The words “economical” and “insurance” probably shouldn’t be used together, in particular when trying to find the cheapest car insurance for good students. Let’s take a look at some things that help determine insurance premiums, and find out if we can help you slash the price of your next policy.
The vehicle model on the policy is one of the biggest factors when looking for low-cost coverage for good students. Vehicles with lots of speed or power, poor passenger safety features, or an increased likelihood of liability claims will cost significantly more to insure than more modest models.
The table below outlines coverage prices for the most cost-effective automobiles to buy coverage for.
| Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Honda Accord LX 4-Dr Sedan | $4,318 |
| Ford Escape XLS 2WD | $4,325 |
| Honda CR-V EX-L 4WD | $4,368 |
| Hyundai Elantra SE Touring Station Wagon | $4,660 |
| Toyota Prius | $4,707 |
| Ford Edge SE AWD | $5,083 |
| Nissan Altima 2.5 4-Dr Sedan | $5,132 |
| Chevrolet Impala LT | $5,142 |
| Toyota RAV4 2WD | $5,132 |
| Chevrolet Malibu Hybrid | $5,140 |
| Dodge Grand Caravan Hero | $5,132 |
| Jeep Grand Cherokee Laredo 2WD | $5,138 |
| Ford Explorer Limited 4WD | $5,179 |
| Compare Rates Now Go | |
Prices based on single female driver age 18, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Ohio minimum liability limits. Discounts applied include claim-free, and safe-driver. Prices do not factor in the specific area where the vehicle is garaged which can impact price quotes significantly.
By looking at the data, you can presume that cars like the Honda Accord, Ford Escape, Honda CR-V, Hyundai Elantra, and Toyota Prius are likely to be some of the most budget-friendly vehicles to insure for student drivers.
Trying to find budget car insurance is not most people’s favorite thing to do, and determining which company has the cheapest insurance rates for good students takes more quotes for comparison. Each auto insurance company has a unique formula for establishing rates, so first let’s look at the rankings for the insurance companies that tend to be cheaper in Cleveland, OH.
It’s important that readers know that Ohio insurance rates are based on many factors that can increase the policy price. This price variability is why it is critical to perform an extensive rate comparison when trying to find affordable insurance rates for good students. Rates are determined by many factors and change frequently, so the best option six months ago may now be priced much higher than other options.
Cheapest Insurance Rates for Students
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Utica National | $628 |
| 2 | Erie | $667 |
| 3 | Allied | $697 |
| 4 | Frankenmuth | $708 |
| 5 | USAA | $711 |
| 6 | Travelers | $712 |
| 7 | Merchants Insurance Group | $748 |
| 8 | Cincinnati Insurance | $772 |
| 9 | Motorists Mutual | $816 |
| 10 | General Casualty | $829 |
| 11 | Grange Mutual | $836 |
| 12 | Central Mutual | $840 |
| 13 | Hastings Mutual | $866 |
| 14 | State Farm | $894 |
| 15 | Atlantic States | $940 |
| 16 | Westfield | $946 |
| 17 | Progressive | $962 |
| 18 | Western Reserve | $970 |
| 19 | Auto-Owners | $988 |
| 20 | Farmers | $995 |
| Quote Your Rates Go | ||
Utica National normally has some of the most affordable car insurance rates in Cleveland at around $628 a year. Erie, Allied, Frankenmuth, and USAA would also be considered some of the best Cleveland, OH auto insurance companies.
In the rate table above, if you are a policyholder with Allied and switched to Utica National, you might see yearly savings of about $69. Policyholders with Frankenmuth could save as much as $80 a year, and USAA policyholders might lower prices by up to $83 a year.
If you want to see how much you could save, click here to start your custom quote or click several companies below for low rates.
It’s important to note that these premiums are averaged for all insureds and vehicles and are not factoring in a specific vehicle garaging location for good students. So the company that is most affordable for your situation may not even be in the top 33 companies shown above. That points out the importance of why you need to compare prices as often as possible using your own driver and vehicle profiles.
Accidents and violations increase rates
The ideal way to receive affordable insurance premiums in Ohio for student drivers is to drive attentively and avoid traffic citations and accidents. The diagram below shows how traffic citations and at-fault accidents impact auto insurance costs for different age categories. The premiums assume a married male driver, full coverage, $250 deductibles, and no policy discounts are applied.
The data in the chart shows the average cost of a car insurance policy in Cleveland per year with a clean driving record and no accidents is $1,364. Factor in one speeding ticket and the average cost hikes up to $1,567, an increase of $203 each year. Now add one accident along with the one speeding ticket and the yearly cost of insurance for good students increases to an average of $2,141. That’s an increase of $777, or $65 per month, just for not driving attentively!
Discount Cleveland insurance
Auto insurance companies that offer cheap quotes for good students may have premium discounts that could potentially reduce rates by as much as 30% if you qualify. A list of companies and the discounts they provide can be read below.
