One of the more important things that help determine insurance cost is where you live. Areas with more people or higher crime rates tend to pay more, whereas areas with fewer weather claims and lower vehicle theft rates can boast about having cheaper rates.
The next table lists the priciest cities in Ohio for college graduates in which to buy car insurance. Cleveland is ranked at #2 with an annual cost of $1,259 for the average insured, which is about $105 per month.
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Rate quotes are estimated as zip code location can change rates significantly.
The type of vehicle you are buying coverage for is a large factor that determines whether or not you can buy cheaper coverage for college graduates. Vehicles with limited speed and performance, advanced safety features, or a track record of few liability claims will cost less to insure than fast, unsafe models.
The table below outlines coverage prices for a number of the most budget-friendly automobiles to insure in Ohio.
|Vehicle Make and Model||Estimated Cost for Full Coverage|
|Ford Escape XLT 4WD||$1,345|
|Jeep Grand Cherokee Laredo 4WD||$1,359|
|Toyota Camry LE||$1,365|
|Honda Accord LX 4-Dr Sedan||$1,408|
|Honda CR-V LX 4WD||$1,415|
|Hyundai Elantra SE Touring Station Wagon||$1,425|
|Ford Edge SE 2WD||$1,447|
|Nissan Rogue SL 2WD||$1,454|
|Jeep Wrangler Rubicon 4WD 2-Dr||$1,476|
|Dodge Ram Crew Cab ST 2WD||$1,481|
|GMC Sierra 3500HD SLE Extended Cab 2WD||$1,483|
|Hyundai Sonata SE 4-Dr Sedan||$1,525|
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Above prices assume single female driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Ohio minimum liability limits. Discounts applied include claim-free, safe-driver, multi-vehicle, multi-policy, and homeowner. Information does not factor in specific garaging location which can affect premiums substantially.
Looking at the numbers, we can conclude that vehicles like the Toyota Prius, Ford Escape, Jeep Grand Cherokee, Toyota Camry, and Honda Accord will definitely be the less-costly vehicles to insure for college grads.
Locating budget car insurance is not always easy, and figuring out which companies offer the lowest-priced car insurance rates for college graduates requires even more rate comparisons.
Every car insurance company has their own formula to establish rates, so we’ll take a look at the car insurance companies that tend to be cheaper in Ohio.
Best Car Insurance Prices for Grads
|Rank||Company||Cost Per Year|
|7||Merchants Insurance Group||$771|
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Utica National offers some of the best car insurance rates in Cleveland at around $654 annually. This is $386 less than the average premium paid by Ohio drivers of $1,040. Erie, Allied, Frankenmuth, and USAA are also some of the more affordable Cleveland, OH auto insurance companies.
As shown in the table above, if you are a customer of USAA and switched to Erie, you might realize savings of upwards of $32. Drivers with Travelers could save as much as $46 a year, and Merchants Insurance Group insureds might reduce rates by $84 a year.
To get a fast rate comparison, click here to start your free quote or visit any of the low-priced companies below.
These policy prices are averages for all insureds and vehicles and and are not calculated with a specific location for college graduates. So the company that can offer you the lowest price may not even be in the top 33 companies shown above. That illustrates why you need to get auto insurance quotes using your own personal information and vehicle type.
Car insurance rates are higher with tickets and accidents
The common sense way to find low car insurance prices for college grads is to drive cautiously and avoid tickets and accidents. The information below demonstrates how speeding tickets and at-fault fender-benders can impact insurance rates for different categories of driver ages. The information is based on a married male driver, full coverage, $500 deductibles, and no policy discounts are applied.
In the previous chart, the average cost of auto insurance in Cleveland per year with no accidents or violations is $1,221. Factor in one speeding ticket and the average cost jumps to $1,405, an increase of $184 each year. Then throw in two accidents along with the one speeding ticket and the annual cost of car insurance for college graduates goes up to an average of $3,055. That’s an increase of $1,834, or $153 per month, just for not paying attention while driving!
