A Guide to Insurance Companies in Ohio

Fran
Lucy Lazarony
March 17, 2021

If you're an Ohio resident, you may need car insurance, home/condo/renters insurance and health insurance. We're here to help you learn about the companies in your area while showing you which companies offer the best coverages at the best prices.

Auto Insurance in Ohio

According to SmartFinancial data, in Ohio, the average driver pays about $1,045.08 per year for car insurance and $87.09 per month. The cheapest car insurance in Ohio is offered by USAA, averaging around $810.84 per year. Two of the most expensive car insurance companies in Ohio are Atlantic States Insurance and Liberty Mutual with average car insurance costs of about $2,800 per year. As you can see, auto insurance rates vary widely in Ohio, especially from person to person.

It’s always a good idea to compare auto insurance quotes to see who is willing to offer you the best rate. SmartFinancial can compare rates from over 200 insurers to find the best fit. All you need to do is enter your zip code and answer a few simple questions.

If you’re looking for affordable insurance in the Buckeye State, here are the seven cheapest auto insurance companies in Ohio.

USAA is an organization founded by military members for military members and their families. USAA was founded in the 1920s. Today, USAA is one of the largest insurance companies and financial services providers serving millions of military members. And USAA also offers financial literacy courses to its members as well as retirement planning.

Erie Insurance began offering auto insurance in 1925, with the vision of creating an insurance company that emphasized customer service. Today, Erie is a Fortune 500 Company with over 5,000 employees, 13,000 independent agents and 5 million policies. Its auto insurance coverage includes items such as pet coverage, roadside and car rentals bundles, personal item coverage and auto glass repair.

Auto-Owners Insurance was established in 1916 and is headquartered in Lansing, Michigan. Auto-Owners is among the nation’s largest insurers and provides insurance to nearly 3 million policyholders. Auto-Owners is represented by 48,000 licensed agents in 26 states and offers multiple lines of insurance including auto, home and life and business insurance.

State Farm was founded in 1922. State Farm has 48,000 insurance agents and 83 million policies. As a single-line auto insurance provider, State Farm offers about 100 insurance products in five lines of insurance. State Farm is the largest auto insurance provider in the country.

Buckeye Insurance Group is based in Piqua, Ohio and writes insurance in Ohio, Indiana and Kansas. Buckeye Insurance Group works solely with independent agents. The company has been in the insurance business for more than 140 years

American Family began serving insurance customers in 1927. American Family is the 13th largest property and casualty insurance group and is part of the Fortune 500. American Family offers 24 hours, seven days a week claim support, the American Family MyAmFam app, which makes it easy to manage your account, and a Teen Safe Driver program that uses technology to monitor distracted driving and may allow a teen earn up to a 10 percent on car insurance.

Progressive was founded in 1937 with the aim of providing basic insurance that anyone could afford. Progressive was one of the first insurance companies to give consumers the ability to buy an auto insurance policy online. Progressive also was the first major car insurer to release an Android app for car insurance.

Geico was founded in 1936 and is the second largest auto insurer in the country. Geico insures more than 28 million vehicles in all 50 states and the District of Columbia. They are known for offering low-cost car insurance policies, even to high-risk drivers and drivers with poor credit. One of the main reasons why they are more affordable is because they have the lowest operating costs in the country.

Grange Mutual was first formed in 1935 to provide affordable car insurance to a specific group of Grange members. Today, Grange Mutual offers affordable and customizable auto, home, life and business insurance products. The Grange sells its insurance exclusively through independent agents across 13 states. Those 13 states are Georgia, Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia and Wisconsin.

Hastings Mutual is a regional property casualty insurance company offering business, farm and personal lines of insurance including auto insurance. Hastings Mutual, which has been providing insurance products since 1885, sells its insurance products through a network of independent agents. Its headquarters is in Hastings, Michigan and the company sells insurance in six Midwestern states. Those six states are Illinois, Indiana, Iowa, Michigan, Ohio and Wisconsin.

