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Auto Insurance
- By ScriptOhio
- Open Discussion (Work-safe)
- 1 Replies
Ohio Car Insurance Rates Spiked 56% in 2024. Here's Why
The average rate for car insurance in Ohio went up nearly 56% in the past year as insurers faced higher repair costs and increasing instances of car theft.
www.marketwatch.com
Ohio Car Insurance Rates Spiked 56% in 2024. Here’s Why
The average rate for car insurance in Ohio went up nearly 56% in the past year as insurers faced higher repair costs and increasing instances of car theftWhile car insurance rates have increased across most of the U.S. in the last year, Ohio saw the country’s second-steepest rise. In 2022, drivers in the Buckeye State paid an average of $1,027 per year for full-coverage car insurance compared to $1,599 per year in 2023. That one-year increase of 55.7% adds significantly to the yearly expenditures of car-owning Ohioans and has pushed many to search for ways to lower their rates.
Why Ohio Car Insurance Got So Expensive
Though the spike in auto insurance rates has been especially pronounced in Ohio, premiums are up across almost the entire U.S. In fact, the national average rate for full-coverage auto insurance jumped 16% from 2022 to 2023. Some of the reasons for rate increases are the same factors responsible for larger national trends, while others are more specific to car insurance in Ohio.Car Repairs Have Gotten More Expensive
Insurance companies raise rates to account for increased financial risk in the places where they operate. One of the major costs that car insurers face is paying for repairs as part of insurance claims, and these costs have gone up significantly.Based on data from the U.S. Bureau of Labor Statistics (BLS), the cost of car repairs and maintenance ballooned by 14.2% between January 2022 and January 2023. As a result, the average payout for repair claims increased alongside it. That means auto insurers are paying far more for covered repairs with each claim, translating into large cost increases.
The Price of Cars Has Skyrocketed
Insurance companies often pay current market value for a vehicle when it gets totaled in a covered loss. As with the price of car repairs, the cost of new and used cars has seen a dramatic increase in recent years.Between January 2021 and January 2023, the average cost of a used car increased by 24.5%, according to consumer price index (CPI) data from the BLS. This means that the value of cars that are considered total losses has gone up significantly and so, too, have their payouts. In addition, the rapid increase in used car prices means that older policies may have been set based on a lower value than the car’s worth at the time of the total loss claim.
New cars have also seen a substantial increase in cost, with the CPI for new vehicles rising by 18.7% from January 2021 to January 2023. Since some auto insurers offer policies that provide the dollar value of a new car following a total loss, the cost of fulfilling these claims has soared.
Motor Vehicle Thefts in Ohio Have Increased
Motor vehicle theft is another major source of total loss claims in the insurance industry. Unfortunately for Ohio drivers, they’re a larger factor than in many other parts of the U.S.According to the Insurance Information Institute (III), Ohio ranks seventh in the country for motor vehicle theft. Car theft is also on the rise in the Buckeye State. In 2022, Ohio recorded 29,913 vehicle thefts — a 6% increase from 2021, when the state recorded 28,107 car thefts.
More thefts means more claims for insurers to pay out. Stolen cars often are not recovered, resulting in a total loss. But even when they’re found, these vehicles are usually damaged and in need of increasingly expensive repairs.
SERIOUS QUESTIONS: My auto insurance just went up about 50%. Do you believe that this article ↑ is factual? Did anyone else's auto insurance go up recently? Or is State Farm just screwing me over?...
LGHL Big Ten Top 10: Texas surges to No. 1 after beating a pretty bad team, OSU remains No. 2
- News
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Big Ten Top 10: Texas surges to No. 1 after beating a pretty bad team, OSU remains No. 2
Matt Tamanini via our friends at Land-Grant Holy Land
Visit their fantastic blog and read the full article (and so much more) here
Scott Wachter-Imagn Images
The official SB Nation Big Ten writers poll is the only truly unbiased poll any college football fan could ever need.
AP Poll? Shmay Pee Poll! Coaches Poll? We all know that coaches don’t have time to fill out a weekly survey, let alone watch enough games to make informed choices! That’s why your friendly neighborhood Big Ten writers from across the SB Nation universe have banded together to come up with the only fair, accurate, non-biased poll in all of college football.
