Finding out which company offers the cheapest insurance rates for college students will involve a little more effort in order to find the best price. Each insurer has a proprietary formula to establish rates, so let’s take a look at the most competitive insurance companies in Toledo, OH.
Best Car Insurance Prices for College Students
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Utica National | $654 |
| 2 | Frankenmuth | $680 |
| 3 | Erie | $687 |
| 4 | Allied | $690 |
| 5 | USAA | $719 |
| 6 | Travelers | $733 |
| 7 | Merchants Insurance Group | $748 |
| 8 | Cincinnati Insurance | $756 |
| 9 | Grange Mutual | $804 |
| 10 | Motorists Mutual | $816 |
| 11 | General Casualty | $829 |
| 12 | Central Mutual | $848 |
| 13 | State Farm | $867 |
| 14 | Hastings Mutual | $884 |
| 15 | Westfield | $936 |
| 16 | Atlantic States | $940 |
| 17 | Progressive | $953 |
| 18 | Western Reserve | $961 |
| 19 | Auto-Owners | $988 |
| 20 | Nationwide | $1,018 |
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Utica National generally has some of the lowest car insurance rates in Toledo at around $654 each year. This is $386 less than the average policy premium paid by Ohio drivers of $1,040. Frankenmuth, Erie, Allied, and USAA also qualify as some of the most economical Toledo, OH car insurance companies.
As illustrated above, if you buy coverage from Allied and switched to Utica National, you could see a yearly price reduction of around $36. Ohio drivers with USAA might save as much as $65 a year, and Travelers policyholders might reduce prices by as much as $79 a year.
Be aware that those estimates are averaged across all drivers and vehicles in Ohio and do not factor in an exact vehicle garaging location for college students. So the auto insurance company that has the cheapest rates for you may not even be in the top 33 companies in the list above. That illustrates why you need to compare as many prices as possible using your own driver information and specific vehicle type.
For students in college, one of the largest considerations that help determine auto insurance rates is where your car is garaged. Areas with more people or more claims tend to pay slightly more, whereas areas that tend to be more rural tend to receive cheaper rates.
The information below sorts the highest-priced places in Ohio for college students in which to buy car insurance. Toledo ranks #1 having an annual price of $1,267 for car insurance, which is around $106 monthly.
| Rank | City | Annual Premium |
|---|---|---|
| 1 | Toledo | $1,267 |
| 2 | Youngstown | $1,235 |
| 3 | Cincinnati | $1,222 |
| 4 | Cleveland | $1,222 |
| 5 | Columbus | $1,211 |
| 6 | Cleveland Heights | $1,178 |
| 7 | Euclid | $1,164 |
| 8 | Akron | $1,157 |
| 9 | Hamilton | $1,146 |
| 10 | Dayton | $1,120 |
| 11 | Canton | $1,102 |
| 12 | Fairfield | $1,085 |
| 13 | Springfield | $1,072 |
| 14 | Lakewood | $1,063 |
| 15 | Beavercreek | $1,058 |
| 16 | Middletown | $1,055 |
| 17 | Newark | $1,053 |
| 18 | Cuyahoga Falls | $1,027 |
| 19 | Kettering | $1,020 |
| 20 | Strongsville | $1,011 |
| 21 | Parma | $997 |
| 22 | Mansfield | $992 |
| 23 | Mentor | $978 |
| 24 | Lorain | $975 |
| 25 | Elyria | $965 |
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Rate information is comparative as vehicle location can raise or lower coverage prices substantially.
The make and model of vehicle driven is probably the biggest factor when comparing quotes for the cheapest coverage for college students. Vehicles with lower acceleration and performance, a great safety record, or a low likelihood of having liability claims will cost less to insure than adrenaline junky models.
The table below showcases insurance costs for a selection of the most affordable automobiles to insure in Ohio.
| Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V EX 2WD | $3,302 |
| Ford Escape XLS 2WD | $3,309 |
| Hyundai Elantra SE Touring Station Wagon | $3,600 |
| Ford Edge SE 2WD | $3,628 |
| Toyota Prius | $3,648 |
| Volkswagen Jetta SE 2.5 Station Wagon | $3,892 |
| Nissan Altima 2.5 4-Dr Sedan | $3,925 |
| Chevrolet Malibu LS | $3,931 |
| GMC Sierra SLE Crew Cab 2WD | $3,925 |
| Chevrolet Equinox LT AWD | $3,932 |
| Chevrolet Impala LT | $3,925 |
| Dodge Grand Caravan Hero | $3,933 |
| Toyota RAV4 Limited 4WD | $3,925 |
| Jeep Wrangler Unlimited Sport Islander Package 4WD 4-Dr | $3,974 |
| Toyota Tacoma Double Cab TRD Off-Road Package 4WD | $3,979 |
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Data assumes single male driver age 20, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Ohio minimum liability limits. Discounts applied include claim-free, and safe-driver. Premium amounts do not factor in your specific Toledo, OH location which can lower or raise coverage rates substantially.
