Akron is the fifth largest city in Ohio and has 4th highest insurance rates among 11 cities in Ohio. Its rates are decently placed below the state average of $1100. However, auto insurance rates are constantly increasing every year at a Compound Annual Growth Rate (CAGR) of 66%, from $600 in 2009 to $1000 in 2013.
In terms of insurance premiums, the Mercedes CL600 is the most expensive car at $2400 and the Subaru Outback 2.5I is the least expensive at $800. If we also factor in the Manufacturer’s Suggested Retail Price (MSRP), the Lexus GS tops the list with an MSRP of around $56277. Let us now have a look at the price and insurance costs of various models in Akron. As we can see that the average insurance rates range between $800 and $1100 in Akron.
|Model||Category||MSRP||Annual Average Insurance Rate|
|Kia Rio||Small Car||$16,667||$900|
|Kia Soul||Small Car||$15,415||$900|
|Honda Civic||Compact Sedan||$19,555||$1,000|
|Lexus IS||Luxury Car||$42,782||$1,100|
Car thefts and car accidents are two of the most important factors that affect insurance premiums. Car accidents are covered by collision insurance policies, and are the most common type of coverage on insurance policies.
In Akron, the average collision insurance rate is $157, which is well below the Ohio state average collision insurance rate of $352. Comprehensive coverage, which is usually optional, covers car theft. The average comprehensive coverage rate in Akron is $157, which is also below the state average coverage rate of $165.
Apart from car theft and accidents, drunk driving convictions pose a serious threat to your insurance rates. In most of the states in the US, if you are convicted of drunk driving, your insurance company is likely to charge you around double for at least three years since your first conviction.