Is SR22 Auto Insurance Enough for Lien Holders in Ohio
Reader’s Question:
I have an SR22 in Ohio. I am planning to buy a car loan for a used car and I would like to know if this SR22 insurance is enough? Can I also have physical damage liability along with my SR22 insurance if I am going to buy a new car?
John
Hamilton, OH
The SR22 insurance certificate that you have in Ohio is a state liability and most lien holders would require that you have physical damage liability of collision and comprehensive coverage if you have a loan or lease on the vehicle, regardless if the vehicle that you are trying to purchase is new or used.
I suggest that you speak with your car insurance company in Hamilton, Ohio if you could carry physical damage liability of collision and comprehensive that is being required by the lien holder along with your SR22 insurance that you currently have. I believe that you would be able to acquire the physical damage liability and SR22 insurance to satisfy what the lien holder and the state requires you to have.
You can always shop around for car insurance company if your current insurance carrier will not allow you to have both.
Ohio Auto Insurance Requirements
Reader’s Question:
I moved to Ohio for a job. I’m wondering if there would be changes to my auto insurance now that I am here. (I’m from South Carolina). Care to enlighten me?
Godfrey
Akron, OH
Hello there, Godfrey. Of course, there will be differences in how auto insurance is done in South Carolina and Ohio. Let us start with where you hail from to get a better perspective on things.
South Carolina is one of the states where liability auto insurance is not considered as a requirement. As a refresher, liability auto insurance covers damages sustained in a motor vehicle accident caused by the driver of the policy holder. This may include the bystanders, passengers and drivers of other cars involved in the accident. There is also coverage for property damage (usually the other car). Now, if you read up about this liability insurance on the internet, you would usually see numbers like 15/30/10. These just represent the limits that the auto insurance will cover. That set of number is read as $15,000 per head per accident with a limit of $30,000 for injured people involved. The 10 is $10,000 maximum property damage that the auto insurance company will shoulder. In South Carolina, underinsured/ uninsured motorist auto insurance coverage is a requirement. This type of coverage simply protects the policy holder from damage sustained from other motorists who don’t carry auto insurance.
Now, since you moved to Akron, Ohio, auto insurance will definitely change. In Ohio, the state will require you to carry 12.5/25/7.5 liability insurance on you. But the opposite is true for underinsured/ uninsured motorist auto insurance coverage.
Now, depending on how much your paycheck will allow, it is usually recommended that you get higher limits. Better be prepared than to get caught in a tricky situation like sustaining more damage than what your auto insurance company will shoulder.
Getting Cheap Ohio Auto Insurance Rates
Reader’s Question:
I know that I am required to have auto insurance coverage here in Ohio because I now have my own car. But what do I need to know? I don’t know much about this. What are the current Ohio auto insurance rates?
Nina
Cleveland, OH
Nina, the scope of your question is just too wide. I won’t be able to answer that properly. What I’ll tell you is the auto insurance coverage that I have. To really know more about auto insurance coverage, I suggest you do online research or contact an insurance agent there in Ohio.
I have liability insurance. This also required by all states, so you will definitely need this. This coverage takes care of things when you get in an accident and you hurt other people or damage other properties. For example, if you hit a car and you’re the one at fault, liability insurance will pay for the repair of the other driver’s car. Now, if the accident was the other guy’s fault, his liability insurance will cover the damages on your car. If you get sued because of this, liability insurance will also cover the expenses.
Now, what about the damage to your own car, you ask. That will be taken care of the collision coverage part of you auto insurance policy. This is the one that will pay for the repair of your car.
And if something happens to your car while it is parked, somebody defaces it, it gets stolen, etc, you will need comprehensive coverage to take care of that. Comprehensive coverage takes care of damages to your car not caused by collision accidents.
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