The minimum amount of car insurance coverage you must have in Ohio is going up this fall. Currently, every driver in the state must carry a minimum of $12,500.00 per person and $25,000.00 per accident in liability coverage. In other words, your insurance policy or financial responsibility bond must pay up to $12,500.00 per person injured, not to exceed $25,000.00 per accident. The new minimum limits will be $25,000.00 per person, and $50,000.00 per accident. The minimum allowable amount of liability property damage coverage will increase from $7,500.00 to $25,000.00.
If you already have car insurance, you do not need to raise your limits until the next time your policy comes up for renewal. If you currently carry state-minimum coverage, your rates will likely increase to pay for the additional coverage.
However, this new law is actually very good news indeed for consumers. If you are struck by a negligent driver who carries state minimum coverage currently, chances are strong that $12,500.00 will be insufficient to pay for all of your damages: Medical bills, wage loss, pain, suffering, inability to perform normal activities, and so forth. Similarly, if you are driving a newer vehicle, and it is damaged or totaled by a careless driver, your loss may well exceed the current $7,500.00 requirement.
Except in the most extreme cases, you should probably carry far more than the state minimum coverage. Despite the television commercials suggesting the contrary, state minimum coverage is rarely a good idea. Speak to a qualified and experienced insurance agent. Chances are that you can obtain far more coverage (say, $100,000.00/$300,000.00) for a premium not that dramatically higher than state minimum coverage. As a general rule, coverage costs marginally less as you increase the amount of that coverage. And always purchase Uninsured/Underinsured Motorist Coverage, which pays you if you are struck by a driver if no insurance or inadequate coverage.