Average car insurance cost in Toledo, OH

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The average car insurance cost in Toledo, Ohio is $1,601 per year, according to Insure.com data. This is $184 more than the average auto insurance cost in Ohio and $294 less than the national average, as analyzed by Insure.com.

The rates can vary wildly depending on where they are filed. City demographics, including population density and average resident age, will affect how much money you spend on premiums which could make it cheaper or more expensive than other areas with different factors like accident rates, theft and vandalism rates, etc.

The article covers information on – the cheapest car insurance providers in Toledo, the average car insurance rates by age, gender and how much is car insurance in Toledo based on coverage limits. Whether you’re a new driver or have been driving for years, this article can help you find the best deal on cheap car insurance in Toledo. Read on to learn more.

Cheap car insurance companies in Toledo

Grange Insurance offers the cheapest car insurance in Toledo, at an average of $1,085 per year with full coverage limits of 100/300/100.

The second cheapest company in Toledo is Auto-Owners, offering car insurance rates at $1,200 per year.

As mentioned earlier, car insurance rates vary from one company to another because the factors used to calculate rates vary by insurer. Therefore, comparing quotes from multiple insurers is recommended to find cheap car insurance rates in Toledo before deciding on the policy that matches your requirements.

The table below lists the average annual and monthly costs for the various car insurance companies providing coverage in Toledo, Ohio:

Read about the best car insurance companies.

Average car insurance cost in Toledo by coverage limits

The average car insurance rates in Toledo based on coverage types are as follows:

• State minimum coverage: $449 per year (limits are 25/50/25)
• Liability only coverage: $569 per year (limits are 50/100/50)
• Full coverage: $1,601 per year (limits are 100/300/100)
• Non-owners coverage: $258 per year

In many states, it’s a legal requirement for drivers to maintain the state minimum coverage, although these requirements vary by state. The state minimum coverage does not cover vehicles listed on your policy in an at-fault accident.

To avoid the risk of insufficient coverage and out-of-pocket expenses, it’s advisable to opt for full coverage or non-owner coverage, especially if you frequently borrow or rent vehicles and don’t own one yourself.

Average car insurance rates by gender in Toledo

In Toledo, Ohio, the average annual car insurance premium for female drivers is $1,610 per year.

While the average annual cost for male drivers is $1,592 per year, which is $18 less than what female drivers pay, according to a rate analysis by Insure.com.

According to the Insurance Information Institute, statistics demonstrate that women are generally regarded as safer drivers than men. They often pay less for auto insurance because of their lower rate of severe accidents than men.

Read more on how gender affects car insurance rates.

Average car insurance rates by age in Toledo

In Toledo, teenagers have the highest car insurance rates, at $5,383 per year or $449 per month. This higher rate is attributed to the increased risk of road accidents among teenagers (aged 16 to 19) due to their limited experience on the road, according to the Insurance Information Institute.

However, there are driving laws for teens to improve their driving habits. Additionally, the cost of teen insurance can be reduced by adding them to a parent’s auto insurance policy. As teens mature and establish a positive driving history, their car insurance rates are likely to decrease.

Young adults, pay an average of $2,611 annually for car insurance, which is $2,772 less than what the teens pay for their insurance policy.

Meanwhile, adult, and senior drivers in Toledo have car insurance rates of $1,614 and $1,663 per year, respectively. The car insurance rates for adults and seniors are lower than those for teens and young adults. “This is because they are more likely to obey the speed limits and follow the rules of the road,” says the Insurance Information Institute.

Read more on auto insurance for seniors.

The table below shows the average annual rates for drivers of different age groups:

Car insurance rate trends in Toledo

Examining car insurance rate trends in Toledo, Ohio, we observe a upward trend from 2022 to 2023. Subsequently, from 2022 to 2023, the rates experienced increase overall, with an increase of 35% or $414.

The table below shows the trend for last four years:

Conclusion

In conclusion, the insurance rates in Toledo, are higher than the average insurance cost in Ohio. Shopping around and taking advantage of available discounts, drivers in Toledo can find affordable car insurance options. Many car insurance companies offer discounts for customers who purchase multiple policies through the same company.

Sources

• Insurance Information Institute. “What determines the price of my auto insurance policy,” Accessed September 2024.
• Insurance Information Institute. “Auto insurance for teen drivers,” Accessed September 2024.
• Insurance Information Institute. “Senior driving safety and tips,” Accessed September 2024.

Methodology

Insure.com team worked with Quadrant Information Service to get car insurance data. To determine the average premiums, our team of data analysts and expert editors have analyzed 53,409,632 insurance quotes from 170 insurance companies across 34,588 ZIP codes.

The insurance rates are based on a sample profile of a 40-year-old male and female driver with a clean driving record and a good insurance score. Quotes premiums are for a full coverage policy with limits:

• $100,000 bodily injury per person
• $300,000 bodily injury per accident
• $100,000 property damage per accident
• $500 comprehensive and collision deductible

The quoted insurance rates are for comparison purposes, and your individual rates may vary.

Prachi Singh

Contributing Researcher

 

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Prachi is an insurance writer with a master’s degree in business administration. Through her writing, she hopes to help readers make smart and informed decisions about their finances. She loves to travel and write poetry.