Auto Premiums in Ohio Decline for Third Consecutive Year

The Ohio Department of Insurance reports that auto insurance rates in that state have declined for the third consecutive year, according to the 2006/2007 Auto Insurance Database Report just released by the National Association of Insurance Commissioners (NAIC).

In 2007, the most recent data available, Ohio had the 11^th lowest auto insurance rates in the nation, improving from its ranking of 13^th lowest in 2006.

“Ohio has a healthy, dynamic and competitive auto insurance marketplace that helps drive the prices of premiums lower to the benefit of consumers,” said Ohio Department of Insurance Director Mary Jo Hudson.

In 2007, Ohioans paid an average $628.31 in auto insurance premiums, far below the national average of $794.98. In 2006, Ohioans paid an average of $654.33 in auto insurance premiums.

Ohio’s average auto premium is less now than it was seven years ago, according to the Ohio Insurance Institute (OII). In 2002, Ohio’s average auto insurance expenditure was $642. Based on the NAIC findings for 2007 and the Ohio Department of Insurance (ODI) 2008 rate change report, OII estimates that the average auto insurance expenditure for Ohioans was $633 in 2008.

Department of Insurance analysts expect that rates for automobile insurance, overall, will slightly rise in 2010. Changes in automobile insurance rates can be attributed to repair costs, medical costs, weather-related claims, and the number of cars on Ohio roads.

Topics Trends Auto Pricing Trends Ohio