Get Help Now to Make Sure You're Protected
Most people know that Ohio requires drivers to carry a certain amount of auto insurance. However, the minimums are rarely enough to adequately protect vehicle owners, and insurers typically recommend vehicle owners to review their circumstance with an agent to determine how much insurance protection they really need. If you haven't discussed the various types of automobile coverage with an agent recently, now may be a good time to evaluate your needs.
What are the Minimums?
Ohio residents are required to carry bodily injury liability insurance, but the $25,000 per person and $50,000 total per accident limits are simply inadequate today. The minimum coverage for property damage is $25,000. Again, given the costs today, that's woefully insufficient for most people. Remember that the average cost of a vehicle is over $35,000. That means the minimum coverage amount will be lacking in a large percentage of accident situations. Take the time to review different auto insurance limits with an agent.
Collision and Comprehensive Coverages
If a vehicle is financed, the lender will always require the insured person to carry both collision and comprehensive coverages. Collision coverage takes care of damage that occurs from accidents where the owner is at fault. That's necessary to protect the lender, but the owner's equity is also at risk if there is no collision coverage.
Comprehensive coverage is designed to protect vehicle owners in instances where storm damage, vandalism, theft or deer stikes cause a partial or total loss. Again, with modern vehicles being very expensive, it's important to have sufficient coverage to take care of those types of damage. For a complete explanation of the advantages of comprehensive coverage, contact a local agent.
for more info about the difference between comprehensive and collision coverage.
Other Insurance Benefits
Many of today's insurers offer roadside assistance, rental car coverage while a damaged vehicle is being repaired, and other options. Those benefits can be important for anyone, but especially for people who frequently travel or who often drive at night. Staying safe is always important, so be sure to discuss these and other safety-related aspects of vehicle insurance with an agent.
Select an Affordable Deductible
Insurers expect drivers to accept some of the financial responsibility after an accident or other insured incidents. In other words, the vehicle owner will pay at least a portion of the repair costs out of pocket. Those deductible amounts typically range from $100 to $1,000, but there are often other options available. It's important that vehicle owners select a deductible amount they can easily afford to cover.
Of course, the cost of coverage is higher when low deductible amounts are selected, so the choice becomes a balancing act. In many cases, it pays to review your financial situation at set intervals to determine if the deductible amount should be changed to meet current financial realities. Don’t fall victim to a diminishing return of a higher deductible. Make sure your choice to take a higher deductible has a large enough reduction in premium. Again, it's a good idea to sit down with an agent to ensure you're getting the right auto insurance coverage to meet your needs.
Not Insured? Talk to an Agent Today
Not Insured? Talk to an Agent Today
Because auto insurance in Ohio is mandatory, it's never a good idea to drive without adequate coverage. Competitors that are direct insurance carriers typically have a lack of coverage that they quote to their customers. The risks are simply too great to go with such insurance carriers, therefore it may be in your best interest to contact a local, independent insurance agency. For more information or to schedule an evaluation of your auto insurance needs, contact an agent at Taylor Insurance & Associates today.