Auto Insurance Rates down in Ohio and Michigan

Automobile insurance rates should decrease and homeowners' insurance rates should level off this year in Ohio and Michigan, according to industry experts.

Analysts have examined some rate changes this year but have not compiled firm figures. Premiums dropped for auto insurance coverage and remained flat for homeowners in Ohio, with some carriers dropping their policies for dwellings. Experts cited competition, safer cars, fewer weather disasters, and crackdowns on fraud.

Several Toledo-area insurance agents said insurance rate trends are mirrored locally, but credit scores and other variables make it difficult to know for sure.

The 10 largest auto insurance carriers, by state market share, had rate decreases last year averaging 1.2 percent. At least one cut its rates by 13.3 percent. The statewide rates for carriers dropped 1.6 percent the year before, after years of increases.

The top 10 carriers of homeowner insurance in the state also had decreases, averaging 0.8 percent in 2006, for the first time in years. One cut rates by 4 percent.

Ohio auto insurance rates are 14th lowest among the states in 2004 (the latest data available), with annual premiums averaging $680. Nationally, the average is $838 nationally.

The state's homeowners had the seventh best rates in the country, averaging $523 a year, compared to $729 nationally.