Best cheap car insurance in Lima for 2021

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There are more than eight million drivers in the state of Ohio. Every licensed driver in the Buckeye State is required to carry a minimum amount of car insurance, no matter where they live. In Lima, the average cost of car insurance is $317 per year for a minimum coverage policy and $963 per year for a full coverage policy.

Drivers who are shopping for car insurance in Lima can choose from a number of providers. However, some insurers are better than others. To find the best car insurance in Lima, we reviewed some of the largest car insurance companies in Ohio, and evaluated each one based on price, coverage options and more.

Best car insurance companies in Lima

After our in-depth comparison, we found that the best car insurance companies in Lima are Erie, State Farm, MetLife and USAA. We chose these providers because they offer affordable rates, good coverage options, great discounts and high ratings for overall customer satisfaction and financial strength.

Insurance company J.D. Power score Average annual premium for minimum coverage Average annual premium for full coverage
Erie 857/1,000 $241 $903
State Farm 851/1,000 $286 $853
MetLife 849/1,000 $434 $1,138
USAA 895/1,000 $235 $756

Erie

Erie was rated the best car insurance company in the North Central region for overall customer satisfaction by J.D. Power. In addition to excellent customer service and affordable rates, Erie also offers a number of free perks with every standard auto policy. There is a rate lock guarantee, a disappearing deductible, first accident forgiveness, pet coverage, new car protection and more.

State Farm

State Farm is one of the cheapest car insurance companies in Lima. The company is known for its generous discounts, and specifically, savings aimed at young drivers. State Farm has two safe driver rewards programs, including the Steer Clear program, which is geared towards young drivers under 25. State Farm also offers standard discounts for policy bundling, being a good student, having a safe vehicle and many others.

MetLife

MetLife is well known for its home insurance offerings, but the company also has excellent car insurance. MetLife’s rates are slightly more expensive than the average premiums in Lima, but the company offers a few discounts for extra savings. Of all the providers we reviewed, MetLife stands out for its endorsement policies, which include identity theft coverage, new car replacement, special parts coverage, enhanced car rental car coverage and more.

USAA

Lima drivers can only get USAA coverage if they are affiliated with the military. However, USAA offers some of the lowest rates in the city, and has the best third-party ratings. Through USAA, Lima drivers can save money by garaging their vehicle on base, bundling policies, being claim-free, being a legacy customer, insuring a new vehicle, taking a driver training course and more. USAA also offers flexible payment plans.

Cheapest car insurance in Lima

The average annual cost of car insurance in Lima is $317 for minimum coverage and $963 for full coverage. In comparison the average annual cost of car insurance in Ohio is $1,034 for full coverage. Nationwide, the average rate is $1,674 for full coverage insurance.

Car insurance rates often vary between providers. In the table below, we have included the cheapest car insurance rates in Lima from the most popular carriers based on market share:

Insurance company Average annual premium for minimum coverage Average annual premium for full coverage
USAA $235 $756
Erie $241 $903
State Farm $286 $853
Geico $293 $767
Auto-Owners $311 $968

Drivers looking for the cheapest car insurance in Ohio should take some time to compare providers based on factors other than price. There is no guarantee that the cheapest provider is going to offer the type of coverage you want, or the best discounts.

For example, to get insurance through USAA, you have to be affiliated with the military. If you need bare bones coverage and care most about getting a low rate, Geico might be a better option. Just keep in mind that the coverage options are very limited.

If you want to take advantage of discounts, all five providers have great options. However, the actual savings available will vary. For example, Geico is the only provider with a federal employee discount and USAA is the only provider with a legacy customer discount.

Lima insurance requirements

In Lima, drivers are required to carry a minimum of 25/50/25 personal liability insurance. That includes the following coverage limits:

  • $25,000 for bodily injury liability coverage per person
  • $50,000 for bodily injury liability coverage per accident
  • $25,000 for property damage liability coverage per accident

Uninsured motorist coverage must be offered but can be declined in writing.

There are four other ways to satisfy Ohio’s financial responsibility law:

  • A certificate from the BMV confirming that a driver has a $30,000 bond on file with the Treasury.
  • A certificate of bond issued by the BMV for $30,000 signed by two people who own real estate with at least $60,000 in equity
  • A certificate of self-insurance issued by the BMV for individuals or businesses who own more than 25 vehicles.
  • A $30,000 bond issued by an authorized insurance or surety company.

You are only required to purchase minimum coverage, however, insurance companies recommend that most drivers raise their policy limits for more protection. If you cause an accident and the damages exceeded your coverage limit, you would be responsible for paying the rest out-of-pocket.

In addition, a liability-only policy does not offer any coverage for your vehicle if you hit another driver. It is a good idea to purchase a full coverage policy, which includes collision and comprehensive insurance to protect your vehicle, and medical payments coverage. If you lease or finance your car, full coverage may be required.

Car insurance discounts in Lima

With almost any car insurance company in Ohio, you can find discounts to help save money. Here are some of the discounts available in Lima:

  • Multi-vehicle discount: If you insure more than one vehicle on your auto insurance policy, you may be able to get a slightly lower rate.
  • Pay in full discount: Drivers who choose to pay their annual premium upfront and in full may qualify for a lower rate.
  • Homeowner discount: If you own a home, you might be able to save money on your car insurance, even if your home is insured by a different company.
  • New vehicle discount: Some insurance companies offer a discount to drivers who insure a car that is two model years old or newer.

Car insurance discounts can be a great way to save money, but keep in mind that the actual savings will vary based on the type of discount and the company. For example, new vehicle discounts usually have a greater savings potential than multi-vehicle discounts. When comparing providers, make a note of the average savings available for the discounts you can qualify for.

Frequently asked questions

What is the best car insurance company?

The best car insurance company is different for every driver, because insurance needs are individualized. However, some of Bankrate’s top rated car insurance providers are USAA, Amica, State Farm, MetLife, Nationwide and The Hartford.

How much does car insurance in Lima cost?

Drivers in Lima pay an average rate of $317 per year for minimum coverage insurance and $963 per year for full coverage insurance. Because car insurance rates are personalized, you might pay a different rate based on your age, credit score (in most states), claim history or driving record.

Methodology

Bankrate utilizes Quadrant Information Services to analyze 2021 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on a 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:

  • $100,000 bodily injury liability per person
  • $300,000 bodily injury liability per accident
  • $50,000 property damage liability per accident
  • $100,000 uninsured motorist bodily injury per person
  • $300,000 uninsured motorist bodily injury per accident
  • $500 collision deductible
  • $500 comprehensive deductible

To determine minimum coverage limits, Bankrate used minimum coverages that meet each state’s requirements. Our sample drivers own a 2019 Toyota Camry, commute five days a week and drive 12,000 miles annually.

These are sample rates and should be used for comparative purposes only. Your quotes may be different.

Written by
Elizabeth Rivelli
Insurance Contributor
Elizabeth has two years of experience writing for insurance domains such as Bankrate.com, The Simple Dollar, Coverage.com and NextAdvisor, among others. In addition to auto insurance, Elizabeth regularly writes about home insurance, renters insurance and life insurance. She also covers industry trends and general insurance education.
Edited by
Insurance Editor