Have you paid your car insurance lately? If not, here's your warning when you make your next payment. Expect prices to be a lot higher.
Surge in insurance prices in Ohio
According to the most recent inflation data released this week, there has been a significant increase in the cost of auto insurance. Costs are 19% higher when compared to the previous year. Additionally, there was a 2.4% increase from July, which exceeds the general rate of inflation for the same period.
Still, the average cost for full coverage car insurance in Ohio (about $1,296 per year) remains 27% lower than the national average (about $1,780 per year). That makes Ohio one of the least expensive states for car insurance, according to the analysis.
Because of these higher costs, many individuals are simply not paying for car insurance.
As drivers find themselves grappling with rising insurance premiums, it is keep in mind that you can contact your insurance company to explore the possibility of negotiating for a lower premium. It is also likely worth looking for alternatives and consider engaging independent agents to obtain competitive quotes.
A major challenge for those with insurance
With more uninsured drivers on the road, those who are insured may want to consider increasing their uninsured/underinsured coverage, which reimburses drivers in an accident involving an uninsured, underinsured, or hit-and-run driver. Which is a definite challenge as it means those with insurance may want to pay even more for their coverage with these increases.
What do you think about the rise of insurance rates and uninsured motorists in Ohio? Do you think there is anything that we can do about it?