Ohio to Raise Auto-Insurance Minimum Requirements reports Classic Insure
Bill narrows the gap with other states
The minimum liability coverage levels have persisted at a low level in Ohio when compared to other states. However, the new and higher levels will protect financially the liable drivers and those who sustain injuries or property damage during a crash due to another driver's actions.
The price increase in medicare, motor vehicles, automotive repair, and so on, have all skyrocketed since 1970. Thus, the corresponding increase in coverage requirements is only logical. That does not mean that it is making everyone happy.
Governor John Kasich signed in the bill late in 2012. It has higher auto insurance coverage requirements that will become effective by the end of this year for every new and renewing policy.
The coverage categories to minimum coverage requirements are: Bodily injury or BI per person per accident; BI all people per accident; Property damage or PD per accident.
The most common is liability coverage referred to as: BI per person/BI everyone/PD. For example, within Ohio, the current minimum requirements are $12,500/25,00/7,500. Each number represents the corresponding amount the company will cover in the even of an accident. Ohio's new legislative bill will increase the minimums to $25,000/50,000/25,000. In comparison, the DMV reports that Kentucky requires $25,000/50,000/10,000.
The biggest question is: will the coverage be enough? Most purchase more than the minimum coverage required under the law due to the fact injury and property claims more often than not exceed coverage. Adequate coverage can help protect the person assets of the individual when an accident compensation sum is totaled. The Insurance Information Institute notes that industry recommendations are $100,000 BI per person and $300,000 per person. Not many hold that kind of insurance, but getting close enough to cover one's assets is important according to most experts.
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