Why Car Insurance Rates are Spiking and Tips to Save
The president of the Ohio Insurance Institute shares his perspective
Ohio drivers may notice they are spending more now to insure their cars. After eight years on the rise, insurance rates among 10 large insurance companies in Ohio dropped in 2019 and 2020, mostly due to pandemic-related factors. But they went back up in 2021.
Various things are contributing to the increase — but mostly inflation, an industry representative told FOX 8. But there are also some things you can do to help bring your bill down.
Quite simply, “the cost of everything has gone up,” said Dean Fadel, president of the Ohio Insurance Institute. It’s about 6 percent more costly to replace a new vehicle than it was a year ago. Used cars are now also about 20 percent more expensive, he said.
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