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Ohio might be known for professional football, baseball and basketball teams, but there's more to the Buckeye state than athletics. In fact, even though Ohio is fairly small in square miles, the state is ranked just 9th when it comes to total lane miles.

Along with sports, the transportation system is quite popular in Ohio.

With 262,851 miles of road and more than 10.4 million registered vehicles in the state, it's no wonder why state officials take financial responsibility so seriously. At any given moment, a single auto accident could lead to millions in property damage, serious injuries, and even casualties.

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It's because of this that all registered owners are obligated to show financial responsibility. Here's what you need to know about Ohio auto insurance rules and regulations:

What is the Ohio Financial Responsibility law?

Every state has its own law when it comes to consumer protection and vehicle code.

Some states have laws that call for mandatory insurance, but that's not the case in every state. Instead of a mandatory insurance require, Ohio has a Financial Responsibility (FR) law.

The Financial Responsibility law says that anyone who owns a vehicle with an Ohio registration must prove they are financially responsible. Not only is it illegal to own a car with no proof, it's also illegal to allow someone to drive the vehicle without FR proof.

While insurance is one way to proof FR, it's not the only method allowed.

What types of proof of Financial Responsibility are acceptable?

In Ohio, you can either purchase an insurance policy with sufficient coverage or you can use your own assets and property to post collateral.

If you decide to post collateral instead of paying for liability insurance premiums, you'll have to choose one of the following alternatives:

  • A deposit of $30,000 in cash or bonds with the Treasurer (certificate must be approved and issued)
  • A bond in the amount of $30,000 signed b real estate owners with equity of no less than $60,000
  • A certificate of self-insurance for company owners with 25 or more vehicles in the company name
  • A $30,000 surety bond issued by a bondsman in Ohio

How much insurance do you need to comply with FR laws?

If you don't have any type of collateral and you can't put up $30,000 in cash, buying auto insurance is the only reasonable option.

Since Ohio operates under a tort system, it's your responsibility to pay for damages that you cause while you are driving your car. Therefore, the auto insurance requirements only pay for third-party damages.

In Ohio, Buckeye officials only mandate that you carry liability coverage. Liability consists of Bodily Injury (BI) and Property Damage (PD) Liability. All other coverage options available are considered optional even though they are available to consumers at a cost.

BI pays for emergency medical transport, hospital stays, and treatment costs for the passengers, drivers, and pedestrians that you injury in a loss.

PD would pay for vehicle repairs and the replacement of property damaged beyond repair as long as the property isn't owned by you or a household resident. Here's a breakdown of the minimum liability limits:

  • BI: $12,500 per person, $25,000 per accident
  • PD: $7500 per accident
  • Liability limits are written 12,500/25,000/7,500

Is the state minimum coverage enough?

It wouldn't be unreasonable to assume that you're protected when you're buying the minimum amount of auto insurance required by law.

What you might not know is that the state minimums are extremely low and leave you vulnerable to all types of risks. It's important to know the risks before you take a basic policy that could put your assets up for grabs.

Most experts recommend that the average homeowner selects higher limits that are more likely to pay off damages they're liable for. While there's no number that's guaranteed to pay for catastrophic losses, the general rule of thumb is to select 100,000/300,000/100,000.

Do the math to determine if this is enough for protection.

What's the penalty for driving without insurance in Ohio?

If you haven't filed a certificate of bond or self-insurance, it's automatically assumed that you have auto insurance.

Drivers who don't have any form of financial responsibility on file can face some serious consequences for disobeying the law. In fact, some drivers can lose their driving privilege altogether.

Here are some common penalties assessed in OH:

  • Suspension of driver's license for a minimum of 90 days
  • Suspension of driver's license for one year after second offense
  • Suspension of your license plates
  • Impoundment of your vehicle
  • Mandatory court costs and fines
  • Reinstate fee for license and for your license plates
  • File proof of financial responsibility SR-22 with the state
  • Impound fees after mandatory impound

Will my insurance go up for having no insurance is the past?

The penalties listed above are just the direct expenses associated with driving without insurance. There are indirect consequences that you should consider as well. When you let your coverage terminate or expire, it's a sign to insurers that you're a higher risk than the average person.

Being a higher risk means that you'll more than likely pay higher premiums. Some companies will only sell high-risk insurance to drivers who've had lapses in the past three years.

Other companies will let it slide but they won't offer you prior insurance or experience discounts that keep premiums manageable. Think before you go without insurance.

Are there other types of coverage available?

If you carry insurance, it's important to look at all of the add-ons that protect you. Yes, they are optional, but they're available to protect you in scenarios where a loss could have major financial repercussions. Third-party coverage is something you must have, but here are first-party coverage options to take a look at:

– Medical Payments

Medical Payments often goes by Med Pay. Med Pay will pay for your medical expenses and for those who're injured in your car. It's a no-fault coverage because it doesn't matter who's to blame for the loss. The limits are written on a per person basis.

– Uninsured Motorist Protection

Approximately 13.5 percent of the vehicles on the road in OH don't have insurance. This means that there are around 1.4 million cars driving illegally at any given time. Uninsured Motorist Protection ensures your bills will be paid if one of these irresponsible drivers hit you. It acts just like your BI and pays for your medical bills up to your limit.

– Uninsured Motorist Property Damage

UMPD, as the agents call it, pays for repairs that need to be made to your car when an at-fault driver with no insurance hits you. It also kicks in when there's a hit-and-run accident. If you don't have full coverage, the policy will only pay up to $3500. If you do, the deductible will be waived.

– Comprehensive

Pays for your covered auto's repairs when it's damaged after a non-collision loss. Comprehensive coverage a very broad range of different losses. Some of them include fire, theft, explosion, flood, vandalism, glass breakage, falling objects, missiles and encounter with live animals.

– Collision

Pays for your covered auto's repairs or replacement when it's damaged or totaled in a collision loss. Collision includes colliding with a vehicle, colliding with real property or a vehicle overturn. Both comprehensive and collision claims are subject to deductibles before you can file for damages.

– GAP Coverage

Some lenders and lessors will ask that you purchase GAP on your car. GAP is designed to pay the car loan when you owe more than the car is worth at the time of a loss. It costs very little to add to a policy but most companies have strict eligibility rules.

How much will I pay for my auto insurance?

If you're concerned with cost, you will be happy to know that Ohio is the 11th cheapest state for auto insurance. The average premium for a full coverage policy is around $660 per year.

Your actual premium will depend on your personal rating factors and your risk profile. To really get an idea of your cost, you'll need to get quotes.

If you're ready to see how much you'll pay for auto coverage, it's time to start comparison shopping. You can efficiently shop the market by using a rate comparison tool and getting accurate instant quotes off of a single platform.

Start entering your personal information for quotes and then scan through all of your options today to find the best deals.

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