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Facts and figures for Auto insurance in Ohio

The average auto insurance premium for residents in Ohio is $1442.00 in 2009, which shows a significantly higher average, $1385.00, rates than in 2008. In the year 2009, figures for liability coverage averaged $712.39, collision averaged $507.25, and comprehensive averaged $198.54. There were 37 states that had higher average premiums and 12 that were lower. In year of 2008, there were 35 states with higher rates than the State Ohio.

Ohio Auto Insurance Premium Data

Ohio Auto Insurance rates are constantly changing. Comparing the current average car insurance rates, the average auto insurance premium in Ohio is 27% higher in this year versus last year. The year 2008 had non-significant changes of 3% from 2007 in Ohio. Shop now for new low rates on your auto insurance with FinancialOne.com .

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Financial Responsibility Requirements Under Ohio Law

It is illegal to drive any motor vehicle without insurance or other financial responsibility (FR) proof in the State of Ohio. It is also illegal for any motor vehicle owner to allow anyone else to drive the owner's vehicle without proof of insurance.

To comply with the FR requirements, Individuals must maintain one of the following:

* A motorist liability insurance policy: Insurance cards are issued by an insurer to the policy holder for each motor vehicle insured under a motor vehicle liability insurance policy;
* A $30,000 bond issued by an authorized surety or insurance company;
* A certificate as proof of financial responsibility signed by an insurance agent on a form prescribed by the Ohio Bureau of Motor Vehicles (BMV);
* A certificate issued by the BMV, after proper application and approval, indicating that money or government bonds in the amount of $30,000 is on deposit with the Treasurer, State of Ohio;
* A certificate of bond issued by the BMV, after proper application and approval, in the amount of $30,000 signed by two (2) individuals who own real estate having equity of at least $60,000;
* A certificate of self-insurance issued by the BMV, after proper application and approval, to those with more than 25 motor vehicles registered in their name or a company's name.

Besides the above-mentioned requirements, Ohio state laws require that consumers follow a Financial Responsibility law requiring each driver to obtain an auto insurance policy providing coverage for bodily injuries and/or property damage to other persons in case of an accident.

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Ohio’s financial responsibility law consists of the following:

o *Bodily Injury coverage - Will cover bodily injuries to any other drivers, as a direct result of an accident, up to the policy limits. Injuries may also include loss of wages and pain and suffering. Your coverage would pay these costs plus the cost of defense in a court of law. You are required to have a minimum of $12,500 per person and $25,000 per accident of bodily injury coverage, however many people have $100,00/$300,000 to make sure they have enough coverage if they'll need to use it.
o *Property Damage coverage – Covers up to the policy limits, which $100,000 is the most common, for damages,you are legally responsible for, to one's property as a result from an accident.
o Uninsured or Under-insured Motorist Coverage - which covers the insured (or policy owner) in the event that you incur injuries due to a driver that does not possess insurance or if you are a victim of a hit and run accident. Under-insured Motorist Coverage also will help pay in excess of another person's policy if the limits are insufficient. Though uninsured motorist coverage is not a requirement under Ohio insurance laws, many people will protect themselves with $100k-$300k of coverage.
o Medical Payments - Coverage that may be used to cover hospital or doctors bill related to an accident, whether or not you were at fault for causing the accident. This coverage also pays funeral expenses for you or any passenger that are killed in a car accident. In the tragic event when this coverage will be needed is important to have available. That is way even though its not a requirement by the Ohio Bureau of Motor Vehicle, many people opt to purchase at least $5,000 of medical payment coverage.
o Comprehensive & Collision Coverage: If you are financing your vehicle, comprehensive and collision coverage may be required by the bank or company who provided the financing for the vehicle. Even though Ohio State Laws do not require you to have comprehensive or collision coverage, many people possess it, usually with a $500 deductible.

Outlined above are the coverages available for car insurance in Ohio. The (*) coverages are required, and though the others mentioned above are not required under Ohio state laws, we highly recommend you at least possessing the minimum available. Nobody wants to use their auto insurance coverage, due to the fact that filing a claim will more than likely result in an increase in premium, however if a serious accident occurs not owning enough coverage could result in loss of other personal belongings. If an individual involved in an accident with you does not feel they received sufficient funds from their injuries and or damages to their vehicle they can file a lawsuit against you. If the court rules in their favor you could end up loosing personal items even your home to obtain the money necessary to be paid the the other individual. Sadly, this has happened way too many times. To protect your assets and your loved ones make sure you possess enough insurance coverage for your vehicle. Financial One.com allows you to design an insurance policy right for you that fits your budget, and with our affordable insurance rates you can buy maximum coverage at a minimum price. To Instantly compare your auto insurance rates and see how much we can save you click here!

Multiple factor affects your Ohio auto insurance premiums:

* The vehicle you drive is an important factor in determining your rates. A more expensive vehicle is generally more expensive to insure with a few exceptions.
* There are a few discounts available to help lower insurance costs with features such as airbags, low-jack devices, alarms, and automatic seatbelts among others.
* Garaging address influences your premium. Some areas or cities can generate a higher or lower premium than others. In addition, where you keep your vehicle at night can be a premium-determining factor. Safe places like locked garage can reduce chances of theft, which can lower premiums.
* Your driving record and accident history will directly affect your premium such as speeding tickets or accidents and even drinking and driving.
* If you have made many claims in the past, companies can use that to raise your rates. The state of Ohio suggests not claiming small fender benders to avoid an increase in rates.
* The coverage you get will also affect your rates. If you get lower coverage, generally your rates will be lower. If you have high deductibles, your rates will also be lower.

Factors Affecting Your Auto Insurance Costs

* Urban Speed Limit - 65

* Highway Speed Limit 55

* Blood Alcohol Limit - .08

* Open Container Law - Both the driver and the passenger(s) of the vehicle are prohibited from possessing an open container of alcohol.

* Hand held Cell Phones - Hand held cell phone usage, while driving, varies according to the laws of Ohio's local jurisdictions. We recommend you always using a hands free cell phone while driving in Ohio to avoid receiving a ticket and points on your license which would in affect most likely result in an increase of your auto insurance premium.

* Suspension on DUI - On a first offense of driving while under the influence, the drivers' license is suspended for 90 days, which will directly result in automatic points on your license and an increase in insurance premium. Many companies will flag you as "high risk" if your license in ever suspended. Making it harder for you to find an insurance company to offer you auto coverage or to ever have an affordable car insurance premium.

Compare your Ohio auto insurance instantly with FinancialOne.com and guarantee you will get the maximum coverage for the minimum costs, because at FinancialOne we offer real-time quotes from multiple car insurance companies so every customer can receive the lowest quote for auto insurance.