CARROLLTON, Ohio — When it’s your first car and you’re still thinking about whether you want to buy a new one, you can get an extra $1,500 for auto insurance, according to a study.
The study, by Insurance Information Institute, shows that for the top 10 most popular car insurers in Ohio and the top 100 most popular auto insurance companies in Ohio in 2017, the average premium was $1.9 million, or $18,800 per policyholder.
That compares to the average annual premium for a typical driver for 2018 of $5,000.
“This study highlights how premium inflation has increased as the cost of owning a new vehicle has skyrocketed,” said the study’s lead author, Scott M. Cramer, director of insurance research at the Institute.
“The cost of a new car is $25,000 or more, and with inflation rising and insurance costs going up, it makes sense to consider a new policy,” Cramer said.
In addition, the study found that for drivers who purchase a new insurance policy, the annual premium is more than triple what it was in the first year of their policy.
This means a new driver in 2018 will pay about $18.3 million, on average, compared to $3.6 million, in 2017.
“In 2018, drivers with less than three years of driving experience could see their premiums increase by a staggering $7,000 per year for a policy that covers a new $50,000 car,” Cramer said.
Ohio is in the midst of an insurance bubble, and the state’s insurance companies are offering their customers more coverage, with average premium increases averaging more than 80 percent.
For a 2018 policy, average premiums will be about $10,000, but the average policyholder will pay more than $27,000 for a premium increase of more than 150 percent.
The average premium increase for a 2017 policy was $3,000 annually.
But for 2018, the premiums are up by nearly 80 percent compared to the previous year, according for the study.
Nationwide and OhioInsurance are among the most popular insurance companies to purchase insurance policies in Ohio.
Nationwide has more than 10,000 policies in use in the state, with about 15,000 active policies in place.
OhioInservices is the largest insurance company in Ohio with about 7,400 active policyholders.
The most popular insurer in Ohio for 2018 was Nationwide.
Nationwide’s average annual insurance premium for 2018 is $1 (average per policy holder), which is almost $15,000 more than the average for 2017, according the study, which found that OhioInsurers premium rates increased about 50 percent from 2017.
The insurance companies average rate increase for 2017 was $6,000 but increased to $7.1 million, up from $5.8 million, the analysis found.
Nationwide is also in the top 25 most popular insurers in the U.S. for 2018.
Nationwide had about 2,600 active policies on file in the State of Ohio.
Cramers study, “The Insurer’s Guide to Premiums and Benefits for 2018,” was conducted by the Insurance Information Information Institute.
Insurance companies in the study also provide information on the premium rates for certain types of policies.
“We also provide an overview of the average premiums for policies with certain terms and conditions,” said John R. Luthern, a research analyst for the Insurance Policy Research Institute.
LUTEN said insurers can expect to see premium increases in the next several years.
He said some policies are more expensive than others, and some policies may cost more than others.
The Insurance Policy Review Institute also compiled data from insurance brokers that covers premiums and benefits.
Crop insurance is among the top three most popular types of insurance in Ohio Insurance companies that provide crop insurance in the states most populated areas.
Nationwide also offers insurance coverage for farmers in Ohio as well as in other parts of the country.
The industry, which has been around for more than 30 years, has grown to about 775,000 acres, up about 13 percent from just before the Great Recession.
Nationwide insurance covers about 1.4 million acres of agricultural land, about 10 percent of all farm acres in the United States.
Ohio Insurance has a total of about 2.1 billion acres of farmland in the entire state.
NationwideInsurance’s premiums are $1 per policy, with the average per policy paying $17,000 and the average insured policy paying more than 70 percent of the premium, the Insurance Institute said.
Nationwide Insurers premium is almost 70 percent higher than the previous-year average, according Cramer.
Cumulative premiums for all insurance companies have increased since 2017.
Nationwide now covers 1.8 billion acres, and its average premium increased about 70 percent from 2016.
Nationwide Insurance has an average premium of $9,400 per policy.
In 2018, NationwideIns