FOUR THINGS TO KNOW ABOUT OHIO AUTO INSURANCE
It’s safe to say that for most of us, our cars, trucks, and other automobiles are some of the most valuable and important assets we’re likely to own in our lifetime. Securing and insuring these assets, therefore, is of paramount importance. On that note, here are four things you may not know about Ohio auto insurance, but which are nevertheless vital.
You’ve heard the phrase “You break it, you buy it?” Well, Ohio state law takes that old maxim very seriously where major assets in general and automobiles in particular are concerned. Ohio state law mandates that you be “financially responsible” for your auto in a legal sense. If you cannot pay for the potential damages incurred by your vehicle in the event of an accident, you may well find yourself running up into problems.
As such, unless you plan on shelling out tens or hundreds of thousands of dollars out of your own pocket to show yourself to be “financially responsible” in the event of an accident or incident, the cheapest and easiest way to fulfill this requirement is to have Ohio auto insurance.
What’s more, there are certain minimums that you must meet in order to fulfill your financial obligations. This is true of most state laws at this point, and it’s true in Ohio. These minimums on the state of Ohio, are:
- $25,000 set aside for either injuries OR fatalities, PER PERSON
- $50,000 for injuries or fatalities if TWO OR MORE are injured or killed in ONE accident
- $25,000 for property damage
PROOF OF THE MATTER
Since it is more than a moral principle to be financially responsible for your vehicle, but a legal one as well, Ohio state law requires “proof” that you have met these requirements. These, again, are most easily met with a proof of purchase for some form or Ohio auto insurance.
FINES AND PENALTIES
Failure to provide adequate proof of Ohio auto insurance from http://ohioinsurancequotes.net/ohio-auto-insurance/ or other forms of financial responsibility when owning and operating a vehicle can be severe, and can include everything from a loss of driving privileges (which in turn can be reinstated following a reinstatement fee), a suspension of your plates and registration, and a mandatory filing of an SR-22. An SR-22 form is a specific form of insurance, is often mandated in these situations, and is generally far more costly than normal Ohio car insurance.