COLUMBUS, Ohio -- The average rate changes for the top-10 private passenger auto and homeowner’s insurance groups in Ohio were smaller than the 2012 changes -- increasing 2.6% and 7.4%, respectively.
Rates in the Buckeye State are among the lowest in the country, says Lt. Gov. Mary Taylor, who’s also director of the Ohio Department of Insurance.
A recent Insure.com study found this year’s average annual premium for a policy for a new vehicle in Ohio is the lowest in the country.
“Ohio’s insurance market continues to provide consumers with choice and competitive rates,” Taylor said in a prepared statement. “With nearly 700 companies selling auto and homeowner’s policies in Ohio, rates remain well below the national average, saving consumers more dollars.”
Insurance rates are the sixth-lowest for Ohio homeowners ($652, national average $968) and ninth-lowest for auto ($620 to $797) average premiums in the country, based on 2011 data, the most recent available from the National Association of Insurance Commissioners. The average Ohio homeowner and auto premiums historically have ranked in the top-10 nationwide.
Changes in auto insurance rates can be tied to medical costs, weather-related claims, the number of cars on Ohio roads and repairs costs, Taylor noted. Changes in homeowner’s rates can be attributed to weather-related claims, and building and material costs.
The historical rate change information is an average, Taylor points out. Individuals might have rate changes higher or lower than the average. The insurance department reviews rates to ensure they comply with Ohio law and that they are actuarially sound. The top-10 insurance groups comprise some 70% of the market, Taylor said.
Published by The Business Journal, Youngstown, Ohio.
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