How Much is Auto Insurance for Good Students in Ohio?

In an ideal world, we could simply tell you the one best car insurance company that has the cheapest coverage in Ohio. It’s just not that simple, as there are many unknown factors like whether or not you are currently insured, if you own your home, and traffic citations and accidents, that help determine the price you have to pay. The information below covers the best ways to avoid high prices and will give you a good beginning to your quest for cheaper car insurance in Ohio.

Buying low-cost insurance is challenging, and finding out which companies have the best car insurance rates for good students will involve additional perseverance.

Each auto insurer uses a little different formula to determine rates, so let’s take a look at the car insurance companies with the overall cheapest rates in Ohio. It’s a good idea to be aware that Ohio car insurance rates are impacted by many things that will increase or decrease the cost of having a policy. Price variation is why Ohio drivers need to compare many different companies to get the most affordable auto insurance rates for good students. Insurance rates consist of many risk factors and change frequently, so the most economical company when you last compared rates may now not even be in the top five.

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Utica National offers some of the cheapest car insurance rates in Ohio at around $635 a year. Erie, Allied, Frankenmuth, and USAA also make the cut as some of the cheapest Ohio auto insurance companies.

As shown above, if you currently have coverage with Frankenmuth and switched to Erie, you might realize annual savings of roughly $19. Insureds with USAA may save as much as $72 a year, and Travelers policyholders might lower prices by up to $72 a year.

It’s important to note that these policy rates are averaged for all drivers and vehicles in Ohio and and are not figured with a price discount for good students. So the auto insurance company that is best suited for you may not even be included in the company chart above. That is why you need to get auto insurance quotes using your own individual information.

We all like different vehicles, and the type of vehicle requiring coverage is one of the primary factors when comparing cheap auto insurance for good students in Ohio. Vehicles with lower performance, advanced safety features, or a low likelihood of liability claims will cost significantly less to insure than high performance models. The lists below ranks auto insurance prices for a handful of the cheapest vehicles to insure in Ohio.

Data rating is based on single male driver age 18, no speeding tickets, no at-fault accidents, $1000 deductibles, and Ohio minimum liability limits. Discounts applied include safe-driver, and claim-free. Premium costs do not factor in vehicle location which can impact price quotes considerably.

Prices above based on single male driver age 18, no speeding tickets, no at-fault accidents, $1000 deductibles, and Ohio minimum liability limits. Discounts applied include claim-free, and safe-driver. Table data does not factor in specific location which can raise or lower coverage prices considerably.

Data based on single male driver age 18, no speeding tickets, no at-fault accidents, $1000 deductibles, and Ohio minimum liability limits. Discounts applied include claim-free, and safe-driver. Price information does not factor in vehicle garaging location which can lower or raise price quotes considerably.

One of the key components that affect the amount you pay for auto insurance is where you keep your car in Ohio. Cities with more crime and/or more people like Toledo, Cleveland, and Cincinnati will most likely have higher rates, whereas areas with less traffic congestion and claims benefit from lower prices.

The next table rates the more expensive cities in Ohio for good students in which to buy car insurance.

Price information shown is estimated as the specific area where the vehicle is garaged can increase or decrease price quotes considerably.

Full coverage rates compared to liability only

Finding cheap auto insurance for good students in Ohio is important to most vehicle owners, and one good way to lower the cost of insurance is to only buy liability insurance. The illustration below illustrates the comparison of premium costs with liability coverage only compared to full coverage. The costs are based on no driving violations, no at-fault accidents, $500 deductibles, single status, and no discounts are applied to the premium.

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As an overall average, full coverage costs an additional $1,178 per year more than carrying just liability coverage. Many of you may wonder if buying full coverage is a waste of money. There is no clear-cut rule of when to drop physical damage coverage on your policy, but there is a general guideline. If the annual cost of your full coverage insurance is 10% or more of the replacement cost minus the deductible, then you might want to think about dropping full coverage.

For example, let’s assume your vehicle’s claim settlement value is $9,000 and you have $1,000 policy deductibles. If your vehicle is totaled in an accident, you would only receive $8,000 after paying the physical damage deductible. If it’s costing you more than $800 annually for physical damage coverage, then it’s probably a good time to buy liability coverage only.

There are some situations where dropping full coverage is not recommended. If you still have a loan on your vehicle, you must maintain physical damage coverage as part of the loan requirements. Also, if your emergency fund is not enough to purchase a different vehicle in the event your current vehicle is totaled, you should not opt for liability only.

Discounts on cheap auto insurance for good students in Ohio

Auto insurance companies that offer cheap quotes for good students may also provide discounts that could potentially reduce rates by as much as 35% if you meet certain criteria. A list of companies and some of their more popular discounts are shown below.

• Mercury Insurance policyholders can earn discounts including location of vehicle, multi-policy, ease of repair, good driver, and multi-car.
• Farmers Insurance may include discounts for pay in full, distant student, early shopping, alternative fuel, and youthful driver.
• Farm Bureau has savings for driver training, youthful driver, renewal discount, safe driver, 55 and retired, multi-vehicle, and multi-policy.
• State Farm may offer discounts for accident-free, driver’s education, multiple autos, safe vehicle, passive restraint, and good student.
• Allstate discounts include farm vehicle, 55 and retired, good payer, economy car, defensive driver, utility vehicle, and teenSMART discount.
• GEICO offers premium reductions for driver training, defensive driver, federal employee, good student, and membership and employees.

The illustration below shows the comparison of insurance costs with and without discounts applied to the rates. The costs are based on a female driver, no claims or driving citations, Ohio state minimum liability limits, full coverage, and $1,000 deductibles.

The first bar for each age group shows the price with no discounts. The lower bar shows the rates with anti-theft, paid-in-full, paperless filing, good student, vehicle safety, and continuous coverage discounts applied. When these discounts are applied to the policy premium, the average amount saved each year on car insurance for good students is 28% or $415.

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Company comparison: Allstate vs Progressive vs State Farm vs Geico

When comparing car insurance for student drivers, four companies you’ll want quotes from are Allstate, Progressive, State Farm, and Geico. When combined, they insure about half of all auto insurance written. All of them offer physical damage and liability coverage, but each has a unique set of features, discounts, and options that shoppers can select from. The table below points out some of the ratings and options offered by each one.