Ohio Car Insurance
Comparison shopping is the mark of a savvy consumer and this is just as true for trying to find the best Ohio car insurance quote as it is with other products. Motorists in Ohio spent an average of $654 per year for auto insurance in 2006. Although the average rate in Ohio is lower than the average in many other states, Ohio car insurance is still a significant expense. Comparing Ohio auto insurance quotes from different companies is a great way to find the best deal for your particular circumstances.
Ohio does not strictly require drivers to purchase insurance, but does require all drivers to maintain "proof of financial responsibility," which amounts to requiring Ohio car insurance for most people. The minimum requirements to meet the "proof of financial responsibility" threshold are: $12,500 to cover bodily injury for one person in one accident; $25,000 for bodily injury of multiple people per accident; and $7,500 to cover property damage in any single accident. Maintaining proof of this minimum level of financial responsibility is a legal requirement for all motorists resident in Ohio.
As Ohio's law mandates "proof of financial responsibility" as opposed to Ohio car insurance per se, drivers in Ohio do have alternatives to traditional insurance. However, these all require a substantial outlay of money. For example, a motorist can receive a certificate that proves financial responsibility from the Ohio Bureau of Motor Vehicles (BMV) after depositing $30,000 with the state treasurer. Another option available to get a certificate proving financial responsibility from the BMV is to have two people cosign a bond with the state using real estate with at least $60,000 in equity as collateral. However, despite these alternative options, for most people getting Ohio car insurance is the only reasonable option available.
Unless you have a large amount of cash on hand or real estate that is free to put up as collateral, your only real option is to buy car insurance. The first step to doing this is to begin looking at what companies offer Ohio car insurance that you qualify for. The Ohio car insurance market is largely dominated by a small number of national or state-based companies that can offer lower premiums because of the enormous size of their customer base. As the Ohio car insurance business can be very lucrative, it is also very competitive. Beside the large national companies, there are also many small companies that emphasize particular niche markets, such as the type of driver (like Spanish-speakers) or the kinds of vehicles (like vintage classic cars). There are probably many companies that you qualify for, so narrowing the field is vital.
The competitive nature of the Ohio car insurance industry helps the consumer in two ways: it means each company is constantly trying to underbid its rivals and that they go to a lot of trouble to make their products as consumer friendly as possible. With the emergence of the Internet, almost all Ohio car insurance companies provide an option for potential customers to get a free quote from their website. These free quotes are usually very easy to obtain and only take a few minutes. These free quotes certainly help in narrowing the field down to a few companies most likely to meet your specific needs.
As the success of an Ohio car insurance companies analyze the risk posed by a potential customer and set the terms for coverage accordingly. To do this, they use a series of complicated formulas that measure different risk factors, these conclusions are then combined to generate an overview of the potential risk of each customer. The higher a company believes the risk posed by a person is, the higher that person's premium will be. However, each company has its own method of calculating risk and assigns different weights to different factors. The result is that there may be a large difference between Ohio car insurance quotes from different providers.
The information you provide when getting a free Ohio car insurance quote related to where you live gives the car insurance company an idea of your overall financial situation. This information also allows the company to assess the risk that your car will be stolen or vandalized, resulting in a claim. As an example, if you live in Hunting Valley (east of Cleveland, OH), it suggests that you are doing well because this community has one of the highest median incomes in the entire country. On the other hand, living in downtown Cincinnati, one of the nation's poorest cities, means that you may not be doing very well financially. Likewise, it looks better to an Ohio auto insurance company to live in Steubenville (southeast of Akron, OH) which has one of the lowest crime rates in Ohio as opposed to Youngstown (southeast of Cleveland, OH), which has one of the highest crime rates.
In the quest to determine the risk posed by types of customers, one creative metric they have devised is based upon the personal characteristics of people who file claims. These characteristics usually include gender, age, and marital status, but may also include other information such as your ethnic background or personal habits like smoking cigarettes. Based on the characteristics of people that file claims, the Ohio car insurance industry has determined that the lowest risk group is that of married, middle-aged women, while the highest risk group is composed of single men under the age of twenty-five. Your personal characteristics will be ranked according to their model and this will have a bearing on your premium.
Another metric is based on the types of vehicles most often involved in claims as well as the average cost of repairing these vehicles. This metric looks at both the general sort of vehicle as well as the specific year, make, and model. Those vehicles that have been involved in claims more often and those that are more expensive to repair will generally be quoted higher Ohio car insurance premiums than more conservative and less expensive vehicles. So if you are insuring an expensive European sports car, your car insurance premium will be significantly higher than someone driving an inexpensive sedan. The type of car you drive has a direct bearing on your free car insurance quote.
The three metrics described above are the usual ones used to calculate a general quote online. But as mentioned previously, these are not the only factors that will be considered once you actually apply for Ohio car insurance and it is entirely possible that other factors may alter the general quote. If you live in a great area, it may not matter if you have a really bad driving record. Having a bad credit score and a long history of making late payments may completely negate having good personal characteristics.
Online car insurance quotes are an excellent first step to take when shopping for auto insurance. These quotes allow you to narrow your search down to a few companies that seem most likely to satisfy your needs and can give you a fair idea of what you will be expected to pay.
So what are you waiting for? Compare cost and coverage details from the Ohio cities of: Cleveland, Cincinnati, Columbus, Dayton, Akron, Toledo, Youngstown, Canton, Massillon, Ashtabula, Boardman, East Liverpool, Elyria, Lima, Mansfield, Mentor, Middletown, Salem, Springfield, Warren, Wooster, Ashland, Athens, Bellefontaine, Bucyrus, Cambridge, Celina, Chillicothe, Coshocton, Defiance, Findlay, Fremont, Greenville, Marion, Mount Vernon, New Philadelphia, Dover, Norwalk, Portsmouth, Sandusky, Sidney, Tiffin, Fostoria, Urbana, Van Wert, Wapakoneta, Washington, Wilmington, Zanesville and more.