- 21st Century offers premium reductions for air bags, good student, homeowners, defensive driver, student driver, and teen driver.
- Progressive policyholders can earn discounts including continuous coverage, online signing, online quote discount, multi-policy, and homeowner.
- State Farm discounts include passive restraint, Steer Clear safe driver discount, Drive Safe & Save, anti-theft, driver’s education, and accident-free.
- Nationwide includes discounts for easy pay, multi-policy, good student, defensive driving, Farm Bureau membership, and business or organization.
- Esurance may have discounts that include paid-in-full, online shopper, online quote, Switch & Save, DriveSense, and good student.
- The Hartford may include discounts for bundle, defensive driver, good student, vehicle fuel type, driver training, anti-theft, and air bag.
The illustration below illustrates the difference between car insurance costs with and without policy discounts. The premiums assume a female driver, no violations or accidents, Ohio state minimum liability limits, comp and collision included, and $500 deductibles. The first bar for each age group shows the average annual price with no discounts. The second shows the rates with passive restraint, paperless filing, paid-in-full, continuous coverage, good student, and anti-theft discounts applied. When discounts are applied, the average amount saved each year on insurance for good students is 28% or $343.
Should you buy full coverage?
Lowering the price of insurance is probably important to the majority of drivers, and one easy way to buy cheaper insurance for good students is to buy liability only. The information below illustrates the comparison of yearly insurance costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The prices are based on no accidents, no driving violations, $1,000 deductibles, single status, and no additional discounts are factored in.
If we average all the age groups together, full coverage on your policy costs $961 per year more than just insuring for liability. That is a large expense which might make you wonder when is it safe to stop buying full coverage. There is no definitive guideline for eliminating physical damage coverage on your policy, but there is a guideline you can use. If the annual cost of comprehensive and collision coverage is 10% or more of replacement cost minus your deductible, then you may want to consider only buying liability coverage.
For example, let’s assume your vehicle’s replacement value is $9,000 and you have $1,000 physical damage deductibles. If your vehicle is severely damaged, the most you would receive is $8,000 after you pay the deductible. If you are currently paying more than $800 a year for your policy with full coverage, then you may need to consider dropping full coverage.
There are some cases where only buying liability is not financially feasible. If you haven’t satisfied your loan, you have to maintain full coverage to satisfy the loan requirements. Also, if you can’t afford to buy a different vehicle in the even your car is totaled, you should not drop full coverage.
Compare quotes and save
Cleveland, OH insurance rates are influenced by many factors that can increase the policy premium. Turning one year older, filing a claim, or having a fender bender may generate price changes that can now make some companies cheaper than before.
And not only may your rating factors change, but car insurance companies change prices without warning to adjust for heavy claims or excess profits. Heavy losses may cause rate hikes, while a lower level of claims may cause more affordable Cleveland car insurance rates.
As an example, the chart below shows the companies that have the cheapest car insurance in Cleveland, OH for a 30-year-old male driver with a clean driving record, no accidents, and a decent credit rating. When comparing rates based on his current risk profile, Utica National offers the cheapest car insurance rates in Cleveland at $828 a year. This is $212 less than the average premium paid by Ohio drivers of $1,040. Allied, Erie, Frankenmuth, and USAA are the rest of the cheapest Cleveland, OH auto insurance companies.
The next chart shows rates after we give the driver in the first chart a couple of claims, poor credit, and a speeding ticket. Due to the fact that every auto insurer uses a different method for setting rates, analyzing rate quotes could result in a significantly different list of the cheapest Cleveland car insurance companies as shown below.
Merchants Insurance Group now has the cheapest car insurance in Cleveland with Cincinnati Insurance, Motorists Mutual, General Casualty, and Grange Mutual now rounding out the top five. This example shows why Ohio drivers need to compare lots of rates when trying to get the most affordable insurance rates for good students. Prices can be determined by many things and can change without notice, so the most economical company when you bought your policy may now be quite expensive.
The insurance agencies listed below are a good start to help you make a decision which insurance coverage you need, as lots of people like to get some help when comparing insurance rates for student drivers. It can be time-consuming to find the cheapest rates, so insurance agents licensed in the state of Ohio can add satisfaction knowing you have adequate asset protection. To locate a Cleveland insurance agent in your neighborhood, click the button after the list.
- Cisar Insurance
30405 Solon Rd – Cleveland, OH 44139 – (440) 248-4450 - Abc Auto Insurance Agency Inc.
1970 E 55th St – Cleveland, OH 44103 – (216) 881-2600 - Furlong and Co Insurance Agency Inc
569 E 185th St – Cleveland, OH 44119 – (216) 486-4170 - Independent Insurance Agency of Ohio
2310 Superior Ave #215 – Cleveland, OH 44114 – (216) 472-8000