For senior citizens, one of the largest considerations that aid in calculating insurance cost is where you normally keep your vehicle in Cleveland. Areas with more people or more claims tend to have more expensive auto insurance rates, whereas areas with lower vehicle theft rates and fewer weather claims benefit from lower rates.
The illustration below shows the highest-priced areas in Ohio for seniors in which to purchase auto insurance. Cleveland is listed at #3 costing $1,222 for the average policy, which is approximately $102 monthly.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | Youngstown | $1,285 |
| 2 | Toledo | $1,279 |
| 3 | Cleveland | $1,222 |
| 4 | Columbus | $1,211 |
| 5 | Cincinnati | $1,210 |
| 6 | Cleveland Heights | $1,178 |
| 7 | Euclid | $1,175 |
| 8 | Akron | $1,123 |
| 9 | Dayton | $1,108 |
| 10 | Hamilton | $1,102 |
| 11 | Newark | $1,095 |
| 12 | Fairfield | $1,085 |
| 13 | Springfield | $1,072 |
| 14 | Canton | $1,058 |
| 15 | Strongsville | $1,041 |
| 16 | Middletown | $1,035 |
| 17 | Lakewood | $1,031 |
| 18 | Parma | $1,027 |
| 19 | Kettering | $1,020 |
| 20 | Mentor | $1,018 |
| 21 | Beavercreek | $1,016 |
| 22 | Cuyahoga Falls | $1,007 |
| 23 | Elyria | $995 |
| 24 | Mansfield | $992 |
| 25 | Lorain | $985 |
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Rate quotes are estimated as the specific area where the vehicle is garaged can raise or lower coverage prices substantially.
The car, truck, or SUV you are insuring is a large consideration when shopping for low-priced auto insurance for seniors. Vehicles with lots of speed or power, a lack of advanced safety features, or high incidents of liability claims will cost substantially more to insure than safer models. The next table presents insurance premiums for the cheaper automobiles to buy coverage for.
| Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V EX 2WD | $1,092 |
| Ford Escape Limited 4WD | $1,188 |
| Ford Edge SE 2WD | $1,201 |
| Toyota Prius | $1,214 |
| Dodge Grand Caravan CV | $1,227 |
| Toyota Tacoma 4WD | $1,234 |
| Ford F-150 FX2 Super Cab 2WD | $1,227 |
| Honda Odyssey EX W/Rear Entertainment | $1,271 |
| Chevrolet Impala LT | $1,296 |
| Toyota RAV4 Limited 4WD | $1,302 |
| Ford Explorer Eddie Bauer 4WD | $1,322 |
| Ford Focus SEL 4-Dr Sedan | $1,340 |
| Hyundai Elantra GLS 4-Dr Sedan | $1,366 |
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Cost estimates assume married male driver age 60, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Ohio minimum liability limits. Discounts applied include homeowner, multi-policy, multi-vehicle, claim-free, and safe-driver. Rate information does not factor in specific Cleveland, OH garaging location which can revise rates significantly.
Based upon the rates shown, vehicles like the Honda CR-V, Ford Escape, Ford Edge, Toyota Prius, and Dodge Grand Caravan are going to be the most affordable vehicles to insure for senior citizens.
How accidents and violations affect rates
The obvious way to get the most affordable auto insurance prices for senior citizens is to drive attentively and have a clean driving record. The chart below illustrates how speeding tickets and fender-benders can raise car insurance costs for each different age category. The rate quotes are based on a married male driver, full physical damage coverage, $100 deductibles, and no additional discounts are factored in.
The data in the chart shows the average cost of an auto insurance policy per year with no accidents and a clean driving record is $1,247. Factor in one speeding ticket and the average cost hikes up to $1,429, an increase of $181 each year. Now throw in two accidents along with the one speeding ticket and the annual cost of auto insurance for seniors goes up to an average of $2,906. That’s an increase of $1,658, or $138 per month, just for being a careless driver!
Discount Cleveland auto insurance
Insurers that offer cheap quotes for seniors could also offer price discounts that can lower rates by as much as 35% or more if you can meet the requirements. Larger auto insurance companies and a selection of discounts include:
- Travelers offers premium reductions for multi-car, student away at school, good student, multi-policy, early quote, and new car.
- 21st Century may have discounts that include driver training, 55 and older, defensive driver, theft prevention, air bags, student driver, and homeowners.
- State Farm policyholders can earn discounts including student away at school, safe vehicle, Steer Clear safe driver discount, multiple autos, and driver’s education.
- GEICO includes discounts for multi-vehicle, seat belt use, good student, military active duty, and anti-theft.
- SAFECO has savings for anti-theft, homeowner, teen safe driver, accident prevention training, anti-lock brakes, multi-car, and drive less.
- AAA discounts include multi-policy, AAA membership discount, good student, good driver, multi-car, anti-theft, and education and occupation.
The chart below compares auto insurance costs with and without discounts applied. Data assumes a female driver, no claims or violations, Ohio state minimum liability limits, comp and collision included, and $100 deductibles.
The first bar for each age group shows insurance cost with no discounts. The lower bar shows the rates with vehicle safety, multiple policy, defensive driving course, multiple vehicle, homeowner, and accident-free discounts applied. When discounts are factored in, theaverage yearly reduction on auto insurance for seniors is 29% or $485.
The illustration below shows how different deductible levels can raise or lower insurance premiums when trying to find cheap insurance for seniors. Data assumes a single female driver, full physical damage coverage, and no discounts are taken into consideration.
As shown above, a 30-year-old driver could save $280 a year by increasing from a $100 deductible to a $500 deductible, or save $420 by changing to a $1,000 deductible. Younger drivers, such as the 20-year-old example, could drop their prices up to $624 every year by choosing a higher deductible. When insureds make the decision to increase the deductibles on their policy, it is a good idea to have plenty of money set aside to enable you to pay the extra out-of-pocket expense. That is the one drawback of using higher deductibles.
Why you should be shopping around
Cleveland auto insurance rates are determined by lots of factors that can increase the price you have to pay. Getting older, getting divorced, or getting a driving violation can trigger rate changes that may make certain companies much cheaper than others.
Also, insurance companies change the rates they charge in Ohio every year or even multiple times each year to adjust for unexpected claims or profits. Heavy losses may result in higher prices, while profitable underwriting may result in cheaper Cleveland car insurance rates.
To illustrate this point, the bar chart below shows the cheapest car insurance in Cleveland, OH for a 40-year-old female driver with no prior claims, no tickets, and a decent credit rating. When comparing rates based on her current rating profile, Utica National quotes the best car insurance rates in Cleveland at $819 per year. This is $221 less than the average policy premium paid by Ohio drivers of $1,040. Allied, Erie, Frankenmuth, and Travelers round out the rest of the top five cheapest Cleveland, OH auto insurance companies.
Now we will give the driver in the first example an accident claim, a lower credit rating, and a blemish on her driving record. Since every insurance provider has a different formula to determining premium rates, comparing quotes most likely will result in a completely different list of affordable Cleveland car insurance companies as shown below.
Merchants Insurance Group now has the cheapest insurance rate in Cleveland with Cincinnati Insurance, Motorists Mutual, Grange Mutual, and General Casualty now rounding out the top five. This example shows why it is critical to take the time to shop around to get the most affordable auto insurance rates for seniors. Auto insurance prices are determined by many factors and change dramatically, so the cheapest option six months ago may now be costing you a lot of money.