Best car insurance in Ohio for 2023

Our 2023 Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.

Like our previous Bankrate Scores, each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. This year, our 2023 scoring model provides a more comprehensive view, indicating when companies excel across several key areas and better highlighting where they fall short.

• Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, 2023 quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best and the NAIC, were analyzed.
• Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.
• Tier 3 (Support): To encompass the many ways an auto insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from S&P and Moody’s and factored a company’s corporate sustainability efforts.

Like most states, Ohio mandates specific limits that each driver must carry as a minimum requirement to drive legally. Because Ohio is an at-fault state, minimum coverage requirements include bodily injury liability and property damage liability, with exact amounts noted on the state’s motor vehicle website. Although there are other ways to satisfy Ohio’s financial responsibility law, like posting a bond or qualifying as a self-insurer, most insurance professionals recommend purchasing enough coverage to avoid financial devastation in case of an accident.

Although buying minimum coverage might mean you pay a lower premium, the limits may not be enough to protect your finances if you cause an accident. If the injuries and damages that you cause exceed your insurance limits, you will have to pay extra costs out of pocket.

In the U.S., 85 percent of all new car purchases are financed. Because a financial institution has a stake in the vehicle, drivers are typically required to purchase full coverage insurance in these situations. As minimum coverage limits do not provide any physical damage coverage for your vehicle, collision and comprehensive coverage come in handy when facing repair or replacement costs. Drivers of newer model cars in Ohio may also want to consider purchasing gap insurance, which helps pay the difference between your insurance claim check and outstanding loan amount should your vehicle be totaled or stolen and unrecoverable.

Drivers leasing their vehicles usually have additional insurance requirements regarding liability coverage. In most cases, leasing companies require you to carry at least $100,000 per person and $300,000 per accident in bodily injury, and $50,000 per accident in property damage coverage. You may see this denoted as 100/300/50 on your policy documentation.

Many personal factors, like driver risk, may influence the cost of insurance. Insurance companies typically use driving records to gauge how likely a policyholder is to file future claims, so they often charge higher rates for drivers with prior traffic violations. Having a speeding ticket on your motor vehicle record, for example, could demonstrate high-risk driving behavior, potentially increasing average annual premiums by hundreds of dollars.

In Ohio, the average annual full coverage increase for a single speeding ticket is 17 percent. Although this rate increase is lower than the national average after a speeding ticket (which currently sits at 21 percent), your driving record could still be an important consideration when shopping for auto insurance in Ohio.

The cheapest car insurance company in Ohio likely depends on your personal needs. Consider the type of insurance you need, the drivers you’ll add to your policy, and your coverage limits. Then, compare car insurance quotes from multiple insurance providers. Reviewing discounts may also help you save. Some of the most impactful discounts typically include bundling and safe driver discounts.

Generally speaking, yes. If you own a car in Ohio, you must satisfy the state’s financial responsibility law. For most drivers, this means having at least the minimum coverage car insurance required by the state. However, you may have the option to post a bond or qualify as a self-insurer to meet the legal requirements. No matter what, as a driver in Ohio, you will have to provide proof of your financial responsibility in one of these ways. Driving without insurance in Ohio is a serious offense and could lead to fines and license suspensions.

There are a few factors that could contribute to Ohio's below-average car insurance rates. For one, a lot of the Buckeye State is suburban or rural. Roads outside of urban areas tend to be less busy, meaning that there are usually fewer accidents, which may translate to lower premiums. While Ohio does experience some severe winter weather, it doesn't have the same tornado risk as some other Midwestern states, and it doesn't experience hurricanes like states on the East Coast. Lastly, Ohio's minimum car insurance requirements are fairly basic, so minimum coverage is typically not as high as in other states where liability requirements are high or personal injury protection coverage is required.

Many of the best car insurance companies offer online quoting, but for carriers that do not (or if you prefer a more personalized approach), you can also get quotes over the phone with a company agent or in person if the carrier has local offices in your area. If you want to quickly compare rates across multiple companies, you may find online quote comparison tools useful, or you could choose to work with an insurance broker. Brokers collect quotes from multiple companies on your behalf for you to compare coverage options, pricing and discounts.