Although Increasing, Ohio Residence and Auto Insurance Rates Nonetheless Low

Combined, average home owners and auto insurance premiums in Ohio are nearly $ 500 significantly less than national averages, according to the state’s insurance coverage department.

Private lines premiums in the state are among the lowest in the country, Lieutenant Governor and Department of Insurance coverage Director Mary Taylor reported.

Information for 2012 — the most current year available — from the National Association of Insurance coverage Commissioners (NAIC) showed Ohioans paid an average of $ 725 for home owners insurance coverage and $ 635 for auto insurance premiums, compared to national averages of $ 1,023 and $ 815, respectively.

Premiums had been the 9th lowest in nation for home owners insurance and 11th lowest for auto insurance, according to the Ohio Department of Insurance.

“Ohio continues to have a competitive insurance coverage market allowing consumers to find the insurance coverage coverage that very best meets their needs at some of the lowest prices in the nation,” Taylor mentioned in a departmental release. “I urge Ohio shoppers to use the services of an insurance coverage agent and shop around for coverage that best insures their risks and also fits their spending budget.”

Although Ohio private lines rates are comparatively lower than those in most U.S. states, they have been on the rise in recent years and are expected to enhance slightly in 2015, according to the Ohio Insurance Institute (OII), an business trade group.

Homeowners Premiums

The typical U.S. home owners insurance coverage premium rose by 5.7 percent in 2012, following a 7.6 % enhance in 2011. In Ohio, property owners premiums rose 12 % in 2012, following a 4.9 % increase in 2011, the OII stated.

The insurance coverage trade group estimated Ohio’s average home owners insurance coverage premium improved by $ 53 in 2013 and by $ 27 in 2014. It anticipates an typical $ 29 increase in the state’s average home owners premium in 2015.

States with reduce typical homeowners premiums than Ohio are: Idaho ($ 538), Oregon ($ 567), Utah ($ 580), Wisconsin ($ 631), Washington ($ 648), Nevada ($ 674), Delaware ($ 678) and Arizona ($ 691).

Auto Premiums

According to a December 2014 NAIC report, Ohioans spend $ 180 less for auto insurance than the U.S. average, the OII stated.

States identified to have decrease average auto insurance premiums than Ohio are: Idaho ($ 535), South Dakota ($ 557), Iowa ($ 561), North Dakota ($ 576), Maine ($ 582), Wisconsin ($ 599), North Carolina ($ 611), Nebraska ($ 617), Wyoming ($ 619) and Kansas ($ 632), the OII reported.

In 2013, the average auto insurance coverage premium in the United States rose by 2.3 %, following a .6 percent increase in 2011. In Ohio, average auto premiums rose by 2.4 % in 2013 and .2 % in 2011.

The average auto premium rose by $ 17 in Ohio in 2013, by $ 13 in 2014 and will increase by $ 14 in 2015, the OII estimated.

According to OII estimates, Ohio’s average auto premium was less in 2014 than it was 11 years earlier. Ohio’s 2003 typical auto insurance coverage price was $ 672 according to the NAIC the average auto insurance coverage premium in Ohio for 2014 is $ 665, the OII estimated.

Catastrophes

Ohio skilled 3 weather-related catastrophic events in 2014, the OII reported. Those had been:

• January 5-8 polar vortex with estimated losses for Ohio at $ 152.6 million.


• Could 10-14 wind and rainstorm event with estimated Ohio losses at $ 172.7 million.


• Could 18-23 wind and rainstorm occasion with estimated Ohio losses at $ 34.66 million.

Catastrophe-associated insured loss estimates for the 5-year period of 2010 by means of 2014 came in at far more than $ 2.4 billion (in 2014 dollars). All 5 years are included in Ohio’s list of the 6 costliest years for insured losses.

The most pricey catastrophe occasion in Ohio to date was Hurricane Ike in 2008, which brought on an estimated $ 1.380 billion (2014 dollars).

Ike crossed Ohio on Sept. 14, 2008, packing winds at speeds equal to a Category 1 hurricane (up to 74 mph).