The chart below illustrates how your deductible choice can raise or lower annual premium costs when quoting cheap insurance for college graduates. The data assumes a single male driver, full coverage, and no discounts are factored in.
The data above shows that a 40-year-old driver could lower their car insurance rates by $186 a year by increasing from a $100 deductible up to a $500 deductible, or save $282 by choosing a $1,000 deductible. Youthful drivers, like the 20-year-old category, could shave as much as $612 annually just by choosing higher deductibles. If you do raise deductibles, it is important to have plenty of discretionary funds to offset the extra out-of-pocket expense, which is the one shortcoming of high deductibles.
Last year’s bargain might be this year’s rip off
Ohio car insurance rates are influenced by many factors that may substantially change the cost of a policy. Simply having a birthday, marrying your spouse, or getting into an accident can trigger changes in premium that can now make some companies much cheaper than others.
And not only may your rating factors change, but insurance companies modify pricing multiple times each year in order to protect their financial rating. Higher than normal claims may result in price increases, while a better loss history can produce more affordable Cleveland car insurance rates.
For instance, the chart below analyzes the cheapest car insurance in Cleveland, OH for a 35-year-old female driver with no prior claims, no tickets, and a high credit rating. If we estimate prices based on her personal profile, Utica National quotes the lowest car insurance rates in Cleveland at $764 per year. This is $276 less than the average price paid by Ohio drivers of $1,040. Erie, Allied, Frankenmuth, and Travelers are the remaining top five cheapest Cleveland, OH auto insurance companies.
Now we will pretend the driver from the first example some claims, a lower credit rating, and a blemish on her driving record. Since each insurance company has a unique approach to set their prices, analyzing rates could result in a slightly different list of the cheapest Cleveland car insurance companies as shown below.
Merchants Insurance Group now has the cheapest auto insurance in Cleveland, OH with Cincinnati Insurance, General Casualty, Motorists Mutual, and Grange Mutual now being in the top five. This illustrates why Ohio drivers need to take the time to shop around when trying to find the most affordable insurance quotes for college graduates. Prices are influenced by many risk factors and change frequently, so the cheapest option when you bought your policy may now be one of the more expensive options.
How to find low-cost car insurance for college graduates
Here are some of the better thrifty solutions that can help drivers buy lower-cost coverage.
- Safer vehicles cost less to insure
- Frequent claims may make car insurance unaffordable
- Better credit rating means better rates
- Multi-policy discounts save money
- Do not pay for full coverage if not needed
- Higher deductibles mean lower rates
- Compare rates regularly to ensure the best deal
The last tip is highly critical, as we emphasized in this write-up. Auto insurance prices in Cleveland fluctuate constantly, so don’t be unwilling to change insurance companies if a more affordable price is available. Sticking with a specific company is fine, but it’s not recommended if that stubbornness costs you thousands of dollars over the life of your policy. In just a couple of minutes you could shop around and find cheaper insurance for college graduates.
The Cleveland car insurance agencies listed below can provide answers to your questions and help you determine which is the best policy, since many consumers aren’t sure which coverage to buy and prefer to get some help when trying to find lower insurance rates for college graduates. It can be complicated to find the best policy on your own, and agents can give you satisfaction knowing you have adequate coverage when you need it most.
To locate a Cleveland insurance agent near you, click the button at the bottom of the list or click here to compare prices now.
State Farm: Betsy Warner
2491 Lee Blvd – Cleveland Heights, OH 44118 – (216) 932-6900
Wendy Narad Agency – Farmers Insurance
24800 Chagrin Blvd #100 – Cleveland, OH 44122 – (216) 292-3803
Valerie A Anderson – State Farm Insurance Agent
2291 Lee Rd – Cleveland Heights, OH 44118 – (216) 932-0100
Furlong and Co Insurance Agency Inc
569 E 185th St – Cleveland, OH 44119 – (216) 486-4170