Car insurance is required for any vehicle that operates on the roads of Ohio. The Department of Insurance in this state defines the minimum insurance as Liability Coverage with minimums as follows:
- $25,000 for every individual due to injury or death
- $50,000 for every accident that involves injuries or deaths
- $25,000 to cover property damage
Remember, a serious accident could cause damages that will easily exceed these amounts. Consider increasing your coverages to avoid having to get into your pockets to pay post-crash bills. You may also consider the common optional coverages like comprehensive, collision, or uninsured motorist protection.
Cheap car insurance does not come easily in Ohio. From our study, the rates of car insurance in Ohio can go as high as $417 or as little as $35 per month for sample drivers who have a liability policy that is slightly above the state minimum. We also found out that the most expensive insurance companies cost about 3.3 times the cheapest car insurer in Ohio. With this realization, it is important that drivers do comparison shopping and obtain quotes from different insurers before deciding which one to settle with. Remember, prices vary radically depending on the insurer, or personal factors like driving profile, credit history, age, the liability limits chosen, and the kind of car.
To help you navigate the car insurance market in Ohio more efficiently, we have outlined rates from three largest auto insurers in the Buckeye State. Let’s discuss the cheapest insurance options for the below distinct driver types.
- Young drivers
- Good drivers
- Drivers with only one at-fault accident
- Retired drivers
- Drivers with poor credit
Cheap Insurance for Young Drivers
Drivers who are in their early 20s pay an average of $241 to $1,036 per year for car insurance. These are drivers who are starting out and don’t require as much coverage as the older drivers who have accumulated a significant amount of savings or assets or have families to protect. As such, young motorists can find quite some cheap auto insurance in Ohio. From our study, Erie provided the lowest rates at $241 a year.
Cheap Car Insurance for Good Drivers
Motorists without DUIs or moving violations and at-fault accidents pay an average of $701 to $2,891 per year for auto insurance. The average price as charged by the three cheapest insurers for drivers in this category was $841 a year, with Erie and Grange notching almost similar estimates—only around $6 per month difference between them.
Cheap Auto Insurance for Motorists with One At-fault Accident
Drivers in this category pay an average of $1,001 to 3,475 per year for car insurance. From our analysis, motorists who caused a crash saw their rates go up by about $300 per year compared to drivers with clean driving records. The highest estimate according to our survey was about $3,500 a year, which proves that motorists with at-fault claims should shop around and compare as many quotes as possible.
Cheap Car Insurance for retired drivers
These are drivers who are in mid-to-late 60s and drives fewer miles compared to other drivers. Their average car insurance prices are $701 to 2,891 per year. Of the three cheapest insurers for this category of drivers, Grange provided a similar quote like the one for a 30-year-old clean driver. Both State Farm and Erie also offered lower average costs. Retired motorists should also take advantage of the discounts given to them. Many insurers offer savings for attaining a certain age [usually 55].
Cheap Auto Insurance for Motorists with Poor Credit
These are drivers who are put in the lowest credit rank as per the industry standards. They pay an average of $857 to 2,401 per year for car insurance. Many insurers consider the credit-based insurance scores of a policyholder as a useful indicator of their future claims, and those with poor credit usually get charged more. In our survey, Grange provided the lowest rates at $857 a year. This was $150 more than their sample quote for motorists of the same age but no credit problems.
So, what next for those drivers who can’t get auto insurance in Ohio’s voluntary market due to poor driving history or other related factors? These drivers can obtain coverage through the country’s high-risk insurance network. Click here to learn about the eligibility requirements.