Auto Insurance Rates in Columbus

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Joel Ohman
Founder, CFP®https://res.cloudinary.com/quotellc/image/upload/insurance-site-images/ciccom-live/41b5e36b-joel-ohman.jpg

UPDATED: Aug 10, 2016

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Here's what you need to know...
  • The city of Columbus has an average automobile insurance cost of over $1,300 per year
  • There are a few situations in which you may be allowed to obtain proof of financial responsibility rather than insurance coverage in Columbus
  • Over 200 insurance companies offer coverage options in Columbus

The city of Columbus is located in the county of Franklin. Founded in 1812, the metropolitan area is home to over 1.7 million people. In addition, Columbus is home to the main campus of the Ohio State University.

In 2010, Ohio State had a student population of over 56,000.

No matter where you live, every person needs to compare car insurance. We make that easy with our ZIP code search! Enter your ZIP code above and find cheap car insurance from multiple companies.

Automobile Insurance Requirements for Columbus

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It is against the law to drive anywhere in Ohio without car insurance or proof of financial responsibility. If you allow someone to operate your motor vehicle without meeting these standards, it’s also against the law.

Minimum requirements in Columbus insist that a driver have both bodily injury and property damage liability insurance coverage. In certain circumstances, you can go without insurance, but you must have a form from the Bureau of Motor Vehicles called a financial responsibility form.

Minimum Insurance Requirements for Columbus Ohio

The minimum car insurance requirements for Columbus are $12,500 for any person injured in any single accident and $25,000 for all people injured in any single accident.

The minimum property damage liability requirement is $7,500, which covers the damage to property of another person involved in the accident.

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What is financial responsibility?

Proof of financial responsibility in both Columbus and the state of Ohio is an alternative to automobile insurance. There are several reasons you could potentially acquire financial responsibility paperwork rather than insurance coverage.

In order to get proof of financial responsibility, you have to fill out a form from the Bureau of Motor Vehicles, and they make the decision as to whether you qualify.

One of the following criteria must be met in order to qualify for proof of financial responsibility:

  • You hold government bonds or assets in an amount no less than $30,000.
  • The Bureau of Motor Vehicles can issue a certificate of bond after you apply and they approve you in the amount of $30,000. This will only happen when the paperwork is signed by two individuals and both individuals own real estate that has at least $60,000 in equity.
  • If a person has more than 25 vehicles registered to them or to their business they can apply for a certificate of self-insurance. This mostly applies to automobile dealerships.
  • You obtain a $30,000 bond that is issued by either an insurance company or an authorized surety company.

Do you need more than the state minimum coverage?

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Many car insurance companies will encourage Columbus drivers to secure more than the minimum required state car insurance if the value of their assets or the amount of money they may lose in the event of an accident could possibly exceed the amount of coverage they have for their automotive insurance.

In the case of an accident, if an individual is not insured well enough, the injured party is allowed to seize that person’s assets in order to cover the cost of damages.

You could potentially lose your home and all of your possessions.

Who can you contact in Columbus to get insurance?

There are several insurance companies located in the city of Columbus.

There are over 200 individual agents listed, though some of the independent agents work for bigger agencies such as Progressive and Allstate.

In order to locate the best agent for your needs, it’s advisable to either call several agencies or search online for the best fit for you.

Many sites will assist you in obtaining Columbus auto insurance.

Average Automobile Insurance Rates for Columbus

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The average yearly cost for auto insurance in the state of Ohio is around $950, while the national average is just over $1,400.

The city of Columbus has an average automobile insurance cost of over $1,300 per year.

Several factors influence the cost of insurance for any one person.

  • Marital Status – Singles tend to have higher premiums as they are considered to take more risks than married people.
  • Age – If you are under the age of 25 in Ohio, you are going to pay a higher amount than older people.
  • GenderYoung males pay the highest premiums because they are considered high risk.
  • Deductible – The lower the deductible, the more your insurance is going to cost.
  • Vehicle Mileage – Automobiles with less mileage are going to cost more to insure since the value of a vehicle with low miles is going to cost more to replace than a vehicle with higher mileage.
  • Education – People with higher education degrees tend to pay less for their automobile insurance because they are considered less likely to take risks.
  • Grades – When insuring a teenager, grades are a big deal. Students who earn good grades will get a reduction of insurance rates. This reduction is commonly known as the “good student discount.”
  • Criminal History – Individuals with a criminal history, particularly with a history of moving violations, are going to pay a higher rate than people with no record.

Keep in mind that car insurance rates vary from company to company. In order to get the best rate, you should take plenty of time and contact as many different agents as you can for free quotes before making your final decision.

Driving in Columbus without car insurance is against the law. With the Columbus Metropolitan area being home to over 1.7 million people, you need to protect yourself, protect your investments, and get insured.

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