The words “bargain” and “insurance” probably shouldn’t be used in the same sentence, in particular when you are shopping around for the best insurance rates for drivers requiring a SR22. To help control this cost, let’s get started by showing you some of the things that can significantly affect auto insurance prices, and find some ways to take the bite out of your next policy.
Figuring out which companies quote the cheapest insurance rates for drivers requiring a SR22 will require a bit more effort than just quoting one company’s rates. Every insurance provider uses a little different formula for determining prices, so let’s examine the insurance companies with the overall best prices in Ohio.
It’s a good idea to be aware that Cincinnati, OH insurance rates are impacted by many things that can increase the price you have to pay for coverage. Getting older, becoming a homeowner, or getting a ticket for careless driving can trigger price changes resulting in some rates now being cheaper than competitors.
Find Cheaper Auto Insurance for SR22 Drivers
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Utica National | $647 |
| 2 | Frankenmuth | $680 |
| 3 | Erie | $681 |
| 4 | Allied | $697 |
| 5 | Travelers | $705 |
| 6 | USAA | $733 |
| 7 | Merchants Insurance Group | $778 |
| 8 | Cincinnati Insurance | $779 |
| 9 | Motorists Mutual | $800 |
| 10 | General Casualty | $829 |
| 11 | Grange Mutual | $836 |
| 12 | Hastings Mutual | $866 |
| 13 | Central Mutual | $874 |
| 14 | State Farm | $894 |
| 15 | Westfield | $936 |
| 16 | Atlantic States | $940 |
| 17 | Western Reserve | $941 |
| 18 | Progressive | $982 |
| 19 | Farmers | $995 |
| 20 | Auto-Owners | $998 |
| Find Your Rate Go | ||
Utica National may have some of the cheapest car insurance rates in Cincinnati at around $647 per year. This is $393 less than the average premium paid by Ohio drivers of $1,040. Frankenmuth, Erie, Allied, and Travelers also are some of the more affordable Cincinnati, OH insurance companies.
In the above example, if you buy coverage from Allied and switched to Frankenmuth, you may see yearly savings of around $17. Drivers with Travelers might save as much as $25 a year, and USAA policyholders might lower prices by $53 a year.
Bear in mind that those policy rates are averages for all types of drivers and the different vehicles they drive and and are not figured with a specific location for drivers requiring a SR22. So the company that fits your needs best may not even be in the top 33 companies shown above. That is why you need to quote rates from as many companies as possible using your own specific driver and vehicle information.
The vehicle model driven is probably the biggest factor that determines whether or not you can buy low-cost coverage for drivers requiring a SR22. Vehicles with high performance features, poor safety ratings, or a track record of large liability claims will cost more to insure than safer models.
The information below outlines car insurance rates for a number of the cheapest vehicles to insure.
| Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Ford Escape Limited 2WD | $4,371 |
| Honda CR-V LX 2WD | $4,450 |
| Hyundai Elantra SE Touring Station Wagon | $4,748 |
| Ford Edge SE 2WD | $4,833 |
| Toyota Prius | $4,847 |
| Jeep Wrangler Sahara 4WD 2-Dr | $5,029 |
| Volkswagen Jetta SE 2.5 Station Wagon | $5,078 |
| Ford Explorer XLT 4WD | $5,091 |
| Dodge Grand Caravan Crew | $5,163 |
| Ford F-150 Lariat Crew Cab 2WD | $5,170 |
| Chevrolet Impala LS | $5,217 |
| Honda Civic VP 4-Dr Sedan | $5,299 |
| Toyota RAV4 Sport 2WD | $5,322 |
| Compare Rates Now Go | |
Prices based on single male driver age 30, two speeding tickets, two at-fault accidents, $1,000 deductibles, and Ohio minimum liability limits. Discounts applied include homeowner, multi-vehicle, and multi-policy. Prices do not factor in Cincinnati, OH location which can decrease or increase price quotes substantially.
Based on these rates, we can tell that cars like the Ford Escape, Honda CR-V, Hyundai Elantra, Ford Edge, and Toyota Prius are most likely to be the most budget-friendly vehicles to insure for high risk drivers. The price for car insurance will be more costly because of the fact that there is more risk for drivers requiring a SR22, but in general those vehicles will most likely have the best insurance prices that you’ll find.
For high risk drivers, one of the big criteria that are used to help calculate insurance cost is your address. Areas with increased crime or more people are more likely to pay higher prices, whereas less populated areas have the gratification of cheaper auto insurance rates.
The information below lists the priciest cities in Ohio for drivers requiring a SR22 in which to buy car insurance. Cincinnati ranks #6 with an annual premium of $1,174 for coverage, which is about $98 per month.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | Columbus | $1,247 |
| 2 | Youngstown | $1,235 |
| 3 | Cleveland | $1,235 |
| 4 | Toledo | $1,229 |
| 5 | Cleveland Heights | $1,214 |
| 6 | Cincinnati | $1,174 |
| 7 | Euclid | $1,164 |
| 8 | Akron | $1,157 |
| 9 | Dayton | $1,120 |
| 10 | Hamilton | $1,102 |
| 11 | Fairfield | $1,085 |
| 12 | Lakewood | $1,063 |
| 13 | Springfield | $1,061 |
| 14 | Canton | $1,058 |
| 15 | Newark | $1,053 |
| 16 | Kettering | $1,040 |
| 17 | Cuyahoga Falls | $1,037 |
| 18 | Mansfield | $1,032 |
| 19 | Strongsville | $1,031 |
| 20 | Beavercreek | $1,027 |
| Find Cheaper Rates Go | ||
Price information shown is approximated as specific Cincinnati garaging address can alter price quotes considerably.
