Ohio auto insurance companies are having their own version of March madness! While this is a fun and exciting time to watch college basketball, things aren't so pleasant when auto insurance companies don't do well. 2016 wasn't a good year for the auto insurance industry. While some companies did do very well, other companies lost a lot of money. As a result a lot of the companies that lost money (or made very little) are making drastic adjustments.
Some of these adjustments include:
This article will help you understand why some auto insurance companies are in the poor shape they are in. Understanding why this is happening helps you to keep an overall pulse on the auto insurance industry. This article will also help those of you who have already felt the negative impact of this downturn, and give you some ideas of how to minimize the effects.
Of course, only a small percentage of auto insurance companies lost money. A small percentage did very well. In between is the bulk of companies that did ok, but didn't make the profits they expected to make. It's the companies that had poor to mediocre results that are raising premiums.
Major reasons why some Ohio auto insurance companies had a bad year
Having lower costs in premium combined with higher costs in claims causes problems for many companies. Something's gotta give! This is why prices are going up.
What to do if your auto insurance premium goes up
If you get bit by the higher premium bug, the best thing you can do for yourself is shop around with other auto insurance companies. I can not stress that enough! Comparing quotes from other insurance companies is your single best way of keeping auto insurance premiums down. It is recommended that people should shop around for insurance at least once every two years. But statistics show that only a small percentage of people follow that advice. Some people go years without getting a quote from other companies. Oddly enough, those are the same people who tend to be offered the highest amount of savings when and if they do finally shop around.
Key tips about how to shop around for a lower auto insurance price
Whether you prefer to get an auto insurance quote online or over the phone really doesn't matter. What matters is WHO you are getting the quotes from:
Summary: The auto insurance industry is no different than the stock market. There are periods of good and bad. But this is nothing to worry about in the long run. Like a bear market with stocks, you simply need to make adjustments in order to ride the storm out. So don't be afraid to shop around for other auto insurance. Chances are more often than not that you will save money by doing so.
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There are three types of non-regular auto insurance policies in Ohio: A Financial Responsibility Bond, a Broadform Named Driver policy and a Named Operator policy. Most states have a Named Operator policy. A few states have the Broadform Named Driver policy. But only Ohio has a Financial Responsibility Bond. And only Ohio has all three options available. All other states only have one or two options.
All three policies are intended for those who need auto insurance liability coverage but don't own a vehicle. People need these type of policies for various reasons. But the problem many face is knowing which type of policy is right for them. While all three types of policies are very similar in many ways, they are also very different in other very important ways. This article will help you understand what you need to know to make sure you're buying the right type of policy.
I have summarized the key similarities and differences between the three. I also created a chart which helps you compare the three side by side. I used 12 key factors and how the three types of policies measure up. It's important that you understand these 12 factors. So let's start with the factors in which all three are similar.......
Here is a chart to help you compare the three types of policies and decide what's best for you.
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Dan Lyles is an Independent Insurance Agent serving Ohio, Indiana, Michigan, Pennsylvania, Virginia and West Virginia..