Liability insurance is mandatory in Ohio. If you own a vehicle you must have an insurance policy with a minimum bodily injury coverage limit of $25,000 per person and $50.000 per accident. For property damage liability protection you must have at least $25,000 in coverage. Although this will keep you in compliance with Ohio insurance requirements, you could have an accident where you don’t have enough coverage. As an example, there are lots of cars and trucks on the road today that are worth more than $25,000. This is not a coverage that you want to skimp on, so consider buying as much coverage as you can reasonably afford.
If you have a loan, or if you lease your vehicle, you will be required to purchase comprehensive (“comp” for short) and collision coverage. These coverages will pay to repair or replace your car, if it is damaged or “totalled”. These coverages protect the bank or leasing company’s interest. That is, if you don’t have these coverages and your car is stolen, you could walk away from the loan, leaving the bank with no collateral. Comprehensive pays for damaged windshields, and damage caused by hitting animals, as well as theft and other things that can happen to your car when it’s not being driven. Collision coverage pays to repair or replace your vehicle if it’s damaged as a result of it being driven and colliding with something. Both of these coverages are purchased with a deductible. A deductible is an amount of money you will pay before the insurance kicks in. The higher deductible you choose, the less your premium will be.
Other coverage options available to Ohio insurance consumers include medical payments, uninsured motorists and underinsured motorists coverage, and towing and rental reimbursement. Medical Payments pays for injuries to the driver and any passengers in the vehicle, and is important to consider if you don’t have health insurance, or have a high deductible health insurance plan.
Uninsured and underinsured motorists protection pays you if you’re involved in an accident that isn’t your fault, and the at-fault party doesn’t have any insurance, or doesn’t have enough to pay for your injuries, and other “quality of life” issues.
By securing a policy that has liability, comprehensive and collision, medical payments and uninsured and underinsured motorists is commonly referred to as having full coverage. Towing and labor pays if you need your car towed, and rental reimbursement will assure that you get a rental car to use while your car is being repaired. For both of these coverages you can buy different amounts of coverage.