Simple Requirements You Should Follow
When moving into another state, such as Ohio, be sure to look into the laws of that state concerning car insurance laws. A simple plan and some research will help you deter from facing possible law violations and huge fines. If you are planning to move to Ohio, you will need to get body injury and property liability coverage. If you are ever in an accident that involves bodily harm and property, you will quickly realize that Ohio courts will find one party guilty in being at-fault and the guilty party will have to pay or the entire damage. If you have liability insurance, the insurance company will cover: up to 12,500 dollars for bodily injury for each person; 25,000 dollars for bodily injury for each accident; $7,500 for property. If financial responsibility can be proven, by the driver, purchasing auto insurance will not be needed. Proof of financial responsibility will be by a certificate issued from the Treasurer of the Ohio state. You will need to deposit at least 30,000 dollars to be considered financially responsible. A background check may be conducted by the Treasurer and is for the purpose of locating any unsatisfied collection items or judgments.
Ohio residents are required to purchase car insurance to fulfill the Bureau of Motor Vehicle (BMV) requirements. There are various ways to provide proof of financial responsibility. You can get an insurance identification card from the insurance provider. Surety bond certificate can also be used to provide proof of financial responsibility. If you are using a surety bond certificate, you have to make sure it is issued by a surety company. You can get a BMV bond certificate. If you want to make a deposit, you can get a BMV certificate that indicate you have deposited $30,000 with the state. If you are DUI offenders, you should have the BMV form 2702 or 2083. If you own a real estate, you can get a BMV issued bond certificate that worth $30,000. The real estate must have an equity of $60,000 and be signed by two people.
The simplest way to establish financial responsibility is to purchase liability insurance. You must purchase at least $12,500 of bodily injury insurance for a single person. The bodily injury insurance coverage for an accident is $25,000. The property damage insurance coverage has a minimum requirement of $7,500. It is recommended that you set a high coverage limit. In this way, you won’t have to pay for the accident costs when you collide with a vehicle. The costs incurred by an accident can be expensive and cause you to become bankrupt. If you don’t want to be trapped in this financial situation, you should get more insurance than the minimum requirement.
$1,400 is the average insurance premiums in the state of Ohio. National average for insurance premiums is around $1,800. Getting insurance at a set rate is not likely to happen, everyone that purchases insurance is likely going to pay a different price than everyone else. Shopping around and researching insurance programs will pay off, since after getting a quote from a car insurance company, they will have to abide by the quote given. Getting a quote online is recommended because it saves hundreds, even thousands of dollars. If your driving record is not-so-great, you could still save more money than the people who have a great driving record if you conduct a little research before jumping the gun.
You have to carry the proof of insurance at all times. When you are driving on the highway, there is a possibility that the police will stop you. If you are unable to provide insurance proof, you can get fined for a sum of money. Most of the time, the insurance providers will send you a written notice. If the case is taken to the court, you have to bring along the proof. You can also send the proof to address listed in the written notice. The BMV department will select drivers randomly from time to time. If you fail to provide insurance proof in a timely manner, your license and vehicle registration will be suspended. First time offenders can lose their driving privileges for up to 90 days. If you are a second time offender, you can lose your driving privilege for up to 2 years.
When shopping for insurance, you have to compare the rates between different providers. If you are young, you may be charged with higher rates. However, shopping comparison can help you to find an insurance provider that is affordable. You can call the insurer to get quotes. When asking for quote, you have to provide information about your driving record, age, and etc. You should always tell the insurer the truth to avoid your application gets rejected.
The Ohio Department of Insurance
- 50 W. Town Street
- Third Floor - Suite 300
- Columbus, Ohio 43215
- Phone: (614) 644-2658
- Fax: (614) 644-3743
Ohio Department of Transportation
- 1980 West Broad Street
- Columbus Ohio, 43223
- Phone: (614) 466-7170