You have probably seen the ads from insurers like Progressive, Liberty Mutual, and Farmers that make promises of enormous savings, so drivers just need to choose the one with the flashiest ad, right?
It’s not quite that easy, unfortunately, as there are many unknown elements such as the number of miles you drive each year, the likelihood of vehicle theft where you live, what level of deductibles you need, and if you have points on your license, that help determine the price you have to pay. The information below covers the best ways to maintain low rates and will hopefully give you a good start in finding the cheapest car insurance.
One of the many components that determine the amount you pay each year for auto insurance is where you call home. Areas with more people or more claims are more likely to have higher rates, whereas areas with less crime or weather claims benefit from lower coverage costs.
The illustration below shows the highest-priced areas in Ohio for electric cars to purchase auto insurance in. Columbus is ranked #1 having an annual price of $1,247 for the average policy, which is around $104 monthly.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | Columbus | $1,247 |
| 2 | Youngstown | $1,247 |
| 3 | Cleveland | $1,235 |
| 4 | Toledo | $1,229 |
| 5 | Cincinnati | $1,222 |
| 6 | Cleveland Heights | $1,202 |
| 7 | Euclid | $1,175 |
| 8 | Hamilton | $1,135 |
| 9 | Akron | $1,135 |
| 10 | Dayton | $1,120 |
| 11 | Canton | $1,091 |
| 12 | Lakewood | $1,073 |
| 13 | Springfield | $1,072 |
| 14 | Newark | $1,063 |
| 15 | Beavercreek | $1,058 |
| 16 | Fairfield | $1,053 |
| 17 | Kettering | $1,051 |
| 18 | Parma | $1,037 |
| 19 | Middletown | $1,035 |
| 20 | Mansfield | $1,032 |
| 21 | Strongsville | $1,031 |
| 22 | Cuyahoga Falls | $1,027 |
| 23 | Mentor | $1,008 |
| 24 | Elyria | $975 |
| 25 | Lorain | $975 |
| Compare Prices Now Go | ||
Table data uses comparative as the specific area where the vehicle is garaged can change premium rates noticeably.
Figuring out which company has the best car insurance rates for electric cars takes a little more work than just picking a company at random. Each insurer uses a little different formula to set policy rates, so let’s take a look at the most affordable car insurance companies in Ohio.
Cheap Insurance Rates for EV’s
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Utica National | $654 |
| 2 | Erie | $681 |
| 3 | Frankenmuth | $687 |
| 4 | Allied | $690 |
| 5 | Travelers | $705 |
| 6 | USAA | $719 |
| 7 | Cincinnati Insurance | $756 |
| 8 | Merchants Insurance Group | $778 |
| 9 | Motorists Mutual | $792 |
| 10 | Grange Mutual | $828 |
| 11 | General Casualty | $829 |
| 12 | Central Mutual | $840 |
| 13 | Hastings Mutual | $893 |
| 14 | State Farm | $894 |
| 15 | Atlantic States | $931 |
| 16 | Westfield | $946 |
| 17 | Auto-Owners | $968 |
| 18 | Western Reserve | $970 |
| 19 | Progressive | $982 |
| 20 | Nationwide | $988 |
| Find Cheaper Rates Go | ||
Utica National may have some of the best car insurance rates in Columbus at around $654 annually. Erie, Frankenmuth, Allied, and Travelers are also some of the best Columbus, OH car insurance companies.
In the above rates, if you are a customer of Allied and switched to Erie, you could realize yearly savings of in the vicinity of $9. Policyholders with Travelers might save as much as $24 a year, and USAA policyholders might lower prices by $38 a year.
To find out how much you can save, click here to start your custom quote or visit any of the companies below.
Remember that these estimates are averages for all drivers and vehicles and and are not calculated with a specific location for electric cars. So the company that has the cheapest rates for you may not even be in the top 33 companies in the list above. That affirms the importance of why you need to compare as many prices as possible using your own driver data and vehicle information.
The vehicle you are trying to insure is one of the primary factors when trying to find cheap car insurance for electric cars. Vehicles with limited top-end speed, a great safety record, or a positive history of liability claims will cost less to insure than adrenaline junky models.
The table below showcases auto insurance prices for a handful of the most cost-effective vehicles to buy insurance for.
| Vehicle Insured | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V LX 2WD | $1,148 |
| Ford Escape XLS 4WD | $1,157 |
| Hyundai Elantra GLS Touring Station Wagon | $1,257 |
| Ford Edge SEL AWD | $1,334 |
| Honda Odyssey EX | $1,343 |
| Chevrolet Silverado LS Regular Cab 2WD | $1,359 |
| Jeep Grand Cherokee Laredo 2WD | $1,361 |
| Chevrolet Malibu LS | $1,366 |
| Ford Explorer XLT AWD | $1,404 |
| Chevrolet Impala LTZ | $1,436 |
| Toyota Prius | $1,446 |
| GMC Sierra SLT Extended Cab 4WD | $1,462 |
| Nissan Altima 3.5 SR 4-Dr Sedan | $1,468 |
| Ford F-150 Lariat King Ranch 4WD | $1,487 |
| Chevrolet Equinox LS 2WD | $1,492 |
| Toyota RAV4 2WD | $1,487 |
| Nissan Rogue SL AWD | $1,533 |
| Honda Civic LX-S 4-Dr Sedan | $1,540 |
| Honda Accord EX-L 2-Dr Coupe | $1,559 |
| Dodge Grand Caravan Crew | $1,569 |
| Ford Fusion SEL 4-Dr Sedan | $1,600 |
| Toyota Corolla XRS | $1,606 |
| Toyota Tacoma X-Runner 2WD | $1,608 |
| Start Your Quote Go | |
Table data represents single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Ohio minimum liability limits. Discounts applied include claim-free, multi-vehicle, multi-policy, safe-driver, and homeowner. Estimates do not factor in garaging location in Columbus, OH which can alter insurance rates noticeably.
