COLUMBUS — Ohio has the least expensive auto insurance rates in the country according to a recent Insure.com report. The 2014 average annual premium for an auto policy for a new vehicle in Ohio is $926 compared to the national average of $1,503.
“Competition drives down the cost of any insurance product, whether it is auto, health, homeowners or life insurance,” Ohio Lieutenant Governor and Insurance Director Mary Taylor said. "This report demonstrates choice, competition and a free market are better for consumers and their bottom line. While I am proud of the fact Ohio has the lowest auto insurance rates in the country, we will work to promote competition to ensure consumers continue to have affordable choices.”
The report, available at www.insure.com
, said Ohio has consistently placed near the top of the list for least expensive states, but this year is the first time it has come in first place. Approximately 660 car insurance companies do business in Ohio, according to A.M. Best, with only Illinois and Texas having more auto insurance providers.
The report also said that according to data from the National Association of Insurance Commissioners and estimates by the Ohio Insurance Institute, the average amount consumers will pay for auto insurance in Ohio in 2014 is the same as it was 12 years ago.
Insure.com commissioned the auto insurance rates from six large carriers in 10 ZIP codes per state. The rates were compiled in January 2014.
Ohioans with insurance questions or concerns can call the Department’s consumer hotline at 1-800-686-1526 and visit www.insurance.ohio.gov
for free information. You can follow the Ohio Department of Insurance on twitter @OHInsurance and on Facebook.