Ohio Auto Insurance

It’s the law in Ohio! Drivers must maintain minimum amounts of auto insurance on any vehicle registered in the state. Failure to comply with Ohio’s state-required insurance requirements can result in penalties you would rather avoid. Know the auto insurance requirements in the state to ensure you are always legal.

As gruesome as shopping for car insurance can be, it is really a very valuable asset to car owners. Without auto insurance, an automobile accident can rack up hundreds of thousands of dollars in medical and other related fees. Without insurance these amounts may be impossible to pay, and you may be left paying these medical bills out of pocket without an automobile.

$12,500 is the minimum amount of coverage required for bodily injury. This amount is the amount the auto insurance company will pay for one person injured in an accident. The bodily injury coverage has a maximum payable amount of $25,000 for all persons injured in the accident. Along with the Bodily injury protection, Ohio drivers must also carry a minimum of $7,500 in coverage for property damage as the result of an auto accident.keep in mind that these amounts are the minimum amounts required, and you can always opt in to add additional coverage.

Ohio law also allows for certain alternatives to meet the minimum auto insurance requirements. These alternatives include:

-A certificate issued by the BMV, after proper application and approval, indicating that money or government bonds in the amount of $30,000 is on deposit with the Ohio Treasurer who in 2010 is Richard Cordray;
– A certificate of bond issued by the BMV, after proper application and approval, in the amount of $30,000 signed by two (2) individuals who own real estate having equity of at least $60,000;
– A certificate of self-insurance issued by the BMV, after proper application and approval, to those with more than 25 motor vehicles registered in their name or a company’s name;
– A $30,000 bond issued by an authorized surety or insurance company

Ohio has some of the lowest auto insurance rates in the U.S., ranking the 14th lowest priced state. Average rates for Ohio drivers are $2,171 per year. With an average of 120 different insurance agencies in every city in Ohio, there is no reason not to compare rates. Getting at least 3 auto insurance rates can help you find the best auto insurance for you and your needs at a price you can afford.