You have surely seen all the commercials from insurers like Farmers, The General, and Nationwide that promise the cheapest rates. So you just need to choose the one with the most memorable commercial, right?
Unfortunately, it’s not that simple as there are a ton of unknowns such as if you just need liability coverage, if you own or rent your home, and the deductible level you need. The information below will cover the different scenarios that increase car insurance cost and will hopefully give you a good start in finding the cheapest car insurance in Ohio.
Trying to find cost effective car insurance is hard enough, and finding out which insurers offer the best insurance rates for drivers with good credit may require even more diligence. Each insurer has a different process to set their prices, so we’ll go over the insurance companies that tend to have lower prices in Cincinnati.
Cheapest Insurance Rates for High Credit
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Utica National | $654 |
| 2 | Erie | $661 |
| 3 | Frankenmuth | $687 |
| 4 | Allied | $690 |
| 5 | Travelers | $705 |
| 6 | USAA | $711 |
| 7 | Merchants Insurance Group | $748 |
| 8 | Cincinnati Insurance | $749 |
| 9 | Motorists Mutual | $792 |
| 10 | Grange Mutual | $812 |
| 11 | General Casualty | $837 |
| 12 | Central Mutual | $840 |
| 13 | State Farm | $867 |
| 14 | Hastings Mutual | $884 |
| 15 | Atlantic States | $931 |
| 16 | Westfield | $946 |
| 17 | Progressive | $953 |
| 18 | Auto-Owners | $958 |
| 19 | Western Reserve | $961 |
| 20 | Nationwide | $998 |
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Utica National quotes some of the most affordable car insurance rates in Cincinnati at around $654 a year. This is $386 less than the average premium paid by Ohio drivers of $1,040. Erie, Frankenmuth, Allied, and Travelers also are some of the cheapest Cincinnati, OH insurance companies.
In the rate table above, if you currently buy coverage from Erie and switched to Utica National, you might realize annual savings of about $7. Policyholders with Frankenmuth might save as much as $33 a year, and Allied insureds might lower prices by up to $36 a year.
To get a fast rate comparison, click here to get a free quote or quote rates from the companies below.
Understand that those prices are averaged across all drivers and vehicles and are not factoring in a specific zip code for drivers with good credit. So the insurer that fits you best may not even be in the list above. That’s why you need to compare as many prices as possible using your own driver information and specific vehicle type.
The type of vehicle requiring coverage is a large factor when looking for cheap car insurance for drivers with good credit. Vehicles with higher performance, poor crash test ratings, or a history of substantial liability claims will cost substantially more to insure than more economical and safe models.
The next list illustrates insurance premiums for a number of the most affordable vehicles to insure in Ohio.
| Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Honda Accord EX 4-Dr Sedan | $1,214 |
| Ford Escape XLT 4WD | $1,241 |
| Hyundai Elantra GLS Touring Station Wagon | $1,330 |
| Toyota Prius | $1,345 |
| Honda CR-V LX 2WD | $1,370 |
| Ford Focus S 4-Dr Sedan | $1,407 |
| Ford Edge SE AWD | $1,417 |
| Toyota Camry LE | $1,435 |
| Toyota RAV4 Limited 4WD | $1,440 |
| Volkswagen Jetta S 2.5 Station Wagon | $1,445 |
| Dodge Grand Caravan SXT | $1,462 |
| Toyota Tacoma Double Cab TRD Sport Package 4WD | $1,470 |
| Toyota Corolla XLE | $1,512 |
| Hyundai Sonata GLS 4-Dr Sedan | $1,539 |
| Nissan Altima Hybrid 4-Dr Sedan | $1,548 |
| Ford F-150 Lariat Crew Cab Platinum 4WD | $1,566 |
| Chevrolet Impala LS | $1,581 |
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Data variables include single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Ohio minimum liability limits. Discounts applied include multi-policy, safe-driver, homeowner, claim-free, and multi-vehicle. Rates do not factor in vehicle location which can decrease or increase coverage prices noticeably.
Based upon the rates shown, you can presume that cars like the Honda Accord, Ford Escape, Hyundai Elantra, and Toyota Prius are most likely going to be the most affordable vehicles to insure for financially responsible drivers.
Cost comparison with and without full coverage
Saving on insurance is probably important to most drivers, and an easy way to find cheaper insurance for drivers with good credit is to not insure for full coverage. The diagram below illustrates the difference between car insurance costs with full physical damage coverage compared to only buying liability only. The data assumes a clean driving record, no at-fault accidents, $1,000 deductibles, drivers are not married, and no policy discounts are applied.
On average, comprehensive and collision coverage on your policy costs an additional $1,279 per year more than insuring for liability only. That is a large expense which might make you wonder if you should buy full coverage. There is no written rule of when to eliminate physical damage coverage on your policy, but there is a general guideline you can use. If the annual cost of having full coverage is about 10% or more of the replacement cost of your vehicle minus the policy deductible, then it might be time to consider dropping full coverage.
For example, let’s assume your vehicle’s book value is $8,000 and you have $1,000 deductibles. If your vehicle is totaled, you would only receive $7,000 after the deductible is paid. If you are paying more than $700 a year for comprehensive and collision coverage, then you might want to think about dropping full coverage.
There are some cases where removing full coverage is not a good idea. If you haven’t paid off your loan, you have to maintain full coverage to protect the lienholder’s interest. Also, if your finances do not allow you to purchase a different vehicle in case of an accident, you should not eliminate full coverage.
Ohio insurance company ratings
Picking a highly-rated insurance company can be a challenge considering how many different insurance companies sell coverage in Cincinnati. The ranking data in the lists below could help you pick which insurers you want to consider when comparing rate quotes.
The ratings below are for companies who write in the majority of U.S. states, so smaller companies are not factored into the list. To compare price quotes and find the cheapest rates for drivers with good credit, click here.
Top 10 Major Auto Insurance Companies in Cincinnati Ranked by A.M. Best Rating
- USAA – A++
- GEICO – A++
- Travelers – A++
- State Farm – A++
- Allstate – A+
- Progressive – A+
- Erie Insurance – A+
- The Hartford – A+
- Nationwide – A+
- Esurance – A+
Top 10 Major Auto Insurance Companies in Cincinnati Ranked by Customer Satisfaction
- USAA – 92%
- Erie Insurance – 88%
- American Family – 88%
- State Farm – 88%
- Nationwide – 88%
- 21st Century – 88%
- AAA Insurance – 87%
- Liberty Mutual – 87%
- Farmers Insurance – 87%
- The Hartford – 87%
The diagram below highlights how deductible choice can influence insurance prices when trying to find cheap insurance for drivers with good credit. The costs are based on a single male driver, comprehensive and collision coverage, and no policy discounts are applied.
The chart above illustrates that a 50-year-old driver could reduce rates by $260 a year by switching the physical damage coverage from a $100 deductible to a $500 deductible, or save $392 by changing to a $1,000 deductible. Young drivers, like the 20-year-old, could roll back prices as much as $860 annually by selecting a higher deductible.
If you do raise deductibles, it’s a good idea to have plenty of discretionary funds to be able to cover the extra out-of-pocket expense, which is the main inconvenience of larger deductibles.