It’s impossible to miss the ads from insurers like Nationwide and Liberty Mutual that promise huge savings. So drivers should just pick one at random, right?
Unfortunately, it’s not that simple as there are a whole slew of unknowns such as what physical damage coverage deductibles you want, the number of miles you drive each year, what coverage limits you need, and whether you are a man or a woman. We will try to cover the different ways to avoid overpaying and should give you a jump start in finding the best auto insurance.
One of the many components that are used to help calculate the cost of insurance is where you normally keep your vehicle. Areas with more people or even just a higher incidence of claims are more likely to pay higher prices, whereas less populated areas have the gratification of cheaper auto insurance rates.
The illustration below sorts the most expensive areas in Ohio for drivers with good credit to buy auto insurance in. Cleveland is listed at #3 with the annual price of $1,222 for the average policy, which is around $102 monthly.
| Rank | City | Premium Per Year |
|---|---|---|
| 1 | Toledo | $1,241 |
| 2 | Youngstown | $1,235 |
| 3 | Cleveland | $1,222 |
| 4 | Columbus | $1,211 |
| 5 | Cincinnati | $1,174 |
| 6 | Akron | $1,169 |
| 7 | Cleveland Heights | $1,166 |
| 8 | Euclid | $1,164 |
| 9 | Dayton | $1,108 |
| 10 | Hamilton | $1,102 |
| 11 | Springfield | $1,094 |
| 12 | Middletown | $1,066 |
| 13 | Canton | $1,058 |
| 14 | Fairfield | $1,053 |
| 15 | Newark | $1,053 |
| 16 | Kettering | $1,051 |
| 17 | Strongsville | $1,031 |
| 18 | Lakewood | $1,031 |
| 19 | Cuyahoga Falls | $1,027 |
| 20 | Beavercreek | $1,027 |
| Compare Prices Now Go | ||
Rate quotes are approximated as specific location information can change prices noticeably.
Shopping around for cheap car insurance is hard enough, and figuring out which insurers offer the cheapest auto insurance rates for drivers with good credit will take more quotes for comparison.
Each insurer has a unique formula to determine rates, so let’s begin by taking a look at the auto insurance companies that tend to have lower prices in Cleveland, OH.
Find the Cheapest Car Insurance for High Credit
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Utica National | $635 |
| 2 | Erie | $687 |
| 3 | Allied | $697 |
| 4 | Travelers | $705 |
| 5 | Frankenmuth | $708 |
| 6 | USAA | $711 |
| 7 | Merchants Insurance Group | $778 |
| 8 | Cincinnati Insurance | $779 |
| 9 | Grange Mutual | $804 |
| 10 | Motorists Mutual | $824 |
| 11 | General Casualty | $837 |
| 12 | Hastings Mutual | $866 |
| 13 | State Farm | $867 |
| 14 | Central Mutual | $874 |
| 15 | Atlantic States | $904 |
| 16 | Westfield | $918 |
| 17 | Western Reserve | $932 |
| 18 | Progressive | $962 |
| 19 | Auto-Owners | $968 |
| 20 | Nationwide | $998 |
| Get Personalized Rates Go | ||
Utica National may have some of the most affordable car insurance rates in Cleveland at around $635 annually. Erie, Allied, Travelers, and Frankenmuth would also be considered some of the best Cleveland, OH car insurance companies.
As the rates illustrate above, if you are currently insured with Travelers and switched to Utica National, you may realize an annual premium reduction of roughly $70. Insureds with Frankenmuth could save as much as $73 a year, and USAA insureds might lower prices by $76 a year.
Remember that these prices are averaged for all ages of drivers and types of vehicles and do not take into consideration a specific vehicle garaging location for drivers with good credit. So the insurer that fits your situation best may not even be in the top 33 companies shown above. That illustrates why you need to compare prices as often as possible using your own driver and vehicle profiles.
Difference between liability only and full coverage rates
Saving money on auto insurance is important to the majority of people, and one of the quickest ways to buy cheap insurance for drivers with good credit is to only buy liability insurance. The example below illustrates the comparison of annual premium costs with full physical damage coverage compared to only buying the minimum liability limits required in Ohio. The data assumes a clean driving record, no at-fault accidents, $100 deductibles, single status, and no policy discounts are applied.
