It’s hard to miss the catchy commercials from companies like State Farm and GEICO that make claims of huge savings. So you just need to choose one randomly, right?
Unfortunately, it’s not that simple as there are a whole slew of unknown elements such as if full coverage is needed, what physical damage coverage deductibles you want, and the safety features built into your vehicle, that all impact the price you pay. This article should teach you a little about the different ways to avoid overpaying and should give you a good beginning to your search for cheaper coverage.
The vehicle model on the policy is probably the largest consideration that determines whether or not you can buy affordable car insurance for hybrid vehicles. Vehicles with lots of speed or power, a lack of modern safety features, or a track record of large liability claims will cost quite a bit more to insure than safer models.
The data below illustrates car insurance costs for a selection of the most budget-friendly automobiles to insure.
| Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V EX-L 4WD | $1,322 |
| Dodge Grand Caravan SE | $1,452 |
| Toyota Tacoma 4WD | $1,460 |
| Honda Accord LX 4-Dr Sedan | $1,480 |
| Ford Edge SE AWD | $1,501 |
| Toyota RAV4 Limited 4WD | $1,532 |
| Chevrolet Malibu LS | $1,541 |
| Volkswagen Jetta LE 4-Dr Sedan | $1,532 |
| Chevrolet Equinox LS 2WD | $1,539 |
| Ford Explorer Eddie Bauer 4WD | $1,560 |
| Dodge Ram 3500 Crew Cab Laramie 2WD | $1,569 |
| Ford Escape Limited 4WD | $1,606 |
| GMC Sierra 2500HD SLE Extended Cab 4WD | $1,640 |
| Toyota Prius | $1,649 |
| Nissan Rogue S AWD | $1,643 |
| Find Cheaper Rates Go | |
Prices above based on single female driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Ohio minimum liability limits. Discounts applied include multi-policy, claim-free, multi-vehicle, homeowner, and safe-driver. Premium amounts do not factor in zip code location which can influence premium rates substantially.
Looking at the data, you can assume that cars like the Honda CR-V, Dodge Grand Caravan, Toyota Tacoma, and Honda Accord will be a few of the more affordable vehicles to insure for hybrids.
One of the many components that help determine the price you pay for insurance is where you keep your car in Cleveland. Areas with more people or even just a higher incidence of claims tend to pay slightly more, whereas less populated areas tend to receive slightly lower rates.
The next table ranks the most expensive places in Ohio for hybrid vehicles in which to buy car insurance. Cleveland comes in at #2 with the annual price of $1,259 for the average insurance policy, which is approximately $105 per month.
| Rank | City | Premium Per Year |
|---|---|---|
| 1 | Toledo | $1,267 |
| 2 | Cleveland | $1,259 |
| 3 | Columbus | $1,247 |
| 4 | Youngstown | $1,235 |
| 5 | Cincinnati | $1,222 |
| 6 | Cleveland Heights | $1,214 |
| 7 | Akron | $1,157 |
| 8 | Dayton | $1,142 |
| 9 | Euclid | $1,140 |
| 10 | Hamilton | $1,113 |
| 11 | Canton | $1,102 |
| 12 | Springfield | $1,094 |
| 13 | Newark | $1,085 |
| 14 | Lakewood | $1,073 |
| 15 | Fairfield | $1,053 |
| 16 | Strongsville | $1,041 |
| 17 | Parma | $1,037 |
| 18 | Middletown | $1,024 |
| 19 | Mansfield | $1,022 |
| 20 | Kettering | $1,020 |
| 21 | Beavercreek | $1,016 |
| 22 | Lorain | $1,015 |
| 23 | Cuyahoga Falls | $997 |
| 24 | Mentor | $978 |
| 25 | Elyria | $975 |
| Find Cheaper Rates Go | ||
Table data uses comparative as specific location information can raise or lower premium rates considerably.
How to find a good Cleveland car insurance company
Choosing the highest-rated insurance provider can be a challenge considering how many companies sell coverage in Cleveland. The information in the lists below could help you analyze which coverage providers you want to consider when shopping around.
