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Request free help locating Ohio Assigned Risk Auto Insurance coverage from our Ohio state licensed insurance companies.
The required minimum for Property Damage Liability Coverage is $25,000 for injury to or destruction of property of others in any one accident.
This means, in order to operate a vehicle on Ohio roads you must carry:
$25,000 of Liability Bodily Injury coverage per person injured
$50,000 of Liability Bodily Injury coverage per accident
$25,000 of Property Damage coverage per accident
If I want to get a bond or post collateral instead of purchasing insurance, what is required?
Ohio law allows for the following alternatives to automobile insurance:
•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 office of the Treasurer of the 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 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.
•A $30,000 bond issued by an authorized surety or insurance company.
Purchasing insurance in Ohio is simple if you have no violations, DUI’s or accidents. Once you are classified as a high risk driver you need to find licensed professional that provide drivers the choice of insurance companies serving their area. The average yearly cost for a preferred or normal driver to obtain Ohio automobile insurance is $1,001. If you have tickets, a DUI or several accidents in the last 5 years it will cost you more.