Ohio Auto Insurance Rates On the Rise
Post Date August 26, 2013 – Ohio auto insurance rates being considered to be the lowest throughout the country, it has also been a fact Ohio auto insurance rates have been on the rise for the last few years. Although many insurance professionals feel the market is hardening, a report from the Ohio Department of Insurance shows the average Ohio auto insurance rates from the states top 10 auto insurers have increased 4.1 percent between 2011 and 2012. Ohio’s top ten 10 auto insurers account for 74 percent of the Ohio auto insurance rates in the entire state marketplace.
Ohio auto insurance rates in 2014 may increase……………….
Between 2008 and 2012, Ohio car insurance rates from the top 10 insurers in Ohio have increased over 10%. It has been known that Ohio’s largest car insurance company, State Farm, showed the lowest overall rate increase with only 0.4%. Zurich Insurance Group whom owns Farmers Insurance Company registered the biggest overall increase in the last decade with 26.3 percent. The Ohio Insurance Institute spokesperson states that despite the hikes in car insurance prices, Ohio still has one the lowest average car insurance rates in the country
The one thing we can point to which is driving the increase in Ohio auto insurance rates is medical costs. Weather related car insurance claims, and collision repair costs has the largest overall effect on Ohio auto insurance rates. Recently, the only strong cause for the rate increases are the “derecho” storms that have plagued the state. 2012 brought strong winds and heavy rains. Ohio auto insurance claims in the 10’s of millions of dollars have hardened the car insurance market making it difficult for insurance buyers this year. 2012 had the highest record for insured losses due to the frequency and severity of bad weather. Weather-related claims in 2012 are still within a manageable level. Ohio auto insurance consumers are enjoying one of the lowest average auto insurance rates in the United States, with Ohio having rates much lower to the national average of $791.