How to find the best car insurance in Ohio
When choosing car insurance, Ohio drivers may consider a variety of factors to determine which provider offers them the most fitting coverage for their situation. Factors may include anything from location to individual driving records, but taking steps to consider the following points may help narrow down your options.
Consider minimum insurance requirements in Ohio
Like most states, Ohio mandates specific limits that each driver must carry as a minimum requirement to drive legally. Because Ohio is an at-fault state, minimum coverage requirements include bodily injury liability and property damage liability, with exact amounts noted on the state’s motor vehicle website. Although there are other ways to satisfy Ohio’s financial responsibility law, like posting a bond or qualifying as a self-insurer, most insurance professionals recommend purchasing enough coverage to avoid financial devastation in cases of an accident.
Although buying minimum coverage might mean you pay a lower premium, the limits may not be enough to protect your finances if you cause an accident. If the injuries and damages that you cause exceed your insurance limits, you will have to pay extra costs out of pocket.
Consider lender requirements
In the U.S., 85 percent of all new car purchases are financed. Because a financial institution has a stake in the vehicle, drivers are typically required to purchase full coverage insurance in these situations. As minimum coverage limits do not provide any physical damage coverage for your vehicle, collision and comprehensive coverage come in handy when facing repair or replacement costs. Drivers of newer model cars in Ohio may also want to consider purchasing gap insurance, which helps pay the difference between your insurance claim check and outstanding loan amount should your vehicle be totaled or stolen and unrecoverable.
Drivers leasing their vehicles usually have additional insurance requirements regarding liability coverage. In most cases, leasing companies require you to carry at least $100,000 per person and $300,000 per accident in bodily injury, and $50,000 per accident in property damage coverage. You may see this denoted as 100/300/50 on your policy documentation.
Consider your individual needs
Many personal factors, like driver risk, may influence the cost of insurance. Insurance companies typically use driving records to gauge how likely a policyholder is to file future claims, so they often charge higher rates for drivers with prior traffic violations. Having a speeding ticket on your motor vehicle record, for example, could demonstrate high-risk driving behavior, potentially increasing average annual premiums by hundreds of dollars.
In Ohio, the average annual full coverage increase for a single speeding ticket is 17 percent. Although this rate increase is lower than the national average after a speeding ticket (which currently sits at 21 percent), your driving record could still be an important consideration when shopping for auto insurance in Ohio.