You need to learn about full coverage auto insurance details in Ohio if you want to drive while you live in that state. If you don’t have insurance, you at least need to have proof of financial responsibility. You may also not drive a vehicle owned by someone else unless you meet these requirements. You can do this in one of two ways: get auto insurance coverage or a bond.
Auto Insurance in Ohio
Lucky for you, Ohio is among the 13states with the lowest insurance rates in the country. Add this to the discounts you can get by shopping around for the best rates and you could end up paying a very low rate for your insurance. This means that even if you don’t have a high income, you can still afford to have at least the minimum amount of auto insurance that you are required by law to have. In the State of Ohio, drivers are required to carry the following types of coverage:
- Bodily Injury Liability – $12,500 per person injured in an accident, with a total of $25,000 for all persons injured in said accident;
- Property Damage Coverage – $7,500 for damage or destruction of property belonging to others as a result of an accident
While it is alright to only have the minimum amount of insurance that is required, if you can afford it, you should try to have additional coverage, and why you should learn more about full coverage insurance details in Ohio. If you don’t have enough coverage, you could end up losing a lot. You will probably be sued for damages, and when there are no funds to cover these damages, at fault drivers can lose their assets, including homes and cars, and they could end up with garnished wages. Rather than have this happen to you, it is best to try to get as much additional coverage as you can afford.
Getting a Bond
If you have decided that you are going to opt for a bond rather than insurance coverage, you have the following options:
- A certificate from the BMV received after application and approval that shows that there is $30,000 deposited with the office of the Treasurer of the State of Ohio that will cover expenses if you are at fault in an accident;
- A certificate from the BMV in the amount of $30,000 that is signed by two people who own real estate valuing a minimum of $60,000;
- A self-insurance certificate you can apply for through the BMV if you have more than 25 vehicles that are registered in your own or in a company’s name;
- A bond in the amount of $30,000 that is issued by an insurance company
One of the best ways to make sure that you have enough coverage and that you aren’t paying too much for it is to shop around. Get free quotes from many different insurers, both local and national, and study these quotes to see which insurer is going to help you get the best deals and learn about full coverage auto insurance details in Ohio.