Auto and Home Insurance Rates Among Lowest in the Country
August 21, 2014 |
By Vince DiBartolo – Insurance Education Advisor
Lieutenant Governor and Department of Insurance Director Mary Taylor announced Ohio’s average auto and homeowner’s rate changes for 2013. The average rate changes for the top 10 private passenger auto and homeowner’s insurance groups were smaller than 2012 changes – increasing 2.6 percent and 7.4 percent, respectively.
“Ohio’s insurance market continues to provide consumers with choice and competitive rates,” Taylor said. “With nearly 700 companies selling auto and homeowner’s policies in Ohio, rates remain well below the national average saving consumers more of their hard earned dollars.”
Insurance rates compute to the sixth lowest homeowner’s ($652, national average $968) and ninth lowest auto insurance ($620, national average $797) average premiums in the country for Ohioans according to 2011 data, the most recent data available from the National Association of Insurance Commissioners (NAIC). Ohioans’ average homeowner’s and auto premiums have historically ranked in the top 10 nationwide.
A recent Insure.com study found the 2014 average annual premium for an auto policy for a new vehicle in Ohio is the lowest in the country.
Changes in auto insurance rates can be associated with medical costs, weather-related claims, the number of cars on Ohio roads and repairs costs. Changes in homeowner’s rates can be attributed to weather-related claims, and building and material costs.
The historical rate change information is an average. Individual insurance consumers may have experienced rate changes that differ from the average. The Department reviews rates to ensure they comply with Ohio insurance law and that they are actuarially sound. The top 10 insurance groups represent approximately 70 percent of the market.