If you plan on driving in Ohio, be aware of car insurance costs. While rates here can be some of the lowest nationwide, your premiums could still vary based on various factors. The Ohio Car Insurance Calculator provides a useful free tool that will allow you to estimate what your policy might cost.
Driving Record: Your driving history will have an effect on your insurance rates, such as speeding tickets or DUI convictions, which will significantly raise them. Being involved in an accident could also raise them up to 10 years later.
Credit Score: Auto insurers use your credit score as one factor to gauge your risk level and can expect drivers with low scores to file more claims, leading to higher car insurance premiums and rates.
Vehicle Type: Your make and model of car can also have an effect on car insurance rates. A more recent, safer car usually costs less to insure than one that costs less initially.
Usage-Based Policies: Some car insurance providers offer usage-based policies, which calculate your rate based on how often you drive your vehicle. To assess if this option is right for you, compare rates to find which offers offer the most beneficial deals.
Full Coverage: Full coverage policies offer liability, collision and comprehensive protections; in addition, they typically come with higher deductibles that can help lower costs.
At times, paying a higher deductible may save money over time if you’re an exceptionally careful driver or don’t use your car frequently enough. But usually the difference between having higher and lower deductibles is minimal.
Minimum Coverage: In Ohio, in order to legally drive you must obtain liability insurance. Liability coverage pays for medical costs and damages caused by an accident caused by you; additionally it provides legal protection in case someone sues.
Purchase Additional Insurance: Beyond mandatory liability coverage, additional types of auto insurance policies such as uninsured/underinsured motorist, comprehensive, and collision may also be included on your policy.
State law mandates you carry at least $25,000 per person and $50,000 per accident in bodily injury liability coverage and $25,000 property damage liability coverage; you can also add uninsured/underinsured coverage of up to $25,000.
If you have a young driver on your insurance policy, the state recommends enrolling them in a defensive driving course to teach them how to avoid accidents and reduce premiums.
An umbrella policy that extends your liability limits up to $250,000 per person and $500,000. An umbrella policy offers an inexpensive alternative to an extended liability policy which has higher costs.
Your Vehicle: When selecting a car to buy, keep these factors in mind: A more expensive model could save on insurance premiums but often costs more to repair or replace in an accident; alternatively you may save by choosing one with advanced safety features or greater fuel-efficiency.