Looking for cheap car insurance rates in Ohio? With rates as low as $25 per month and discounts that reduce premiums by as much as 40%, there are many affordable options from the top-rated companies. Recently, Ohio was recognized for offering the lowest prices of all 50 states. Our website provides Buckeye residents with free online auto insurance quotes from the top companies.
Why Are Rates So Low?
Keep in mind that prices are not low for every driver. But the average is indeed the lowest in the country. Regarding why there are so many affordable policies, I have my own theories based on my 33 years of experience as a broker here in Ohio (Just North of Kings Island).
Ohio car insurance rates are determined by many variables. One of the biggest components is the cost of repairing vehicles in the area. Fortunately, in most of the state, the hourly labor cost is comparably less, which saves money. Also, consumers tend to keep their vehicles a little longer, which, of course, can reduce prices.
Believe it or not, Ohio drivers are involved in less accidents than most other states. Yes, I too find that hard to believe , especially when I'm driving on I-75 through Dayton or Cincinnati, or I-71 around Columbus or Cleveland. And as many of you know, a mere inch or two of snow brings out the worst in Buckeye drivers. But it's worse in many states such as Kentucky, Tennessee, West Virginia and North Carolina.
Ohio Drivers Have Fewer Accidents
The projected Ohio auto insurance expenditure for 2014 is only $671, which compares quite favorably to the national average of $846. But perhaps the most surprising point is that in 2003, the average was $672, which means that prices have remained stable for more than 10 years. Companies, by law, can not increase rates in an attempt to recover previous-year losses.
Incidentally, the five catastrophes that impacted auto and homeowner's claims the most in our state were:
Hurricane Ike -- September 2008
Xenia Tornado - 1974
July Storms - 2012
Spring Storms -- May 2011
Hailstorm -- June 2011
Companies With Best Prices
This is a very subjective issue. The reason is that prices will differ from one carrier to another for a variety of reasons. Whether it's the area you live in, the type of car or truck you drive, your claims history, your credit, your driving record or several other factors, each company underwrites policies in their own unique way.
Thus, Company "A" might have the best rates when you live in Columbus, drive to work and have three other drivers in the household. However, when you retire, move to Toledo, change cars, and buy a condo, suddenly, Company "B" offers the best options while your old company charges 35% more!
So, please keep this in mind as we provide a limited arbitrary list below of insurers that offer the most competitive prices in the state. The list is in alphabetical order (in case you didn't notice). And, as previously mentioned, prices can wildly vary, so you will still need to view our free quotes.
Allstate
Buckeye
Erie
Farmers
Nationwide
Progressive
State Farm
Unitrin Preferred
USAA
Which Carriers Write The Most Business?
Biggest, of course, is not always the best. But in case you're curious, here are the 20 largest writers of personal auto insurance policies in Ohio:
Top 5: State Farm, Progressive, Allstate, Nationwide and Grange
Next 5: Berkshire Hathaway (Geico), Liberty Mutual, Zurich, American Family and Westfield
Next 5: Erie, Cincinnati, USAA, Auto-Owners, Motorists Mutual
Final 5: State Auto, Ohio Mutual, Western Reserve, Travelers And SafeAuto
Recent Legislative Change To Minimum Liability Requirements
For many years, Ohio's minimum required vehicle liability limits were $12,500 per person, $25,000 pr accident and a paltry $7,500 for property damage. These low limits often resulted in many underinsured situations and accidents where the property damage limit was woefully too low. Thankfully, in 2014, these amounts were increased.
Ohio Has Increased Minimum Liability Car Insurance Requirement
The new requirements are $25,000 per person, $50,000 per accident and an additional $25,000 of property damage. However, higher amounts should always be considered, especially if the value of your assets exceeds these limits. Unless you are a young driver, there's a good chance your assets are indeed higher than $25,000. Also, it's important to have some bargaining leeway in the event of litigation.
If the damage you cause exceeds your limits, you are held legally responsible for many expenses,including damage to property, medical expenses, possible pain and suffering, and specific legal costs. If you're actively working, a portion of your income could be confiscated and yes, your home, car and possible other assets will be at risk.
Ohio SR-22 Bonds
We help you find the cheapest option from the major providers. The SR-22 Bond provides coverage only for the named driver on the contract. You don't want this type of coverage unless you are forced to buy it, since benefits are low, it's more costly than a regular policy, and it provides no collision or comprehensive to your own vehicle. So if you are financing or leasing, a separate policy will be needed to be filed. It's also important to understand that only YOU are covered and not any other driver.
When filed electronically, often the paperwork can be processed within 24 hours. If received through the mail, the wait time can be an additional 2-4 days. Remember that the policyholder can not file the bond. Only an insurer or broker can. Once it is filed, each 6-12 months you do not have an at-fault accident or moving violation, there's a good possibility your rate will reduce. And of course, you do not have to keep the bond for an extended period of time.
With this type of Bond, you do not want to lend your vehicle to anyone. As this article shows, lending your car to another person (regardless of how well you know them) can result in a lot of damages that are not covered. And that means you have to pay for the repairs.
Which City Has Better Prices? Dayton, Cincinnati, Cleveland Or Columbus?
Historically, Columbus and Cincinnati have featured better rates, followed by Dayton and Cincinnati. However, recently, many companies have altered some of the demographic factors they use in determining costs, resulting in very competitive options for all four major cities (including some of the other big ones, such as Toledo, Akron and Canton.
For example, specific zip codes in all four major cities often receive very cheap rates because of a lower number of claims and car thefts in the area. Some of these zip codes include 45458, 45459, 45440 and 45066 in the Dayton area. Also, 45241, 45240 and 45343 in Hamilton County (Cincinnati area).
Regardless of which county or city you reside in, we will find the top offers for you, and show you which companies offer the lowest rates and the best deals. Your free online quote only takes moments and the savings may be substantial.
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