Ohio Increases State Minimum Auto Insurance Coverage Limits
The last time Ohio raised auto insurance coverage limits, music was played on 8-track tapes, Woodstock was the talk of the nation, and a brand new car cost less than $4,000. Today, cars cost a lot more including vehicle repairs due to accidents. In 2012 the Ohio state senate passed a bill that would raise the minimum liability limits for Ohio drivers, to bring them more in line with today’s vehicle prices and the costs of repairs.
For the first time since 1969, Ohio will increase the statutory minimum financial responsibility limits for auto insurance coverage limits. The Ohio General Assembly passed legislation HB 278 that doubles the injury liability and more than triples the property damage limit raising current minimum insurance from $12,500 per person, $25,000 per accident, and $7,500 for property damage to 25,000/$50,000/$25,000 respectively. These changes do not effect collision and comprehensive coverage. (https://www.10tv.com/content/stories/2012/12/13/ohio-auto-insurance-bill-changes.html)
Ohio Auto Insurance Coverage Limits
The new Auto Insurance Coverage Limits law took effect in March, but there is a grace period before the higher premiums kick in, giving drivers until December 22, 2013 to increase their limits. While auto insurance premiums vary based on age, driving record, credit score, and other factors, it is estimated that the price of a typical minimum liability policy will increase by 24-30%. Currently, about 5% of insured drivers, or 400,000 Ohioans, have policies at the minimum limits and will be required to purchase more coverage. (https://www.cleveland.com/business/index.ssf/2013/02/after_44_years_ohio_is_raising.html)
Tom Wassan, a Salon independent insurance agent says the higher coverage amounts may add about $200 a year to a “typical minimum coverage policy.” The possible payoff for the coverage increase could be lower uninsured/underinsured coverage costs down the road, Cleveland.com reports.
The Ohio Association for Justice was the lead advocate for this Auto Insurance Coverage Limits legislation, joined by Ohio Insurance Institute and Ohio State Bar Association. The attorneys at the Cochran Firm Ohio applaud the efforts of all who championed the cause to bring Ohio in line with the rest of the United States as the existing minimums fell far short of covering the damages caused by even minor automobile accidents.
About The Cochran Firm – Ohio
The Cochran Firm – Ohio is an experienced full service, personal injury law firm with offices in Cincinnati and Dayton and handles personal injury cases throughout all of Ohio. Founded over 40 years ago by famed attorney, Johnnie L. Cochran, Jr., The Cochran Firm – Ohio, has established itself as one of the premier personal injury law firms in the United States and has been recognized for delivering successful results to their clients across a broad range of claims stemming from car / auto accidents, personal injury, wrongful death, medical malpractice, nursing home abuse, premises liability, and product liability lawsuits. For over 40 years, The Cochran Firm – Ohio’s team of experienced lawyers continually fight for justice for all its clients. If you’ve been injured call Ohio’s experienced full service law firm “The Cochran Firm – Ohio” today at 513-381-HURT.