Is Your Vehicle Under Insured?
The state of Ohio has changed the minimum liability coverage for all licensed drivers for the first time since Richard Nixon was president. If you have not updated your automobile policy since before 2013, you should take notice. The new minimum liability coverage policy was put into effect March, 2013.
Under the previous requirements, all drivers in Ohio must have insurance liability coverage that will pay up to $12,500 per person to cover injuries and medical expenses as well as $25,000 per accident and $7,500 for property damage per accident.
The new requirements double the injury liability and more than triple the property damage amount. Broken out, that means all Ohio drivers now must have insurance liability coverage starting at a minimum of $25,000 injury per person, $50,000 per accident, and $25,000 to cover damage to other driver’s vehicles and property. Check with your current insurance provider to make sure your auto insurance policy is in line with the new state minimum requirements.
What Happens If I Get Into An Accident And Only Have Minimum Coverage?
Purchasing more coverage than the minimum requirement could protect your assets in the event a very serious accident occurs. If you do not have adequate coverage, the law does allow the victim to take any assets the liable party has in their name in order to cover the costs of the damages.
Other than the minimum insurance requirement, you may also purchase optional insurance policies to help cover you in the case of an accident. Optional policies you can purchase as an addition to the minimum requirements are Collision, Comprehensive (other than collision) and uninsured / underinsured coverage. It is important to note that uninsured / underinsured coverage amounts have not gone up even though the state minimum requirement has. Be sure to look at increasing the amount you have insured to be able to cover the new state minimum requirements.
If you have been involved in a car accident and are not sure if you or the other party is properly insured, contacting a personal injury lawyer sooner rather than later will make the legal process much easier. A personal injury lawyer with experience handling car accident cases similar to yours can help guide you through the legal process.
To speak to a personal injury lawyer about your car accident, call Contrada & Associates at 419.841.4400. When calling our office, you are able to speak directly with a lawyer about your car accident and the legal options that you have. You will also enjoy personal attention and face-to-face meetings with your lawyer throughout the entire legal process.