When people shop for auto insurance, they are often looking for the lowest premium and the minimum limits required by law. Although there is often a good reason for keeping insurance premiums as low as possible, in some cases, having the bare minimum for limits could leave the policy holder liable and put finances and assets at risk.
If I purchase auto insurance to demonstrate Financial Responsibility, what are the minimum coverage requirements in Ohio? In Ohio the required minimum for Bodily Injury Liability Coverage is currently $25,000 per person injured in any one accident and $50,000 for all persons injured in any one accident. Those limits may sound sufficient to you but there are some instances in which increasing your liability coverage limits makes a lot of common sense.
Reasons you may want to increase liability limits:
- You own a home. It is important to protect your assets.
- You drive in a carpool. If you regularly carry multiple passengers, then your total exposure for injuries is increased.
- You have multiple drivers on your policy. Every additional driver increases your risk of an accident.
Medical expenses are on the rise and so are the costs of personal injury claims. Increasing your limits to suit your specific circumstances is a wise move and may cost you only a few dollars more per month.
Are your auto insurance liability limits sufficient to protect you, your family and your home?
Contact Oxford Risk, today. 330-315-3081
We can help you determine what coverages are appropriate to your individual financial situation.