The Ohio Bureau of Motor Vehicles explains state law requires vehicle owners to carry a minimum of $25,000 per person, $50,000 per accident in bodily injury liability insurance and $25,000 in property damage per accident coverage. This is the minimum amount of auto insurance a driver in Ohio should have, but it is not likely to be enough, especially in serious accident situations.
When it comes to auto insurance, you should not ignore the importance of having the right coverage. Too often, people opt for the bare minimum. To safeguard yourself, your passengers and your vehicle comprehensively, you must ensure you have the proper amount of coverage.
Liability coverage
The state minimum is only liability coverage. It protects you if you are responsible for causing an accident by covering the costs of the other party’s medical bills and property damage. However, it does not cover you, your vehicle or your passengers, leaving you to shoulder the financial burden.
It is also worth mentioning that the amount of coverage the state requires is often too low. It is very easy for damages and expenses to go beyond these amounts, leaving you liable to pay for the extra costs. It is a good idea to get more than the minimum amount. A recommendation is to get $100,000 per person, $300,000 per accident for bodily injury and $100,000 in property damage.
Additional coverage options
To guard against the financial damage that could occur from an accident, you should consider adding additional coverage that will pay for your losses.
Uninsured and underinsured motorist coverage steps in when the at-fault party does not have insurance or their insurance falls short of covering your actual expenses.
Collision coverage addresses damages to your vehicle resulting from a collision. Comprehensive coverage handles losses caused by non-collision events like theft, vandalism or natural disasters.
Adding these additional coverages to your policy can give you full protection in the event of an accident. It may be cheaper to go with state minimum liability only, but it can also leave you in financial distress after a costly accident. By choosing adequate auto insurance, you are not just safeguarding your vehicle but also investing in the security of your passengers and yourself.
