Car Insurance : Ohio

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Ohio QuarterOhio Auto Insurance Requirements

Ohio has strict auto insurance laws for both private and commercial vehicle owners. Minimum auto insurance coverage or financial responsibility requirements in Ohio are mandated by state law and the Ohio Department of Insurance. The following minimum coverage is required on every registered vehicle, except as noted below:

Ohio Auto Insurance Requirements(Source: Ohio Department of Insurance)

Driving without the mandatory liability insurance (or proof of financial responsibility) in Ohio is will result in a 90 day suspension of driving privileges, with a $75 reinstatement fee. Subsequent offenses are subject to higher penalties, reinstatement fees, and potential jail time.

The Ohio Automobile Insurance Plan is available to drivers who are unable to obtain required coverage through the voluntary market. More information is available on the OAIP website.

Alternatively, drivers not wishing to carry basic liability insurance in Ohio may deposit cash or securities in the amount of $30,000 with the state treasurer, or obtain a surety bond. The Ohio Bureau of Motor Vehicles will issue a certificate of financial responsibility in lieu of an insurance card.

Factors Influencing Car Insurance Premiums in Ohio

Getting a quote for cheap car insurance in Ohio requires some research and rate comparisons between different insurance companies, even though Ohio ranks among the least expensive states for car insurance costs. Some factors that impact insurance rates in Ohio include:

– Ohio is not a “no-fault” state, and does not require PIP insurance
– Vehicle repair costs are generally less expensive in Ohio than elsewhere
– Overall accident fatality rates are near national averages
– A much higher percentage of uninsured drivers compared to national averages
– Auto insurance fraud
– Vehicle theft rates above national averages

The average auto insurance premium for residents in Ohio is $1,152 in 2011; the national average is $1,790.

Tips for Obtaining Cheap Car Insurance in Ohio

– If you’re over 55, take a state-approved defensive driving course for a policy discount
– Several insurance companies offer “pay as you drive” car insurance for low mileage drivers in Ohio
– Maintain a good driving record
– Bind multiple policies (homeowners, life, auto) with the same provider
– Maintain a good credit score
– Create a personal “emergency fund” of up to $1500 and increase deductibles accordingly
– Discuss affinity discounts with your insurance provider
– Drop comprehensive and collision insurance on older vehicles

Ohio Statistics

Auto Theft: Ohio has a relatively high vehicle theft rate, but it has been decreasing (as is the case in most states) consistently over the few years. This can be attributed primarily to anti-theft devices being standard on recent model cars, as well as public awareness of the issue:

Ohio Auto Theft Statistics(Source: Auto Thiefs)

Automobile Accidents: The total vehicle miles traveled in Ohio has remained constant in recent years, but vehicle accident fatality rates have declined. Ohio is below the national average in numbers of deaths in car crashes, despite having a fairly high population concentration.

Ohio Auto Accident Fatality Statistics(Source: National Highway Traffic Safety Administration)

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