Auto Loss Tab of Ohio’s July 10 Storms Put at Over $4.6M

Severe winds and flooding that struck Ohio in early July caused about $4.6 million in car insurance losses, according to a recent estimate from the Ohio Insurance Institute.

The preliminary figures are from an OII survey of 26 property/casualty insurers that make up about three-quarters of the Ohio auto insurance market. OII president Dan Kelso said it “the best guesstimate” that the industry currently has.

According to the OII estimates, there are a total of 16,268 total claims related to harsh weather conditions that hit the state on July 10.

Auto-related claims make up nearly 1 out of every 10 claims in that total.

But the nearly 1,600 auto coverage claims filed for the summertime storms pales in comparison to the 11,846 homeowners claims; it also lags the 2,824 claims filed for commercial coverage.

The OII estimates put total insured losses from the storm at nearly $71.5 million so far. The average auto insurance claim for the July storms came in at $2,882.

Property Claim Services released a separate report on the July storm system that struck several states, including Ohio, which pegs loss estimates at almost $85 million, according to the OII.

Kelso said that the final loss figures will “likely be closer” to the $85 million estimate.

Policyholders Should Turn to Comp/Collision for Car Damage

Ohio saw severe winds on July 10 that ripped up trees and power lines, but damage was exacerbated by “excessive rain” in the prior two weeks. The “final round of rain” that day caused flash flooding that was “fairly widespread” across the Buckeye State, OII spokesman Mitch Wilson told Online Auto Insurance News at the time.

Several tornadoes were reported throughout the state on July 10, according to the OII, which added that cars suffered from damage from hail and debris.

Consumers can address their car coverage needs through comprehensive and collision coverage, according to the OII, which provided some valuable consumer tips about auto insurance to OAIN in July.

 

About Charles Nguyen
Charles Nguyen is an enterprising journalist who reported for Patch.com 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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