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Looking for cheap car insurance rates in Ohio? Compare multiple plans in a minute and view the best offers. With prices 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 with no obligation or cost.
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, We have our own theories based on 34 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 parts of the state, the hourly labor cost is comparably less than the rest of the country, which saves money. Also, consumers tend to keep their vehicles longer, which, of course, can reduce prices. However, there will always be certain luxury models that are going to have hourly labor prices higher than most other vehicles.
Also, Ohio drivers are involved in less accidents than most other states. Yes, we find that hard to believe, especially when 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 weather is more brutal in many other states such as Kentucky, Tennessee, West Virginia and North Carolina.
Our neighbor to the east, Pennsylvania, has the snowy turnpike to deal with in winter months along with the always-treacherous Schuylkill Expressway in the Philadelphia area. Add the hilly area of Pittsburgh and all of the icy roads and its easy to understand why they need more dollars to spend on vehicle and road repairs.
Ohio Drivers Have Fewer Accidents
The projected Ohio auto insurance expenditure for 2015 is only $671, which compares quite favorably to the national average of $846. When 2016 figures are completed, the amount should be in the $850 range. But perhaps the most surprising point is that in 2003, the Ohio 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.
NOTE: 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, where we can compare specific carriers in your county.
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 financial responsibility 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 other assets will be at risk. If the judgement is large, you could be obligated to make payments for the remainder of your life.
In situations where you have accumulated significant assets (property, cash, investments etc...), adding a personal liability umbrella may be the best rider you ever added. In addition to extending your protection by $1 million (other amounts are available), settling a lawsuit without expensive litigation will now be a possible option, if needed. It could potentially save you hundreds of thousands of dollars.
Although most carriers offer "umbrella" coverage, typically, you are required to increase your liability limits to a minimum of $100,000 per person, $300,000 per accident, and an additional $50,000 of property damage. Benefits are offered from $1 million to $5 million, and you are also covered if you are outside the country, and often reimbursed for any required court appearances.
Ohio SR-22 Bonds
We help you find the cheapest option from the major providers. The 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 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 can be quite costly. If the car is totaled, there also will be no payout, although you are free to sell the individual parts.
Columbus Has Very Affordable Car Insurance Prices
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). In Franklin County, 43221 and associated zip codes will also result in better offers than 43204 with some carriers.
Also, nearby suburbs often enjoy extremely competitive rates, compared to their larger nearby cities. Several examples include Centerville, Kettering, Oakwood, Madeira, Montgomery, Loveland, Gahanna, Upper Arlington, Sylvania, Beachwood and Shaker Heights.
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 customized quote only takes moments and the savings may be substantial. Whether your currently insured or driving without coverage, we really do shop so you save!
UPDATES:
June 29 2014 -- 2014 and projected 2015 prices are expected to remain fairly stable. Comprehensive claims (fire, theft and vandalism) are reducing in many areas and repair costs are not increasing as rapidly as in previous years. Also, many of the newer vehicles that are available for under $20,000, also feature attractive pricing.
October 27 2014 -- National Teen Driving Safety Week just ended and the Department of Public Safety reminded us of some startling statistics. In the last three years, teens were involved in more than 135,000 accidents (our state only!) and more than 40,000 injuries occurred along with 288 fatalities. This is also always a good time to review the State distracted driver law, which bans any driver under age 18 from texting or using an electronic wireless communications device while operating a vehicle.
December 11 2014 -- An electronic file on your cell phone or Smartphone may soon be used to verify you have current and compliant insurance on your vehicle. Legislation SB 255 was unanimously passed by the Ohio House and only needs to be signed and approved by the Governor to become law. When passed, providing proof of financial responsibility will become much easier, especially when updating or renewing your license. More than 30 other states have already enacted similar legislation.
February 14 -- 2015 -- Despite the record-setting snowfall in the Northeast this Winter (especially Boston), we have had a relatively mild Winter (snow accumulation) here in the Buckeye state. Last year's Winter was the coldest in three decades and this season is seeing slightly higher temperatures.
For drivers, that means better road conditions, especially in the Northern counties where the Lake-effect snow can wreak havoc on both major highways as long as less-traveled back roads. If this trend continues through March, auto insurance prices will likely remain more stable throughout the year.
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