3 June 2016
Although we’re proud to be in the insurance business, we understand that insurance isn’t something everyone loves. While it’s true that car insurance is required by law, there’s a good reason for that. As anyone who has dealt with an accident can tell you, the moment when you have to start dealing with a claim makes the value of having the right insurance very evident.
The type of car insurance that’s required in the state of Ohio is known as liability coverage. The state mandates that drivers carry coverage which will will pay up to $12,500 per person to cover injuries and medical costs, up to $25,000 per accident, and up to $7,500 in property damage per accident. If those figures seem higher than you remembered, it’s because after forty-four years, the state raised the minimum requirements in 2013.
In addition to liability coverage, there are three other types of car insurance that you need to know about. The first is collision coverage. This type of insurance will cover damage to your vehicle that’s caused by a collision with anything from another car to a barrier. The next type is comprehensive coverage. Fire, theft, hitting a deer and vandalism are a few examples of incidents that are covered by a comprehensive policy.
Medical payments coverage is the third type of car insurance that’s available. This type of insurance may also be referred to as personal injury protection (PIP). Although some states require PIP coverage, Ohio is not one of them. But because the medical costs associated with the aftermath of an accident can be astronomical, this type of insurance can be a very wise choice.
Since liability coverage is the only type of car insurance that’s required by law in Ohio, does it make sense to buy collision coverage, comprehensive coverage or medical payments? There are plenty of scenarios where it does make sense to have one or more of those additional forms of car insurance.
For example, if you have a car loan or lease your vehicle, you’ll likely be required to carry collision and comprehensive coverage. On the other hand, if you own an older vehicle outright that’s reliable but doesn’t have much market value, those forms of insurance may not be the right fit for your specific needs.
If you want an easy way to explore the different types of car insurance that are available to you in Cincinnati, along with ensure that you have access to the best rates available, see for yourself how easy it is to get an auto insurance quote directly through our website.