Car Insurance in Ohio
Ohio is a no fault state, this means that in the event of an accident, all drivers involved will be covered by their own insurance, regardless of who's fault was it. The benefit of a no fault state is that the driver will receive payment quickly by the insurance company regardless who had the fault in the accident. The only required insurance is liability, however it is strongly recommended to have comprehensive, collision and uninsured motorist coverage.
Comprehensive coverage will help you pay for damage caused to your vehicle by accidents not related to a collision with other vehicles. Such accidents can be related to bad or extreme weather, such as tornados, hurricanes, wild fires, high winds, floods, etc. Also comprehensive will cover you against accidents with any wildlife you may encounter on the road.
Collision is the coverage that will take care of expenses related to the damage caused to your vehicle, it'll pay for all that its needed for you to get your vehicle up and running. Keep in mind that liability insurance only pays for injuries, death and/or damage caused to other people's properties, however, this leaves your own property uncovered and exposed. Collision coverage will help pay for any fixing your vehicle may need, to take care of physical damage caused on an accident. It will not matter the intensity of the collision, it can be a simple “fender bender” or a high speed collision. Be careful to notice that this coverage will not pay for any medical or legal expenses.
Besides liability coverage, there are other ways to demonstrate financial responsibility, such as a $30,000 bond emitted by an authorized surety or insurance company, a certificate issued b the BMV proving at least $30,000 in bonds or cash in the State Treasurer.
Minimum liability coverage required by the state of Ohio is of $12,500 per person for bodily injury, $25,000 per accident for bodily injury and $7,500 per accident for property damage.
You can be required to show proof of owning some type of financial responsibility; this can be in the form of an insurance ID card, BMV bond certificates, BMV forms, etc. Ohio is one of the few states in which the BMV isn't informed by insurance companies of new policies, cancelations and renewals, so you must have the means to prove owning the correct car insurance policy.
"First Offenders" convicted of DUI may also submit BMV Form 2702 or BMV Form 2083 as verification of insurance coverage.
Specific Proof of Financial Responsibility
Proof of financial responsibility can be demonstrated in the following ways:
- Insurance Policy (with its ID Card)
- Surety bond of $30,000 from an authorized surety company
- Section A (Insurance Information) of a State Crash Report
- BMV bond secured by a real estate of at least $60,000
- BMV Money Certificate of Government Bonds for $30,000 deposited at the Ohio Treasurer
Why Car Insurance?
First reason why you need Auto or Car Insurance is because it is required, in almost all 51 States, to have auto liability insurance.
Auto Insurance is there to protect your assets. If you are involved in a car accident, auto insurance will help you take care of medical bills, the cost of reparation for vehicles involved, even sew costs (this may vary, depending on the insurance plan you have selected).