Ohio Car Insurance Requirements

Ohio drivers are required to purchase minimum liability insurance. This includes bodily injury liability coverage of $25,000 per person and bodily injury liability coverage of $50,000 for all persons injured in any accident. It’s highly advised that you set higher limits to ensure coverage if or when you have an accident. It’s also advised that you buy collision and comprehensive insurance if your car is valued at $4,000 or more.

Factors Car Insurance Companies Use to Determine Rates

There are a number of factors that weigh heavily in rating your auto insurance policy.

Driving Record. If you are a good driver without any speeding tickets or DUIs or at fault accidents, you’ll pay less for your car insurance.

Credit Record. In most states, a driver’s credit score is used when setting insurance rates. A good or excellent credit score means a low rate for car insurance. No credit or a low credit score means a higher rate for insurance.

Age. Drivers younger than 25 and older than 65 have more serious accidents and pay more for their car insurance. Drivers of the ages in-between pay less.

Annual Mileage. You’ll pay for the miles you rack up with a higher car insurance bill. On the other hand, low-mileage drivers pay less for car insurance. So drive less and pay less on your car insurance.

Where You Live. If you live in a neighborhood with high accident claims and auto theft, you will pay more for your car insurance. If you live in a neighborhood with few accidents and low crime, you will pay less on your car insurance.

Marital Status. If you are married, you will pay less for car insurance. There is a correlation between being married and exhibiting safe driving behavior. Because of this, married motorists pay less for auto insurance than singles.

Coverage You Choose. The types of auto insurance coverage required in your state and the additional coverage that you choose, including coverage required by a lender, has a big influence on your auto insurance rates.

Vehicle You Drive. The type of vehicle that you drive impacts your car insurance rates. Cars with high safety ratings are cheaper to insure. And a car that is on the most stolen vehicle list is more expensive to insure.

Loyalty. Being a loyal customer is another factor that will save you money.

Discounts. Checking for discounts on home insurance and auto insurance will help to trim insurance bills. So ask your insurance company about discounts. Don’t be shy. You want all the discounts that you can get. More discounts mean a lower insurance premium.

Average Liability Car Insurance Rates in Ohio

The average driver in Ohio is paying around $46.69 for liability insurance. Check out the monthly insurance costs for the top 10 cheapest auto insurance companies in Ohio.

  1. USAA $67.57
  2. Erie $84.15
  3. Auto-Owners $87.19
  4. State Farm $87.49
  5. Buckeye Insurance $92.26
  6. American Family $93.76
  7. Grange Mutual $101.64
  8. Hastings Mutual $108.20
  9. Ohio Mutual Ins Group $108.25
  10. Motorists Mutual $114.38

*Rates change daily. These were the rates at the time of publication.

Health Insurance Companies in Ohio

Here is a roundup of health insurance companies doing business in Ohio.

Ambetter from Buckeye Health offers quality, affordable health insurance in Ohio. At Ambetter, you can earn rewards when you complete healthy activities and you can access your online account any time.

Anthem Blue Cross and Blue Shield offers health plans for Medicare, Medical, Dental, Vision and Employers. Individual and family plans include dental and vision insurance options as well as medical coverage.

AultCare Insurance Company is a service-oriented health insurance company located in Akron, Ohio. The company prides itself on its personalized customer service. There are also new online member accounts for customers to access.

Buckeye Community Health Plan aims to improve the health of its beneficiaries through focused, compassionate and coordinated care. Each plan includes healthcare, pharmacy, vision and transportation services.

CareSource is a nonprofit and provides public health care programs including Medicaid, Medicare and Marketplace. CareSource offers both PPO and HMO health plans.

Medical Health Insuring Corp of Ohio provides health plans for Obamacare and off-exchange health insurance plans. The company offers many different types of HMO health plans.

Molina Healthcare of Ohio offers health plans for Medicaid, Medicare and the Health Insurance Marketplace. Molina also provides the Molina Dual Options MyCare Ohio plan for individuals who qualify for both Medicare and Medicaid.

Oscar Buckeye State Insurance Corp. is part of New York City-based Oscar Health. The company began providing individual health plans to Central Ohio and the Columbus area in 2019. Oscar Health is a technology-driven insurer and was founded in 2012 with the aim of creating health plans for the Affordable Care Act.

