Why do you need it?
All states require you to be financially responsible when driving a car. Ohio State law (and/or your lender) often requires you to purchase at least a minimum amount of auto insurance. You may find it prudent to purchase greater coverage, however, in order to protect your auto investment, pay for necessary medical expenses, cover your legal liability, and cover any additional losses related to driving.
Consider the following: if you cause an accident and the other driver suffers damages over and above your insurance limits, your personal assets and future earnings may be put at risk.
The six basic types of auto insurance coverage
Bodily injury liability: For injuries the policyholder causes to someone else.
Property damage liability: For damage the policyholder causes to someone else’s property (usually vehicles).
Medical payments: For treatment of injuries to the driver and passengers of the policyholder’s car.
Collision: For damage to the policyholder’s car from a collision. The collision could be with another vehicle, a light post, a fire hydrant, etc.
Other Than Collision (O.T.C.): For damage to the policyholder’s car that doesn’t involve a collision with another car. Covered risks may include fire, theft, vandalism, falling objects, explosion, earthquake, flood, and civil commotion.
Uninsured motorist: For treatment of the policyholder’s injuries that result from a collision with an uninsured driver. Underinsured motorist coverage can also be included in an auto policy. This coverage comes into play when an at-fault driver has liability insurance, but the limit of that insurance is insufficient to pay for your damages.
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