This would be a much quicker read if we could simply tell you the one company that has the best insurance prices in Ohio. It’s not quite that easy, unfortunately, as there are many unknowns such as the level of liability coverage you want, how experienced of a driver you are, and how much you actually drive in a year, that help determine the price you have to pay. This article delves into the best ways to avoid high prices and should give you a good beginning to your quest for cheaper car insurance in Cleveland.
For using your car for business, one of the more important things that are used to help calculate the amount you pay each year for auto insurance is where you live in Cleveland. Cities with more crime and/or more people tend to have higher auto insurance costs, whereas areas with less people or fewer weather incidents tend to receive slightly lower rates.
The information below lists the priciest cities in Ohio for business use to purchase auto insurance in. Cleveland is ranked at #4 with a yearly cost of $1,222 for coverage, which is around $102 each month.
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Information shown are approximated as the specific Cleveland residence address can change premiums considerably.
The car, truck, or SUV you are seeking coverage for is probably the most important factor when looking for low-cost auto insurance for business use. Vehicles with lower acceleration and performance, a great safety record, or a track record of few liability claims will cost quite a bit less to insure than higher performance models.
The table below illustrates insurance costs for some of the most affordable vehicles to buy insurance for.
|Make and Model||Estimated Cost for Full Coverage|
|Honda Accord LX 4-Dr Sedan||$1,246|
|Hyundai Elantra SE Touring Station Wagon||$1,350|
|Ford Escape XLS 2WD||$1,429|
|Chevrolet Impala LS||$1,447|
|Chevrolet Malibu LS||$1,474|
|Honda CR-V LX 2WD||$1,528|
|Ford Edge Limited AWD||$1,550|
|Toyota Camry XLE||$1,559|
|Ford Fusion Sport 4-Dr Sedan||$1,585|
|Kia Optima LX||$1,581|
|GMC Sierra 3500HD SLE Extended Cab 2WD||$1,606|
|Dodge Ram Quad Cab ST 4WD||$1,609|
|Honda Civic EX-L 4-Dr Sedan||$1,626|
|Toyota RAV4 4WD||$1,687|
|Dodge Grand Caravan SE||$1,713|
|Jeep Wrangler Rubicon 4WD 2-Dr||$1,723|
|Ford Explorer Eddie Bauer AWD||$1,718|
|Ford Focus S 4-Dr Sedan||$1,773|
|Toyota Corolla XLE||$1,776|
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Prices based on single female driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Ohio minimum liability limits. Discounts applied include claim-free, homeowner, multi-policy, safe-driver, and multi-vehicle. Price information does not factor in your specific Cleveland, OH location which can influence rates significantly.
Based upon the table data, you can figure that vehicles like the Honda Accord, Hyundai Elantra, Ford Escape, and Chevrolet Impala will definitely be a few of the most budget-friendly vehicles to insure for using your car for business. Rates will be more costly because of the fact that there is more risk for business use, but generally speaking those vehicles will have the cheapest auto insurance rates compared to other vehicles.
Finding out which companies offer the most affordable auto insurance rates for business use requires a little more effort in order to find coverage that fits your budget. Every auto insurer has a different process for filing rates in each state, so let’s take a look at the auto insurance companies with the overall cheapest rates in Cleveland, OH.
It’s important to understand that Cleveland auto insurance rates are impacted by many factors which can substantially change the price you have to pay. Simply improving your credit, buying higher coverage limits, or having an accident can trigger rate changes that may make certain companies much cheaper than others.
Best Insurance Companies for Business Use
|Rank||Company||Cost Per Year|
|7||Merchants Insurance Group||$755|
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Utica National may offer some of the most affordable car insurance rates in Cleveland at around $635 a year. This is $405 less than the average price paid by Ohio drivers of $1,040. Erie, Allied, Frankenmuth, and Travelers would also be considered some of the cheapest Cleveland, OH auto insurance companies.
In the rate table above, if you are a policyholder with Travelers and switched to Erie, you may realize yearly savings of in the neighborhood of $38. Insureds with USAA might save as much as $52 a year, and Merchants Insurance Group customers might see rate reductions of $88 a year.
To get a fast rate comparison, click here to start a quote or visit any of the companies below.
Understand that those policy prices are averages across all drivers and vehicles and are not factoring in an exact location for business use. So the car insurance company that can offer you the best price may not even be in the top 33 companies in the list above. That underscores the importance of why you need to quote rates from as many companies as possible using your own driver and vehicle profiles.
The diagram below highlights how deductible choice can increase or decrease annual premium costs when searching for cheap insurance for business use. The costs are based on a married male driver, full physical damage coverage, and no discounts are taken into consideration.