Every week, a writer from the 16 sites covering specific B1G schools (lowly UCLA and USC don’t have SBN sites) will submit their picks, and O Basse from Michigan State site The Only Colors will compile them into the official SBN Big Ten Writers Poll
.
I will keep you updated on our selections here on Land-Grant Holy Land, and I will let you know how I vote every week because we believe in truth, justice, and transparency in journalism here in Buckeye Country.
There will also be a Player of the Week selected by the Big Ten writers. So, without further ado, here is the post-Week 3 SB Nation Big Ten Writers Poll.
These rankings coincide with my Top-12 picks every week on the “No Fall Weddings” podcast in the Land-Grant Podcast Network feed, which you can subscribe to anywhere you get your favorite audio entertainment.
New episodes come out every Wednesday afternoon. “No Fall Weddings” is your one-stop-shop for everything you need to know about the Buckeyes and the rest of the college football world.
/cdn.vox-cdn.com/uploads/chorus_asset/file/25624629/usa_today_24236526.jpg "NCAA Football: Texas-San Antonio at Texas")
Scott Wachter-Imagn Images
Ok, I get it, he’s a Manning and playing at Texas, so the eyes of the college football world were always going to be on him, but let’s pump the breaks a bit on this “Player of the Week” talk. He had a nice little game in place of the injured Heisman frontrunner against a really bad, in-state Group of Five team — no offense Roadrunners.
He went a very good 9-for-12 through the air for 223 yards and 4 touchdowns; not to mention a 53-yard rushing TD in two and a half quarters. Again, no knock on the kid or the numbers, he did what you would want from him, but if a blue-blood, Power Four quarterback did that against the No. 98 team in SP+ and then exited mid-third quarter, no one would be talking about it like it was anything other than what was expected.
Others receiving votes:
Continue reading...
Matt Tamanini via our friends at Land-Grant Holy Land
Visit their fantastic blog and read the full article (and so much more) here
Scott Wachter-Imagn Images
The official SB Nation Big Ten writers poll is the only truly unbiased poll any college football fan could ever need.
AP Poll? Shmay Pee Poll! Coaches Poll? We all know that coaches don’t have time to fill out a weekly survey, let alone watch enough games to make informed choices! That’s why your friendly neighborhood Big Ten writers from across the SB Nation universe have banded together to come up with the only fair, accurate, non-biased poll in all of college football.
Every week, a writer from the 16 sites covering specific B1G schools (lowly UCLA and USC don’t have SBN sites) will submit their picks, and O Basse from Michigan State site The Only Colors will compile them into the official SBN Big Ten Writers Poll
.I will keep you updated on our selections here on Land-Grant Holy Land, and I will let you know how I vote every week because we believe in truth, justice, and transparency in journalism here in Buckeye Country.
There will also be a Player of the Week selected by the Big Ten writers. So, without further ado, here is the post-Week 3 SB Nation Big Ten Writers Poll.
SB Nation Big Ten Writers Poll | Week 3
My Personal Top-10 Rankings | Week 1
These rankings coincide with my Top-12 picks every week on the “No Fall Weddings” podcast in the Land-Grant Podcast Network feed, which you can subscribe to anywhere you get your favorite audio entertainment.
New episodes come out every Wednesday afternoon. “No Fall Weddings” is your one-stop-shop for everything you need to know about the Buckeyes and the rest of the college football world.
Player of the Week | Arch Manning, Texas
Ok, I get it, he’s a Manning and playing at Texas, so the eyes of the college football world were always going to be on him, but let’s pump the breaks a bit on this “Player of the Week” talk. He had a nice little game in place of the injured Heisman frontrunner against a really bad, in-state Group of Five team — no offense Roadrunners.
He went a very good 9-for-12 through the air for 223 yards and 4 touchdowns; not to mention a 53-yard rushing TD in two and a half quarters. Again, no knock on the kid or the numbers, he did what you would want from him, but if a blue-blood, Power Four quarterback did that against the No. 98 team in SP+ and then exited mid-third quarter, no one would be talking about it like it was anything other than what was expected.
Others receiving votes:
- Cam Ward | QB, Miami
- Travis Hunter | WR/CB, Colorado (my pick)
- Kurtis Rourke | QB, Indiana
Continue reading...