Looking at the data, we can expect makes and models like the Honda CR-V, Ford Escape, Hyundai Elantra, and Ford Edge are most likely going to be a few of the most economical vehicles to insure for students in college. Car insurance rates will be higher anyway because there is more inherent risk for college students, but in general those vehicles will tend to have the best rates compared to all other vehicles.
The chart below shows how choosing a deductible can raise or lower insurance premiums when getting quotes for cheap insurance for college students. The rate quotes are based on a married male driver, full physical damage coverage, and no other discounts are factored in.
The chart above illustrates that a 50-year-old driver could lower their car insurance rates by $190 a year by switching from a $100 deductible to a $500 deductible, or save $286 by choosing a $1,000 deductible. Young drivers, like the 20-year-old example, could reduce their rates up to $630 or more by using higher deductibles when buying full coverage.
If you make the decision to raise deductibles, it will be required to have emergency funds available to satisfy the extra out-of-pocket expense, which is the one inconvenience of using high deductibles.
Full coverage rates vs. liability-only in Toledo
Lowering the price of insurance is probably important to the majority of people, and one of the best ways to buy cheap insurance for college students is to only buy liability coverage. The diagram below compares insurance prices with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The rate quotes are based on no claims or violations, $500 deductibles, single marital status, and no policy discounts are applied.
As an overall average, comprehensive and collision coverage on your policy costs $1,077 per year over and above liability only. At some point, almost every driver questions when is the right time to remove full coverage. There isn’t a steadfast formula of when to exclude physical damage insurance, but there is a general guideline you can use. If the yearly cost of full coverage is 10% or more of any settlement you would receive from your insurance company, then you may want to consider only buying liability coverage.
For example, let’s pretend your vehicle’s book value is $9,000 and you have $1,000 deductibles. If your vehicle is severely damaged, the most your company would pay you is $8,000 after you pay the deductible. If it’s costing you more than $800 a year for your policy with full coverage, then it’s probably a good time to buy liability coverage only.
How to get discounts on Toledo insurance rates
Insurance companies that provide policies for college students may also provide special discounts that can reduce rates by 30% or more if you qualify. Popular insurance companies and a selection of discounts are included below.
- State Farm has discounts for student away at school, Steer Clear safe driver discount, good student, passive restraint, good driver, and multiple policy.
- Nationwide may offer discounts for good student, multi-policy, business or organization, easy pay, family plan, and anti-theft.
- GEICO includes discounts for membership and employees, anti-theft, good student, defensive driver, and anti-lock brakes.
- AAA may include discounts for multi-car, pay-in-full, good driver, good student, anti-theft, and education and occupation.
- 21st Century has savings for homeowners, automatic seat belts, air bags, anti-lock brakes, and theft prevention.
- The Hartford discounts include good student, driver training, air bag, vehicle fuel type, and defensive driver.
The illustration below visualizes the comparison of yearly insurance costs with and without discounts. The information is based on a male driver, no claims, a clean driving record, Ohio state minimum liability limits, full physical damage coverage, and $100 deductibles. The first bar for each age group shows the average annual price with no discounts. The second shows the rates with vehicle safety, passive restraint, paid-in-full, good student, paperless filing, and continuous coverage discounts applied. When drivers qualify for the discounts, the average savings per year on insurance for college students is 18% or $321.
If you like to have professional advice when comparing insurance rates for college students, the agencies below can help you decide which insurance coverage will be best for you. To find an auto insurance agency closest to you, click the button link following the list.
- State Farm: Romie Brown
1843 W Alexis Rd #1 – Toledo, OH 43613 – (419) 480-1212 - Nationwide Insurance – AOK Agency
5207 Secor Rd – Toledo, OH 43623 – (419) 472-9405 - Brooks Insurance
1120 Madison Ave – Toledo, OH 43604 – (419) 243-1191 - Nathan Ensey – State Farm Insurance Agent
4024 N Holland Sylvania Rd Ste 6 – Toledo, OH 43623 – (419) 517-8811