Ohio Auto Premiums Expected to Rise 8 Percent from 2008 to 2011

Premiums from the top 10 Ohio auto insurance companies have slowly been on the rise over the past three years, according to new figures released by state regulators.

Coverage costs in the state rose 1.5 percent between 2009 and 2010, and the Ohio Insurance Institute (OII) expects them to rise an additional 3.7 percent between 2010 and 2011.

Ohio auto insurance price changesDespite the small increases, state officials say residents still enjoy some of the lowest average costs in the nation.

Ohio was ranked as having the 11th lowest average policy expenditure in 2008, and the cities of Wakaponeta and Fairfield reportedly have the first and second lowest car insurance costs of any city in the country.

The 2009-2010 increase in auto premiums was only about half the size of the increase that residents saw between 2008 and 2009.

Between 2008 and 2011, premiums rose by a total of about 8 percent.

The new 2010 data show that, of the top 10 car insurers in the state, six raised premiums, three lowered premiums and one kept premiums unchanged from the previous year.

The largest increase was from Grange Mutual, which bumped premiums up an average of 5 percent. Grange is the only company in the top 10 to have not had an average rate decrease in the past eight years.

According to a statement from regulators, auto rates in the state fluctuate mostly because of changes in medical costs, repair costs, the number of cars on the road and the occurrence of weather-related claims.

Ohio coverage providers experienced larger than normal weather-related claims activity earlier this year when a group of intense thunderstorms slammed the state in May. According to the OII, more than 27,000 auto claims were filed in the wake of that event, amounting to more than $80 million in damages.

About Ben Zitney
Benjamin Zitney has been covering the auto insurance industry for the past 2.5 years. Before coming to Online Auto Insurance News, he produced an extensive company history of the 30-year-old California Joint Powers Insurance Authority and worked at the Cal State Long Beach Daily Forty-Niner as a reporter, copy editor and news editor.

No comments yet.

Comment on this article