New Minimum Limits for Auto Insurance in Ohio

Beginning December 22nd, 2013, minimum liability limits for auto insurance in Ohio will double, going from the current minimum of $12,500 per person and $25,000 per accident to $25,000 per person and $50,000 per accident.  Here are a couple things to consider about this new minimum limit.

1. Current minimum limits are $12,500 per person and $25,000 per accident. This means that if you are in an accident, your insurance will pay up to $12,500 to each person injured in the accident, but no more than $25,000 for everyone injured in the accident. The new limits ensure that the driver has double the coverage.
2. Minimum limits are meant to protect those that are injured in an accident, not the driver. As a driver, it is HIGHLY recommended that you have more than just minimum coverage.  If you are involved in a fatal car accident, you could potentially be liable for well over $25,000.  If you are tried in court and found liable, your assets can be seized, and your wages can be garnished... all because you wanted to save some money on your car insurance!

If you own a home, savings, 401(k), cars, or any other assets, you need to have more than minimum state coverage.  In the event of a serious accident, your liability limits offer you protection. If you have only $25,000 in liability coverage on your car, and have a serious accident, you could be sued.  If you are sued, your insurance will still only pay $25,000 per person, which means you could lose your home, cars, savings, 401(k), and any other assets.

If you currently have minimum coverage, your next renewal will include the increase to $25,000/$50,000.  I highly recommend you consider taking the time to review with an insurance agent the implications of this increase, and even consider a higher increase in coverage to help protect your assets.