Ohio Auto Insurance Policy

Are you familiar with the provisions of your Ohio auto insurance policy? This is valuable information that all insurance buyers should be aware of. Your Ohio auto insurance policy will reflect the minimum level of coverage mandated by the state government. The policy issued by your OH auto insurance company will also include information about how to change companies, if you want to make a change.

Ohio Auto Insurance Policy: Basic Insurance Information 

In a nutshell, you buy insurance to protect your assets. In the case of car insurance, you buy coverage so that you will not be personally liable for property damage or personal injuries caused as the result of an accident, vehicle theft, vandalism, or a natural disaster.

Commonly Used Terms

Auto insurance policies in OH, as well as in other states, can be confusing. In order to understand the language of your policy, you need to be familiar with these commonly used terms:

1. Deductible: While your insurance company will pay benefits for legitimate claims, they don’t cover the entire cost of your loss. The amount of money that you agree to pay out of your own pocket before the insurance company will pay any money is called your deductible.
2. Exclusions: An insurance policy does not automatically cover all events that can occur. The events not included in the policy are known as “exclusions.” An example of an exclusion is damage that you cause deliberately or damages to your vehicle that can be blamed on mechanical failure. For this reason, you need to make sure that you keep your car in good repair and keep appointments for regularly scheduled maintenance. Before you decide to buy a policy, you should find out what the exclusions are. The last thing you want to happen is to make a claim to your insurance company on the assumption that you have coverage, only to find out that you aren’t covered for the event in question.
3. Cost Above Limitations: When you buy an OH auto insurance policy, you have coverage up to the amount of your policy limits. Any additional money owing, to pay for damages to property or medical expenses as the result of an injury, will have to be paid out of your own pocket. If you are considering carrying only the minimum amount of insurance coverage required by law, you need to understand that you may not have enough coverage to protect your valuable assets if a serious accident occurs. People without enough insurance coverage may be faced with selling off their assets to try to pay for the damages.

Ohio Car Insurance Policy: Minimum Level Of Coverage Required 

In Ohio, you are required to carry a certain amount of liability insurance coverage by law, unless you can show financial responsibility in another way. If you have financed your vehicle with a loan, the lender will likely require you to carry insurance so that they will be paid if you are in an accident and the car is totaled.

Under Ohio state law, you need to carry the following types of insurance:

1. Bodily Injury Coverage: This type of insurance pays out if you are responsible for injuring or killing someone in an accident.
2. Property Damage Coverage: Property damage insurance pays to repair or replace the other person’s vehicle or property after an accident, if you are responsible.
3. Uninsured/Underinsured Motorist Coverage: The two types of insurance listed above pay out when you are at fault in an accident. Uninsured/underinsured motorist coverage protects you from damage, caused by someone else who either doesn’t have any insurance or who does not have sufficient insurance to cover the cost of damages to your vehicle or injuries you have sustained.

Keep in mind that the minimum amount of coverage set by the State of Ohio may not be sufficient for your needs. You may want to consider buying extra coverage to get the protection you need.

Ohio Car Insurance Policy: Other Types Of Coverage Available 

In addition to the types of coverage listed above, you can also choose to buy:

1. Collision Coverage: This type of insurance pays to repair or replace your own vehicle if it is damaged as the result of an accident. If you own an older model vehicle, then you may want to consider not adding this type of insurance to your policy since the pay out you would receive may not be worth the cost of the premiums plus the deductible.
2. Comprehensive Coverage: Auto accidents are not the only way that your vehicle can be damaged. When you buy comprehensive coverage, you are protected against loss resulting from theft, vandalism, fire, and/or flood.
3. Personal Injury/Medical Payments Coverage: Buy this type of insurance to fill in gaps in coverage for expenses that your medical insurance doesn’t cover.

Ohio Auto Insurance Policy: How To Avoid Paying Too Much For Insurance Coverage 

Everyone who buys an auto insurance policy in OH wants to make sure they have the protection they need without paying a large amount of money for it. There are some things you can do to make sure that you are not paying too much for the level of coverage you need. Here are some suggestions to keep in mind:

1. Increase Your Deductible: When you agree to increase the amount of your deductible, your auto insurance premiums will go down. You will need to make sure that you are able to pay this amount of money out of your own pocket without causing financial hardship though.
2. Keep Your Coverage Simple: If saving money on your auto insurance is your main goal, then you may want to consider dropping optional coverage from your policy. A policy provision that pay for a rental car while your vehicle is being repaired is nice to have, but it does add to the cost of your policy.
3. Choose a Car That is Inexpensive to Repair: Do some research online to find out which cars are the most expensive to repair and steer clear of them unless you want to pay a higher cost for your auto insurance. You can also find information about which vehicles are more likely to be stolen and avoid them, if possible.
4. Ask About Any Available Discounts: If you don’t do a lot of driving, you may qualify for a low-mileage discount. Some insurance companies offer discounts for mature drivers (over the age of 50) or drivers who have maintained a good driving record for several years.
5. Put Your Car in a Garage: If you have a garage, put your car in there unless you are driving it. This will reduce the risk of theft and may result in lower premiums for you.
6. Install an Anti-Theft Device: This simple step may also help to lower your auto insurance premiums in OH. Make sure that you advise your insurer that you have taken this step and ask for a reduction in your premiums if they don’t offer to do this automatically.

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