COLUMBUS -- Good news for Ohio drivers. We have the least expensive auto insurance rates in the entire country.
That's according to a survey by Insure.com.
The average annual premium in 2014 for a new vehicle is $926. The national average is $1,503.
Inflation hasn't had an impact either. The average annual cost for auto insurance is the same as it was 12 years ago.
The biggest reason? There is so much competition. According to A.M. Best, there are approximately 660 car insurance companies that do business in Ohio. Only drivers in Illinois and Texas have more options available.
"Competition drives down the cost of any insurance product, whether it is auto, health, homeowners or life insurance," says Ohio Lieutenant Governor and Insurance Director Mary Taylor. "This report demonstrates choice, competition and a free market are better for consumers and their bottom line. While I am proud of the fact Ohio has the lowest auto insurance rates in the country, we will work to promote competition to ensure consumers continue to have affordable choices."
Anyone with insurance questions or concerns can call the State's consumer hotline, at 1-800-686-1526 or visit their Web site, insurance.ohio.gov.