Averaged for all ages 20 through 70, physical damage coverage on your policy costs $1,308 per year over and above liability only. Lot’s of drivers question if it’s worth it to buy full coverage. There is no clear-cut formula to eliminate physical damage coverage on your policy, but there is a guideline you can consider. If the annual cost of coverage is about 10% or more of the replacement cost of your vehicle minus the policy deductible, then it might be time to consider dropping full coverage.
There are a few cases where eliminating full coverage is not in your best interest. If you have an outstanding loan on your vehicle, you are required to maintain full coverage in order to prevent your loan from defaulting. Also, if your finances do not allow you to purchase a different vehicle in case of an accident, you should keep full coverage.
Buying coverage from the right auto insurance provider can be rather challenging considering how many different insurance companies sell coverage in Cleveland. The information below could help you decide which auto insurance companies you want to consider purchasing a policy from. These ratings are only made up of companies that write coverage in many states, so smaller companies are not included in the list.
Top 10 Large Auto Insurers in Cleveland Ranked by Claims Service
- Progressive
- Travelers
- Liberty Mutual
- Nationwide
- USAA
- GEICO
- AAA Insurance
- Safeco Insurance
- Esurance
- The General
Top 10 Large Auto Insurers Overall in Cleveland
- USAA
- 21st Century
- GEICO
- Nationwide
- AAA Insurance
- Liberty Mutual
- Safeco Insurance
- State Farm
- Travelers
- American Family
Get discounts on Cleveland auto insurance rates
Insurance providers that offer coverage for drivers with good credit may provide price discounts that may potentially lower prices by 40% or more if you meet specific eligibility requirements. A few of the larger companies and the discounts they provide are shown below.
- State Farm has savings for multiple policy, Drive Safe & Save, multiple autos, anti-theft, student away at school, and accident-free.
- GEICO offers discounts including five-year accident-free, anti-theft, military active duty, seat belt use, emergency military deployment, multi-vehicle, and good student.
- SAFECO offers premium reductions for multi-car, bundle discounts, teen safety rewards, homeowner, teen safe driver, and accident prevention training.
- Farmers Insurance may include discounts for early shopping, teen driver, bundle discounts, youthful driver, alternative fuel, business and professional, and switch companies.
- AAA has discounts for AAA membership discount, multi-policy, anti-theft, pay-in-full, good driver, education and occupation, and good student.
- USAA includes discounts for family discount, military installation, loyalty savings, new vehicle, driver training, multi-policy, and annual mileage.
The illustration below visualizes the comparison of insurance premiums with and without discounts. Data assumes a male driver, a clean driving record, no at-fault accidents, Ohio state minimum liability limits, full physical damage coverage, and $500 deductibles. The first bar for each age group shows insurance cost with no discounts. The second shows the rates with homeowner, safe-driver, vehicle safety, multiple policy, accident-free, and marriage discounts applied. When these discounts are applied, theamount saved on auto insurance for drivers with good credit is 28% or $400.
The benefits of price comparisons
Ohio auto insurance rates are based on many factors that will increase or decrease the cost of your policy. Simply turning a year older, moving to a new city, or getting caught speeding can trigger changes in premium that can cause some rates to be more affordable than before.
Not only that, but car insurance companies change prices every year in order to maintain liquidity for claims. Higher than normal claims can result in a rate increase, while lower claim expenses may produce lower-priced Cleveland car insurance rates.
To illustrate this example, the graph below shows the companies that have the cheapest car insurance in Cleveland, OH for a 35-year-old female driver with no accidents or violations, and good financial standing. If we look at prices based on her current risk profile, Utica National might quote the best car insurance rates in Cleveland at $853 per year. This is $187 less than the average premium paid by Ohio drivers of $1,040. Allied, Erie, Frankenmuth, and USAA also make the list of the cheapest Cleveland, OH auto insurance companies.
Now we will give the driver from the first example an accident claim, a lower credit rating, and an imperfect driving record. Since every insurance provider uses a different method for determining rates in each state, comparing insurance quotes may now show a new list of companies as shown below.
Cincinnati Insurance now has the best price on car insurance in Cleveland with Merchants Insurance Group, Motorists Mutual, Grange Mutual, and General Casualty now being in the top five. This example demonstrates why drivers need to take the time to shop around to get the best auto insurance quotes for drivers with good credit.
Rates consist of many things and change dramatically, so the cheapest company the last time you shopped your coverage around may now be quite expensive.