Wouldn’t it be excellent if you could just magically know one specific company that has the lowest rates for college students? Unfortunately, it’s not that simple as there are a whole slew of unknown aspects like if you are a homeowner or renter, how much you actually drive in a year, and if you have a coverage lapse, that all impact the price you pay. In this article, we will teach you about the best ways to find cheap car insurance and will hopefully give you a good beginning to your search for cheaper coverage.
One of the many things that are looked at to determine the amount you pay each year for auto insurance is the neighborhood you call home. Areas with more people or higher crime rates are more likely to pay higher prices, whereas less populated areas tend to receive slightly lower rates.
The next table ranks the most expensive places in Ohio for college students to buy an auto insurance policy in. Cleveland comes in at #3 with an annual cost of $1,272 for car insurance, which is approximately $106 per month.
| Rank | City | Annual Premium |
|---|---|---|
| 1 | Youngstown | $1,285 |
| 2 | Toledo | $1,279 |
| 3 | Cleveland | $1,272 |
| 4 | Columbus | $1,235 |
| 5 | Cincinnati | $1,210 |
| 6 | Cleveland Heights | $1,178 |
| 7 | Akron | $1,169 |
| 8 | Dayton | $1,154 |
| 9 | Euclid | $1,129 |
| 10 | Hamilton | $1,113 |
| 11 | Fairfield | $1,085 |
| 12 | Newark | $1,085 |
| 13 | Springfield | $1,072 |
| 14 | Canton | $1,069 |
| 15 | Lakewood | $1,063 |
| 16 | Beavercreek | $1,058 |
| 17 | Middletown | $1,055 |
| 18 | Mansfield | $1,022 |
| 19 | Kettering | $1,009 |
| 20 | Mentor | $1,008 |
| 21 | Lorain | $1,005 |
| 22 | Strongsville | $1,001 |
| 23 | Parma | $997 |
| 24 | Cuyahoga Falls | $997 |
| 25 | Elyria | $975 |
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Rates are estimated as the specific zip code location can raise or lower insurance rates significantly.
The type of vehicle that is being insured is probably the most important factor when looking for the most affordable coverage for college students. Vehicles with high performance features, poor crash test ratings, or a track record of large liability claims will cost quite a bit more to insure than safer models.
The next list outlines insurance prices for the cheaper vehicles to insure in Ohio.
| Vehicle Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V LX 2WD | $2,907 |
| Ford Escape XLS 2WD | $2,915 |
| Hyundai Elantra GLS Touring Station Wagon | $2,907 |
| Toyota Prius | $3,181 |
| Ford Edge SE 2WD | $3,217 |
| Ford F-150 XL Super Cab 2WD | $3,227 |
| Ford Explorer Eddie Bauer 2WD | $3,262 |
| Dodge Grand Caravan CV | $3,267 |
| Chevrolet Impala LS | $3,405 |
| Chevrolet Malibu Hybrid | $3,449 |
| Toyota RAV4 Limited 2WD | $3,459 |
| Chevrolet Equinox LS 2WD | $3,449 |
| Toyota Camry LE | $3,459 |
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Cost estimates assume single female driver age 20, 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 specific location information which can affect auto insurance rates significantly.
Looking at the data, we can expect vehicles like the Honda CR-V, Ford Escape, Hyundai Elantra, and Toyota Prius should be some of the cheaper vehicles to insure for students in college. Auto insurance rates will be more expensive just because there is more claim exposure for college students, but overall those specific models will tend to have the lowest prices compared to other types of vehicles.
Full coverage rates compared to liability-only
Lowering the price of auto insurance is probably important to most vehicle owners, and one of the easiest ways to buy cheaper insurance for college students is to only pay for liability coverage. The diagram below shows the difference between yearly insurance costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The information is based on no claims, a clean driving record, $500 deductibles, single marital status, and no policy discounts are applied.
If all age groups are averaged, comprehensive and collision coverage on your policy costs $1,077 per year more than insuring for liability only. That touches on the question if physical damage coverage is worth the money. There is no clear-cut formula of when to phase out comprehensive and collision coverage on your policy, but there is a general guideline. If the annual cost of comprehensive and collision coverage is more than about 10% of the replacement cost of your vehicle minus the policy deductible, then it may be the right time to buy liability only.
For example, let’s assume your vehicle’s claim settlement value is $11,500 and you have $1,000 physical damage deductibles. If your vehicle is damaged in an accident, the most you would get paid by your company is $10,500 after paying your policy deductible. If you are paying in excess of $1,050 annually for full coverage, then it might be time to consider dropping full coverage.
How to get discounts on Cleveland car insurance rates
Insurance providers that provide policies for college students may additionally offer special discounts that could lower prices by as much as 35% if you are eligible to receive them. A list of companies and some of their more popular discounts can be read below.
- State Farm may offer discounts for Steer Clear safe driver discount, anti-theft, multiple autos, multiple policy, passive restraint, and accident-free.
- GEICO offers premium reductions for military active duty, multi-policy, emergency military deployment, federal employee, multi-vehicle, daytime running lights, and driver training.
- Progressive offers discounts for multi-vehicle, online signing, homeowner, multi-policy, online quote discount, continuous coverage, and good student.
- 21st Century has discounts for teen driver, early bird, driver training, automatic seat belts, anti-lock brakes, good student, and theft prevention.
- American Family discounts include bundled insurance, Steer into Savings, good student, defensive driver, good driver, mySafetyValet, and TimeAway discount.
- The Hartford includes discounts for defensive driver, vehicle fuel type, air bag, driver training, and bundle.
- AAA may include discounts for multi-policy, AAA membership discount, pay-in-full, education and occupation, good student, anti-theft, and multi-car.
The illustration below compares yearly insurance costs with and without discounts applied to the policy premium. The rates are based on a female driver, no tickets, no at-fault accidents, Ohio state minimum liability limits, comp and collision included, and $1,000 deductibles.
The first bar for each age group shows premium with no discounts. The second shows the rates with anti-theft, vehicle safety, paperless filing, continuous coverage, passive restraint, and good student discounts applied. When these discounts are applied to the policy premium, the average savings per year on auto insurance for college students is 21% or $260.
How to find budget-friendly auto insurance for college students
Lowering your rates is not difficult, and here are some of the better penny-pinching solutions that can help drivers locate low-cost coverage.
- Do not insure for full coverage
- Clean up your credit rating
- Increase deductibles to save money
- Avoid having at-fault accidents
- Get cheaper liability coverage by choosing a safer vehicle
- Ensure your driving record is clean
- Compare rate quotes frequently
The last item on the list is especially vital, as was pointed out in this write-up. Insurance prices in Cleveland can be adjusted at any time, so you should be ready to switch companies if you find a cheaper price.
Staying with the same car insurance company is fine, but we do not recommend it if that devotion results in you overpaying hundreds every year. In less than five minutes you could shop around to find cheaper insurance for college students.