The losses compiled by insurance firms and state government from Hurricane Ike topped the state’s preceding biggest natural disaster  — the Xenia tornado of 1974. That tornado outbreak brought on $ 1.1 billion in insured losses, estimated in 2014 dollars.

Although Increasing, Ohio Residence and Auto Insurance Rates Nonetheless Low

Survey finds Although Price Matters, Brand Reputation is Important for Low-Cost Vehicle Purchases

One in every 3 South African owners rated price as the most important purchase decision influencer, according to a recent study conducted by Ipsos. Price is followed by brand reputation, with roughly 16% of car owners placing great importance on the latter aspect.

This indicates that although price matters; vehicle quality, pre- and post-sales service (which contribute to brand reputation) are a key consideration for local automotive purchases; including lower-costing, ‘entry level’ buys. Adding to this, a review of official sales figures for the period October 2013 to March 2014 revealed that the more established, entry level automotive brands grew market share – of between 1% and 6%.  This is in contrast with lower-priced, new entrant brands which recorded losses in market share ranging between -1% and -4% during the same period.

It therefore appears that even for low cost vehicles, South African consumers prefer to buy a car with ‘good return’ in terms of durability, dependability and trade-in value. In some cases, opting for the lower priced, new entrant brand can come with draw backs, such as limited service and warranty plans. A few of the new entrants, low cost automotive suppliers offer 3 year / 45,000 km service plans as compared with the more established automotive brands that offer 5 year / 100,000 km service plans for new vehicle purchases ( and this includes their entry level models). Some of the new, lower-priced entrants are also much lighter on innovation and do not have boot lights, electric windows or radio.

According to Klaus Paur, Head of Ipsos’ Global Automotive, “consumers within recession-plagued and emerging markets look for the famous ‘value-for-money’ offer by demanding practical functionality while skipping on non-essential gadgets”.  To avoid negative image effects caused by these stripped down versions, some vehicle makers have an interest to protect the core marque, and launch their low cost offering under a different (budget) brand”

In South Africa, it would be a wise approach to follow for those leading automotive brands suffering a decline in sales volumes in their new entrant brands during the October 2013 to March 2014 period. With consumers prioritising quality, leading global suppliers have adopted an approach that has seen them manufacture market-entry level models that carry the car maker’s brand and are produced at quality standards similar to their higher level model ranges. Based on experiences in the developed world and other developing markets, the more established automotive suppliers are convinced that the adoption of this strategy is expected to deliver success within entry-level markets where price and brand reputation are the most important purchase decision influencers.

By James Maposa and Klaus Paur

Also view:

Vehicle Finance, Car Insurance and Road Safety

Buying and Selling a Vehicle – Informed decisions and the Vehicle Retailer

About Ipsos

Ipsos is an independent market research company controlled and managed by research professionals. Founded in France in 1975, Ipsos has grown into a worldwide research group with a strong presence in all key markets. Ipsos ranks third in the global research industry.

With offices in 86 countries, Ipsos delivers insightful expertise across 6 research specializations: advertising, customer loyalty, marketing, media, public affairs research, and survey management.

Ipsos researchers assess market potential and interpret market trends. They develop and build brands. They help clients build long-term relationships with their customers. They test advertising and study audience responses to various media and they measure public opinion around the globe.

Ipsos has been listed on the Paris Stock Exchange since 1999 and generated global revenues of €1,712,4 million (2 274 M$ ) in 2013.

Visit www.ipsos.co.za to learn more about Ipsos’ offerings and capabilities.

Survey finds Although Price Matters, Brand Reputation is Important for Low-Cost Vehicle Purchases

Survey finds Although Price Matters, Brand Reputation is Important for Low-Cost Vehicle Purchases

One in every 3 South African owners rated price as the most important purchase decision influencer, according to a recent study conducted by Ipsos. Price is followed by brand reputation, with roughly 16% of car owners placing great importance on the latter aspect.

