Nearly all of the greatest vehicle insurers in Ohio increased their premiums final year, according to a new report from the Ohio Department of Insurance coverage (ODI).
For 2012-13, the general rate increase for Ohio’s 10 largest insurers was 2.6 %. As a entire, these leading 10 carriers have raised their prices every year given that 2008.
According to the ODI, 9 out of the 10 biggest automobile insurers in Ohio enhanced their premiums in 2013.
However, the Ohio Insurance Institute (OII) notes that the typical auto insurance premium in Ohio this year is still less expensive than it was 12 years ago.
A recent report from the OII estimated that the typical auto premium in 2014 for the Buckeye State is $ 669. In 2003, the typical was $ 672, according to the OII, which primarily based the nationwide figure on NAIC information.
The latest concrete figures are from NAIC data in 2011, when Buckeye State drivers paid $ 177 much less for automobile insurance coverage than the U.S. typical, $ 620 to $ 797, the OII stated.
In reality, those figure give Ohio the 10th-least expensive spot in rankings of the lowest average rates in the U.S., based on “what consumers actually invest on auto insurance” for liability coverage, which is required in practically all states.
Here are these rankings:
- Idaho: $ 535
- South Dakota: $ 540
- North Dakota: $ 550
- Iowa: $ 553
- Maine: $ 577
- North Carolina: $ 600
- Wisconsin: $ 601
- Nebraska: $ 603
- Wyoming: $ 620 (actual figure was $ 619.92)
- Ohio: $ 620
According to the ODI, the latest findings reinforce the trend that regularly puts average auto insurance prices in Ohio among the 10 least expensive for states in the U.S.
“Ohio’s insurance coverage market place continues to offer shoppers with choice and competitive prices,” Mary Taylor, ODI’s director, stated in a statement. “With almost 700 companies promoting auto and homeowner’s policies in Ohio, prices stay well below the national typical saving buyers much more of their hard earned dollars.”
Report: Ohio’s Biggest Insurers Raised Their Rates Final Year
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