Report: Ohio’s Largest Insurers Raised Their Rates Last Year

Ohio_rate_change_history_2014Nearly all of the biggest car insurers in Ohio increased their premiums last year, according to a new report from the Ohio Department of Insurance (ODI).

For 2012-13, the overall rate increase for Ohio’s 10 largest insurers was 2.6 percent. As a whole, those top 10 carriers have raised their rates every year since 2008.

According to the ODI, 9 out of the 10 largest car insurers in Ohio increased their premiums in 2013.

However, the Ohio Insurance Institute (OII) notes that the average auto insurance premium in Ohio this year is still cheaper than it was 12 years ago.

A recent report from the OII estimated that the average auto premium in 2014 for the Buckeye State is $669. In 2003, the average was $672, according to the OII, which based the nationwide figure on NAIC data.

The latest concrete figures are from NAIC data in 2011, when Buckeye State drivers paid $177 less for car insurance than the U.S. average, $620 to $797, the OII said.

In fact, those figure give Ohio the 10th-cheapest spot in rankings of the lowest average prices in the U.S., based on “what customers actually spend on auto insurance” for liability coverage, which is required in virtually all states.

Here are those rankings:

  1. Idaho: $535
  2. South Dakota: $540
  3. North Dakota: $550
  4. Iowa: $553
  5. Maine: $577
  6. North Carolina: $600
  7. Wisconsin: $601
  8. Nebraska: $603
  9. Wyoming: $620 (actual figure was $619.92)
  10. Ohio: $620

According to the ODI, the latest findings reinforce the trend that consistently puts average auto insurance prices in Ohio among the 10 cheapest for states in the U.S.

“Ohio’s insurance market continues to provide consumers with choice and competitive rates,” Mary Taylor, ODI’s director, said in a statement. “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.”

About Charles Nguyen
Charles Nguyen is an enterprising journalist who reported for and the Desert Dispatch and was the editor in chief of the Guardian (the twice-weekly newspaper at the University of California, San Diego) before coming to Online Auto Insurance News.

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