Insurance Group: Ohio Coverage Prices Remain Stable

The Ohio Insurance Institute (OII) reported this week that the average expenditure on coverage in the state remained relatively stable between 2003 and 2010, with the average expenditure fluctuating by only 1.7 percent during that period.

Despite the overall stability, the OII projects that the price of Ohio car insurance has risen on the whole by about 7 percent in the past two years.

Graph with Ohio average auto insurance expenditures 2003-2010

Click on graph to enlarge

According to the OII, which used data from the National Association of Insurance Commissioners and the Insurance Information Institute to estimate average expenditures, Ohioans paid an average of $660 for coverage during 2010.

The national average was $878.

A spokesman for the Ohio Department of Insurance told the Columbus Dispatch that one reason for the decline has been the economy.

The economic downturn has led to motorists’ putting fewer miles behind the wheel and, as a result, reducing their possibilities of getting into an accident.

Another effect of the lagging economy has been fewer new auto sales. That means consumers are holding on to their older cars, which are usually cheaper to insure than newer, more costly vehicles.

The OII is a trade group representing property/casualty insurers and agents in Ohio.

About John Pirro
John Pirro is a licensed fire and casualty insurance agent specializing in various aspects of the auto insurance industry. He worked in the auto body repair industry before taking a reporting position at Online Auto Insurance News.

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