The cost of Elmwood Place Ohio Car insurance depends on several factors. First, you must consider the demographics of the area. You must also consider the factors that affect the cost of insurance in this area. For example, race is one of the major factors that affect car insurance rates in Elmwood Place, OH.
Demographics of Elmwood Place, OH
The population of Elmwood Place, OH is approximately 2.07k people, with a median age of 35. There are approximately 393 Black or African American residents and 37 Two+ residents. Ohio has a relatively low rate of income inequality, with the overall income of the population being 0.457 percent lower than the national average. The largest industries in Elmwood Place are Health Care & Social Assistance (130 people), Retail Trade (86 people), and Accommodation & Food Services (189 people). There are also about 368 people living in the area who are foreign-born, with the most common origins being China, Mexico, and India.
Elmwood Place, OH has a high percentage of uninsured individuals. Nearly 60% of the population drives alone to work, and 19.3% use public transit. While this can be a significant factor in premium costs, a small business will have a lower premium than a large corporation. And in some cases, the location of a business will also have a big impact on insurance costs. For instance, a small accounting firm may have a lower premium than a roofing company, which is a higher risk in terms of bodily injury.
Car ownership in Elmwood Place, OH is lower than the national average. Elmwood Place, OH residents drive about 22.1 minutes to work, which is lower than the national average. Furthermore, Elmwood Place, OH workers drive on average only one vehicle per household.
Elmwood Place, Ohio is a large city in southwest Ohio along the Ohio River. Its median population is approximately 2,067, which places it 460th in Ohio and 10769th in the United States. The median age is 37 years old, and the median household income is $27,045. The median home value is $52,403, and the median rent is $683. The unemployment rate is approximately 2.2 percent.
Small businesses in Elmwood Place, Ohio must consider the various liability exposures they face. This coverage can range from minor injuries to millions of dollars. Depending on the industry and region, you may need to obtain specific coverage for specific risks. Contact an independent insurance agent to determine the proper coverage levels for your business. While it is never advisable to limit your coverage to the minimum required, you can never be too safe.
Elmwood Place, Ohio has speed cameras that generate speeding tickets. These cameras are unmanned and have caused some controversy. The city's Village Council has tried to calm the public's concerns, but the cameras cost $105 apiece. Despite the controversy, the city has already collected over $6600 speeding tickets.
Factors affecting cost of car insurance in Elmwood Place, OH
When you are considering the cost of car insurance, you will need to look into several factors. One of the most important factors is your deductible. A high deductible means that you will pay less in the event of an accident. The cost differential between a high deductible and a low one can be substantial. Another factor that can affect the cost of car insurance is your car's age. If your car is an older model, you can save money by raising your deductible.
You should also consider raising your liability limits. Ohio requires drivers to carry liability insurance, which compensates other motorists and passengers. However, this doesn't cover your own injuries. Besides bodily coverage, you should also consider medical payments insurance, which pays your medical bills up to your policy limit while you seek reimbursement from the other driver.
In Ohio, drivers with a clean driving record pay lower rates for their car insurance than drivers with traffic violations. Younger drivers with more violations on their records will pay higher rates. Moreover, the company you choose will affect your costs. While you can get a cheap policy from a certain company, it's best to compare several quotes to find the best one.
Your age and gender are other factors that affect car insurance rates. The type of car you drive and your driving habits play a big role in determining your premium. If you commute to work or school every day, your car will have more mileage, which increases the risk of an accident. In addition to your age, your gender, and location will also influence your premium. Young drivers usually pay higher rates than older drivers due to the higher risks they face in car accidents.
Other factors that affect auto insurance costs include your driving history. A clean driving history can lower your insurance costs by up to 40%. You can also qualify for discounts for being a good driver. Accident-free driving can save you hundreds of dollars a year. DUI-related tickets can increase your rates by as much as 88%. On average, drivers with a DUI will pay $1,723 more each year on auto insurance.
Poor driving record and poor credit are also factors that influence car insurance rates. People with poor credit tend to file more insurance claims than those with good credit. As a result, insurance premiums for people with bad credit are higher than those with good credit. However, this difference can be reduced by improving your driving record, changing your habits, and improving your credit score.
Impact of race on cost of car insurance in Elmwood Place, OH
While insurers say they don't discriminate, studies have shown that African-Americans face higher insurance premiums than do whites. Those higher premiums reflect the socioeconomic differences between the two racial groups. The disparity is compounded by the fact that people of color are less likely to get car insurance.
In Elmwood Place, OH, the majority of people drive alone to work. Only 19.3% use public transit. The following chart shows the percentage of households that use different modes of transportation in Elmwood Place, OH over time. The most common race for residents of Elmwood Place, OH is White (Non-Hispanic), followed by Black or African American (1.43%), Hispanic (1.16%), and Two+ (1.57%).
In a study conducted by the Consumer Federation of America (CFA), insurers found that African-American neighborhoods have higher premiums than non-minority ZIP codes. These ZIP codes are considered higher-risk for accidents than other ZIP codes. According to CFA, insurance premiums in predominantly African-American ZIP codes were up to 60 percent higher than the rates in white-racial ZIP codes.
While the CFA report shows that racial discrimination is a problem, there are many other factors that play a role. For example, drivers of color are more likely to be employed in blue-collar jobs, have lower education levels, and have lower average credit scores. These factors make it necessary for insurance companies to make changes.
In New Orleans, Louisiana, for example, the correlation between race and car insurance premiums was -0.809. In New Orleans, Louisiana, the discrepancy between the higher and lower-white ZIP codes is $891 a year. This discrepancy is evident in the results of the study of more than 1,600 ZIP codes.