Automotive Insurance Liability Coverage
With the economy in shape, it is in, I have noticed that additional individuals are downgrading their automotive insurance liability coverage to state minimum levels to chop down on their expenses. When times are tight, and corners want to be cut, it is smart on why liability coverage gets slashed. After all, liability insurance never pays a dime to the one who pays the premium.
Therefore, Why Splurge?
However, what might surprise several individuals is simply how little protection you get with state minimum liability auto insurance in Ohio. If you are liable for an accident that causes bodily injury, Ohio’s state minimum bodily injury liability pays the 2nd lowest of any state (alternative than Florida). If you are liable for an accident that causes property harm, only four states pay less than Ohio (CA, MA, NJ PA).
Specifically, Ohio’s state minimum liability pays up to $12,500 for bodily injury per person up to $25,000 total, and up to $7,500 for liability property damage. This causes three important risk exposures:
- If you injure someone badly enough to exceed $12,500 in injuries.
- If you injure multiple people exceeding $25,000 in injuries.
- If you cause a lot of than $7,500 in property harm.
Of course, I don’t have to inform you the way easy an accident can exceed those levels. If you are at fault in an accident in that either the bodily injury or property damage is beyond the state minimum liability, you’ll be held accountable for the distinction. You may terribly well face a lawsuit by either the person(s) your injured/broken their vehicle, or you could be sued by their insurance company.
Obviously, there’s a conflict of interest here. My job is to up-sell you on as a lot of coverage as you’re willing just to accept. Believe me! I would make more commission if I were to up-sell you in different areas besides liability coverage. I merely wished to point out the shortcomings in Ohio’s state minimum liability law requirement. Not to mention that in many cases, you’ll double or triple your level of liability coverage for solely 5-15 bucks a month.