The words “economical” and “auto insurance” really shouldn’t be used in the same sentence, in particular when you are looking for the cheapest car insurance for college graduates. To save some money, let’s start the ball rolling by going over some situations that impact insurance prices, and see if we can help you slash the price of the next policy you buy.
The vehicle requiring insurance is one of the primary factors that determines whether or not you can buy the best cheap insurance for college graduates. Vehicles with high performance, a lack of modern safety features, or a history of substantial liability claims will cost substantially more to insure than safer models. The next table shows insurance premiums for a number of the cheaper vehicles to insure in Ohio.
| Vehicle Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Honda Accord LX 4-Dr Sedan | $1,452 |
| Toyota Prius | $1,470 |
| Dodge Grand Caravan SE | $1,485 |
| Ford Escape XLS 2WD | $1,498 |
| Honda CR-V EX-L 2WD | $1,537 |
| Jeep Wrangler Unlimited Sahara 2WD 4-Dr | $1,620 |
| Toyota Corolla S | $1,657 |
| Hyundai Elantra SE 4-Dr Sedan | $1,667 |
| Toyota Tacoma 2WD | $1,688 |
| Ford Edge SEL AWD | $1,695 |
| Honda Odyssey EX | $1,688 |
| Jeep Grand Cherokee Limited 2WD | $1,697 |
| GMC Sierra 2500HD SLE Crew Cab 4WD | $1,688 |
| Volkswagen Jetta SE 2.5 Station Wagon | $1,711 |
| Chevrolet Equinox LT 2WD | $1,724 |
| Toyota RAV4 Limited 4WD | $1,729 |
| Chevrolet Impala LS | $1,732 |
| Start a Quote Go | |
Data assumes single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Ohio minimum liability limits. Discounts applied include claim-free, safe-driver, homeowner, multi-policy, and multi-vehicle. Rate information does not factor in specific zip code location which can raise or lower premiums noticeably.
Looking at the data, vehicles like the Honda Accord, Toyota Prius, Dodge Grand Caravan, and Ford Escape will be some of the more affordable vehicles to insure for college grads.
Deciding which company has the cheapest insurance rates for college graduates requires a little more work than just picking a company at random. Each auto insurer has their own unique process to determine rates, so let’s rank the most competitive insurance companies in Ohio.
It’s important to understand that Toledo, OH insurance rates are impacted by many things that can increase the cost of having a policy. Simply getting older, buying higher coverage limits, or getting a ticket for careless driving may cause policy rate changes that can cause some rates to be affordable when they were higher priced.
Find Cheaper Auto Insurance for Grads
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Utica National | $635 |
| 2 | Erie | $667 |
| 3 | Allied | $676 |
| 4 | Frankenmuth | $680 |
| 5 | Travelers | $712 |
| 6 | USAA | $741 |
| 7 | Cincinnati Insurance | $772 |
| 8 | Merchants Insurance Group | $778 |
| 9 | Motorists Mutual | $816 |
| 10 | Grange Mutual | $828 |
| 11 | General Casualty | $837 |
| 12 | Central Mutual | $840 |
| 13 | State Farm | $858 |
| 14 | Hastings Mutual | $893 |
| 15 | Atlantic States | $904 |
| 16 | Western Reserve | $932 |
| 17 | Westfield | $936 |
| 18 | Progressive | $982 |
| 19 | Auto-Owners | $988 |
| 20 | Farmers | $1,005 |
| Find Cheaper Rates Go | ||
Utica National has some of the cheapest car insurance rates in Toledo at around $635 per year. Erie, Allied, Frankenmuth, and Travelers would also make the list of some of the most economical Toledo, OH car insurance companies.
As the rates illustrate above, if you have coverage with Allied and switched to Utica National, you might see yearly savings of about $41. Customers with Frankenmuth might save as much as $45 a year, and Travelers insureds might reduce prices by as much as $77 a year.
To find cheaper insurance rates for your vehicle, click here to start your free quote or click through to the companies below.
Bear in mind that those prices are averaged for all drivers and vehicles in Ohio and and are not calculated with a specific vehicle garaging location for college graduates. So the auto insurance company that is best suited for you may not even be in the list above. That affirms the importance of why you need to get car insurance quotes using your own individual information.
Should you buy full coverage?
Lowering the price of insurance is important to most vehicle owners, and one of the best ways to reduce the cost of insurance for college graduates is to only buy liability insurance. The example below illustrates the difference between auto insurance costs with and without physical damage coverage. The rates are based on no claims, a clean driving record, $100 deductibles, drivers are single, and no discounts are applied to the premium.
