Cheap Auto Insurance in Ohio
Auto Insurance Requirements in Ohio
Although Ohio regulations require drivers to provide some sort of proof of financial responsibility they are one of the few states that offers a plethora of options. The most common option, and the one the average Ohioan will choose, is to purchase a minimum liability insurance policy from a state licensed company.
Straight liability is the cheapest auto insurance you can buy in any state. If you have the means there are other options:
• purchase a $30,000 bond from an authorized insurance company or surety company
• make a $30,000 deposit with the State Treasurer in cash or government bonds
• provide a $30,000 real estate bond from at least two parties with a combined equity of $60,000 or more
These three extra options can be a bit confusing and difficult to come by, so most Ohio drivers just elect to purchase a cheap car insurance policy. Should that be your choice your insurance company is required to write the policy to cover the following minimum amounts:
• $7500 in property damage coverage
• $12,500 coverage for one victim’s injuries or death
• $25,000 coverage for injuries or deaths involving multiple victims
As it turns out, Ohio’s minimum limits are lower than most other states. If you don’t want to take the chance of losing assets like real estate and securities in the event of a lawsuit, you should consider raising the minimum limits or purchasing additional coverage by way of an umbrella policy. Both options are relatively inexpensive when compared to what you’re already paying for your minimum liability policy.
Failure to Maintain Insurance or another Option
In order to initially register your vehicle you’ll need to provide the appropriate insurance documents. If you’ve purchased a cheap liability policy your company will furnish you with an insurance ID card to carry in your car. Bond certificates will come from the bonding company or real estate owners; self-insurance certificates and deposit certificates will be provided by the state treasury. Those documents will need to be shown to police officers upon request.
If you allow your policy to lapse while your vehicle is still registered the state will inform you in a letter which also includes your options for redress. Depending on the circumstances of your insurance lapse you may be subject to fines and license or registration suspensions.
If you have the proper coverage but just failed to keep the documents with you in your car, you could be cited in the event of a traffic stop or accident. You’ll have the opportunity to prove in court that you had coverage in place even though you didn’t have the documents in your car. Also take note that Ohio is one of a handful of states that randomly checks drivers and their car insurance policies. If you’ve been selected for a random check you will receive a letter in the mail asking you to furnish proof of insurance within so many days.