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Car insurance is mandatory in Ohio, and the average annual premium in Toledo for minimum and full coverage are $393 and $1,394 respectively. Although higher than the Ohio state average, the cost for car insurance in Toledo is still cheaper than the national average. There are several insurance companies that offer quality car insurance for cheap average prices in Toledo. According to our research, the top options for cheap car insurance in Toledo include Hastings Mutual, Geico, USAA, State Farm and Auto-Owners.
Best cheap car insurance companies in Toledo
The cheapest full coverage car insurance in Toledo comes from Hastings Mutual, Geico and USAA, respectively, according to data we analyzed from Quadrant Information Services. But, we looked at a number of factors that determine the ranking of each car insurance company. To score car insurance companies, Bankrate also evaluates the company’s product offerings, customer satisfaction from J.D. Power and claims support, online capabilities and financial strengths ratings on a weighted scale to determine their Bankrate score, out of a possible 5.0 points. This holistic view should help you more easily compare car insurance companies as you begin shopping.
|Insurance company||Bankrate Score||J.D. Power score (North Central region)||Average annual premium for full coverage||Average annual premium for minimum coverage|
*Not officially ranked with J.D. Power due to eligibility restrictions
Hastings Mutual is a regional insurer that’s been writing policies in the Midwest since 1885. Hastings auto insurance coverage options include liability as well as collision, comprehensive, and uninsured/underinsured motorist coverage. It offers the lowest average annual price in Toledo for full coverage car insurance, but it’s not as cheap as some other companies for minimum coverage insurance. It has a few options that are not usually included in policies, including travel interruption coverage and loss of use and diminished value coverage for rented vehicles. The company offers a good handful of potential discounts as well, such as defensive driving, claims-free and multi-policy discounts.
Geico offers some of the lowest average annual rates in Toledo for both full and minimum coverage auto insurance. The company also offers a number of potential discounts and scored the highest Bankrate score on our list. Discounts offered include a potential discount for student drivers with good grades and the DriveEasy program that tracks drivers’ habits for the opportunity to lower their bill. One of the only downsides to Geico may be that the company has limited in-person offices. Customers will likely need to access their customer service via phone or online.
Learn more: Geico Insurance review
USAA may be the best insurance company you’ve never heard of — unless you’re in the military or a veteran, in which case you probably know about the company’s rock-solid coverage options and great prices. USAA only sells insurance to active-duty military, veterans and qualifying family members, but if you’re in that demographic, you may want to consider making it your first stop for a quote. If you don’t qualify, unfortunately you will need to find a different insurance company. Its average premium for Toledo drivers is a low $272 per year for minimum coverage and $1,027 per year for full coverage — which was the cheapest of all our average full coverage car insurance rates in Toledo. USAA is also at the top of J.D. Power’s customer satisfaction list (although it can’t be officially ranked due to eligibility restrictions), and its reputation for customer service is stellar.
Learn more: USAA Insurance review
State Farm is well-known for offering extensive coverage with good potential discounts at a great price point on average. Its average annual cost for Toledo drivers for minimum and full coverage is $298 and $1,073, respectively. State Farm’s discount opportunities include several that reward good driving habits, including the company’s Drive Safe and Save program, and Steer Clear, which gives young drivers the chance to save up to 30 percent on their premium. However, State Farm doesn’t offer any gap insurance or accident forgiveness for its policies, so if those options are important to you, it may not be the best choice.
Learn more: State Farm Insurance review
Auto-Owners offers a nice array of car insurance endorsements if you want to customize your auto insurance policy. However, the company doesn’t have as many digital tools available as some of its competitors. If a cheap rate is truly important to you, there are lots of ways to save money with Auto-Owners, as the company offers potential discounts for bundling, safety features, good students and more.
Learn more: Auto-Owners Insurance review
How to get and keep the cheapest car insurance in Toledo
Finding cheap car insurance can take work. When you are looking for the cheapest car insurance in Toledo, be willing to invest some time to find the best deal. Follow a few key tips to find and keep the best car insurance rate.
- Shop around and get several quotes: First, it’s a good idea to shop around regularly if you want to find the cheapest car insurance. Get quotes from several carriers for the same coverage types and limits. Once you lock in a good car insurance premium, make a note to shop around again right before your plan renews. Sometimes costs can change throughout the year, and you may be able to find a cheaper car insurance premium somewhere else next year.
- Take advantage of discounts: Also remember to take advantage of any car insurance discounts you qualify for. Most insurance carriers offer discounts for things like bundling insurance policies, being a good student or being a good driver. When you are looking for car insurance, take into account which discounts best fit your needs. Almost all car insurance discounts are stackable, meaning you can take advantage of multiple savings opportunities to bring your rate down.
Frequently asked questions
The best car insurance company may be different for each individual. Consider the cost, coverage and discounts offered by a car insurance company, then get several quotes to compare to determine the best for your needs.
Car insurance costs in Ohio can vary by insurance carrier and coverages, as car insurance companies consider multiple factors when calculating your rate. However, car insurance averages in Ohio are cheaper than the national average. Ohio drivers pay an average of $1,266 for full coverage and $338 for minimum coverage. The average cost of car insurance in the U.S. is $2,014 per year for full coverage and $622 per year for minimum coverage.
How much car insurance you need depends on your unique situation. In most states (including Ohio), there is a minimum amount of car insurance coverage required to drive legally. Experts recommend that you purchase more than the minimum amount of coverage required to better protect yourself financially. Consider speaking with a licensed agent to determine how much car insurance is right for you.
Bankrate utilizes Quadrant Information Services to analyze 2023 rates for ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. 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 coverage that meets each state’s requirements. Our base profile drivers own a 2021 Toyota Camry, commute five days a week and drive 12,000 miles annually. These are sample rates and should only be used for comparative purposes.
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.