In a perfect world, we could just tell you the company that has the most affordable coverage in Ohio. That is not the case, however, as there are a whole slew of unknown elements such as the annual mileage you drive, your gender, the neighborhood you live in, and citations or tickets. This article delves into these types of topics and hopefully give you enough understanding to have a good start to your coverage search.
The vehicle model driven is probably the largest consideration when quoting affordable insurance for teenagers. Vehicles with high performance, poor passenger safety features, or an increased likelihood of liability claims will cost significantly more to insure than more economical and safe models. The table below features insurance costs for a handful of the most budget-friendly automobiles to insure.
|Make, Model, and Trim Level||Estimated Cost for Full Coverage|
|Honda CR-V LX 2WD||$4,243|
|Ford Escape XLT 2WD||$4,252|
|Honda Accord LX-P 4-Dr Sedan||$4,243|
|Volkswagen Jetta S 2.5 Station Wagon||$4,552|
|Ford Explorer XLT AWD||$4,766|
|Jeep Wrangler Rubicon 4WD 2-Dr||$4,771|
|Ford Edge Limited 2WD||$4,992|
|Toyota Tacoma 2WD||$5,000|
|Jeep Grand Cherokee Laredo 4WD||$5,034|
|Toyota RAV4 4WD||$5,043|
|Ford F-150 FX4 4WD||$5,075|
|Dodge Grand Caravan SXT||$5,081|
|Chevrolet Malibu LT||$5,075|
|Hyundai Elantra Blue 4-Dr Sedan||$5,260|
|Ford Focus SEL 4-Dr Sedan||$5,266|
|Honda Civic LX-S 4-Dr Sedan||$5,260|
|Chevrolet Impala LTZ||$5,301|
|Toyota Corolla S||$5,309|
|Toyota Camry SE||$5,301|
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Above prices assume single female driver age 17, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Ohio minimum liability limits. Discounts applied include safe-driver, and claim-free. Premium amounts do not factor in specific location information which can alter premium rates considerably.
Based upon these rates, you can expect cars like the Honda CR-V, Ford Escape, Honda Accord, Volkswagen Jetta, and Toyota Prius are likely to be the cheaper vehicles to insure for teen drivers. The price for car insurance will tend to be more expensive just due to the fact that there is more risk for teenagers, but in general those specific models will have the best rates available.
One of the more important things that aid in calculating car insurance rates is where you call home. Cities with more crime and/or more people tend to have higher rates, whereas areas with less crime or weather claims have the benefit of cheaper auto insurance prices.
The following table rates the highest-priced places in Ohio for teenagers to purchase a policy in. Cincinnati shows up at #5 with the yearly price of $1,186 for the average insurance policy, which is around $99 each month.
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Annual rates are estimated as specific location information can raise or lower premiums substantially.
Determining which company has the lowest-priced car insurance rates for teenagers involves a little more sweat than just comparing rates from one or two companies. Each company uses a little different formula for determining rates in each state, so let’s take a look at the overall cheapest car insurance companies in Ohio.
Find Cheaper Car Insurance for Teens
|Rank||Company||Cost Per Year|
|8||Merchants Insurance Group||$778|
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Utica National normally has some of the lowest car insurance rates in Cincinnati at around $635 a year. Erie, Frankenmuth, Allied, and USAA also rank well as some of the more affordable Cincinnati, OH car insurance companies.
As shown in the rates above, if you currently have a policy with Allied and switched to Utica National, you may realize savings of roughly $62. Policyholders with USAA may save as much as $76 a year, and Travelers policyholders might reduce prices by as much as $77 a year.
These estimates are averaged for all drivers and vehicles in Ohio and do not take into consideration a specific location for teenagers. So the insurer that fits your situation best may not even be in the top 33 companies in the list above. That point stresses why you need to get quotes using your own specific driver information and vehicle.
Types of discounts on Cincinnati car insurance rates
Insurance companies that sell policies for teenagers could also offer special discounts that may potentially lower prices by as much as 40% or more if you meet eligibility requirements. A few of the larger companies and a summarized list of policyholder discounts are:
- Progressive policyholders can earn discounts including online signing, multi-vehicle, good student, online quote discount, homeowner, and continuous coverage.
- Farmers Insurance may have discounts that include pay in full, business and professional, switch companies, good student, youthful driver, electronic funds transfer, and distant student.
- Farm Bureau includes discounts for good student, youthful driver, renewal discount, multi-policy, safe driver, 55 and retired, and driver training.
- State Farm may include discounts for student away at school, anti-theft, accident-free, Steer Clear safe driver discount, safe vehicle, multiple autos, and good student.
- GEICO offers premium reductions for daytime running lights, good student, seat belt use, multi-vehicle, and five-year accident-free.
- SAFECO may offer discounts for homeowner, anti-lock brakes, safe driver, teen safety rewards, and multi-car.
- Liberty Mutual has discounts for multi-car, teen driver discount, multi-policy, new move discount, and new vehicle discount.
