The type of vehicle to be insured is probably the biggest factor that determines whether or not you can buy the best auto insurance for college graduates. Vehicles with lots of speed or power, a lack of advanced safety features, or an increased likelihood of liability claims will cost much more to insure than more economical and safe models. The data below outlines auto insurance costs for a handful of the most budget-friendly vehicles to buy insurance for.
|Make and Model||Estimated Cost for Full Coverage|
|Ford Escape XLT 2WD||$1,284|
|Honda Accord EX 4-Dr Sedan||$1,409|
|Honda CR-V LX 4WD||$1,416|
|Ford Explorer XLT AWD||$1,443|
|Jeep Wrangler Sport 4WD 2-Dr||$1,522|
|Toyota RAV4 4WD||$1,525|
|Dodge Grand Caravan Hero||$1,534|
|Chevrolet Impala LT||$1,525|
|Toyota Tacoma Double Cab TRD Sport Package 4WD||$1,553|
|Ford Focus SES 4-Dr Sedan||$1,576|
|Ford Edge Limited AWD||$1,606|
|Nissan Rogue SL 2WD||$1,635|
|Chevrolet Silverado LT Crew Cab 4WD||$1,643|
|Volkswagen Jetta SE 4-Dr Sedan||$1,635|
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Premium data assumes single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Ohio minimum liability limits. Discounts applied include multi-policy, homeowner, safe-driver, multi-vehicle, and claim-free. Price estimates do not factor in Columbus, OH location which can impact premium rates noticeably.
Looking at the numbers, cars like the Ford Escape, Honda Accord, and Honda CR-V are most likely to be a few of the most affordable vehicles to insure for college grads.
Buying low-priced car insurance is hard enough, and finding out which companies offer the cheapest auto insurance rates for college graduates will take even more work. Every auto insurer has their own guidelines for determining prices, so let's take a look at the auto insurance companies with the overall best prices in Columbus.
It's important to know that Columbus, OH auto insurance rates are determined by lots of factors that can increase the policy premium. Simply having another birthday, getting married, or getting a speeding ticket can trigger price changes that can cause some rates to be more affordable than others.
Best Insurance Companies for Grads
|Rank||Company||Cost Per Year|
|7||Merchants Insurance Group||$748|
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Utica National has some of the best car insurance rates in Columbus at around $635 annually. This is $405 less than the average policy premium paid by Ohio drivers of $1,040. Allied, Erie, Frankenmuth, and USAA would also make the list of some of the more affordable Columbus, OH insurance companies.
As shown above, if you have coverage with USAA and switched to Allied, you could earn a yearly price reduction of in the neighborhood of $42. Customers with Travelers may save as much as $64 a year, and Merchants Insurance Group policyholders might reduce prices by as much as $79 a year.
To get a fast rate comparison, click here to start your free quote or click several companies below for low rates.
Remember that these policy rates are averages across all drivers and vehicles and and are not calculated with a specific zip code for college graduates. So the auto insurance company that fits your situation best may not even be in the top 33 companies shown above. That emphasizes why you need to compare rates from as many companies as possible using your own personal information and vehicle type.
For college grads, one of the more important components that are used to help calculate car insurance rates is where you normally keep your vehicle. More densely populated places tend to have higher rates, whereas areas that tend to be more rural can boast about having cheaper rates.
The table below sorts the most expensive places in Ohio for college graduates in which to purchase auto insurance. Columbus is ranked at #5 with the yearly price of $1,199 for the average policyholder, which is approximately $100 monthly.
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Rate information is estimated as the specific Columbus residence address can lower or raise premiums significantly.
Careless driving habits raise Columbus auto insurance rates
One of the best ways to score cheap auto insurance rates for college grads is to drive safe and not have accidents or get tickets. The illustration below illustrates how speeding tickets and fender-benders can increase car insurance costs for each different age category. The price estimates are based on a married female driver, comp and collision included, $250 deductibles, and no other discounts are factored in.
