Aug 15

Does Ohio Require Auto Insurance?

post Category: Auto Insurance post postAugust 15, 2008

The short answer would be “No”, yes there is a “but” . . . In Ohio, it is illegal to drive any motor vehicle without proof of “financial responsiblity”, which could be auto insurance or a bond. If you live in the state of Ohio and desire to purchase auto insurance, there are mimimum liability limits established by the state. If you want to prove financial responsibility by purchasing a bond, you may want to take a look first.



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Minimum Auto Insurance Liability Coverage Required By The State Of Ohio
  • Auto Liability Insurance
    • Minimum liability limits of $12,500 per injured person.
    • Minimum liability limits of $25,000 for everyone injured.
    • Minimum Property Damage limits of $7,500

    If you live in Ohio and purchase the mimimum Property Damage Liability Coverage ($7,500) and are responsible for the total loss of a $30,000 vehicle, the other $22,500 will have to come from personal assets.

    Ohio’s Alternative To Auto Insurance

    Ohio law allows for the following alternatives to auto insurance:

    • Certificate issued by the Ohio Bureau of Motor Vehicles, indicating that government bonds or money in the amount of $30,000 is on deposit with the Ohio Treasurer.
    • Bond certificate issued by the Ohio Bureau of Motor Vehicles in the amount of $30,000, signed by two individuals who own real estate with an equity of at least $60,000.
    • Bond in the amount of $30,000, issued by an authorized surety or insurance company.

    Ohio Department of Insurance

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