The rankings below include the companies with a significant amount of written premium nationwide, so smaller companies are not included in the list. If you wish to compare rates from these top-rated insurers and more, simply click here.
Top 10 Large Auto Insurance Companies in Cleveland Ranked by Claims Service
- Progressive
- Travelers
- Liberty Mutual
- Nationwide
- USAA
- GEICO
- AAA Insurance
- Safeco Insurance
- Esurance
- The General
Top 10 Large Auto Insurance Companies in Cleveland Ranked by A.M. Best Rating
- USAA – A++
- GEICO – A++
- Travelers – A++
- State Farm – A++
- Allstate – A+
- Progressive – A+
- Erie Insurance – A+
- The Hartford – A+
- Nationwide – A+
- Esurance – A+
The diagram below illustrates how choosing a deductible can raise or lower insurance costs when searching for cheap insurance for hybrid vehicles. The rates are based on a single male driver, full coverage, and no discounts are taken into consideration.
The chart above illustrates that a 40-year-old driver could save $260 a year by changing from a $100 deductible to a $500 deductible, or save $392 by using a $1,000 deductible. Younger drivers, like the Age 20 category, have the ability to save as much as $860 or even more by choosing larger deductibles on their policy.
When using a larger deductible, it is a good idea to have plenty of money set aside to enable you to pay the extra out-of-pocket expense, which is the primary disadvantage of high deductibles.
Cost difference between full coverage and liability
Finding cheaper car insurance is important to the majority of drivers, and one common way to save on the cost of insurance for hybrid vehicles is to only pay for liability coverage. The example below compares insurance prices when comparing full coverage to liability only. Data assumes no accidents or driving violations, $500 deductibles, single status, and no policy discounts are applied.
Averaged out for all age groups, comprehensive and collision coverage on your policy costs $1,077 per year over having just liability coverage. That raises the question when is the right time to remove full coverage. There is no definitive rule to exclude full coverage, but there is a general school of thought. If the annual cost of having full coverage is more than 10% of the vehicle’s replacement cost less your deductible, then you may want to consider only buying liability coverage.
For example, let’s say your vehicle’s settlement value is $3,000 and you have $1,000 full coverage deductibles. If your vehicle is severely damaged, the most you would get paid by your company is $2,000 after paying the physical damage deductible. If it’s costing you more than $200 annually for your policy with full coverage, the it may be a good time to stop paying for full coverage.
There are some situations where eliminating full coverage is not financially feasible. If you haven’t satisfied your loan, you are required to maintain full coverage in order to satisfy the requirements of the loan. Also, if you can’t afford to buy a different vehicle in the event your current vehicle is totaled, you should not opt for liability only.
Compare rates to save
Ohio car insurance rates are impacted by many things which can substantially change the price you have to pay for coverage. Getting older, having a teen driver, or getting caught speeding can trigger rate changes that can cause some rates to be cheaper than competitors.
Also, insurance companies change prices as often as every quarter to help ensure profitability. Higher than normal claims may result in rate increases, while better underwriting can produce cheaper Cleveland car insurance rates.
For instance, the bar chart below shows rates for the cheapest car insurance in Cleveland, OH for a 40-year-old male driver with a good driving record, no prior claims, and good financial standing. If we compare prices based on his current situation, Utica National offers the best car insurance rates in Cleveland at $836 each year. This is $204 less than the average rate paid by Ohio drivers of $1,040. Erie, Allied, Frankenmuth, and USAA are the remaining cheapest Cleveland, OH auto insurance companies.
Let’s now give the driver from above a chargeable claim, a lower credit rating, and a couple of points charged on his driving record. Because every insurance company has a different formula for setting prices, comparing prices may now present a different list of the cheapest companies as shown below.
Cincinnati Insurance now has the cheapest insurance rate in Cleveland, OH with Merchants Insurance Group, General Casualty, Motorists Mutual, and Grange Mutual now rounding out the top five. This example proves why consumers need to take the time to shop around when trying to find the cheapest car insurance quotes for hybrid vehicles. Auto insurance prices are impacted by many things and can decrease or increase without notice, so the cheapest company a year ago may now be one of the more expensive options.