On average, physical damage insurance costs $1,455 per year over and above liability coverage. At some point, almost every driver questions if it’s worth it to buy full coverage. There is no definitive formula of when to drop full coverage, but there is a general guideline you can use. If the yearly cost of full coverage is about 10% or more of any settlement you would receive from your insurance company, then it might be time to consider dropping full coverage.
There are some conditions where dropping full coverage is not a good plan. If you still owe money on your vehicle, you are required to maintain full coverage in order to satisfy the requirements of the loan. Also, if you don’t have enough money to buy a different vehicle in the event your current vehicle is totaled, you should not consider dropping full coverage.
Picking a high-quality insurance company is hard considering how many choices there are in Toledo. The company ratings below can help you decide which coverage providers to look at when trying to find cheaper insurance for college graduates. These ratings only include insurance companies that insure vehicles in the majority of U.S. states, so companies that may only write in Ohio are not factored into the list.
| Company | Value | Customer Service | Claims | Customer Satisfaction | A.M Best Rating | Overall Score |
|---|---|---|---|---|---|---|
| USAA | 99 | 100 | 90 | 92% | A++ | 97.4 |
| 21st Century | 89 | 86 | 100 | 88% | A | 92.7 |
| GEICO | 97 | 91 | 88 | 85% | A++ | 92.5 |
| Nationwide | 88 | 94 | 91 | 88% | A+ | 91.3 |
| AAA Insurance | 93 | 87 | 88 | 87% | A | 90.8 |
| Liberty Mutual | 91 | 91 | 92 | 87% | A | 90.7 |
| Safeco Insurance | 90 | 93 | 88 | 86% | A | 90.2 |
| State Farm | 91 | 94 | 80 | 88% | A++ | 90.2 |
| Travelers | 89 | 91 | 94 | 79% | A++ | 90.1 |
| American Family | 88 | 92 | 83 | 88% | A | 89.4 |
| Titan Insurance | 89 | 91 | 83 | 86% | A+ | 89.3 |
| Allstate | 90 | 90 | 84 | 85% | A+ | 89.1 |
| Progressive | 83 | 85 | 99 | 87% | A+ | 88.7 |
| Erie Insurance | 92 | 90 | 82 | 88% | A+ | 88.5 |
| The Hartford | 87 | 89 | 84 | 87% | A+ | 88 |
| Compare Rates Now Go | ||||||
Data Source: Insure.com Best Car Insurance Companies
Rate increases following a ticket or accident
The recommended way to enjoy the cheapest insurance premiums in Toledo for college grads is to be a good driver and avoid accidents and traffic violations. The diagram below shows how violations and accident claims can affect auto insurance costs for different age groups. The rates are based on a married male driver, comprehensive and collision coverage, $250 deductibles, and no discounts are applied.
The data in the chart shows the average cost of car insurance in Ohio per year with no accidents or violations is $1,390. Get written up for two speeding tickets and the average cost rises to $1,919, an increase of $529 each year. Now get one accident along with the two speeding tickets and the 12-month cost of insurance for college graduates increases to an average of $2,452. That’s an increase of $1,062, or $89 per month, just for being a careless driver!
How to find more affordable auto insurance for college graduates
Here are a few penny-pinching suggestions that can help drivers get more affordable auto insurance.
- Do not get traffic tickets
- Good credit can help you save money
- Higher deductibles mean lower rates
- At-fault accidents can raise rates significantly
- Drive a car with a high safety rating
- Compare rates and switch if you can find a better deal
The last tip in the list is notably important, as we stressed in the prior article. Prices vary considerably, so don’t be unwilling to buy a policy from a new company if you can save money. Having brand loyalty is commendable, but is isn’t recommended if that faithfulness ends up costing you a wad of cash every year. Take a couple minutes and compare prices to find cheaper car insurance for college graduates in Toledo.
The agents shown below can help you determine which insurance coverage will be best for you, since some people have coverage questions and would like to have a consultation when shopping around for cheaper insurance for college grads. It can be difficult to find coverage yourself, so getting advice from a licensed Ohio insurance agent can provide comfort knowing your coverage gives you decent coverage if you have a claim.
To locate a Toledo car insurance agency using an interactive map, click the button below the list or click here to compare rates now.
- Kranz PJ Insurance Agency
4349 Talmadge Rd – Toledo, OH 43623 – (419) 473-2416 - Powell Insurance Inc
6029 Renaissance Pl # A – Toledo, OH 43623 – (419) 882-1076 - Nationwide Insurance: Smithers Ins Agency LLC
229 Superior St – Rossford, OH 43460 – (419) 666-5703