This indicates that although price matters; vehicle quality, pre- and post-sales service (which contribute to brand reputation) are a key consideration for local automotive purchases; including lower-costing, ‘entry level’ buys. Adding to this, a review of official sales figures for the period October 2013 to March 2014 revealed that the more established, entry level automotive brands grew market share – of between 1% and 6%.  This is in contrast with lower-priced, new entrant brands which recorded losses in market share ranging between -1% and -4% during the same period.

It therefore appears that even for low cost vehicles, South African consumers prefer to buy a car with ‘good return’ in terms of durability, dependability and trade-in value. In some cases, opting for the lower priced, new entrant brand can come with draw backs, such as limited service and warranty plans. A few of the new entrants, low cost automotive suppliers offer 3 year / 45,000 km service plans as compared with the more established automotive brands that offer 5 year / 100,000 km service plans for new vehicle purchases ( and this includes their entry level models). Some of the new, lower-priced entrants are also much lighter on innovation and do not have boot lights, electric windows or radio.

According to Klaus Paur, Head of Ipsos’ Global Automotive, “consumers within recession-plagued and emerging markets look for the famous ‘value-for-money’ offer by demanding practical functionality while skipping on non-essential gadgets”.  To avoid negative image effects caused by these stripped down versions, some vehicle makers have an interest to protect the core marque, and launch their low cost offering under a different (budget) brand”

In South Africa, it would be a wise approach to follow for those leading automotive brands suffering a decline in sales volumes in their new entrant brands during the October 2013 to March 2014 period. With consumers prioritising quality, leading global suppliers have adopted an approach that has seen them manufacture market-entry level models that carry the car maker’s brand and are produced at quality standards similar to their higher level model ranges. Based on experiences in the developed world and other developing markets, the more established automotive suppliers are convinced that the adoption of this strategy is expected to deliver success within entry-level markets where price and brand reputation are the most important purchase decision influencers.

By James Maposa and Klaus Paur

Also view:

Vehicle Finance, Car Insurance and Road Safety

Buying and Selling a Vehicle – Informed decisions and the Vehicle Retailer

About Ipsos

Ipsos is an independent market research company controlled and managed by research professionals. Founded in France in 1975, Ipsos has grown into a worldwide research group with a strong presence in all key markets. Ipsos ranks third in the global research industry.

With offices in 86 countries, Ipsos delivers insightful expertise across 6 research specializations: advertising, customer loyalty, marketing, media, public affairs research, and survey management.

Ipsos researchers assess market potential and interpret market trends. They develop and build brands. They help clients build long-term relationships with their customers. They test advertising and study audience responses to various media and they measure public opinion around the globe.

Ipsos has been listed on the Paris Stock Exchange since 1999 and generated global revenues of €1,712,4 million (2 274 M$ ) in 2013.

Visit www.ipsos.co.za to learn more about Ipsos’ offerings and capabilities.

Survey finds Although Price Matters, Brand Reputation is Important for Low-Cost Vehicle Purchases

Survey finds Although Price Matters, Brand Reputation is Important for Low-Cost Vehicle Purchases

One in every 3 South African owners rated price as the most important purchase decision influencer, according to a recent study conducted by Ipsos. Price is followed by brand reputation, with roughly 16% of car owners placing great importance on the latter aspect.

This indicates that although price matters; vehicle quality, pre- and post-sales service (which contribute to brand reputation) are a key consideration for local automotive purchases; including lower-costing, ‘entry level’ buys. Adding to this, a review of official sales figures for the period October 2013 to March 2014 revealed that the more established, entry level automotive brands grew market share – of between 1% and 6%.  This is in contrast with lower-priced, new entrant brands which recorded losses in market share ranging between -1% and -4% during the same period.

It therefore appears that even for low cost vehicles, South African consumers prefer to buy a car with ‘good return’ in terms of durability, dependability and trade-in value. In some cases, opting for the lower priced, new entrant brand can come with draw backs, such as limited service and warranty plans. A few of the new entrants, low cost automotive suppliers offer 3 year / 45,000 km service plans as compared with the more established automotive brands that offer 5 year / 100,000 km service plans for new vehicle purchases ( and this includes their entry level models). Some of the new, lower-priced entrants are also much lighter on innovation and do not have boot lights, electric windows or radio.

