Believe it or not, Ohio is on the top ten list of states with the most drivers on the road. At number seven on the list, Ohio has more than 7,656,362 drivers on the road -- and counting. Like other congested roadways in states such as Illinois – 8 million drivers, Pennsylvania -- more than 8.3 million drivers, and New York – more than 11.3 million drivers, Ohio has more fatal accidents each year than over half of the states across the nation. According to the National Highway Traffic Safety Administration (www.nhtsa.dot.gov), Ohio saw 1,321 fatal crashes between 2005-2006. This figure is slightly less than Illinois (1,361), but more than Michigan, (1,129), Missouri (1,257) and South Carolina (1,094). Unfortunately, Ohio’s fatal crash rate is closer to New York’s (1,434), which has nearly twice as many drivers on the road.
As a result of Ohio’s high motorist population and high fatal crash statistics, the state has established mandatory auto insurance laws that apply to all Ohio driver’s. There are several ways to meet Ohio auto insurance requirements. According to Autoinsurancetips.com, drivers may carry minimum liability auto insurance in coverages equal to $12,500 for bodily injury per person, $25,000 for bodily injury for two or more people, and $7,500 for property damage (12.5/25/7.5). The second option is to show financial responsibility (FR) via a surety bond of $30,000 issued by any authorized surety company, a BMV certificate for money or government bonds in the amount of $30,000 on deposit with the State Treasurer or a BMV bond secured by real estate equity of at least $60K.
Once you obtain auto insurance or proof of financial responsibility, you must carry your certificate or auto insurance binder with you at all times. In addition, anyone that drives your vehicle must have his or her own proof of financial responsibility. The penalties for driving without auto insurance include a 90-day license suspension and license reinstatement fees ranging from $75-$500. Driving without insurance offenders will also have to high-risk auto insurance. ‘Special FR coverage’ must be carried for 3-5 years after the offense. If your vehicle is impounded and you do not claim it within a specified period of time set forth by the courts, the vehicle may be sold at auction.
To protect your vehicle, your family, and your property, it is important to consider carrying higher amounts than the minimum, plus uninsured/underinsured motorist (UM/UIM) coverage. Why? Ohio is a “tort state.” So, if you are involved in an accident, someone must be found to be the cause or fault of the accident. The at-fault person must pay all damages, which are handled through his or her auto insurance company. If the at-fault person does not have auto insurance or not enough insurance, UM/UIM could save you from financial ruin. To ensure that you purchase more than enough auto insurance coverage, contact an auto insurance agent for details.
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