Compared to other states, rates are very competitive in ohio. Of the 50 states in the U.S., Ohioans pay the sixth lowest rates, on average! Of course, rates vary greatly, depending on many factors, some you can control, and others you don’t have much control over.
Every insurance company in Ohio must file with the Department of Insurance their rating structure, and justify a rate increase they want to implement. The insurance company’s experience, that is, whether or not they’ve made money, plays a big role on what they charge drivers from year to year. A bad year or two, may mean rate increases in the future!
The main factors helping to determine car insurance rates in Ohio include your driving record and your claims history. If you have no tickets or accidents on your record you have put yourself in the best position for the best rates an insurance company offers. Your “insurance score” is also very important in what your premium will be. Your insurance score can vary among companies, and your credit history is part of the score. Your age, marital status, where you live, what kind of car you drive and how the vehicle is used are other factors used by insurance companies to determine the premium they will charge you.
What is the single most important thing you can do to feel confident that you’re getting the lowest rates possible? SHOP AROUND! With hundreds of insurance companies competing to insure your vehicle, Ohio’s insurance climate is better than most states. Premiums vary by hundreds of dollars though, and by comparing among several companies you should feel confident that you’re getting a fair premium.