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Auto insurance costs decrease in Ohio, data shows

“Competitive” market the reason for Ohio’s low auto insurance expenses

Auto insurance premiums have declined in Ohio for three consecutive years, the state Department of Insurance says.

The ODI based its statement on data released this week by the National Association of Insurance Commissioners for 2006 and 2007. The NAIC said that the average auto insurance premium in the Buckeye State fell from $654 in 2006 to $628 in 2007. This puts Ohio far below the 2007 national average of $795. Ohio’s car insurance market is one of the nation’s least-expensive; it improved to 11th cheapest in 2007 from 13th cheapest in 2006.

According to the Ohio Insurance Institute, the average premium in 2008 cost $633, a $5 increase from the previous year. OII used rate data compiled by the ODI to reach that figure. Insurance department analysts say that insurance prices will rise slightly in 2010 due to higher car repair costs and medical costs. The increasing number of cars on Ohio roads is driving costs up, too.

ODI director Mary Jo Hudson credited the low premium costs in the state to a “healthy, dynamic and competitive auto insurance marketplace.”

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Posted: December 4, 2009

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