One particular type of shopping that does not interest a lot of people is shopping for auto insurance. In fact, most people are so averse to shopping for a good policy that they stay with their current insurer for years despite the increase in premiums each year for the same policy they hold.
However, it is important to know that shopping for a good coverage is the best way to save a significant amount of money on your policy. And considering the tough economic times, who would not like the lure of some extra money?
The average cost of auto insurance has been steadily increasing all over the country, with Ohio being the only exception where the premiums are still affordable. Based on the data made available by the Ohio Insurance Department, in the year 2008, customers in Ohio paid an average of just $654 annually which was a meager 1% increase as compared to the premiums in 2007. This is very low as compared to the nationwide average of $817.
Ohio Department of Insurance’s spokesperson, Jarrett Dunbar, said that they are fortunate that their insurance premiums are increasing marginally as compared to the other parts of the country. Dunbar also mentioned that there is a lot of scope for auto insurance in this state. Dunbar went on to say that there are innumerable auto insurance providers in Ohio because of which the competition is high and most of the companies are willing to offer best prices for the coverage being offered.
Consumer Federation of America’s insurance director, Robert Hunter, mentioned that every two or three years customers should shop around to get best deals on their coverage before renewing their existing policy with the same provider. He went on to say that most often than not, customers will be able to save nearly 50% of the cost they are paying to their current provider. Continuing with the same provider for a number of years can cost you in thousands over a period of time.
Hunter recommends customers to get information from the Department of Insurance and compare that with their current policy. In Ohio, auto insurance providers have to submit the details of the premiums being charged to customers with varying profiles. This information is collated by the department and uploaded onto their website. The customers can get to know the rates offered by the companies in the state by just visiting this website. In addition to the pricing, customers also get to know about the track record of the company.