Ohio Drivers Get Great
Rates on Premium

Ohioans paid an average of $134.76 less than the national average of $817.43 for full auto coverage, according to a study by the National Association of Insurance Commissioners. Rates for auto insurance that includes liability, collision and comprehensive coverages is lower in Ohio than in all but nine states.

Some drivers in Ohio may complain about the cost of insurance, but in New Jersey the average auto premium is $1,182.54. Only Wyoming, Nebraska, North Carolina, South Dakota, North Dakota, Wisconsin, Idaho, Maine, and Iowa have lower rates than Ohio. Despite the good news for Ohio drivers, the 2001 figures reflect an overall rise in premiums.

According to the Ohio Department of Insurance and the Ohio Insurance Institute (OII), the top 10 writers of private passenger auto insurance, representing about 70% of Ohio's market, implemented average premium increases of 1.1 % in 2000, 4.5% in 2001, and 3.8% in 2002.

National auto insurance increases between 2000-2002 averaged about 4.7% annually. OII says that Ohio consumers continue to fare well because of the strong insurance market in the state. In 2001, there were 624 companies licensed to write auto insurance in Ohio, and our total auto premium volume ranked ninth in the nation.

Why do premiums increase?

Overall the factors contributing to the cost of auto insurance are on the rise. The average auto labor repair costs rose an average of 17.5% between 1998-2002, according to an OII study.

Typical costs for treating an auto accident victim range from $6,000 to $9,000 but can easily run higher. Double-digit increase in costs associated with new cars, physician services and property damage claims also contribute to the rise in premiums.

Neff Insurance Agency, 34 Elva Ct., Vandalia, Ohio 45377, Phone 937-898-6956 Fax 937-898-6957, www.Neffinsurance.com Neffinsurance@Choiceonemail.com.