of things that cause high car insurance rates and will give you a good start in finding the cheapest car insurance.
One of the more important criteria that help determine the cost of insurance is where you normally keep your vehicle. Cities with more crime and/or more people tend to have more expensive auto insurance rates, whereas areas with lower vehicle theft rates and fewer weather claims benefit from having to pay less for coverage.
The illustration below sorts the highest-priced areas in Ohio for drivers over age 70 to purchase car insurance in. Toledo ranks #1 with a yearly premium of $1,279 for coverage, which is approximately $107 monthly.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | Toledo | $1,279 |
| 2 | Cleveland | $1,272 |
| 3 | Youngstown | $1,247 |
| 4 | Columbus | $1,235 |
| 5 | Cleveland Heights | $1,202 |
| 6 | Cincinnati | $1,186 |
| 7 | Hamilton | $1,146 |
| 8 | Dayton | $1,142 |
| 9 | Euclid | $1,129 |
| 10 | Akron | $1,123 |
| 11 | Fairfield | $1,095 |
| 12 | Springfield | $1,072 |
| 13 | Canton | $1,069 |
| 14 | Newark | $1,063 |
| 15 | Beavercreek | $1,058 |
| 16 | Lakewood | $1,041 |
| 17 | Strongsville | $1,041 |
| 18 | Kettering | $1,040 |
| 19 | Parma | $1,037 |
| 20 | Middletown | $1,024 |
| 21 | Mansfield | $1,022 |
| 22 | Lorain | $1,005 |
| 23 | Cuyahoga Falls | $997 |
| 24 | Mentor | $988 |
| 25 | Elyria | $975 |
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Table data uses comparative as specific Toledo zip code can alter price quotes greatly.
Finding dependable, low-priced car insurance is hard enough, and determining which companies offer the most affordable insurance rates for drivers over age 70 may require a bit more work. Every insurance provider uses different criteria for establishing rates, so first we will examine the insurance companies that tend to be cheaper in Toledo.
It’s important to understand that Toledo, OH insurance rates are determined by lots of factors which can substantially decrease or increase the price you pay. Simply improving your credit, buying a different vehicle, or getting a speeding ticket may cause policy rate changes resulting in some companies being more affordable than before.
Cheap Insurance Rates for Age 70+
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Utica National | $635 |
| 2 | Allied | $676 |
| 3 | Erie | $687 |
| 4 | Frankenmuth | $708 |
| 5 | USAA | $719 |
| 6 | Travelers | $726 |
| 7 | Merchants Insurance Group | $771 |
| 8 | Cincinnati Insurance | $779 |
| 9 | Motorists Mutual | $800 |
| 10 | General Casualty | $813 |
| 11 | Grange Mutual | $836 |
| 12 | Hastings Mutual | $858 |
| 13 | State Farm | $858 |
| 14 | Central Mutual | $866 |
| 15 | Atlantic States | $904 |
| 16 | Westfield | $918 |
| 17 | Auto-Owners | $958 |
| 18 | Western Reserve | $970 |
| 19 | Progressive | $991 |
| 20 | Nationwide | $1,018 |
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Utica National generally has some of the most affordable car insurance rates in Toledo at around $635 per year. Allied, Erie, Frankenmuth, and USAA also make the cut as some of the more affordable Toledo, OH auto insurance companies.
As shown above, if you are insured with Frankenmuth and switched to Allied, you could earn a yearly savings of roughly $32. Customers with USAA could save as much as $43 a year, and Travelers insureds might reduce prices by as much as $50 a year.
Be aware that those estimates are averages for all types of drivers and the different vehicles they drive and and are not calculated with an exact location for drivers over age 70. So the company that has the lowest price for you may not even be in the list above. That emphasizes why you need to get rate quotes using your own driver and vehicle profiles.
Impact of speeding/accidents on Toledo insurance rates
In a perfect world, the ideal way to obtain the best insurance premiums in Ohio for older drivers is to be a cautious driver and maintain a clean driving record. The information below illustrates how violations and at-fault fender-benders can drive up insurance prices for each age group. The rate quotes are based on a married female driver, full physical damage coverage, $250 deductibles, and no discounts are applied.
In the chart above, the average cost of an auto insurance policy per year with no accidents or violations is $1,027. Receive two speeding tickets and the average cost increases to $1,458, an increase of $431 each year. Next add one accident along with the two speeding tickets and the annual cost of insurance for drivers over age 70 goes up to an average of $1,889. That’s an increase of $862, or $72 per month, just for not keeping your driving record clean!
The chart below highlights how deductible selection can impact insurance prices when quoting cheap insurance for drivers over age 70. The rate quotes are based on a married female driver, full physical damage coverage, and no discounts are applied.
As shown above, a 40-year-old driver could cut expenses by $156 a year by changing their physical damage coverage from a $100 deductible up to a $500 deductible, or save $234 by switching to a $1,000 deductible. Young drivers, like the Age 20 chart data, could reduce their rates $384 or more just by choosing larger deductibles.
If you do decide to increase your deductibles, it will be necessary to have additional funds squirreled away to offset the extra out-of-pocket expense, which is the one disadvantage of using larger deductibles.
Your low-price policy may be costing you money
Ohio insurance rates are influenced by many factors which can substantially change the cost of coverage. Improving your credit rating, buying another vehicle, or having an accident can trigger changes in premium that may make certain companies more affordable than others. In addition, insurance companies file new Ohio auto insurance rates as needed to help ensure profitability. Higher than normal claim frequency or severity can cause increased rates, while a lower level of claims may cause cheaper Toledo car insurance rates.
The chart below shows the cheapest car insurance in Toledo, OH for a 45-year-old male driver with no accidents, a clean driving record, and solid credit. If we look at prices based on his current rating profile, Utica National may offer the most affordable car insurance rates in Toledo at $832 each year. This is $208 less than the average rate paid by Ohio drivers of $1,040. Erie, Allied, Frankenmuth, and USAA also make the list of the most affordable Toledo, OH auto insurance companies.
In this next rate comparison, we will give the driver from the first example a claim or two, a little lower credit rating, and a speeding ticket. Due to the fact that every insurance company has their own guidelines for setting prices, analyzing rate quotes may now present a completely different list of the cheapest companies as shown below.
Merchants Insurance Group now has the best car insurance rate in Toledo, OH with Cincinnati Insurance, Motorists Mutual, General Casualty, and Grange Mutual completing the list. This example proves why it is important to shop around to find affordable car insurance quotes for drivers over age 70.
Rates are calculated by many different factors and can decrease or increase without notice, so the best option when you bought your policy may now cost much more than other companies.