This would be a much quicker read if we could simply tell you the one best company that is cheapest in Ohio. It’s just not that simple, as there are a lot of unknown elements like if you want the added protection of full coverage, if you have maintained coverage continuously, the performance level of your vehicle, and if you have any driving citations, that all impact the cost of coverage. This article will discuss the best ways to avoid high prices and hopefully give you enough understanding to have a solid foundation to find cheaper car insurance in Columbus.
One of the more important factors that are looked at to help calculate the price you pay for insurance is your zip code. Areas with increased crime or more people are more likely to pay higher prices, whereas areas with less crime or weather claims get the luxury of paying less.
The table below ranks the most costly cities in Ohio for real estate agents to purchase car insurance in. Columbus ranks #4 with an annual premium of $1,235 on average, which is approximately $103 monthly.
| Rank | City | Premium Per Year |
|---|---|---|
| 1 | Youngstown | $1,273 |
| 2 | Toledo | $1,267 |
| 3 | Cleveland | $1,235 |
| 4 | Columbus | $1,235 |
| 5 | Cincinnati | $1,210 |
| 6 | Cleveland Heights | $1,166 |
| 7 | Euclid | $1,164 |
| 8 | Akron | $1,157 |
| 9 | Dayton | $1,120 |
| 10 | Hamilton | $1,102 |
| 11 | Fairfield | $1,095 |
| 12 | Canton | $1,091 |
| 13 | Newark | $1,085 |
| 14 | Springfield | $1,072 |
| 15 | Middletown | $1,066 |
| 16 | Kettering | $1,051 |
| 17 | Lakewood | $1,041 |
| 18 | Mansfield | $1,032 |
| 19 | Strongsville | $1,031 |
| 20 | Parma | $1,027 |
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Rate quotes are estimated as zip code location can alter coverage prices noticeably.
The vehicle model requiring insurance is one of the primary factors when consumers are trying to find the cheapest auto insurance for real estate agents. Vehicles with economical engines, an excellent safety record, or a positive history of liability claims will cost much less to insure than higher performance models.
The next table presents insurance premiums for the cheapest automobiles to buy insurance for.
| Vehicle Insured | Estimated Cost for Full Coverage |
|---|---|
| Ford Escape XLS 2WD | $1,264 |
| Hyundai Elantra GLS Touring Station Wagon | $1,383 |
| Jeep Wrangler Sahara 4WD 2-Dr | $1,416 |
| Honda CR-V EX-L 4WD | $1,422 |
| Toyota RAV4 Limited 4WD | $1,497 |
| Toyota Prius | $1,538 |
| Dodge Grand Caravan CV | $1,548 |
| Toyota Camry SE | $1,576 |
| Ford Edge Limited AWD | $1,586 |
| GMC Sierra 2500HD SLE Crew Cab 4WD | $1,604 |
| Ford Focus S 4-Dr Sedan | $1,613 |
| Jeep Grand Cherokee Laredo 2WD | $1,637 |
| Toyota Tacoma Double Cab 4WD | $1,647 |
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Above prices assume single male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Ohio minimum liability limits. Discounts applied include safe-driver, multi-vehicle, claim-free, homeowner, and multi-policy. Information does not factor in specific Columbus, OH garaging location which can change auto insurance rates considerably.
Based on these rates, we can infer that cars like the Ford Escape, Hyundai Elantra, Jeep Wrangler, Honda CR-V, and Toyota RAV4 are the most budget-friendly vehicles to insure for realtors.
Discounts on Columbus auto insurance
Insurance companies that provide coverage for real estate agents may additionally offer rate discounts that could reduce prices by 40% or more if you meet certain criteria. Companies and their possible discounts can be read below.
- State Farm may include discounts for Drive Safe & Save, Steer Clear safe driver discount, anti-theft, safe vehicle, good driver, accident-free, and passive restraint.
- GEICO includes discounts for emergency military deployment, membership and employees, daytime running lights, federal employee, anti-lock brakes, multi-policy, and anti-theft.
- Allstate may offer discounts for premier plus, anti-lock brakes, defensive driver, good student, and good payer.
- SAFECO has discounts for anti-theft, accident prevention training, anti-lock brakes, drive less, and safe driver.
- Farm Bureau offers discounts for driver training, multi-policy, 55 and retired, youthful driver, multi-vehicle, and good student.
- Progressive discounts include continuous coverage, multi-vehicle, multi-policy, homeowner, online quote discount, online signing, and good student.
- AAA offers discounts including multi-policy, multi-car, AAA membership discount, good driver, and pay-in-full.
The information below shows the difference between insurance costs with and without discounts applied to the policy rates. The premium estimates are based on a female driver, no violations or claims, Ohio state minimum liability limits, full coverage, and $250 deductibles.
The first bar for each age group shows insurance cost with no discounts. The second shows the rates with passive restraint, claim-free, homeowner, safe-driver, multiple policy, and anti-theft discounts applied. In this example, the average amount saved each year on auto insurance for real estate agents is 27% or $312.
The example below demonstrates how choosing different deductibles can increase or decrease premium costs when getting quotes for cheap insurance for real estate agents. The data is based on a married female driver, full coverage, and no additional discounts are factored in.
In the chart above, a 40-year-old driver could reduce rates by $210 a year by switching their comprehensive and collision coverages from a $100 deductible up to a $500 deductible, or save $316 by switching to a $1,000 deductible. Younger drivers, like the 20-year-old example, could lower their rates $516 each year just by choosing larger deductibles.
If you make the decision to raise deductibles, it’s a good idea to have enough savings set aside to allow you to pay the extra out-of-pocket expense, which is the one inconvenience of using high deductibles.
How much more does full coverage cost in Columbus?
Finding cheaper auto insurance should be important to the majority of drivers, and an easy way to reduce the cost of insurance for real estate agents is to not buy full coverage. The example below illustrates the comparison of auto insurance costs with and without physical damage coverage. Data assumes a clean driving record, no claims, $100 deductibles, drivers are not married, and no discounts are applied.
If we average all the age groups together, physical damage coverage costs an additional $1,455 per year over and above liability only. That is a big expense that brings up the question if full coverage is worth the money. There is no definitive rule of when to phase out comp and collision coverage, but there is a general convention. If the yearly cost for physical damage coverage is more than around 10% of any settlement you would receive from your insurance company, then it might be time to buy liability only.
For example, let’s assume your vehicle’s replacement value is $6,000 and you have $1,000 deductibles. If your vehicle is totaled, the most your company would pay you is $5,000 after the deductible is paid. If you are paying over $500 a year for your policy with full coverage, then you may need to consider dropping full coverage.
There are a few cases where eliminating full coverage is not recommended. If you have an outstanding loan on your vehicle, you have to carry full coverage to satisfy the loan requirements. Also, if your finances do not allow you to purchase a different vehicle if your current one is damaged, you should not opt for liability only.