Drivers in Ohio have more reason to celebrate this holiday season as information released by the National Association of Insurance Commissioners reveals that car insurance premium rates have continuously declined in the state for three years in a row. According to reports from the Ohio Department of Insurance, since 2006 to 2009, trends in Ohio premium rates have been consistently going downwards.
Ohio Department of Insurance Director, Mary Jo Hudson, expressed in a recent interview how happy and proud she is to see the car insurance industry in the state to be thriving, full of life, and very true to its promise of serving citizens. She said that Ohio has been proving to its citizens and to the entire country how dynamic, vigorous, and competitive its car insurance marketplace is. Director Hudson pointed out that she wants Ohio to be a model for other states when it comes to best practices that helps to take care of premium rates and drive it to lower amounts for the benefit of motorists.
According to records back in 2006, Ohio ranked 13th state that has the lowest car insurance rates in the US. In 2007, this ranking improved with Ohio ranking 11th. Also during 2007, drivers in the state only paid an average amount of approximately $628.31 in auto insurance premiums, while average for the US as a whole stood at $794.98. Back in 2006, state average for Ohio was $654.33. According to industry insiders, by simply looking at the average premium charges in Ohio and comparing them year after year, one can see improvements in rates and how it goes down consistently.
In addition, reports from the Ohio Insurance Institute show that more important than having a 3 year consistent premium rate drop, Ohio’s average car premium rate now is less compared to rates 7 years ago. Data compiled by the National Association of Insurance Commissioners and Ohio Department of Insurance show the average car insurance expenditure for 2008 was $625. While records for 2009 are still waiting to be finalized, experts are confident that yearend data will show an even better improvement and will show a cheaper amount.
However, analysts from the Department of Insurance predict that come 2010, consumers can expect a significant increase in automobile insurance rates. Analysts say the continuous increase in medical and repair costs can be too much for the insurance industry to take and may eventually reflect on premium charges. Insurance companies say that they are currently working on those areas so as not to leave the burden for consumers to carry.