Insurance News

Ohio Auto Insurance Rates up 5% in Past 6 Months

Posted on: August 26, 2010

(Auto Insurance News) — It’s costing more to insure your car.

The median six-month auto insurance rate in Ohio increased about 5 percent in the past six months to $560 per household, according to a study released yesterday by InsWeb, an online insurance-comparison provider.

The median means half pay more and half pay less.

A household with the median annual income of $41,532 would pay about 2.7 percent of its income on car insurance, making Ohio the 14th most affordable state for insuring a vehicle, InsWeb said.

Massachusetts is the least expensive and Louisiana the most expensive, according to the study.

While household sizes vary, the typical household covered under the study would include two drivers insuring two vehicles.

The percentage increase is similar to an Ohio Department of Insurance report last month that shows car insurance rates among the top insurers rose 2.8 percent in 2009.

The Ohio Insurance Institute has projected an increase of 1.7 percent in car insurance rates this year to an average premium of $661 per year.

The InsWeb study said men pay about 10 percent more for insurance than women do, and drivers 19 and younger pay a median rate that is more than double the rate of drivers 30 to 39.

Drivers 60 to 74 pay the lowest rates.


Thursday, August 19, 2010 02:55 AM
By Mark Williams


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