If, instead, you're looking for a policy that balances quality with affordability, MoneyGeek also ranked Ohio's top auto insurance companies. Some car insurance qualifying factors, such as your driving history, can significantly affect your insurance costs. Full coverage insurance in Ohio is often defined as a policy that offers more than the state's minimum liability coverage, which is €25,000 in bodily injury coverage per person, up to €50,000 per accident and €25,000 in property damage coverage. The Ohio Office of Motor Vehicles (BMV) used to perform random insurance checks until a new law took effect that eliminated this practice.
The underinsured car owner has enough insurance to be legal, but not enough to pay for serious injuries. Every year, the Ohio Department of Insurance receives hundreds of auto insurance complaints. All business-owned vehicles must be covered by a commercial auto insurance policy that meets Ohio's minimum financial responsibility requirements. If your estimate is higher than that of the insurance company, the insurance company can pay the difference or provide the name of at least one body shop that will perform repairs for the insurance company's estimated amount.
If you're at fault for a car accident, your liability insurance pays for repairs to the other driver's car and will likely cover the doctor's bills if you're injured. Comprehensive insurance covers repair or replacement costs if your car is damaged by falling objects, natural disasters, floods, fires, thefts, vandalism, or animals. Collision insurance covers repair or replacement costs if you have an accident, hit an object, or roll over your car. Some states require drivers to have PIP or MedPay, while collision insurance is often mandatory if you rent or finance your car.
Lenders often require collision and comprehensive insurance, in addition to the insurance you must have under Ohio law when financing a car. At any given time, the Ohio Department of Insurance is investigating more than 200 cases of suspected fraud. Insurance companies recognize that when college students get home they have access to the family car.