Auto Insurance Coverages You Must Have

Things to Know About Ohio Auto Insurance

Every state in the U.S. has mandatory auto insurance laws. In some states you must carry what other states consider “optional coverages,” such as personal injury protection (PIP) and uninsured/underinsured motorist coverage (UM/UIM). While in others, there are several legal alternatives to carrying auto insurance. Ohio is one of these states.

In the state of Ohio, financial responsibility (FR) is the law. All Ohio drivers must carry minimum liability auto insurance in the amount of $12,500 bodily injury per person, $25,000 bodily injury for two or more people, and 7,500 for property damage (12.5/25/7.5). If you choose not to carry insurance, you must obtain a surety bond of $30,000 issued by any authorized surety company, a BMV bond secured by real estate equity of at least $60,000, or a BMV certificate for money or government bonds in the amount of $30,000 on deposit with the State Treasurer.

Because the state of Ohio follows a tort system, the Ohio Department of Insurance and most insurance companies suggest carrying higher coverages than the bare minimum. A tort system works like this: if you are involved in an accident, someone must be found to be the cause or fault of the accident. The person deemed at fault is responsible for all damages resulting from the accident. Damages are handled through the at-fault person’s insurance company. If you do not have auto insurance coverage, you will have to pay the difference out of pocket. To be on the safe side, insurance companies suggest carrying at least $100,000 for bodily injury and $300,000 per accident.

Steps to Obtaining the Best Possible Auto Insurance

Nowadays, vehicle owners are legally obliged to have auto insurance for their vehicles. Consider this purchase a long term investment that you will certainly benefit from at some point. Most of the time, the terms and conditions of these policies are somewhat difficult for a layman to understand. This can lead you to overpaying for your policy, which obviously you do not want. So, before you find yourself struggling with high priced policies, it is important for you to understand what they say.

First of all, before you start looking for a general auto insurance policy, you must have some basic knowledge regarding the different types of coverage that may be included in the package. You might want to get the type of coverage that guarantees a payment in case the car gets damaged in an accident. Also, you might want to protect your car from damage caused by other factors, like fire or damage from a break-in – and cover the stolen items. And don’t forget to compare the market!

Never purchase auto insurance without comparing quotes from a variety of insurance companies. Premium rates vary from company to company, and different companies specialize in different areas: for instance, one company may have quotes for high-risk drivers while another company may specialize in low-risk drivers. Obviously, the latter will have lower rates than the former but you can only find this out by comparing quotes from the two companies. Compare 5-6 companies if you can.

Auto Insurance Coverage In The Wolverine State

Everyone wants to save money on insurance coverage. Buying online is one way to do so, but you need to know a few facts about the coverage before you buy. When you enter your information in a interactive website that offers insurance quotes, you will see several competitive quotes for MI auto insurance. It only takes a few minutes to get the information once you enter the details.

In Michigan all vehicle owners must purchase Bodily Injury Liability insurance. The minimum policy level is at $20,000 per person per accident. The minimum total amount per accident is set at $40,000. In addition, motorists are required to purchase a Property Damage Liability policy. The minimum for PDL is set at $10,000. The shorthand for this type of coverage is 20/40/10 coverage.

The state of Michigan also requires that vehicle owners purchase Personal Injury Protection coverage. The policy helps to pay for necessary medical and work loss payments if you are hurt in an accident involving an automobile. If you are injured, this coverage will pay for your needed medical treatments. If you miss work, there is coverage for that as well.

Getting the Best Auto Insurance Coverage

Anyone who has had a problem with their insurance company can easily tell you how you should always try to get good coverage. Furthermore, they’ll tell you to work with a reputable insurance company rather than just go for the best price in terms of rates. So, getting the best auto ins coverage is more important than getting the lowest rates.

Today, you don’t have to compromise. Some companies may take advantage of your need for coverage and your inability to pay higher rates. Others however are simply honest insurance companies that are there to provide good service without high costs.

Although this may be raising a few eyebrows, this is quite possible. It not only is possible, it’s 100% probable. Certainly, you must know that auto insurance is always different for everyone. In fact, automobile insurance really is a tailor-made product or service for each unique individual. The coverage and the rates are as unique as individuals are.

Different Types of Auto Insurance Coverage

If you are the owner of a vehicle, you must have insurance. Many people are feeling the effect of the economy. Auto insurance is expensive and it seems as though the premiums keep rising. There are two things that have combined to help lower premiums. First, cars are much safer than they once were. Second, the middle aged class consists of drivers that have fewer accidents. These two things have actually caused premiums to decrease. It is important to know what factors determine how much your policy will cost. These factors are your age, the type of vehicle you drive, your driving record, the age of the vehicle and where you live. The best way to save on your premium is to tailor your coverage. Shopping around for the best coverage at the lowest cost is another way to save.

When you are shopping for auto insurance, you need to be aware of the three types of coverage you need. These include liability, comprehensive and collision. These three components are responsible for the majority of your premium. They are each a distinct and important part of your policy.

The comprehensive and collision coverage account for 40% of your insurance policy. Both of these involve a set deductible amount. That amount must be paid by the policy holder before the insurance benefits begin. Policies may also have an option to add medical payments. This would cover all medical expenses for yourself and any passenger in the vehicle. With medical coverage, it does not matter who was at fault. The expenses will be covered by the policy.

Commercial Auto Insurance Is A Must

If you own a business that uses vehicles in the course of providing goods and services to your customers, you need commercial auto insurance. For example, daycare centers often transport children to and from school, as well as on field trips. Trucking companies utilize a fleet of vans and trucks in order to deliver and pick up goods. Catering companies have vans with specialized equipment in order to bring foods and beverages to weddings, parties, and events. All of these industries must have the appropriate coverage for their vehicles.

Daycare Centers

Daycares, preschools, and private schools use buses and vans to transport children. These vehicles might be used on a daily basis or only occasionally. Children are extremely precious cargo, so your commercial auto insurance must be comprehensive enough to protect your academic facility, the children, your employees who are driving the vehicles, and others on the road. Your policy should be designed to handle medical bills, property damage, and liability issues that arise.

Trucking Company

If your trucks haul goods around town or around the nation, you need to protect your drivers, vehicles, and others on the road. Since your trucks and vans travel multiple miles every day, you need fairly extensive commercial auto insurance. These policies must cover much more than an average private auto policy. The exact coverage will depend on a variety of factors and would be best discussed with your trusted agent. He or she will have the experience to put together the right policy for you, your fleet, and your truckers.

Buy Auto Insurance Because You Need It

Ever think about why you buy auto insurance? Automobile coverage protects you from any financial liabilities once you get into a car accident. Car insurance is now mandated by law and you are not allowed to drive unless you have coverage. You can be fined, sued or even sent to jail if you get into an accident or you get pulled over without of any form of car insurance coverage. No matter if it is inexpensive or not it doesn’t make a difference. You must have auto insurance. It guarantees you and your guests are protected.

There are basically hundreds of insurance companies that offer you automobile insurance. You want see what they provide and what works for your needs. Make sure that you get the correct coverage for your vehicle as there is such some thing as being over insured or having too little protection. Make sure that you are getting protection which suits your budget as well! Given that a lot of policies are paid on a month-to-month basis, you need to make sure that this is something you can manage and pay regularly.

When you get into an accident and you are at fault, you must file a claim with your insurer. Your insurer pays the damages to those involved in the accident including yourself and any medical expenses if needed. If you do not have insurance protection you will be responsible for all these bills on your own.