According to Klaus Paur, Head of Ipsos’ Global Automotive, “consumers within recession-plagued and emerging markets look for the famous ‘value-for-money’ offer by demanding practical functionality while skipping on non-essential gadgets”.  To avoid negative image effects caused by these stripped down versions, some vehicle makers have an interest to protect the core marque, and launch their low cost offering under a different (budget) brand”

In South Africa, it would be a wise approach to follow for those leading automotive brands suffering a decline in sales volumes in their new entrant brands during the October 2013 to March 2014 period. With consumers prioritising quality, leading global suppliers have adopted an approach that has seen them manufacture market-entry level models that carry the car maker’s brand and are produced at quality standards similar to their higher level model ranges. Based on experiences in the developed world and other developing markets, the more established automotive suppliers are convinced that the adoption of this strategy is expected to deliver success within entry-level markets where price and brand reputation are the most important purchase decision influencers.

By James Maposa and Klaus Paur

Also view:

Vehicle Finance, Car Insurance and Road Safety

Buying and Selling a Vehicle – Informed decisions and the Vehicle Retailer

About Ipsos

Ipsos is an independent market research company controlled and managed by research professionals. Founded in France in 1975, Ipsos has grown into a worldwide research group with a strong presence in all key markets. Ipsos ranks third in the global research industry.

With offices in 86 countries, Ipsos delivers insightful expertise across 6 research specializations: advertising, customer loyalty, marketing, media, public affairs research, and survey management.

Ipsos researchers assess market potential and interpret market trends. They develop and build brands. They help clients build long-term relationships with their customers. They test advertising and study audience responses to various media and they measure public opinion around the globe.

Ipsos has been listed on the Paris Stock Exchange since 1999 and generated global revenues of €1,712,4 million (2 274 M$ ) in 2013.

Visit www.ipsos.co.za to learn more about Ipsos’ offerings and capabilities.

Survey finds Although Price Matters, Brand Reputation is Important for Low-Cost Vehicle Purchases

Survey finds Although Price Matters, Brand Reputation is Important for Low-Cost Vehicle Purchases

One in every 3 South African owners rated price as the most important purchase decision influencer, according to a recent study conducted by Ipsos. Price is followed by brand reputation, with roughly 16% of car owners placing great importance on the latter aspect.

This indicates that although price matters; vehicle quality, pre- and post-sales service (which contribute to brand reputation) are a key consideration for local automotive purchases; including lower-costing, ‘entry level’ buys. Adding to this, a review of official sales figures for the period October 2013 to March 2014 revealed that the more established, entry level automotive brands grew market share – of between 1% and 6%.  This is in contrast with lower-priced, new entrant brands which recorded losses in market share ranging between -1% and -4% during the same period.

It therefore appears that even for low cost vehicles, South African consumers prefer to buy a car with ‘good return’ in terms of durability, dependability and trade-in value. In some cases, opting for the lower priced, new entrant brand can come with draw backs, such as limited service and warranty plans. A few of the new entrants, low cost automotive suppliers offer 3 year / 45,000 km service plans as compared with the more established automotive brands that offer 5 year / 100,000 km service plans for new vehicle purchases ( and this includes their entry level models). Some of the new, lower-priced entrants are also much lighter on innovation and do not have boot lights, electric windows or radio.

According to Klaus Paur, Head of Ipsos’ Global Automotive, “consumers within recession-plagued and emerging markets look for the famous ‘value-for-money’ offer by demanding practical functionality while skipping on non-essential gadgets”.  To avoid negative image effects caused by these stripped down versions, some vehicle makers have an interest to protect the core marque, and launch their low cost offering under a different (budget) brand”

In South Africa, it would be a wise approach to follow for those leading automotive brands suffering a decline in sales volumes in their new entrant brands during the October 2013 to March 2014 period. With consumers prioritising quality, leading global suppliers have adopted an approach that has seen them manufacture market-entry level models that carry the car maker’s brand and are produced at quality standards similar to their higher level model ranges. Based on experiences in the developed world and other developing markets, the more established automotive suppliers are convinced that the adoption of this strategy is expected to deliver success within entry-level markets where price and brand reputation are the most important purchase decision influencers.