Types of discounts on Cincinnati insurance
Car insurance companies that provide coverage for drivers requiring a SR22 may have special discounts that could potentially reduce rates by as much as 30% if you are eligible for them. A list of companies and the discounts they provide are outlined below.
- Progressive may include discounts for continuous coverage, homeowner, good student, multi-vehicle, and multi-policy.
- Farmers Insurance offers discounts for switch companies, youthful driver, bundle discounts, electronic funds transfer, mature driver, and distant student.
- Farm Bureau has discounts for 55 and retired, good student, safe driver, multi-policy, and youthful driver.
- State Farm includes discounts for passive restraint, accident-free, multiple autos, multiple policy, and defensive driving training.
- GEICO offers discounts including anti-theft, emergency military deployment, driver training, military active duty, and anti-lock brakes.
- SAFECO has savings for multi-car, teen safe driver, anti-lock brakes, teen safety rewards, accident prevention training, drive less, and anti-theft.
- Liberty Mutual may offer discounts for good student, exclusive group savings, multi-policy, newly retired, and multi-car.
The information below shows the comparison of car insurance rates with and without discounts applied to the rates. The rates are based on a male driver, one speeding ticket and two accidents, Ohio state minimum liability limits, full coverage, and $500 deductibles. The first bar for each age group shows the price with no discounts. The lower bar shows the rates with marriage, continuous coverage, passive restraint, paid-in-full, anti-theft, and homeowner discounts applied. In this example, theamount saved on insurance for drivers requiring a SR22 is 29% or $695.
Should you buy full coverage?
Reducing premiums for insurance is important to the majority of vehicle owners, and one of the easiest ways to buy cheap insurance for drivers requiring a SR22 is to not buy comprehensive and collision coverage. The illustration below illustrates the comparison of auto insurance costs with and without physical damage coverage. Data assumes no claims, a clean driving record, $100 deductibles, single marital status, and no discounts are taken into consideration.
If averaged out across all ages, physical damage coverage on your policy costs $1,782 per year more than carrying just liability coverage. A very common question is when is the right time to remove full coverage. There is no exact rule for eliminating physical damage coverage, but there is a guideline you can consider. If the yearly cost of comp and collision coverage is more than around 10% of the settlement you would receive from your company, then you may need to consider dropping full coverage.
For example, let’s assume your vehicle’s replacement cost is $6,000 and you have $1,000 physical damage deductibles. If your vehicle is destroyed, the most your company would pay you is $5,000 after you pay the deductible. If it’s costing in excess of $500 a year for full coverage, then you might consider buying liability only.
The example below highlights how deductible choice can impact insurance costs when getting quotes for cheap insurance for drivers requiring a SR22. The rate quotes are based on a single male driver, full physical damage coverage, and no discounts are taken into consideration.
The data above shows that a 30-year-old driver could save $284 a year by switching their comprehensive and collision coverages from a $100 deductible to a $500 deductible, or save $426 by changing to a $1,000 deductible. Youthful drivers, such as the 20-year-old example, can save $842 or even more by using higher deductibles when buying full coverage.
When insureds make the decision to increase the deductibles on their policy, it will now be necessary to have spare funds to cover the extra out-of-pocket expense, which deters some people from using high deductibles.
Tips to find budget-friendly auto insurance for drivers requiring a SR22
The list below shows many thrifty suggestions that can help Ohio drivers locate cheaper coverage.
- Do not waste money insuring older vehicles for full coverage
- Safer vehicles generally have cheaper insurance rates
- Buying your home and auto policies from the same company can earn a discount
- Avoid accidents and claims
- Clean up your credit
- Compare price quotes at least once a year
The last item on the list is incredibly valuable, as we hit on in this article. Insurance rates in Cincinnati vary considerably, so don’t be unwilling to change to a new company if you can find a cheaper rate. Having a favorite company is great, but it’s not a great idea if that stubbornness costs you a small fortune. Now is a great time to compare prices to find cheaper auto insurance for drivers requiring a SR22.
If you aren’t sure which coverage to buy and prefer to have a consultation when comparing insurance rates for drivers requiring a SR22, the insurance agencies below can help you determine which coverages and limits you need.
To locate a Cincinnati car insurance agency near you, click the button link following the list or click here to compare price quotes.
- American Family Insurance – Barbara Hall
4010 N Bend Rd Ste 300 – Cincinnati, OH 45211 – (513) 347-9492 - Brad Robbins – State Farm Insurance Agent
3111 Mozart Ave – Cincinnati, OH 45211 – (513) 662-2200 - Richard Curry Jr – State Farm Insurance Agent
4953 Delhi Ave – Cincinnati, OH 45238 – (513) 451-5205 - Farmers Insurance – Shellie Burke
4734 Vine St – Cincinnati, OH 45217 – (513) 242-2777