Since the 1980s, it has been popular to criticize government and praise private industry for doing everything better, but in recent years, we’ve seen that private industry mainly looks out for itself – and needs the firm hand of We The People (through our elected representatives) to set rules and boundaries. Government can (ideally, when legislators are actually doing their jobs) also provide a measure of objectivity, which is what Ohio state insurance regulators are trying to do with a new online auto insurance comparison tool.
How It Works
The online tool is available at the Ohio State Department of insurance website. It is actually pretty easy and straightforward to use and functions a bit like a “one-stop-shopping” facility where consumers can compare car insurance prices among several carriers that are licensed to write auto policies in the Buckeye State. Web visitors simply enter the appropriate information (don’t worry, it’s all very general – personally identifying information is not required) in the fields provided and hit the button that says “Get Sample Premiums.” You will instantly be presented with quotes from the sixteen different carriers currently in the database.
You’ll Be Surprised
One thing that will surprise you when you use this tool to compare car insurance rates is the wide range of prices. We went to the website and entered in information for a single male aged 24, with poor credit and an accident on his driving record who drives in excess of 15 miles per day, looking for comprehensive coverage on a newer vehicle – in short, someone insurers consider to be a high risk. The lowest quote we received was $2,995.19 a year, while the highest premium was a whopping annual rate of $13,406.35 (all rate information has been updated within the past six months).
This points out just why it is important to compare auto insurance in the first place. Auto insurance is very competitive, which means they are fighting for your business – and even someone like our hypothetical young male can find a decent rate.
Limitations
The Ohio DOI Web form has its limitations. Insurers use a number of complex variables to price an individual’s auto insurance coverage. For example, although all young males are considered higher-than-average risks, there can be a considerable difference between the insurance costs for a teenager and someone who is 24 years old. Additionally, once a driver has been with an insurer for three years without incurring a moving violation or filing a claim, s/he will be eligible for substantial reductions in his/her premium. Unfortunately, because of data limitations, this sort of information is not taken into consideration. For example, because the forms only offer three age-range options, our 24-year-old receives the same quote as if he were a teenager.
There are other limitations as well; there is no way to specify a particular make and model of vehicle, for example – something that has a great impact on one’s insurance rate. Nonetheless, the Ohio DOI web form can be helpful when one is planning to buy coverage, and offers insight into which companies offer the lowest rates and what sort of information their underwriters will require in order to come up with a policy.
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