Oscar Insurance Corp of Ohio offers several different types of healthcare plans for Obamacare including bronze, silver and gold plans. The company also has catastrophic health plans. Obamacare health insurance plans are eligible for reduced costs with a subsidy tax credit.

Summa Insurance Company Inc., known as SummaCare, is a health plan based in Akron, Ohio. The company services northeastern Ohio through a network of more than 6,000 providers and 50 hospitals.

Medical Mutual provides both PPO and HMO health plans and Medicare Advantage plan options. Medical Mutual has a long history in health plans. It first became an insurer in 1934.

Paramount is a locally owned and operated health insurance company headquartered in Maumee, Ohio. Paramount is the largest health maintenance organization in northwest Ohio. It was established in 1988.

How Much Do Ohio Residents Pay for Health Insurance?

The average Ohio resident spends close to $9,000 a year in health care costs. The more you pay monthly, the less you’ll pay in health insurance co-pays and deductibles.

In Ohio’s Marketplace, you have the choice of a bronze, silver or gold plan. The difference in prices varies according to the insurance companies in Ohio.

On average in Ohio, a bronze plan costs about $285 a month, a silver plan about $415 and a gold plan close to $500 a month. The metal categories are based on how you and your health plan split the costs of your health care. Under a bronze plan, the insurance company pays 60 percent and you pay 40 percent of the costs. With a silver plan, the insurance company would pay for 70 percent of the cost and you would pay 30 percent. And finally under a gold plan, the insurer would pay 80 percent of the costs and you would pay 20 percent of costs. How do you go about choosing which plan is right for you? Here are some tips. With a bronze plan, you would pay the lowest monthly premium but you will also pay the highest out-of-pocket costs should you need medical care. The silver plan comes with moderate monthly premiums and you will have moderate expenses when you need medical care. A silver plan is a good middle-of-the-road choice and most commonly purchased plan.

Under a gold plan, you pay high premiums and you have low costs when you need medical care. Can you afford high insurance premiums? A gold plan may be right for you, especially if you see doctors regularly. You’ll pay less in out-of-pocket expenses which may mean savings. SmartFinancial can compare health insurance plans to find you the right one that fits your budget. Comparing health plans on your own may be confusing. SmartFinancial will make it easy to compare plans. A knowledgeable agent from their 200+ network of insurers will guide you in making important important decisions.

The Best Homeowners Insurance Companies in Ohio

Homeowners insurance is just as important as car insurance in Ohio. Fortunately, you may even be able to save by bundling the two.

Floods, tornadoes, storms and power outages are common in Ohio. So it’s important to be prepared with the right policy to protect your assets. Based on customer reviews, these are how the following top four insurance companies in Ohio rank:

  • Cincinnati Insurance: Best Prices
  • Grange: Best Comprehensive Coverage
  • Allstate: Best for New Homeowners
  • State Farm: Best All Around
  • Nationwide: Best for Claims-Free History
  • Grange: Best Customer Service

Here is a brief roundup of insurance companies in Ohio offering home insurance coverage:

Western Reserve Group is made up of three Ohio property and casualty insurance companies. The group conducts business in Ohio and Indiana. For homeowners, Western Reserve Group offers policies including dwelling coverage, coverage for “other structures,” contents coverage, loss of use and personal liability. Optional coverages include assisted living care, earthquake coverage, home business coverage and personal cyber and identity fraud coverage.

American Select Insurance Company is a property and casualty insurance carrier located in Westfield Center in Ohio. The company has 1,500 employees. American Select is part of the Westfield family of insurance companies. Westfield is a super-regional property and casualty insurance company based in Ohio.

Cincinnati Insurance offers primarily business, home and auto insurance products. Home insurance products include coverage for dwelling and other structures on your property, personal property, additional living expenses should your residence become temporarily uninhabitable because of covered damage, personal liability, identity theft and personal cyber protection.

