Ohio has the least expensive auto insurance rates in the country according to a recent Insure.com report. The 2014 average annual premium for an auto policy for a new vehicle in Ohio is $926 compared to the national average of $1,503.

"Competition drives down the cost of any insurance product, whether it is auto, health, homeowners or life insurance," said Ohio Lt. Gov. Mary Taylor, who is also director of the Ohio Dept. of Insurance.

Ohio has consistently placed near the top of the list for least expensive states, but this is the first time it has finished on top. 

Approximately 660 car insurance companies do business in Ohio. Only Illinois and Texas have more.

The average amount consumers will pay for auto insurance in Ohio in 2014, unchanged from 12 years ago.

Insure.com commissioned the auto insurance rates from six large carriers in 10 ZIP codes per state. The rates were compiled in January 2014.