Finding cheaper insurance for a Chevrolet Malibu doesn’t take a lot of effort, but it relies on a very complex rating algorithm that uses multiple factors such as the safety rating of your vehicle, if you have a tendency to file claims, and violations on your driving record. Ohio drivers will pay on average $711 a year for Malibu insurance, but that amount is a valuation using a 50-year-old single female driver with full comprehensive and collision coverage and $100 deductibles.
When estimating a car insurance rate like we just did, the issue is that you aren’t exactly 50 years old or even a female, you might be married instead of single, and you don’t want the same coverages and limits as the example. There is no one cookie-cutter policy that works for everyone, so the way we recommend to find the cheapest coverage for your Chevrolet is to compare as many rates as possible. It only takes a couple of minutes and you will receive price comparisons from the best auto insurance companies in Ohio.
The specific trim level will likely have an effect on the coverage cost, so the price to insure a Malibu LS will be $84 cheaper than the insurance cost for the higher-end Malibu LTZ trim level, as shown in the table below.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Get Your Own Custom Quote Go|
Price data assumes single female driver age 50, no speeding tickets, no at-fault accidents, $100 deductibles, and Ohio minimum liability limits. Discounts applied include safe-driver, homeowner, multi-vehicle, multi-policy, and claim-free. Prices do not factor in zip code location which can impact premium rates substantially.
Buying coverage from the highest-rated auto insurance provider is hard considering how many different insurance companies sell coverage in Ohio. The company rank data shown below may help you decide which providers you want to consider to insure your vehicles. These ratings include the largest auto insurers in America, so smaller companies are not factored into these rankings.
Top 10 Large Auto Insurers in Cincinnati Ranked by Customer Satisfaction
- USAA – 92%
- Erie Insurance – 88%
- American Family – 88%
- State Farm – 88%
- Nationwide – 88%
- 21st Century – 88%
- AAA Insurance – 87%
- Liberty Mutual – 87%
- Farmers Insurance – 87%
- The Hartford – 87%
Top 10 Large Auto Insurers in Cincinnati Ranked by A.M. Best Rating
- USAA – A++
- GEICO – A++
- Travelers – A++
- State Farm – A++
- Allstate – A+
- Progressive – A+
- Erie Insurance – A+
- The Hartford – A+
- Nationwide – A+
- Esurance – A+
Discounts on Cincinnati insurance
Auto insurance companies that offer coverage for a Chevrolet Malibu may have premium discounts that could lower prices by as much as 35% or more if you meet the requirements. Companies and some of the premium reductions they offer include:
- 21st Century offers premium reductions for early bird, good student, homeowners, air bags, driver training, and anti-lock brakes.
- Progressive may offer discounts for online quote discount, homeowner, continuous coverage, online signing, multi-vehicle, multi-policy, and good student.
- State Farm may have discounts that include Steer Clear safe driver discount, multiple autos, accident-free, good student, driver’s education, student away at school, and good driver.
- Nationwide offers discounts for family plan, multi-policy, Farm Bureau membership, accident-free, good student, and business or organization.
- Esurance may include discounts for multi-car, anti-theft, DriveSense, Pac-12 alumni, good driver, online shopper, and anti-lock brakes.
- The Hartford discounts include good student, bundle, vehicle fuel type, anti-theft, and defensive driver.
The information below compares insurance premiums with and without discounts applied to the policy rates. The premium estimates are based on a female driver, no accidents or driving violations, Ohio state minimum liability limits, comp and collision included, and $500 deductibles.
The first bar for each age group shows the average rate with no discounts. The lower bar shows the rates with safe-driver, vehicle safety, accident-free, marriage, homeowner, and defensive driving course discounts applied. When drivers take advantage of discounts, the average amount saved each year on car insurance for a Chevrolet Malibu is 28% or $335.
The illustration below shows how different deductible levels can increase or decrease insurance costs when getting quotes for cheap insurance for a Chevrolet Malibu. The data is based on a married female driver, comprehensive and collision coverage, and no discounts are applied to the premium.
The chart above illustrates that a 40-year-old driver could reduce rates by $216 a year by changing their physical damage coverage from a $100 deductible up to a $500 deductible, or save $326 by selecting a $1,000 deductible. Younger drivers, such as the Age 20 example, could potentially save $536 each year just by choosing larger deductibles. If you do raise deductibles, it will be necessary to have spare funds to allow you to cover the extra out-of-pocket expense, which is the main drawback of higher deductibles.
Cost comparison with and without full coverage
Lowering the price of car insurance is probably important to most people, and one way to find cheap insurance for a Chevrolet Malibu is to only buy liability coverage. The example below illustrates the comparison of auto insurance costs with full coverage compared to only the Ohio minimum liability coverage. The premiums are based on no driving violations, no at-fault accidents, $250 deductibles, drivers are single, and no discounts are factored in.
If all age groups are averaged, comprehensive and collision coverage on your policy costs an extra $1,547 per year more than insuring for liability only. Many drivers will wonder when is the right time to remove full coverage. There isn’t a written rule to exclude physical damage coverage, but there is a guideline you can consider. If the annual cost of having full coverage is about 10% or more of the replacement cost of your vehicle minus the policy deductible, then you might consider buying liability only.
For example, let’s assume your vehicle’s replacement value is $6,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled, the most your company will settle for is $5,000 after the deductible is paid. If you are paying in excess of $500 a year for comprehensive and collision coverage, then you may need to consider dropping full coverage.
There are some cases where dropping full coverage is not financially feasible. If you haven’t satisfied your loan, you are required to maintain full coverage to protect the lienholder’s interest in the vehicle. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is in an accident, you should not consider dropping full coverage.
If you have questions and prefer to get some help when shopping for cheaper insurance for a Chevrolet Malibu, the professional agents shown below are a good start to answer your questions and help you decide which car insurance policy is best. To find an auto insurance agency by location nearest to you, click the button following the list.
Rick Wertz – State Farm Insurance Agent
7736 Beechmont Ave – Cincinnati, OH 45255 – (513) 231-0100
Greg Meinberg – State Farm Insurance Agent
3322 Erie Ave #102 – Cincinnati, OH 45208 – (513) 533-1661
2035 Reading Rd – Cincinnati, OH 45202 – (513) 221-1140