Yes, car insurance in Ohio is cheaper than average. Car insurance in Ohio costs an average of $35 per month ($414 per year) for state-minimum coverage, compared to the national average price of $60 per month. In fact, Ohio is one of the 10 states with the cheapest car insurance in the country.
Car insurance in Ohio costs $35 monthly ($414 per year) for minimum coverage, on average, and around $94 per month ($1,122 annually) for a full-coverage policy. The cheapest insurance companies in Ohio are Geico, USAA, and Ohio Mutual, but insurers calculate premiums differently, so it’s a good idea to get quotes from more companies to find the best deal.… read full answer
Average Cost of Car Insurance in Ohio by Category
Clean driving record: $36 per month
After an at-fault accident: $55 per month
Driver with poor credit: $63 per month
Teen driver: $145 per month
After a DUI: $68 per month
The average cost of car insurance in Ohio is 43% lower than the national average auto insurance premium, and Ohio ranks 7 out of 50 for the most affordable car insurance rates in the U.S.. Every insurer has their own way of calculating premiums, so it’s a good idea to get quotes from at least three different companies to make sure you find the best deal.
Finally, it’s worth noting that car insurance premiums in Ohio are low, compared to the cost of coverage in neighboring states like Kentucky and Michigan. You can find more details in the table below.
Cost of Car Insurance in Ohio vs. Neighboring States
The cheapest car to insure in Ohio is a coupe because minimum coverage only costs $388 per year, on average. The cost to insure a coupe is less than the average cost of minimum coverage in Ohio ($414 per year).
It is important to note that while some cars will be cheaper to insure based on their reliability and brand, your specific premiums will vary depending on your age, location, and driving history. We recommend comparing multiple quotes before buying insurance so you can get the best deal.
Paying off your car may affect your insurance coverage requirements. However, paying off your car does not directly affect your auto insurance rate.
The presence of a car loan, no matter how much you owe, doesn’t mean you’ll automatically pay a higher insurance rate, as listing a financial company as a payee on your policy won’t affect your rate. However, having a car loan will almost certainly mean that you’ll have to carry more insurance than your home state’s minimum requirements. Banks that back auto financing loans almost always stipulate that their customers carry more coverage than is required by law – such as additional liability insurance as well as … read full answercomprehensive, collision, and/or lease/loan payoff coverage – to protect the bank’s interest in the car. Also, customers who finance vehicles are sometimes required to carry insurance policies that have lower deductibles, which makes their premium more expensive.
Once you have paid off your car loan, and you own the vehicle outright, the company that financed your car doesn’t have a say in what type of insurance coverage you must have any longer, and you can shop around for different options. Dropping certain types of coverage or lowering the limits on your policy could get you a lower premium.
So, paying off your car could allow you to pay less for insurance, but you won’t see it as an automatic rate decrease on your policy. If you have paid off your car and want to make changes to your coverage options, call your insurance provider as soon as possible.
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