Ohio offers some of the lowest car insurance rates nationwide, yet premiums can still differ widely depending on a variety of factors. To gain more insight into Ohio Department of Insurance’s role with insurance rates and how rating plans are created, NerdWallet’s guide to Ohio auto insurance is here to assist. In addition, understanding how your type of vehicle and driving record might impact insurance costs is equally essential.
Ohio requires that its minimum car insurance requirements include $25,000 of bodily injury liability per person and $50,000 for property damage per accident, but for your own protection it’s wiser to invest in full coverage that includes comprehensive and collision damage protection as well as comprehensive and collision damage waiver. If you own a luxury vehicle it would likely benefit from having higher limits than what is stipulated by state minimum coverage – should an accident occur it will provide full protection.
Your age and credit score can also have a substantial effect on Ohio car insurance premiums, according to MoneyGeek’s analysis of major insurers. Their calculator tool gives a ballpark estimate based on information entered, for instance adding a teenage driver can increase your premium by approximately threefold while having poor credit can raise it two-and-a-halffold.
As well as these factors, your location can also have a direct effect on premiums. Certain areas have more traffic accidents and congestion than others, while rural and suburban drivers typically pay lower premiums than drivers in large cities such as Michigan or Pennsylvania due to lower minimum car insurance requirements and less no-fault accidents in those states than elsewhere.
As part of your Ohio car insurance budget planning, it’s crucial that you take your budget into account. Not only should your monthly bills and expenses be included but any unexpected costs such as car repairs, medical visits or any unexpected costs should also be factored in – perhaps using a savings account or other ways to create an emergency fund could help ensure you can manage unexpected situations more easily.
When searching for cheap Ohio car insurance, the key is shopping around and comparing quotes from multiple providers. If you are new driver with poor driving record or looking for high risk coverage companies who specialize in filing an SR-22 policy on your behalf – Erie or USAA both offer some of the lowest rates in Ohio while offering safe driving discounts like good student, good driver or multi car.