Finding decent, budget insurance is hard enough, and finding out which company has the cheapest car insurance rates for teenagers calls for a bit more work. Every insurance company uses their own calculation to set premium rates, so let’s take a look at the car insurance companies with the most affordable rates in Cleveland, OH.
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| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Utica National | $635 |
| 2 | Allied | $669 |
| 3 | Erie | $681 |
| 4 | Frankenmuth | $701 |
| 5 | USAA | $733 |
| 6 | Travelers | $733 |
| 7 | Cincinnati Insurance | $756 |
| 8 | Merchants Insurance Group | $778 |
| 9 | Motorists Mutual | $800 |
| 10 | General Casualty | $805 |
| 11 | Grange Mutual | $836 |
| 12 | Central Mutual | $848 |
| 13 | Hastings Mutual | $884 |
| 14 | State Farm | $885 |
| 15 | Westfield | $908 |
| 16 | Atlantic States | $913 |
| 17 | Auto-Owners | $958 |
| 18 | Western Reserve | $961 |
| 19 | Progressive | $991 |
| 20 | Nationwide | $998 |
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Utica National has some of the lowest car insurance rates in Cleveland at around $635 per year. This is $405 less than the average price paid by Ohio drivers of $1,040. Allied, Erie, Frankenmuth, and USAA also are some of the most economical Cleveland, OH car insurance companies.
As the rates illustrate above, if you currently have coverage with USAA and switched to Allied, you could realize an annual savings of roughly $64. Insureds with Travelers might save as much as $64 a year, and Cincinnati Insurance policyholders might lower prices by up to $87 a year.
Remember that these estimates are averages for all drivers and vehicles and do not take into consideration a vehicle location for teenagers. 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 quote rates from many companies using your own driver data and vehicle information.
The vehicle that is being insured is a large consideration when comparing the most affordable car insurance for teenagers. Vehicles with higher performance characteristics, a lack of safety features, or a high likelihood of having liability claims will cost significantly more to insure than more modest models.
The next table presents car insurance premiums for some of the most affordable vehicles to insure in Ohio.
| Vehicle Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V EX 2WD | $5,561 |
| Ford Escape XLT 2WD | $5,570 |
| Hyundai Elantra SE Touring Station Wagon | $5,955 |
| Toyota Prius | $6,008 |
| Honda Odyssey LX | $6,203 |
| Ford Edge SE 2WD | $6,212 |
| Ford F-150 XLT Super Cab 2WD | $6,256 |
| Jeep Wrangler Rubicon 4WD 2-Dr | $6,262 |
| Ford Explorer XLT 4WD | $6,256 |
| Toyota RAV4 Limited 4WD | $6,597 |
| Dodge Grand Caravan Hero | $6,607 |
| Volkswagen Jetta S 4-Dr Sedan | $6,597 |
| GMC Sierra SLE Crew Cab 2WD | $6,607 |
| Chevrolet Equinox LT AWD | $6,597 |
| Toyota Tacoma Double Cab 4WD | $6,603 |
| Jeep Grand Cherokee Laredo 2WD | $6,597 |
| Chevrolet Malibu LT | $6,650 |
| Toyota Camry XLE | $6,938 |
| Chevrolet Impala LTZ | $6,944 |
| Ford Fusion SEL 4-Dr Sedan | $6,991 |
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Table data assumes single male driver age 16, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Ohio minimum liability limits. Discounts applied include safe-driver, and claim-free. Price estimates do not factor in your specific Cleveland, OH location which can affect rates significantly.
Looking at the numbers, you can presume that cars like the Honda CR-V, Ford Escape, and Hyundai Elantra are likely to be the more affordable vehicles to insure for teen drivers. Rates will trend higher just because there is more liability exposure for teenagers, but overall those vehicles will most likely have the cheapest auto insurance rates that you are likely to find.
For teen drivers, one of the big considerations that are used to help calculate the price you pay for insurance is where you keep your vehicle. Larger areas tend to have more expensive auto insurance rates, whereas areas with less crime or weather claims get the luxury of paying less.
The table below shows the priciest cities in Ohio for teenagers to purchase auto insurance in. Cleveland is ranked at #1 with the annual price of $1,259 for the average policyholder, which is around $105 each month.
| Rank | City | Annual Premium |
|---|---|---|
| 1 | Cleveland | $1,259 |
| 2 | Toledo | $1,241 |
| 3 | Youngstown | $1,235 |
| 4 | Columbus | $1,235 |
| 5 | Cleveland Heights | $1,178 |
| 6 | Cincinnati | $1,174 |
| 7 | Euclid | $1,164 |
| 8 | Dayton | $1,154 |
| 9 | Akron | $1,123 |
| 10 | Hamilton | $1,113 |
| 11 | Newark | $1,085 |
| 12 | Lakewood | $1,073 |
| 13 | Canton | $1,069 |
| 14 | Fairfield | $1,063 |
| 15 | Springfield | $1,061 |
| 16 | Beavercreek | $1,058 |
| 17 | Strongsville | $1,031 |
| 18 | Middletown | $1,024 |
| 19 | Kettering | $1,020 |
| 20 | Mentor | $1,008 |
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Prices are estimated as zip code location can raise or lower rates considerably.
