Ohio Auto Insurance

Ohio auto insurance laws are quite unique compared to those in other states. When driving a car in Ohio, a person must first show that they can afford the financial responsibility if an accident occurs. There are three ways to prove financial responsibility. A person can a) purchase a $30,000 cash bond, b) purchase a $60,000 real estate bond, or c) purchase liability auto insurance coverage.

Ohio Auto Insurance Coverage Requirements

Ohio auto insurance liability requires minimum coverage of 12.5/25/7.5. When a person causes an accident, such minimum liability coverage would pay a max of $12,500 per individual injured, up to $25,000 for all injured individuals, and $7,500 for any property damages caused.

These minimum levels ar very low and should not be considered adequate coverage. Remember, if your liability coverage is not adequate to compensate for damages you cause in an accident, North Carolina law makes you liable to pay for the excess costs. This can be financially devastating, especially if a serious accident occurs.

Ohio auto insurance providers will also offer collision and comprehensive coverage. These will help protect your vehicle and contents from weather, vandalism, and theft. They will also make available uninsured motorist bodily injury protection and uninsured motorist property damage coverage. This type of insurance will keep you covered in the event that you're hit by a driver without insurance.

Ohio Auto Insurance Rates

Ohio auto insurance ranked 37th in the country in 2003 for car insurance expenditures. The average Ohio auto insurance premium in 2003 was $671. Ohio drivers spent on average $388 for liability coverage, $254 for collision coverage, and $108 for comprehensive coverage.

How Rates are Determined

You may be wondering how exactly your Ohio auto insurance rates are set. Insurance companies use an equation that begins with them calculating the cost to provide auto insurance to everyone in the state. This number will include their total costs operation, legal fees associated with lawsuits, and statewide levels of risk.

Once the insurers have calculated and assigned a cost associated with statewide averages, they then figure individual premiums by creating risk categories of drivers and assigning individuals to those categories based upon individual traits and behaviors. These categories are related to car type, age, location, and driving record, among many others. Once they have you place in a category, the auto insurance provider can accurately calculate the cost of your premium.

Ohio Auto Insurance Companies

Insurance companies use different factors when assessing cost, so it can pay to shop around.

Official Resources for Ohio Motorists

For more information on Ohio auto insurance, contact the Ohio Department of Insurance. There, you can get official company ratings, file a complaint, and read the exact details of specific insurance laws.

The Ohio Department of Insurance
2100 Stella Court
Columbus, Ohio 43215-1067
Phone: (614) 644-2658

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For other Ohio Insurance Resources, See:

• Ohio Health Insurance
• Ohio Home Insurance

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