Is Ohio raising the state minimum auto insurance liability requirement?
Yes. For the first time since 1969, Ohio has increased it's state minimum limits for auto insurance. The law was passed last month and will go into effect in March of this year. However, there is a nine month grace period attached onto that, which extends it to December 22, 2013.
How much will state minimum liability coverage increase?
As it stands now with the current state minimum, if you were at fault in an accident and caused injury, the most the policy would pay in liability to any single person is $12,500 and $25,000 total for multiple injuries. The most the current state minimum liability will pay if you cause property damage is $7500.
When the new limits go into effect, the amount for bodily injury will double to $25,000 & $50,000. The new minimum limit for property damage will more than triple to $25,000.
With higher required coverage limits, will my insurance rates skyrocket?
For most people, no. Although rates will go up slightly because of the higher coverage, one thing to remember is that liability coverage is NOT unit priced (meaning that if one unit costs $1 then 2 units would cost $2). Liability coverage doesn't work that way. For example, If one unit costs $1, two units may only cost between $1.10-1.25.
Every case is different, but of those who only have state minimum coverage now, the vast majority of you will see a 10% increase or less on regular auto insurance policies. Those of you who have Ohio financial responsibility bond may pay a little higher, but not much.
The Bottom Line is.... Don't sweat it! The increase won't be nearly as bad as you think.
When will insurance companies start raising the premium on my policy?
Right now, it's just too early to tell. The law was only passed last month, and Ohio auto insurance companies haven't had to deal with this in a very long time. I have heard from a few regional sales managers of the companies I represent. Right now, most companies it seems are still coming up with a strategy of how they are going to handle this new increase. As soon as I get some new info, I will pass it along here.
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Out of state SR22 insurance filings can be difficult to find in any state, and Ohio is no different. There are two primary reasons for this:
That leaves only a handful of companies who will accommodate out of state SR22 filings. Fortunately, there are enough of those companies in Ohio that it is still possible to get an affordable rate.
How are premium rates calculated for policies with out of state SR22 filings?
The way insurance companies calculate out of state SR22's is no different than the way they calculate in state SR22's. The only difference is that you will most likely be required to increase your liability coverage, which will cost a little bit more. That's because every state has their state own minimum liability requirements. Whichever state's minimum liability requirement is higher between Ohio and the state you need the SR22 in, that's the level of liability coverage that you have to go with. Ohio has one of the lowest liability requirements in the nation.
Where do I get a quote for an out of state SR22 filing?
You need to find an agent that is licensed in Ohio (not the state you need the SR22 filing in). Furthermore you need to find an independent agent (not an agent who only sells for one company. Most of those companies will not write an out of state filing).
My agency has several companies that write out of state SR22's. How many companies depends on the state you need the SR22 filing in. But I can write an out of state filing in any state that has SR22's.
If you would like to get a fast online quote, I will find you the company with the best rate.
Get an out of state SR22 Auto Insurance Quote with Lyles Insurance
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How long do I have to carry the SR22/FR44?
The best way to find an affordable rate is to find an independent agent that carries several sr22/fr44 friendly companies. Many insurance companies are NOT SR22/FR44 friendly. So finding an agent who carries the "higher risk" companies is the key.
My agency carries several of the leading SR22/FR44 companies. If you would like to get a fast online quote, I will run the quote for you and find you the company with the lowest rate. And as always, I handle all quotes personally and privately. To get started, click one of the links below.
Get an Auto Insurance quote with Lyles Insurance here if you own a vehicle
Get a Named Operator quote with Lyles Insurance here if you DO NOT own a vehicle
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Dan Lyles is an Independent Insurance Agent serving Ohio, Indiana, Michigan, Pennsylvania, Virginia and West Virginia..