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EDITORIAL: Drive Down Prices

Oct 10, 2007

By The Lima News, Ohio

Oct. 11--Even better news followed Ohio's automobile insurance rates again coming in lower: Somebody in a Democratic administration showed she understands that competition drives down prices.

Ohio auto insurance rates declined for a second consecutive year, according to a report the National Association of Insurance Commissioners released Tuesday. Ohioans in 2006 paid an average of $669 for auto insurance, the 13th-lowest rate in the nation. The national average was $829.

The reason Ohioans pay almost 20 percent less than the national average to insure their vehicles: competition.

"Ohio has an extremely strong and competitive auto insurance marketplace, and Ohioans are benefiting from this competition," Ohio Department of Insurance Director Mary Jo Hudson said. "Healthy competition drives prices lower, and we want to promote robust competition here in Ohio."

Embracing competition is a refreshingly new approach for this administration. Gov. Ted Strickland tried to do away with the voucher program that lets students escape failing schools. He also has proposed re-regulating Ohio's electric power generation.

Competition lets Ohioans pay lower auto insurance rates. Rather than stifling it, the state should encourage competition in other industries.


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Copyright (c) 2007, The Lima News, Ohio

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