Best Cheap Insurance Quotes for Electric Cars in Ohio

The words “cheap” and “insurance” probably shouldn’t be used together, specifically when you are shopping around for the best coverage prices for electric cars. Because it’s not cheap, let’s introduce you to some situations that determine auto insurance premiums, and figure out some ways to lower the cost of the next policy you buy.

One of the key factors that help determine auto insurance rates is your zip code in Ohio. Areas that are more densely populated like Youngstown, Columbus, and Cincinnati likely pay more, whereas areas with less crime or weather claims generally pay lower car insurance rates.

The next table lists the highest-priced areas in Ohio for electric cars to purchase a policy in.

Table data uses estimated as the specific garaging location can influence rates greatly.

Deciphering which companies offer the lowest-priced auto insurance rates for electric cars will require a little more effort than just quoting one company’s rates. Each insurer has their own formula for determining rates in each state, so we’ll take a look at the most competitive auto insurance companies in Ohio.

It’s a good idea to be aware that Ohio auto insurance rates are influenced by many factors that may substantially change the price of coverage. Getting older, buying a different vehicle, or having a fender bender can trigger price changes that can cause some rates to be cheaper in comparison to the competition.

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Utica National has some of the best car insurance rates in Ohio at around $647 per year. Erie, Allied, Frankenmuth, and USAA also qualify as some of the cheapest Ohio auto insurance companies.

As the example above demonstrates, if you buy coverage from USAA and switched to Erie, you could realize a yearly price reduction of around $24. Customers with Travelers could save as much as $46 a year, and Merchants Insurance Group insureds might realize rate reductions of up to $68 a year.

Bear in mind that those premiums are averaged for all drivers and vehicles and and are not calculated with a rate discount for electric cars. So the company that has the cheapest price for you may not even be in the list above. That points out the importance of why you need to quote rates from as many companies as possible using your own driver and vehicle profiles.

Price comparison of only insuring for liability

Finding the best cheap insurance for electric cars in Ohio is important to most vehicle owners, and one great way to pay less for insurance is to not insure for full coverage. The information below visualizes the comparison of auto insurance rates when comparing full coverage to liability only. The premiums assume no claims, a clean driving record, $1,000 deductibles, marital status is single, and no discounts are taken into consideration.

If all age groups are averaged, physical damage coverage on your policy costs $961 per year more than just buying liability only. That is a big expense that brings up the question if buying full coverage is worth the money. There is no definitive rule for eliminating comprehensive and collision coverage on your policy, but there is a general convention. If the annual cost of coverage is more than around 10% of the replacement cost minus the deductible, then you might consider buying liability only.

For example, let’s assume your vehicle’s settlement value is $10,500 and you have $1,000 deductibles. If your vehicle is damaged in an accident, the most your company would pay you is $9,500 after paying your policy deductible. If you are paying over $950 annually to have full coverage, the it may be a good time to stop paying for full coverage.

There are some cases where dropping physical damage coverage is not a good plan. If you have an outstanding loan on your vehicle, you are required to maintain full coverage in order to satisfy the requirements of the loan. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is in an accident, you should not buy liability only.

Picking a highly-rated insurance provider can be challenging considering how many different companies insure vehicles in Ohio. The information listed below can help you analyze which car insurance companies you want to consider purchasing coverage from. These rankings are only comprised of companies that insure vehicles across America, so smaller companies that only insure vehicles in Ohio are not included in this list.

Top 10 Large Car Insurance Companies in Ohio Ranked by Customer Service

1. Nationwide
2. State Farm
3. Safeco Insurance
4. American Family
5. Titan Insurance
6. Travelers
7. Liberty Mutual
8. GEICO
9. Erie Insurance
10. Allstate

Which auto insurance company is best?

When buying auto insurance, the four most popular companies are Progressive, Allstate, Geico, and State Farm. If you add them together, they insure over 48% of the car insurance market in the United States. The table below ranks ratings for price, service, and claims, in additional to some of the optional coverages that are available.

Cheap insurance quotes for eco-friendly vehicles

There are quite a few ways to shop for and buy auto insurance in Ohio, but the three most common ways are through an independent agent, an exlusive agent such as Allstate or Liberty Mutual, or direct either online or via phone. Each way has the same basic process, but they are slightly different in how they give price quotes.

Independent agencies have contracts with multiple insurance companies and can compare coverage rates with every one. These types of agencies are not limited to a single company and can quote rates with many companies, which may give you a better chance of finding cheaper coverage. If a cheaper price is found, they simply switch companies in-house which prevents you from having to find an new insurance agent.

Exclusive agencies are only able to write with just one company such as an Auto-Owners or State Farm agent. These agents are not able to give you multiple price quotes, so they really need to provide good service.

Buying direct means you do not use an independent or exclusive agent and instead buy direct online or over the phone from a company like Progressive or Geico. Buying direct may be good for families who do not need advice for risk management and know more than average about what coverages, limits, and deductibles they need.

What is the best way to buy the best cheap insurance for electric cars in Ohio? Most people assume that buying direct saves the most money because there is no agent taking a commission, but unfortunately, it’s not that cut and dried. We’d also like to say going through an independent agent is the best way to go since they can quote with many companies, but that assumption is also not necessarily accurate. In the right set of circumstances, the exclusive agents have coverage prices that are well below what direct and independents offer.

Since auto insurance companies use so many rating factors, the only true way to buy the cheapest policy is to get quotes and compare. Be sure to get price quotes from independent, exclusive, and direct in order to find the best price. For a list of companies with cheap rates in Ohio, click here to view.