The words “low-priced” and “insurance” probably shouldn’t be used in the same sentence, especially when you are searching for the best car insurance for electric cars. To help control this cost, let’s go over a few of the factors that can significantly affect auto insurance rates, and come up with some ways to lower the price of your next policy.
For eco-friendly vehicles, one of the big components that are looked at to determine car insurance rates is your address in Cleveland. Areas with high crime rates or more dense population are more likely to pay higher prices, whereas areas with less congestion tend to receive cheaper rates.
The illustration below shows the most expensive areas in Ohio for electric cars in which to purchase auto insurance. Cleveland is ranked at #2 with an annual rate of $1,259 for the average insured, which is about $105 each month.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | Toledo | $1,267 |
| 2 | Cleveland | $1,259 |
| 3 | Youngstown | $1,247 |
| 4 | Cleveland Heights | $1,214 |
| 5 | Columbus | $1,211 |
| 6 | Cincinnati | $1,174 |
| 7 | Dayton | $1,154 |
| 8 | Euclid | $1,129 |
| 9 | Akron | $1,123 |
| 10 | Hamilton | $1,113 |
| 11 | Canton | $1,091 |
| 12 | Newark | $1,085 |
| 13 | Springfield | $1,072 |
| 14 | Fairfield | $1,063 |
| 15 | Lakewood | $1,063 |
| 16 | Middletown | $1,055 |
| 17 | Beavercreek | $1,047 |
| 18 | Strongsville | $1,041 |
| 19 | Kettering | $1,040 |
| 20 | Cuyahoga Falls | $1,027 |
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Price information shown is approximated as the specific garaging location can revise premiums significantly.
The vehicle model that is being insured is probably the largest consideration when consumers are trying to find the lowest-priced car insurance for electric cars. Vehicles with average performance, good crash test ratings, or a positive history of liability claims will cost significantly less to insure than high performance models. The table below outlines coverage premiums for a selection of the most affordable automobiles to buy insurance for.
| Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Chevrolet Silverado LS Regular Cab 4WD | $1,420 |
| Dodge Grand Caravan CV | $1,451 |
| Toyota Tacoma Double Cab 4WD | $1,531 |
| GMC Sierra SL Extended Cab 2WD | $1,538 |
| Dodge Ram Quad Cab ST 2WD | $1,562 |
| Honda Accord LX 4-Dr Sedan | $1,591 |
| Ford Edge Limited AWD | $1,612 |
| Honda CR-V EX-L 2WD | $1,627 |
| Ford Escape Limited 2WD | $1,633 |
| Ford Fusion Sport 4-Dr Sedan | $1,640 |
| Nissan Rogue S AWD | $1,643 |
| Jeep Wrangler Sahara 4WD 2-Dr | $1,666 |
| Honda Civic GX 4-Dr Sedan | $1,692 |
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Price data assumes single female driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Ohio minimum liability limits. Discounts applied include multi-vehicle, claim-free, safe-driver, multi-policy, and homeowner. Rate information does not factor in specific garaging location which can revise rates considerably.
Based on these rates, makes and models like the Chevrolet Silverado, Dodge Grand Caravan, Toyota Tacoma, GMC Sierra, and Dodge Ram should be some of the cheaper vehicles to insure for eco-friendly vehicles.
Trying to find reasonably-priced car insurance is not the easiest thing to do, and determining which insurers offer the cheapest auto insurance rates for electric cars calls for even more perseverance.
Each auto insurance company has a unique formula for filing rates in each state, so let’s begin by taking a look at the auto insurance companies that tend to be cheaper in Ohio. Keep in mind that Cleveland auto insurance rates are determined by lots of factors that may substantially change the policy premium. This price fluctuation is why drivers need to take the time to shop around when trying to get affordable auto insurance rates for electric cars. Insurance prices consist of many things and can decrease or increase without notice, so the most economical option the last time you shopped your coverage around may now cost much more than other companies.
Best Car Insurance Prices for EV’s
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Utica National | $628 |
| 2 | Allied | $676 |
| 3 | Erie | $681 |
| 4 | Travelers | $705 |
| 5 | Frankenmuth | $708 |
| 6 | USAA | $741 |
| 7 | Cincinnati Insurance | $749 |
| 8 | Merchants Insurance Group | $778 |
| 9 | Motorists Mutual | $792 |
| 10 | Grange Mutual | $812 |
| 11 | General Casualty | $829 |
| 12 | Central Mutual | $866 |
| 13 | State Farm | $867 |
| 14 | Hastings Mutual | $884 |
| 15 | Westfield | $908 |
| 16 | Atlantic States | $931 |
| 17 | Auto-Owners | $958 |
| 18 | Western Reserve | $970 |
| 19 | Progressive | $982 |
| 20 | Nationwide | $1,018 |
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Utica National has some of the cheapest car insurance rates in Cleveland at around $628 each year. Allied, Erie, Travelers, and Frankenmuth also rank well as some of the cheapest Cleveland, OH auto insurance companies.
