Car insurance is something you know you need and that the State of Ohio requires you to have. While you may recognize its importance, it is not something you look forward to purchasing.
Shopping for car insurance can feel like a gamble. You want to avoid paying for more than you need, but you also need coverage if you are in an accident.
Here’s what you should consider when deciding if you have enough insurance on your vehicle.
Meeting state minimums
While your car insurance is for more than meeting the state requirements, you must ensure that you have enough insurance to meet the minimum. In Ohio, you must carry the following amount of coverage:
- $25,000 for injury or death of one person
- $50,000 for injury or death of two or more people
- $25,000 for property damage caused in an accident
Failing to meet these requirements could lead to suspension or revocation of your driver’s license.
When do I need more coverage?
The minimum coverage tends to be significantly less than what would be helpful in an accident. Your car insurance should cover both the financial investment of repairing your vehicle as well as any injuries from the accident. As you look at different types of coverage, you should consider factors such as:
- Value of your car and how difficult it would be to replace
- Your age and driving history
- Financial arrangement on your vehicle (typically, a loan or lease will require additional coverage)
- Your health insurance coverage
Your car insurance should make it easier for you to return to your everyday life after an accident, regardless of fault. For example, if you would have a difficult time repairing or replacing your vehicle (or covering your current deductible), you might want to consider increasing your coverage and paying a higher premium for a lower deductible.
While Ohio does not require uninsured motorist coverage, you may want to consider including it in your insurance plan. Your insurance may be sufficient to cover an accident when the other driver has appropriate coverage for your injuries, but it may fall short if they do not. Uninsured motorist coverage can cover the costs that the other driver’s insurance would otherwise pay.
Driving can come with many risks, including the actions of other drivers, leaving you with hefty medical and repair bills. It is essential to have adequate coverage so that you can move forward after an accident.