The chart below visualizes the comparison of premium costs with and without discounts applied to the policy rates. The rates are based on a female driver, no claims or violations, Ohio state minimum liability limits, comp and collision included, and $250 deductibles.
The first bar for each age group shows the price with no discounts. The lower bar shows the rates with passive restraint, paid-in-full, vehicle safety, paperless filing, anti-theft, and continuous coverage discounts applied. With discounts applied, theamount saved on car insurance for teenagers is 28% or $432.
Rate difference between full and liability-only coverage
Saving on car insurance is important to the majority of drivers, and one of the quickest ways to buy cheap insurance for teenagers is to only pay for liability coverage. The information below shows the difference between insurance costs with full physical damage coverage compared to only buying the minimum liability limits required in Ohio. Data assumes no tickets, no at-fault accidents, $1,000 deductibles, drivers are not married, and no discounts are applied to the premium.
As an average, comp and collision coverage costs an additional $1,279 per year more than insuring for liability only. That amount may make you wonder if it’s a good idea to buy full coverage. There is no clear-cut rule of when to exclude physical damage insurance, but there is a guideline you can consider. If the yearly cost of comp and collision coverage is more than about 10% of replacement cost minus your deductible, then you may want to consider only buying liability coverage.
For example, let’s assume your vehicle’s claim settlement value is $4,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled, the most you would receive is $3,000 after the policy deductible has been paid. If premium cost is more than $300 a year for physical damage coverage, then it might be time to consider dropping full coverage.
There are some cases where dropping physical damage coverage is not financially feasible. If you still have a loan on your vehicle, you have to keep full coverage to protect the lienholder’s interest. Also, if your finances do not allow you to purchase a different vehicle if your current one is damaged, you should not drop full coverage.
Your cheap policy may actually be overpriced
Cincinnati, OH car insurance rates are determined by lots of factors that can increase the cost of coverage. Getting older, having a teenage driver, or getting a DUI may cause policy rate changes that can cause some rates to be cheaper than competitors.
Also, auto insurance companies amend premium rates as often as every three months to help ensure profitability. Larger than normal claims may cause higher rates, while long-term profits can produce cheaper Cincinnati car insurance rates.
The graph below demonstrates which company has the cheapest car insurance in Cincinnati, OH for a 30-year-old female driver with no violations or accidents, and excellent credit. If we look at prices based on her current situation, Utica National quotes the lowest car insurance rates in Cincinnati at $788 a year. This is $252 less than the average rate paid by Ohio drivers of $1,040. Allied, Erie, Frankenmuth, and Travelers are the remaining best Cincinnati, OH auto insurance companies.
The chart below compares rates after we give the driver in the first example a claim or two, poor credit, and a speeding citation. Since every insurance provider has their own unique process for determining prices, comparing prices may now present a slightly different list of the cheapest companies as shown below.
Cincinnati Insurance now has the best auto insurance rate in Cincinnati, OH with Merchants Insurance Group, Motorists Mutual, Grange Mutual, and General Casualty now being in the top five. This illustrates why it is critical to compare many different companies to find cheap auto insurance quotes for teenagers.
Auto insurance prices consist of many risk factors and change substantially, so the best price when you last compared rates may now be costing you a lot of money.
If you aren’t sure which coverage you need and prefer to have the advice of a professional agent when buying car insurance for teenagers, the agencies below can help you determine which coverage meets your needs best.
To find an agent close to where you live, click the button following the list.
Deatria Walker – State Farm Insurance Agent
3252 N Bend Rd – Cincinnati, OH 45239 – (513) 661-0400
Rick Wertz – State Farm Insurance Agent
7736 Beechmont Ave – Cincinnati, OH 45255 – (513) 231-0100
Nancy Hughett – State Farm Insurance Agent
2306 W Galbraith Rd – Cincinnati, OH 45239 – (513) 522-9343
Allstate Insurance: Marianne Geiger
4204 Plainville Rd – Cincinnati, OH 45227 – (513) 808-4811
Kristen Jackson – State Farm Insurance Agent
8952 Winton Rd – Cincinnati, OH 45231 – (513) 681-6400
How to find more affordable car insurance for teenagers
Below you’ll find many thrifty suggestions that can help you locate low-cost coverage.
- Assess whether full coverage is needed
- Avoid filing excessive claims
- Buying car and homeowners insurance together can save money
- Speeding tickets and other violations increase rates
- Get cheaper liability coverage by choosing a safer vehicle
- Do not get into accidents that are your fault
- Compare prices as often as possible
The last idea is especially valuable, as was emphasized in this write-up. Insurance rates fluctuate constantly, so don’t be hesitant to switch to a new company if a more affordable price is available.
Staying with the same car insurance company is fine, but it isn’t a good idea if that inflexibility results in costing you a small fortune. It only take a few minutes to compare prices and find cheaper insurance for teenagers in Cincinnati.