One of the more important considerations that help determine the amount you pay each year for auto insurance is where you normally keep your vehicle. More densely populated places tend to have higher rates, whereas areas with fewer weather claims and lower vehicle theft rates have the gratification of cheaper auto insurance rates.
The information below sorts the most expensive areas in Ohio for teachers in which to purchase auto insurance. Columbus ranks #4 having an annual price of $1,247 on average, which is about $104 monthly.
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Table data uses estimated as the specific garaging location can increase or decrease rates greatly.
Trying to buy budget insurance is not always easy, and finding out which companies offer the best auto insurance rates for teachers takes even more work. Each auto insurance company uses their own method for setting prices, so let’s rank the lowest cost auto insurance companies in Columbus.
Keep in mind that Columbus auto insurance rates are calculated based on many things which can significantly increase or decrease the price you pay for coverage. Simply improving your credit score, getting divorced, or getting a ticket for careless driving can trigger changes in premium that can cause some rates to be less affordable than competitors.
Best Insurance Companies for Educators
Utica National offers some of the cheapest car insurance rates in Columbus at around $635 per year. This is $405 less than the average rate paid by Ohio drivers of $1,040. Erie, Allied, Frankenmuth, and Travelers also make the cut as some of the more affordable Columbus, OH car insurance companies.
As illustrated above, if you currently buy coverage from Frankenmuth and switched to Erie, you might achieve annual savings of roughly $26. Customers with Travelers could save as much as $51 a year, and USAA customers might realize rate reductions of up to $58 a year.
Bear in mind that those policy prices are averaged for all types of drivers and the different vehicles they drive and do not take into consideration an exact zip code location for teachers. So the auto insurance company that is most affordable for your situation may not even be in the top 33 companies in the list above. That’s why you need to compare as many prices as possible using your own specific driver and vehicle information.
Impact of violations and accidents on rates
The best way to obtain low auto insurance prices in Columbus for teachers and educators is to be a safe driver and not have accidents or get tickets. The diagram below demonstrates how speeding tickets and at-fault claims can increase auto insurance costs for different age groups. The rate quotes are based on a single male driver, comp and collision included, $250 deductibles, and no other discounts are factored in.
The data above shows the average cost of auto insurance per year with no accidents or violations is $1,200. Get two speeding tickets and the average cost swells to $1,587, an increase of $388 each year. Now throw in two accidents along with the two speeding tickets and the 12-month cost of auto insurance for teachers increases to an average of $3,013. That’s an increase of $1,813, or $151 per month, just for not being a responsible driver!
Liability rates compared to full coverage
Finding the cheapest auto insurance is probably important to the majority of drivers, and one of the quickest ways to find cheaper insurance for teachers is to only pay for liability coverage. The chart below compares insurance prices with full physical damage coverage compared to only buying the minimum liability limits required in Ohio. The information is based on a clean driving record, no at-fault accidents, $250 deductibles, drivers are single, and no discounts are applied to the premium.
If averaged for all ages, physical damage insurance costs an extra $1,601 per year over and above liability coverage. Many people question if it’s worth it to buy full coverage. There isn’t a written rule of when to exclude physical damage insurance, but there is a general school of thought. If the annual cost of comprehensive and collision coverage is 10% or more of replacement cost minus your deductible, then it may be the right time to buy liability only.
There are some circumstances where only buying liability is not in your best interest. If you still owe money on your vehicle, you must maintain physical damage coverage to satisfy the loan requirements. Also, if you cannot afford to purchase a different vehicle if your current one is damaged, you should not eliminate full coverage.
The example below demonstrates how deductibles can influence insurance prices when researching cheap insurance for teachers. The data assumes a single male driver, full physical damage coverage, and no other discounts are factored in.
In the chart above, a 40-year-old driver could lower their car insurance rates by $186 a year by increasing from a $100 deductible up to a $500 deductible, or save $282 by choosing a $1,000 deductible. Young drivers, like the 20-year-old, could possibly save as much as $612 each year by selecting a higher deductible.
When insureds make the decision to increase the deductibles on their policy, it’s a good idea to have emergency funds available to offset the extra out-of-pocket expense, which is the main inconvenience of larger deductibles.
Here’s why price comparisons are so important
Columbus, OH auto insurance rates are impacted by many factors that can increase the price you have to pay. Simply improving your credit, moving to a new city, or having an accident can cause premium changes that can make some companies more affordable than competitors.
In addition to those changes, auto insurance companies modify rates every year or even multiple times each year in order to protect their financial rating. Higher than usual claims may result in additional price hikes, while lower claim levels can produce cheaper Columbus car insurance rates.
To illustrate this point, the data below demonstrates which company has the cheapest car insurance in Columbus, OH for a 40-year-old male driver with a clean driving record, no accidents, and a high credit rating. If we compare prices based on his current risk profile, Utica National offers the lowest car insurance rates in Columbus at $829 annually. This is $211 less than the average price paid by Ohio drivers of $1,040. Frankenmuth, Erie, Allied, and Travelers are the rest of the best Columbus, OH auto insurance companies.
Now we will give the driver from the first set of rates a claim, slightly worse credit, and a traffic ticket or two. Since each auto insurer has a unique approach to establish rates, getting updated rate quotes may now result in a slightly different list of companies as shown below.
Merchants Insurance Group now has the best price in Columbus with Cincinnati Insurance, General Casualty, Motorists Mutual, and Grange Mutual completing the list. This shows why drivers need to compare lots of rates to find the most affordable auto insurance rates for teachers. Insurance prices can be altered by many things and can increase or decrease at any time, so the most economical company the last time you checked may now be priced much higher than other options.