By looking at the data, makes and models like the Honda CR-V, Ford Escape, and Hyundai Elantra are most likely to be some of the most budget-friendly vehicles to insure for eco-friendly vehicles.
Rate increases following a ticket or accident
In a perfect world, the best way to maintain the best car insurance prices in Ohio for eco-friendly vehicles is to be an attentive driver and avoid getting tickets or having accidents. The diagram below shows how speeding tickets and fender-benders raise car insurance costs for different insured age categories. Data assumes a married female driver, full physical damage coverage, $500 deductibles, and no discounts are factored in.
The chart shows that the average cost of a car insurance policy in Columbus per year with no accidents and a clean driving record is $833. Get written up for two speeding tickets and the average cost increases to $1,176, an increase of $342 each year. Now get two accidents along with the two speeding tickets and the annual cost of car insurance for electric cars jumps again to an average of $2,513. That’s an increase of $1,680, or $140 per month, just for a couple of infractions!
Should you buy full coverage?
Reducing premiums for car insurance should be important to most drivers, and one way to reduce the cost of insurance for electric cars is to only buy liability coverage. The diagram below compares premium costs with full physical damage coverage compared to only buying the minimum liability limits required in Ohio. Data assumes no claims or driving violations, $500 deductibles, drivers are not married, and no discounts are applied to the premium.
If all age groups are averaged, physical damage insurance costs an extra $1,077 per year over having just liability coverage. That is a significant amount which raises the question when is it safe to stop buying full coverage. There is no definitive formula for dropping physical damage insurance, but there is a general guideline. If the annual cost of having full coverage is about 10% or more of replacement cost minus your deductible, then it might be time to consider dropping full coverage.
For example, let’s assume your vehicle’s replacement value is $9,000 and you have $1,000 deductibles. If your vehicle is severely damaged, you would only receive $8,000 after paying your deductible. If you are currently paying more than $800 annually for comprehensive and collision coverage, then you might consider buying liability only.
There are some circumstances where eliminating full coverage is not a good plan. If you still have a lienholder on your title, you have to maintain full coverage in order to prevent your loan from defaulting. Also, if you don’t have enough money to buy a different vehicle if your current one is damaged, you should maintain full coverage.
Why are you paying too much for car insurance?
Columbus, OH car insurance rates are impacted by many things that will increase or decrease the cost of coverage. Simply improving your credit, buying higher coverage limits, or getting a reckless driving citation can trigger changes in premium that may make certain companies more affordable than competitors.
Also, auto insurance companies change rates multiple times each year in order to protect their financial rating. An unexpected high level of claims may result in higher prices, while long-term profits may produce more affordable Columbus car insurance rates.
As an example, the chart below analyzes the cheapest car insurance in Columbus, OH for a 45-year-old male driver with a clear driving record, no claims, and a decent credit rating. If we estimate rates based on his personal profile, Utica National offers the best car insurance rates in Columbus at $759 each year. This is $281 less than the average price paid by Ohio drivers of $1,040. Allied, Erie, Frankenmuth, and Travelers round out the rest of the cheapest Columbus, OH auto insurance companies.
The example below compares rates after we give the driver in the first example an accident surcharge, a lower credit rating, and a blemish on his driving record. Since each auto insurer has their own process for filing rates in each state, getting updated rate quotes may now present a significantly different list of the cheapest Columbus car insurance companies as shown below.
Merchants Insurance Group now has the cheapest rate in Columbus, OH with Cincinnati Insurance, Motorists Mutual, Grange Mutual, and General Casualty also being competitive. This shows why Columbus drivers need to compare as many rates as possible to find cheap insurance rates for electric cars. Insurance rates consist of many things and can increase or decrease at any time, so the best option six months ago may now not even be in the top five.
How to find budget-friendly insurance for electric cars
Lowering your rates is not difficult, and here are many money-saving suggestions that can help Columbus drivers buy low-cost auto insurance.
- Buy your auto and home insurance from the same company and save
- Full coverage may not be needed on older vehicles
- Save money by staying claim-free
- Buy a vehicle with excellent safety ratings
- Improve your credit
- Raise your deductibles
- Compare rates regularly and switch companies to save money
That last tip is extremely important, as was emphasized in the prior article. Car insurance prices in Columbus can change considerably in a year, so drivers shouldn’t be reluctant to switch to a new company if a lower price can be found. Many drivers tend to have loyalty to a certain company, but it isn’t a good idea if that loyalty results in overpaying money that could be going to better use. If you have a few minutes, now is a great time to compare prices and find cheaper insurance for electric cars.
If you have coverage questions and would like to get some help when shopping around for cheaper insurance for electric cars, the insurance agencies listed below can most likely help you determine which policy is best. To locate a Columbus car insurance agency using an interactive map, click the link at the bottom or click here to compare rates now.
- Henderson Insurance Inc
3620 N High St #105 – Columbus, OH 43214 – (614) 884-0970 - Geswein Insurance Agency LLC
5214 Bethel Center Mall – Columbus, OH 43220 – (614) 538-2944 - David Grant – State Farm Insurance Agent
4612 N High St – Columbus, OH 43214 – (614) 262-1055 - Bob Zedeker II – State Farm Insurance Agent
3250 W Henderson Rd Ste 101 – Columbus, OH 43220 – (614) 457-5070 - John Dawson Associates
6025 Cleveland Ave – Columbus, OH 43231 – (614) 890-1660