By James Maposa and Klaus Paur

Also view:

Vehicle Finance, Car Insurance and Road Safety

Buying and Selling a Vehicle – Informed decisions and the Vehicle Retailer

About Ipsos

Ipsos is an independent market research company controlled and managed by research professionals. Founded in France in 1975, Ipsos has grown into a worldwide research group with a strong presence in all key markets. Ipsos ranks third in the global research industry.

With offices in 86 countries, Ipsos delivers insightful expertise across 6 research specializations: advertising, customer loyalty, marketing, media, public affairs research, and survey management.

Ipsos researchers assess market potential and interpret market trends. They develop and build brands. They help clients build long-term relationships with their customers. They test advertising and study audience responses to various media and they measure public opinion around the globe.

Ipsos has been listed on the Paris Stock Exchange since 1999 and generated global revenues of €1,712,4 million (2 274 M$ ) in 2013.

Visit www.ipsos.co.za to learn more about Ipsos’ offerings and capabilities.

Survey finds Although Price Matters, Brand Reputation is Important for Low-Cost Vehicle Purchases

Survey finds Although Price Matters, Brand Reputation is Important for Low-Cost Vehicle Purchases

One in every 3 South African owners rated price as the most important purchase decision influencer, according to a recent study conducted by Ipsos. Price is followed by brand reputation, with roughly 16% of car owners placing great importance on the latter aspect.

This indicates that although price matters; vehicle quality, pre- and post-sales service (which contribute to brand reputation) are a key consideration for local automotive purchases; including lower-costing, ‘entry level’ buys. Adding to this, a review of official sales figures for the period October 2013 to March 2014 revealed that the more established, entry level automotive brands grew market share – of between 1% and 6%.  This is in contrast with lower-priced, new entrant brands which recorded losses in market share ranging between -1% and -4% during the same period.

It therefore appears that even for low cost vehicles, South African consumers prefer to buy a car with ‘good return’ in terms of durability, dependability and trade-in value. In some cases, opting for the lower priced, new entrant brand can come with draw backs, such as limited service and warranty plans. A few of the new entrants, low cost automotive suppliers offer 3 year / 45,000 km service plans as compared with the more established automotive brands that offer 5 year / 100,000 km service plans for new vehicle purchases ( and this includes their entry level models). Some of the new, lower-priced entrants are also much lighter on innovation and do not have boot lights, electric windows or radio.

According to Klaus Paur, Head of Ipsos’ Global Automotive, “consumers within recession-plagued and emerging markets look for the famous ‘value-for-money’ offer by demanding practical functionality while skipping on non-essential gadgets”.  To avoid negative image effects caused by these stripped down versions, some vehicle makers have an interest to protect the core marque, and launch their low cost offering under a different (budget) brand”

In South Africa, it would be a wise approach to follow for those leading automotive brands suffering a decline in sales volumes in their new entrant brands during the October 2013 to March 2014 period. With consumers prioritising quality, leading global suppliers have adopted an approach that has seen them manufacture market-entry level models that carry the car maker’s brand and are produced at quality standards similar to their higher level model ranges. Based on experiences in the developed world and other developing markets, the more established automotive suppliers are convinced that the adoption of this strategy is expected to deliver success within entry-level markets where price and brand reputation are the most important purchase decision influencers.

By James Maposa and Klaus Paur

Also view:

Vehicle Finance, Car Insurance and Road Safety

Buying and Selling a Vehicle – Informed decisions and the Vehicle Retailer

About Ipsos

Ipsos is an independent market research company controlled and managed by research professionals. Founded in France in 1975, Ipsos has grown into a worldwide research group with a strong presence in all key markets. Ipsos ranks third in the global research industry.

