Ohio Auto Insurance
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Ohio requires insurance or bond as financial security
The state of Ohio wants its drivers to prove they can be financially responsible for any accident they cause. Auto insurance is the most common type of financial responsibility, or FR. But it can also be in the form of a bond. If drivers choose auto insurance, the policy must have liability coverage, the minimum required amount of which is $12,500/$25,000/$7,500.
These numbers break down as follows:
- Drivers must carry bodily injury liability of at least $12,500 per person and $25,000 per accident. This covers the lost wages, medical expenses and funeral expenses (in the event of another person’s death) that your negligent vehicle operation causes.
- Drivers must also carry property damage liability of at least $7,500 per accident. This coverage pays the repair or replacement cost of any property you damage in an accident including the victim’s vehicle, buildings, signs, etc.
Opting for the minimum state required coverage amounts can save money on your policy, but these amounts may not be high enough to cover all claims made by the other party. When this happens, your assets can be taken and used to pay remaining claims. Your wages could be garnished, too. So consider purchasing the highest limits you can afford.
Optimal comprehensive coverage is key
Also worth considering is optional Comprehensive and Collision coverage. State required liability coverage pays nothing towards the costs to repair your vehicle which is why there’s comprehensive/collision. This coverage pays to repair or replace your vehicle when it’s involved a collision or when it is damaged because of theft, vandalism, hitting an animal, and other reasons beyond your control.
Uninsured and Underinsured Motorist coverage
Uninsured and Underinsured Motorist coverage (UI/UIM) protects you if you’re injured or killed in a hit and run accident or an accident involving an uninsured driver. In the event of injury, UI pays bodily injury expenses and your funeral expenses in the event of death. UIM can contribute towards your bodily injury expenses if the at-fault driver’s auto insurance coverage is insufficient to pay all your bills.
Ohio Department of Insurance, Consumer Division
To learn more about Ohio and its auto insurance requirements, contact the Ohio Department of Insurance, Consumer Division at 1-800-686-1526 or visit the website at www.ohioinsurance.gov.