In Ohio, it is illegal to drive any motor vehicle without insurance. The state has minimum requirements for insurance coverage. However, individuals should consider the value of their assets as one determining factor in the amount of coverage they need. Having additional coverage could protect you and your assets in the event of a serious accident. If you do not have adequate coverage, the law allows the victim to take any assets that you may have in order to cover the costs of any damages that occur.
At Goggin Insurance, we strive to educate all of our clients and potential clients on their coverage options. We want you to be able to make an informed decision in order to get a policy that fits all of your needs. Below, we have listed some information on common insurance coverage options. We would love the opportunity to discuss your options in further detail.
Collision and Comprehensive Deductibles
Collision and comprehensive (other than collision) coverages pay for damage to your automobile. You can purchase either or both of these coverages for each vehicle you own. If you have an auto loan, you may be required to purchase both.
- Collision coverage insures you against damage to your vehicle caused in an accident
- Comprehensive (other than collision) insures you against all other physical damage to your car. Hitting a deer, windshield damage from a rock, theft, and vandalism are examples of comprehensive claims
Collision and comprehensive coverage usually includes a deductible, which can range from $100 to $1000. If your car is damaged, this is the amount that you would pay and the insurance company would pay everything in excess of the deductible. Your choice of deductible will directly affect your premium. The higher the deductible, the lower the premium.
Liability covers damages to another person resulting from an accident you cause. There are two types of liability to consider. Property damage liability helps you pay for damage to another person’s property (i.e. damage to their car) and bodily injury liability covers the costs associated with their injuries for which you are responsible.
Bodily Injury Liability Limits
Liability coverage is required by law in Ohio. Your decision is selecting the liability limits of the policy. For instance, Ohio requires that you carry a minimum of $25k/$50k in bodily injury liability limits. The first number ($25k) establishes a maximum payout to each individual who is injured in an accident that you cause. The second number ($50k) sets a cap on the total amount that your insurance provider will pay out for all damages.
Uninsured/Underinsured Motorist coverage
This coverage pays if you are injured by a person who is completely uninsured or doesn’t have enough liability insurance to cover your injuries. It also covers you if you are in an accident with a hit-and-run driver.