Don’t be one of 1.3 million Ohioans without auto insurance, here’s how to save on your auto policy.
Don’t Make This Expensive Mistake on Your Auto Policy
You’ve made the wise move of purchasing an auto insurance policy, but not everyone on the road has done the same. The Insurance Information Institute disclosed an estimated 13.5 percent of Ohio drivers do not carry any sort of coverage. While many families are trying to cut costs and make their monthly premiums more reasonably priced, it’s important not to make the mistake of removing the uninsured/underinsured motorist portion of your policy. A few key facts and figures might make you reconsider and look for other money-saving measures instead.
Your Luck Might Run Out at Any Time
You may have an excellent motorist record and always drive safely. However, Ohio’s uninsured motorist rate of 13.5 percent translates to about 1.3 million people driving without coverage across the state. Despite Ohio’s mandatory auto insurance laws, you still have a roughly 1 in 8 chance of getting into a wreck with an uninsured individual. Not only that, estimates of the total expenses from unpaid injury and property damage they cause top out at around $28 billion dollars per year.
Underinsured Motorists Are Just as Problematic
According to Ohio’s Bureau of Motor Vehicles, the state mandates that drivers must carry policies paying a minimum of $25,000 for the injury or death of one person, $50,000 for two or more people and $25,000 for accident-related property damage. These are generally addressed by the liability portion of an auto policy. Nevertheless, NerdWallet points out that the minimum coverage carried by another motorist may not be enough to pay for your or your passengers’ medical costs. Your insurer will offer underinsured motorist coverage to cover this type of gap.
The Costs of an Auto Accident Can Add Up
While Ohio does not insist that drivers carry uninsured or underinsured motorist coverage, adding it to your current package is a smart move. Consider that an injury accident could result in hospital stays, which frequently include expenses for ambulance transportation, emergency room fees, physical therapy and tons of other related costs. Furthermore, you may bear the financial brunt for lost salary from missed work days, and serious injuries may entail long-term care and cosmetic reparative surgery, which your health insurance may not pony up for.
Of course, you could forgo uninsured or underinsured motorist options on your indemnity protection. You may have the possibility of taking an uninsured motorist to court for damages. However, there’s a good chance you may never see your judgment money. Statistically, most uninsured motorists are men under age 24 who earn annual incomes of less than $20,0000 and have only a high-school level education. That’s why suing a negligent party without auto coverage not only proves to be an exercise in futility but also serves as a textbook example of trying to squeeze blood out of a turnip.
Shield Yourself From Financial Jeopardy
Financial difficulties are often cited by uninsured motorists do not purchase coverage. For whatever reasons, whether it’s difficulty affording a policy in the first place or hardships continuing to pay the premiums, there will still be drivers on the road who don’t have auto insurance. Nevertheless, the statistics you’ve seen so far all add up to one sobering conclusion: You cannot afford to go without uninsured and underinsured motorist coverage in Ohio.
Remember, you do have some options to keep your costs down. Consult with one of the many Columbus local insurance agents for money-saving moves such as dipping into discounts, adjusting your premiums, taking advantage of multivehicle policies or reducing coverage on vehicles already paid off and that have lower blue book values. Whatever you do, keep the uninsured and underinsured motorist portion of your auto insurance. It could save you some major headaches in the future.