Lyles Insurance
  • Home - Lyles Insurance
  • About Us
  • Contact Us
  • Blog
  • Request A Quote

Ohio is raising the State Minimum Auto Insurance Liability Requirement

12/16/2012

0 Comments

 
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.


Get an auto insurance quote with Lyles Insurance


Call me for a Quote




0 Comments

Do you live in Ohio but need an out of state SR22 Filing?

12/15/2012

0 Comments

 
Picture
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:
  • Many auto insurance companies don't write SR22's whatsoever, in state or out of state.
  • Many companies that file SR22's will only do so for in state filings. This is especially true if the company doesn't also sell auto insurance in the state you need the filing from.
    
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 


Get an out of state SR22 Named Operator Quote with Lyles Insurance


Call me for a Quote



Related Blog Articles:

Video: Out of State SR22 Auto Insurance Filings

Where can I buy an out-of-state SR22 auto insurance filing?

Out of State SR22 Auto Insurance Filing: Living in one state and needing an SR22 filing in another
0 Comments

What's the Difference Between an FR44 and SR22 Filing in Virginia?

12/4/2012

1 Comment

 
Picture
What's the Difference Between an FR44 and SR22 Filing in Virginia?
  • Both the FR44 and SR22 filing function the same way. The only difference is that an SR22 filing requires at least state minimum liability coverage, and the FR44 filing requires double the state minimum liability coverage. Other than that, they pretty much function the same.
  • FR44 filings tend to be ordered for those charged with DUI or some type of criminal charge. SR22 filings tend to be ordered for lesser violations.
  •   Both the SR22 and FR44 are simply a guarantee to the Virginia DMV that you're driving with the required auto insurance. If you cancel the policy, the insurance company is required by law to notify the DMV, and your license gets suspended once again.


How long do I have to carry the SR22/FR44?
  • Generally, the Virginia DMV requires a filing for 3 or 4 years, depending on the circumstances. You will want to make sure that you know when your filing requirement expires.
  • Cancelling a filing too late will cause you to pay extra premium that isn't necessary.
  • Cancelling a filing too early will cause your license to be suspended.
How do I set up an SR22/FR44 filing?
  • If you own a vehicle, you simply have to attach the filing to an auto insurance policy.
  • If you do not own a vehicle, you will need a named operators policy with the filing attached. In either case, it is very simple to set up and get rolling.
How do I get the best price on an SR22 of FR44 filing?
    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


Call me for a Quote




​

Related Blog Articles:

What is a Virginia FR44 Auto Insurance Filing?

How to guide for buying Virginia FR44 Auto Insurance Online

1 Comment
    Picture

    Author

    Dan Lyles is an Independent Insurance Agent serving Ohio, Indiana, Michigan, Pennsylvania, Virginia and West Virginia..

    Archives

    March 2021
    November 2020
    September 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    October 2019
    September 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    March 2018
    February 2018
    December 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    October 2015
    August 2015
    December 2014
    November 2014
    October 2014
    July 2014
    June 2014
    May 2014
    April 2014
    March 2014
    February 2014
    January 2014
    December 2013
    November 2013
    October 2013
    September 2013
    August 2013
    July 2013
    June 2013
    May 2013
    April 2013
    March 2013
    February 2013
    January 2013
    December 2012
    November 2012
    October 2012
    September 2012
    August 2012
    July 2012
    May 2012
    April 2012
    March 2012
    December 2011

    Categories

    All
    Things You Must Know When Buying Snowmobile Insurance In Michigan

    RSS Feed

Lyles Insurance copyright 2020
  • Home - Lyles Insurance
  • About Us
  • Contact Us
  • Blog
  • Request A Quote