The illustration below demonstrates how deductible levels can impact insurance prices when researching cheap insurance for teenagers. The premiums assume a single male driver, comprehensive and collision coverage, and no additional discounts are factored in.
As shown above, a 40-year-old driver could lower rates by $186 a year by switching their comprehensive and collision coverages from a $100 deductible to a $500 deductible, or save $282 by using a $1,000 deductible. Even younger insureds, such as the 20-year-old example, could roll back prices up to $612 each year just by choosing higher deductibles. If you do decide to increase your deductibles, it will be required to have additional funds in a savings account to pay the extra out-of-pocket expense, which is the one shortcoming of high deductibles.
Get discount Cleveland car insurance
Insurers that provide coverage for teenagers may provide policy discounts that could potentially reduce rates by as much as 25% or more if you meet eligibility requirements. Larger car insurance companies and some of their more popular discounts are shown below.
- State Farm offers discounts including anti-theft, safe vehicle, defensive driving training, Drive Safe & Save, good student, accident-free, and driver’s education.
- Nationwide offers discounts for Farm Bureau membership, multi-policy, family plan, anti-theft, and business or organization.
- GEICO may offer discounts for multi-vehicle, emergency military deployment, membership and employees, five-year accident-free, federal employee, and anti-lock brakes.
- AAA discounts include good driver, good student, multi-car, pay-in-full, AAA membership discount, and education and occupation.
- 21st Century may include discounts for air bags, teen driver, early bird, 55 and older, and automatic seat belts.
- The Hartford has savings for driver training, bundle, anti-theft, vehicle fuel type, defensive driver, good student, and air bag.
The diagram below shows the difference between annual premium costs with and without policy discounts. The information is based on a male driver, no accidents or driving violations, Ohio state minimum liability limits, full coverage, and $1,000 deductibles.
The first bar for each age group shows premium with no discounts. The second bar shows the rates with paperless filing, vehicle safety, good student, anti-theft, passive restraint, and continuous coverage discounts applied. When these discounts are applied to the policy premium, theamount saved on car insurance for teenagers is 28% or $353.
Cost of full coverage in Cleveland
Saving money on car insurance is important to most people, and one great way to pay less for insurance for teenagers is to only buy liability coverage. The diagram below shows the comparison of insurance costs with full physical damage coverage compared to only buying the minimum liability limits required in Ohio. The price estimates are based on no driving violations, no at-fault accidents, $250 deductibles, single marital status, and no discounts are taken into consideration.
If we average all the age groups together, comprehensive and collision coverage on your policy costs an additional $1,200 per year more than insuring for liability only. Many drivers will wonder if it’s worth it to buy full coverage. There is no set rule of when to stop paying for comprehensive and collision coverage on your policy, but there is a guideline you can consider. If the annual cost of having full coverage is more than 10% of the replacement cost of your vehicle minus the policy deductible, then you might consider buying liability only.
For example, let’s pretend your vehicle’s book value is $12,000 and you have $1,000 full coverage deductibles. If your vehicle is severely damaged, the most you would receive is $11,000 after paying the physical damage deductible. If premium cost is more than $1,100 a year for your policy with full coverage, then it might be time to consider dropping full coverage.
There are a few cases where removing full coverage is not advised. If you haven’t paid off your loan, you have to keep full coverage in order to keep the loan. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is in an accident, you should keep full coverage in place.
Ideas for buying low-cost insurance for teenagers
Below you’ll find a few money-saving ideas that can help you get low-cost auto insurance.
- Raise deductibles
- Higher credit ratings may save you money
- Remain accident-free and save
- Try paying for small claims out-of-pocket
- Multi-policy discounts save money
- Maintain a clean driving record
- Compare rates regularly and switch companies to save money
That final tip is extremely important, as was discussed in the article above. Prices charged by car insurance companies fluctuate considerably, so drivers shouldn’t hesitate to change insurance companies if a better deal can be had.
Having a favorite company is great, but it’s not a great idea if your bullheadedness ends up costing you thousands of dollars over the life of your policy. In just a couple of minutes you could compare rates and find cheaper auto insurance for teenagers in Cleveland.