COLUMBUS — Ohio auto insurance rates have declined for the second consecutive year, according to the 2005/2006 Auto Insurance Database Report released today by the National Association of Insurance Commissioners (NAIC).
In 2006, Ohio had the 13th lowest auto insurance rates in the nation, holding its ranking from 2005. In 2004, Ohio was ranked 14th in the United States.
“Ohio has an extremely strong and competitive auto insurance marketplace, and Ohioans are benefiting from this competition,” said Ohio Department of Insurance Director Mary Jo Hudson. “Healthy competition drives prices lower, and we want to promote robust competition here in Ohio.”
In 2006, Ohioans paid an average $654.33 in auto insurance premiums, far below the national average of $817.11. In 2005, Ohioans paid an average of $669.87 in auto insurance premiums.
Department analysts expect that rates for automobile insurance, overall, will slightly rise in 2008. Changes in automobile insurance rates can be attributed to repair costs, medical costs, weather-related claims, and the number of cars on Ohio roads.
Ohioans with questions about insurance can call the Department's consumer hotline at 1-800-686-1526.
Source: Ohio Department of Insurance
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