The chart shows that the average cost of a car insurance policy per year with no accidents and a clean driving record is $1,027. Receive one speeding ticket and the average cost surges to $1,191, an increase of $164 each year. Now get two accidents along with the one speeding ticket and the 12-month cost of auto insurance for college graduates increases to an average of $2,579. That's an increase of $1,552, or $129 per month, just for not being attentive to the road!
Should you buy full coverage?
Buying cheaper auto insurance should be important to most people, and one good way to find cheap insurance for college graduates is to buy liability only. The example below shows the comparison of premium costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The rate quotes are based on no claims or driving citations, $250 deductibles, drivers are not married, and no discounts are applied to the premium.
If averaged out across all ages, physical damage insurance costs an additional $1,629 per year over having just liability coverage. At some point, almost every driver questions if buying full coverage is a waste of money. There is no definitive formula for phasing out comp and collision coverage, but there is a general guideline. If the annual cost of having full coverage is 10% or more of the settlement you would receive from your company, then you may need to consider dropping full coverage.
For example, let's say your vehicle's replacement value is $4,000 and you have $1,000 full coverage deductibles. If your vehicle is severely damaged, the most you would receive is $3,000 after paying the physical damage deductible. If you are paying more than $300 annually for comprehensive and collision coverage, then it may be the right time to buy liability only.
There are some situations where dropping physical damage coverage is not in your best interest. If you still owe a portion of the original loan, you have to carry full coverage in order to prevent your loan from defaulting. Also, if your finances do not allow you to purchase a different vehicle in case of an accident, you should not drop full coverage.
The information below illustrates how your choice of deductibles can affect insurance prices when searching for cheap insurance for college graduates. The information is based on a married male driver, full physical damage coverage, and no other discounts are factored in.
The chart above illustrates that a 40-year-old driver could lower rates by $158 a year by changing from a $100 deductible to a $500 deductible, or save $240 by using a $1,000 deductible. Even younger insureds, like the Age 20 chart data, could possibly save as much as $528 every year just by using higher deductibles. If you do raise deductibles, it's a good idea to have plenty of money set aside to cover the extra out-of-pocket expense, which is the one shortcoming of high deductibles.
How to find economical insurance for college graduates
It's not impossible to find cheaper rates, and here are some of the better money-saving ideas that can help Columbus drivers buy more affordable auto insurance.
- Drop full coverage on older vehicles
- Buy a vehicle with excellent safety ratings
- Drive attentively and avoid accidents
- Bundle home and auto and save
- Claim-free policyholders usually earn a discount
- You will pay more if you get tickets or have at-fault accidents
- Compare rates often to find the best deal
That last piece of advice is highly significant, as was stressed in this piece. Prices charged by companies can change considerably in a year, so you should be ready to change insurance companies if a cheaper price is available.
Staying with the same company for years is fine, but it's not a great idea if that loyalty ends up costing a considerable chunk of change every month. Spend a few minutes and compare rates and find cheaper auto insurance for college graduates in Columbus.
The insurance agencies listed below can aid you in deciding which policy is best, as many people would rather get some professional input when shopping for cheaper insurance for college grads. It can be challenging to find the best rates on your own, so agents can give you satisfaction knowing your policy gives you adequate coverage if you have an accident or claim. To locate a Columbus car insurance agency nearest to you, click the button at the bottom of the list or click here to compare rates now.
- Danny Hilton - State Farm Insurance Agent
3276 Morse Rd b - Columbus, OH 43231 - (614) 475-8808
- Debbie Montgomery - State Farm Insurance Agent
1880 Schrock Rd - Columbus, OH 43229 - (614) 890-2886
- Bob Zedeker II - State Farm Insurance Agent
3250 W Henderson Rd Ste 101 - Columbus, OH 43220 - (614) 457-5070
- Wiles Insurance Agency
348 Granville St - Gahanna, OH 43230 - (614) 536-0370
- Henderson Insurance Inc
3620 N High St #105 - Columbus, OH 43214 - (614) 884-0970