Posts Tagged ‘ohio car insurance’

Ohio Department of Insurance: Car Insurance Laws

Thursday, April 19th, 2012

Every state has its own unique set of car insurance laws. In Ohio, you MUST possess motor vehicle insurance and have proof of financial responsibility from the Ohio Bureau of Motor Vehicles. If someone else is driving your car, they must also have financial responsibility.

Ohio Car Insurance Requirements

 
Ohio law requires the following insurance coverage:

  • Bodily Injury Liability: $12,500/person; Up to $25,000/accident
  • Property Damage Liability: $7,500

 

Should You Buy More Than The Minimum?

There are certain cases where you may want to buy more than the minimum amount of car insurance in Ohio, particularly:

  • If your vehicle is new or very expensive and you have a lot to lose
  • If you are wealthy and do not want to be sued for your assets should you cause a collision
  • If you live in an area where your vehicle could be stolen or damaged in a natural disaster

 

What If You Only Buy The Minimum Ohio Car Insurance Coverage?

If the medical expenses or damages of your accident exceed your policy limits, then you are held legally responsible for the remainder of the expense. For many people, this can be financially devastating! You could be taken to court and sued for nonpayment of medical costs and property damage. Your present and future wages could be garnished to cover the costs. Therefore, it is very important that you consider how much Ohio insurance you might want. The good news is that Ohio has the 13th lowest car insurance costs in the country, so by calling around, you should be able to find decent coverage without overpaying.

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Posted in Car Insurance Rates, Cheap Car Insurance, Ohio, USA |

Ohio Auto Insurance Coverage: Last Resort Protection

Monday, September 26th, 2011

Drivers who are unable to arrange for Ohio auto insurance coverage through conventional means can apply for protection through the state’s auto insurance plan. A driver who has been rated as high risk or who has recently obtained a license may fall into this category.

Eligibility Requirements for the Ohio Auto Insurance Plan

To be considered for coverage under the Ohio Auto Insurance Plan, a driver must meet the following qualifications:

  • The driver must have applied for and been turned down for auto insurance coverage within 60 days of applying for coverage from the Plan.
  • The car being covered under the Plan must have been registered in the state or will be registered within 15 days of the date of the application.
  • The applicant must currently hold and maintain a valid driver’s license.
  • All premiums due under the Ohio Auto Insurance Plan must be paid on time.
  • Physical damage coverage is only available for cars less than 25 years old and worth less than $25,000.

Coverage Levels Offered Through the Ohio Auto Insurance Plan

Ohio drivers who meet the eligibility requirements of the Ohio Auto Insurance Plan can choose from different coverage levels to meet their needs and budget:

  • Bodily injury liability coverage and uninsured/underinsured motorist coverage of 12,500/25,000, 25,000/50,000, 50,000/100,000, or 100,000/300,000
  • Property damage liability insurance of  $7,500, $10,000, $25,000 or $50,000
  • Medical payments coverage of $500, $1,000 or $2,000
  • Uninsured motorist property damage of coverage of $7,500

The Plan also provides collision and comprehensive protection with a deductible of either $250 or $500.

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Posted in Ohio, USA |

Ohio State Minimum Auto Insurance Coverage Requirements

Sunday, September 25th, 2011

Ohio state minimum auto insurance coverage limits have been put in place to ensure that all drivers have some third party liability protection in place. This type of insurance coverage is used to pay for claims for personal injuries and economic losses claimed by the occupants of the other vehicle when an accident occurs.

The minimum level of coverage required under Ohio state law is as follows:

  • $12,500 in bodily injury liability coverage to pay for injuries and damages claimed by one person following an accident
  • $25,000 in bodily injury insurance protection to compensate all victims of the same accident
  • $7,500 in property damage liability insurance to cover the cost of repairs to other people’s property, including the other vehicles, fences, guard rails, side walks, mail boxes and sign posts

These levels are relatively low for liability insurance coverage, and drivers should consider buying  a policy which provides a higher level of protection than the state minimum requirement. Since Ohio is a tort state for car insurance purposes, the driver who is found to be at fault for the accident is responsible for paying for the damage he or she caused. If the at-fault driver doesn’t have enough insurance coverage to pay for these damages, he or she must pay the difference between the policy limit and the amount owing personally. Choosing a policy with a higher limit than the minimum is a good choice for all drivers in the state.

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Posted in Ohio, USA |

State of Ohio Auto Insurance Liability Minimum Requirements

Monday, August 1st, 2011

In the state of Ohio, auto insurance liability protection is required by law. The minimum requirements for drivers can be expressed as 12.5/25/7.5. The first number refers to the minimum level of bodily injury liability protection to pay for injuries suffered by a single accident victim. The second one refers to the policy limit to cover all injuries stemming from the same accident. The third number indicates the level of coverage available for property damage claims.

Bodily injury liability insurance pays for medical bills and rehabilitation expenses incurred by the other driver and the occupants of his or her vehicle when an accident occurs. It also pays out a certain amount for a funeral benefit if the accident was a fatal one.

Property damage coverage is used to pay for repairs to the other driver’s vehicle. It also pays for the cost to repair or replace public property damaged in the accident, including mail boxes, light stands and sign posts.

The minimum amount of auto insurance liability coverage required in the state of Ohio is relatively low, and buying a policy which provides this level of protection will keep a driver legal. It may not be high enough to cover damages caused in an accident where the injuries require hospitalization and/or surgery, though. Consider the level of assets you need to protect and buy a policy which will keep your property secure.

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Posted in Ohio, USA |

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