Allstate is one of the largest insurance companies in the United States. Its homeowner insurance policies feature incentives for energy-efficient upgrades to your home plus discounts for seniors and for smoke-free homes. Allstate’s home insurance policies include dwelling coverage, personal property coverage and guest medical protection. Allstate also has a number of optional, add-on coverages such as identity theft protection, business property, water back up, sports equipment coverage and yard and garden coverage.

Nationwide has a number of discounts for home insurance customers. These discounts include reduced rates for new or renovated homes and multi-policy discounts for bundling home insurance with auto insurance. You’ll also receive discounts if your home has smoke detectors, fire alarms and burglar alarms. If you stay claim-free, you may qualify for a lower premium. If you have your home’s plumbing, heating, cooling and electrical systems renovated, you may qualify for a discount. And if you have purchased a home in the last 12 months you will receive a discount.

State Farm offers discounts on your homeowner’s insurance for using impact resistant products on your roof. A multiple line discount is available if you have more than one insurance policy with State Farm such as a home insurance policy and an auto insurance policy. There is also a home security discount available for having fire, smoke or burglar alarms in your home.

Grange Mutual Insurance is based in Columbus, Ohio and sells insurance in 13 states. Home insurance coverages include underground service line coverage, home cyber protection, back up of sewers and drains, home replacement cost coverage, and jewelry, artwork and collectibles coverage and identity theft protection. Multiple policy, advance quote, paid in full and claim-free discounts are all available to customers.

Hastings Mutual Insurance offers dwelling coverage, which protects your house and any other buildings on your property from loss. There is even coverage for small farms with up to 10 farm animals and three farm type structures.You can reduce your deductible each year that you do not file an insurance claim. After a claim-free year, you receive a $75 deductible credit to your policy.

Reviews of Ohio Homeowners Insurance

The Better Business Bureau (BBB) helps consumers find businesses they can trust by issuing ratings and allowing customers to write reviews and file complaints.

Here is how the top companies rated with the BBB:

  • Cincinnati Insurance A+
  • Grange Mutual A+
  • Allstate A-
  • State Farm A
  • Nationwide A+
  • Western Reserve A+
  • Hastings Mutual A+

In addition, Allstate, State Farm and Nationwide were rated by J.D. Power. Each of these insurance companies received ratings of about average for claims satisfaction.

Helpful Homeowners Insurance Buying Tips in Ohio

As previously mentioned, homes in Ohio are susceptible to extreme weather and so it’s especially important to have the right coverage. Homeowners insurance policies generally cover the destruction and damage to a home’s exterior and interior and the loss or theft of belongings as well as the personal liability for harm to others visiting your home. Additional add-on coverages also are available, such as flood insurance. Condo insurance covers your personal possessions and the interior of your structure such as countertops, cabinets and flooring. Personal liability coverage is also included as are temporary living expenses in the event of a covered loss that makes you leave your condo.

Home Insurance Deductible

The home insurance deductible is the amount you need to pay before your home insurance company begins to pay on a covered loss. Home insurance deductibles typically range from $500 to $2,000. Choosing a higher deductible will help to lower your home insurance premium but you will pay a higher amount if you should file a claim. A smaller deductible will mean you’ll pay a higher premium but you’ll pay less if you need to file a home insurance claim.

Filing a Home Insurance Claim

It takes just a few steps to complete the process. The first step is reaching out to an insurance professional and claims specialist. Let them know what happened. Was there weather damage to your house? Fill them in on the specifics. Next, fill out a claims form. Give as many details as possible by painting a clear picture of what happened. The next step is meeting with an insurance adjuster. This adjuster will come out to your home and inspect the damages. An insurance adjuster determines how much an insurance company should pay for the loss. Once an amount is decided, the insurance adjuster will offer you a check covering the damages to your house and you can use the money to repair your home as needed.

How Homeowners Insurance Rates Are Determined

How much you pay for home insurance depends on some key factors. These factors are the age of your home, the value of your home and your home’s characteristics, the home insurance coverage that you choose and your claims history. Another factor is the insurance company you choose. Want to shop around for better rates? SmartFinancial with its 200 insurance company partners can help you compare quotes from a number of home insurance companies in your area.

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