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Ohio Auto Insurance Rates Lowest in Country
COLUMBUS, Ohio -- Ohio has the least expensive auto insurance rates in the country, according to a new 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,” said Mary Taylor, Ohio lieutenant governor and director of the Insurance Department. "This report demonstrates choice, competition and a free market are better for consumers and their bottom line."
The report, from 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; only Illinois and Texas have more auto insurance providers.
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, the report noted.
Insure.com commissioned the auto insurance rates from six large carriers in 10 ZIP codes per state. The rates were compiled in January 2014.
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