As shown in the rates above, if you currently have a policy with Erie and switched to Utica National, you may see savings of approximately $53. Insureds with Travelers may save as much as $77 a year, and Frankenmuth policyholders might realize rate reductions of up to $80 a year.
To see if you’re overpaying, click here to start your free quote or click through to the companies below.
Be aware that those estimates are averages across all drivers and vehicles in Ohio and do not factor in a vehicle location for electric cars. So the car insurance company that has the lowest price for you may not even be in the top 33 companies shown above. That is why you need to get auto insurance quotes using your own specific driver and vehicle information.
Does full coverage make sense?
Lowering the price of auto insurance is important to most drivers, and one of the fastest ways to reduce the cost of insurance for electric cars is to not insure for full coverage. The example below shows the difference between insurance rates with full coverage compared to only the Ohio minimum liability coverage. The information is based on no accidents or driving violations, $250 deductibles, single status, and no discounts are applied.
If the expense is averaged for all age categories, full coverage costs $1,200 per year more than carrying just liability coverage. That is a big expense that brings up the question if buying full coverage is a good investment. There is no specific rule to drop full coverage, but there is a general convention. If the annual cost of comprehensive and collision coverage is 10% or more of the vehicle’s replacement cost less your deductible, then it might be time to consider dropping full coverage.
For example, let’s assume your vehicle’s settlement value is $8,500 and you have $1,000 deductibles. If your vehicle is destroyed, you would only receive $7,500 after paying the physical damage deductible. If premiums are more than $750 annually for physical damage coverage, then it might be time to consider dropping full coverage.
There are some circumstances where buying only liability insurance is not a good idea. If you still have a lienholder on your title, you are required to maintain full coverage as part of the loan requirements. Also, if you don’t have enough money to buy a different vehicle if your current one is in an accident, you should not remove full coverage.
Safe drivers Cleveland pay cheaper rates
In a perfect world, the best way to maintain the most affordable auto insurance prices in Cleveland for eco-friendly vehicles is to drive attentively and avoid traffic citations and accidents. The diagram below illustrates how traffic citations and at-fault fender-benders influence premium costs for each age group. The rates are based on a single male driver, comp and collision included, $250 deductibles, and no other discounts are factored in.
The data charted above shows the average cost of auto insurance in Cleveland per year with a clean driving record and no accidents is $1,629. Get two speeding tickets and the average cost swells to $2,156, an increase of $528 each year. Now include two accidents along with the two speeding tickets and the annual cost of auto insurance for electric cars increases to an average of $4,092. That’s an increase of $2,463, or $205 per month, just for not paying attention while driving!
Get discounts on Cleveland car insurance rates
Insurance providers that offer quotes for electric cars may also provide price discounts that could lower prices by as much as 35% if you qualify. Larger auto insurance companies and a selection of discounts are shown below.
- Farm Bureau discounts include 55 and retired, safe driver, driver training, good student, and renewal discount.
- State Farm includes discounts for good student, safe vehicle, defensive driving training, multiple policy, and good driver.
- Progressive may include discounts for online quote discount, continuous coverage, online signing, multi-vehicle, good student, and multi-policy.
- Allstate may offer discounts for early signing, good student, EZ pay plan discount, utility vehicle, and farm vehicle.
- Nationwide may have discounts that include multi-policy, defensive driving, easy pay, accident-free, family plan, business or organization, and Farm Bureau membership.
- MetLife has savings for accident-free, multi-policy, good student, good driver, defensive driver, claim-free
The diagram below compares yearly insurance costs with and without policy discounts. The rates are based on a male driver, no claims or violations, Ohio state minimum liability limits, comprehensive and collision coverage, and $100 deductibles.
The first bar for each age group shows the average annual price with no discounts. The lower bar shows the rates with accident-free, passive restraint, multiple vehicle, vehicle safety, claim-free, and defensive driving course discounts applied. When drivers take advantage of discounts, theaverage yearly reduction on auto insurance for electric cars is 28% or $492.