The chart above illustrates that a 40-year-old driver could reduce rates by $216 a year by switching their comprehensive and collision coverages from a $100 deductible up to a $500 deductible, or save $324 by changing to a $1,000 deductible. Young drivers, such as the Age 20 example, could lower their rates as much as $718 annually by using a higher deductible.
If you make the decision to raise deductibles, it is important to have enough savings set aside to satisfy the extra out-of-pocket expense. That is the one drawback of using higher deductibles.
Rate comparison of full coverage and liability-only
Finding cheaper auto insurance is important to the majority of drivers, and one great way to lower the cost of insurance for business use is to not buy comprehensive and collision coverage. The chart below shows the difference between annual premium costs with liability coverage only compared to full coverage. The rate quotes are based on no claims or driving violations, $250 deductibles, drivers are not married, and no discounts are applied.
As an average for all age groups, physical damage coverage costs $1,601 per year more than just buying liability insurance. A very common question is if it’s worth it to buy full coverage. There is no set guideline for dropping physical damage insurance, but there is a general guideline you can use. If the annual cost of comprehensive and collision coverage is about 10% or more of any settlement you would receive from your insurance company, then you might want to think about dropping full coverage.
For example, let’s assume your vehicle’s replacement cost is $9,000 and you have $1,000 policy deductibles. If your vehicle is destroyed, the most you would receive is $8,000 after paying the physical damage deductible. If you are paying more than $800 annually for physical damage coverage, then it could be time to drop full coverage.
There are some scenarios where eliminating full coverage is not recommended. If you still owe money on your vehicle, you are required to maintain full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if you don’t have enough money to buy a different vehicle if your current one is totaled, you should keep full coverage on your policy.
Are you paying too much for car insurance in Cleveland?
Cleveland auto insurance rates are based on many factors that control the price you pay. Simply turning a year older, buying a different home, or getting caught speeding can trigger rate changes that may make certain companies cheaper than competitors.
Also, car insurance companies modify rates multiple times each year in order to maintain liquidity for claims. Significantly higher losses may result in additional premium costs, while a better claims history may result in cheaper Cleveland car insurance rates.
To help illustrate this point, the bar chart below shows which company has the cheapest car insurance in Cleveland, OH for a 40-year-old male driver with no prior accidents, a clean driving record, and a good credit history. If we estimate prices based on his current risk factors, Utica National might offer the lowest car insurance rates in Cleveland at $820 annually. This is $220 less than the average premium paid by Ohio drivers of $1,040. Allied, Erie, Frankenmuth, and USAA are the rest of the cheapest Cleveland, OH auto insurance companies.
In this next rate comparison, we will give the driver in the first example an accident claim, a little lower credit rating, and a speeding citation. Due to the fact that each insurance company uses their own calculation to set their prices, comparing quotes could result in a completely different list of companies as shown below.
Merchants Insurance Group now has the cheapest car insurance in Cleveland with Cincinnati Insurance, Motorists Mutual, Grange Mutual, and General Casualty also being competitive. This illustrates why it is crucial to compare many different companies when trying to get the most budget-friendly insurance quotes for business use.
Car insurance prices are determined by many different factors and change dramatically, so the most economical option the last time you shopped your coverage around may now be wasting a lot of money.
The insurance agencies below are willing to provide answers to your questions and help you determine which car insurance company is the best fit, since some people have coverage questions and would like to have a little guidance when trying to find the best insurance rates for business use. It’s not always easy to find the best coverage yourself, and getting advice from a licensed agent can bring comfort knowing your coverage gives you adequate asset protection.
To locate an agency by location nearest to you, click the link at the bottom or click here to compare rates now.
Zito Insurance Inc
1249 Smith Ct – Cleveland, OH 44116 – (440) 333-6020
Robin Gorman – State Farm Insurance Agent
16812 Chagrin Blvd – Shaker Heights, OH 44120 – (216) 283-0080
Insurance Agency Compass
4879 Turney Rd – Cleveland, OH 44125 – (216) 341-2444
Machor Sage Insurance Agency
7379 Pearl Rd # 5 – Cleveland, OH 44130 – (440) 826-0404
1111 Superior Ave #420 – Cleveland, OH 44113 – (216) 621-7183
How to find cheaper auto insurance for business use
The list below shows a few thrifty ideas that can help drivers get more affordable auto insurance.
- Increase your physical damage deductibles
- Insure your home and auto with the same company
- Drop full coverage on older vehicles
- Improve your credit rating
- Try paying for small claims out-of-pocket
- Drive safe vehicles
- Compare rates and switch if you can find a better deal
That final tip is incredibly important, as was noted in this write-up. Insurance prices can change considerably in a year, so drivers shouldn’t be resistant to buy a different policy if a better deal can be had.
Many drivers tend to have loyalty to a certain company, but we do not recommend it if that devotion results in you overpaying hundreds of dollars a year. In just a couple of minutes you could shop around to find cheaper insurance for business use in Cleveland.