With offices in 86 countries, Ipsos delivers insightful expertise across 6 research specializations: advertising, customer loyalty, marketing, media, public affairs research, and survey management.

Ipsos researchers assess market potential and interpret market trends. They develop and build brands. They help clients build long-term relationships with their customers. They test advertising and study audience responses to various media and they measure public opinion around the globe.

Ipsos has been listed on the Paris Stock Exchange since 1999 and generated global revenues of €1,712,4 million (2 274 M$ ) in 2013.

Visit www.ipsos.co.za to learn more about Ipsos’ offerings and capabilities.

Survey finds Although Price Matters, Brand Reputation is Important for Low-Cost Vehicle Purchases

Survey finds Although Price Matters, Brand Reputation is Important for Low-Cost Vehicle Purchases

One in every 3 South African owners rated price as the most important purchase decision influencer, according to a recent study conducted by Ipsos. Price is followed by brand reputation, with roughly 16% of car owners placing great importance on the latter aspect.

This indicates that although price matters; vehicle quality, pre- and post-sales service (which contribute to brand reputation) are a key consideration for local automotive purchases; including lower-costing, ‘entry level’ buys. Adding to this, a review of official sales figures for the period October 2013 to March 2014 revealed that the more established, entry level automotive brands grew market share – of between 1% and 6%.  This is in contrast with lower-priced, new entrant brands which recorded losses in market share ranging between -1% and -4% during the same period.

It therefore appears that even for low cost vehicles, South African consumers prefer to buy a car with ‘good return’ in terms of durability, dependability and trade-in value. In some cases, opting for the lower priced, new entrant brand can come with draw backs, such as limited service and warranty plans. A few of the new entrants, low cost automotive suppliers offer 3 year / 45,000 km service plans as compared with the more established automotive brands that offer 5 year / 100,000 km service plans for new vehicle purchases ( and this includes their entry level models). Some of the new, lower-priced entrants are also much lighter on innovation and do not have boot lights, electric windows or radio.

According to Klaus Paur, Head of Ipsos’ Global Automotive, “consumers within recession-plagued and emerging markets look for the famous ‘value-for-money’ offer by demanding practical functionality while skipping on non-essential gadgets”.  To avoid negative image effects caused by these stripped down versions, some vehicle makers have an interest to protect the core marque, and launch their low cost offering under a different (budget) brand”

In South Africa, it would be a wise approach to follow for those leading automotive brands suffering a decline in sales volumes in their new entrant brands during the October 2013 to March 2014 period. With consumers prioritising quality, leading global suppliers have adopted an approach that has seen them manufacture market-entry level models that carry the car maker’s brand and are produced at quality standards similar to their higher level model ranges. Based on experiences in the developed world and other developing markets, the more established automotive suppliers are convinced that the adoption of this strategy is expected to deliver success within entry-level markets where price and brand reputation are the most important purchase decision influencers.

By James Maposa and Klaus Paur

Also view:

Vehicle Finance, Car Insurance and Road Safety

Buying and Selling a Vehicle – Informed decisions and the Vehicle Retailer

About Ipsos

Ipsos is an independent market research company controlled and managed by research professionals. Founded in France in 1975, Ipsos has grown into a worldwide research group with a strong presence in all key markets. Ipsos ranks third in the global research industry.

With offices in 86 countries, Ipsos delivers insightful expertise across 6 research specializations: advertising, customer loyalty, marketing, media, public affairs research, and survey management.

Ipsos researchers assess market potential and interpret market trends. They develop and build brands. They help clients build long-term relationships with their customers. They test advertising and study audience responses to various media and they measure public opinion around the globe.

Ipsos has been listed on the Paris Stock Exchange since 1999 and generated global revenues of €1,712,4 million (2 274 M$ ) in 2013.

Visit www.ipsos.co.za to learn more about Ipsos’ offerings and capabilities.

Survey finds Although Price Matters, Brand Reputation is Important for Low-Cost Vehicle Purchases