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Car Insurance Question

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Ytowngirlinfla's avatar

Ytowngirlinfla

I wear real chevrons!

2,295 posts
Jun 23, 2010 6:03 PM
What is the minimum car insurance polices in Ohio when financing a new car? For example like 100/300/50? I've googled but haven't found the exact answer.

Also is it better to get the gap insurance through the dealer or get the loan payoff through Progressive which is my insurance company?
Jun 23, 2010 6:03pm
Fab1b's avatar

Fab1b

The Bald A-Hole!!

12,949 posts
Jun 23, 2010 6:10 PM
This may help you:
http://www.ohioautoinsurance.com/

I work for an insurance company but because each state laws are different I really can't answer your question as I do follow Ohio regulations being in Florida.
Jun 23, 2010 6:10pm
mucalum49's avatar

mucalum49

Senior Member

1,639 posts
Jun 23, 2010 7:10 PM
Liability insurance of 10,000 I do believe
Jun 23, 2010 7:10pm
Ytowngirlinfla's avatar

Ytowngirlinfla

I wear real chevrons!

2,295 posts
Jun 23, 2010 7:12 PM
Is that the minimum for a financed car? I forgot to ask today when I was there finalizing everything.
Jun 23, 2010 7:12pm
brutus161's avatar

brutus161

The Navy Guy

1,686 posts
Jun 23, 2010 7:13 PM
You should call the general.
Jun 23, 2010 7:13pm
S

Sonofanump

Jun 23, 2010 7:39 PM
What you listed are liability limits. You need to have full collision and comprehensive coverage for the auto. Two different types of coverage.
Jun 23, 2010 7:39pm
R

raiderbuck

Senior Member

1,623 posts
Jun 23, 2010 7:50 PM
Sonofanump;399285 wrote:What you listed are liability limits. You need to have full collision and comprehensive coverage for the auto. Two different types of coverage.

I think that's true for new cars, since the dealer or bank would be forking over the bill for collision..but I don't think you need collision on every car. Either that, or I'm confusing myself
Jun 23, 2010 7:50pm
Fab1b's avatar

Fab1b

The Bald A-Hole!!

12,949 posts
Jun 23, 2010 7:54 PM
Depending on your state laws you don't need to carry comp or collision if the vehicle is not financed, just a minimum liability coverage. If your vehicle is financed you must normally carry comp and collision coverage per your state minimum and financing company's requirements.
Jun 23, 2010 7:54pm
Ytowngirlinfla's avatar

Ytowngirlinfla

I wear real chevrons!

2,295 posts
Jun 23, 2010 7:54 PM
I already have collision and comp at $500 for my old car so that would carry over.
Jun 23, 2010 7:54pm
LJ's avatar

LJ

Senior Member

16,351 posts
Jun 23, 2010 7:54 PM
Ytowngirlinfla;399203 wrote:What is the minimum car insurance polices in Ohio when financing a new car? For example like 100/300/50? I've googled but haven't found the exact answer.

Also is it better to get the gap insurance through the dealer or get the loan payoff through Progressive which is my insurance company?


Your lender didn't offer gap, or is the dealer the lender?
Jun 23, 2010 7:54pm
S

Sonofanump

Jun 23, 2010 7:55 PM
raiderbuck;399292 wrote:I think that's true for new cars, since the dealer or bank would be forking over the bill for collision..but I don't think you need collision on every car. Either that, or I'm confusing myself

If you have a loan, the lender states you must have full coverage. If you own the auto outright you are not required to carry coll/comp and only are required by the state to carry liability.
Jun 23, 2010 7:55pm
R

raiderbuck

Senior Member

1,623 posts
Jun 23, 2010 7:57 PM
^^I knew it had something to do with banks or dealers, but I couldn't remember exactly. Thanks for clearing it up.

When I was contemplating moving out of state my insurance company told me I could drop my coverage down to comprehensive (I wasn't bringing my car with me and it's paid for).
Jun 23, 2010 7:57pm
Ytowngirlinfla's avatar

Ytowngirlinfla

I wear real chevrons!

2,295 posts
Jun 23, 2010 8:03 PM
LJ;399295 wrote:Your lender didn't offer gap, or is the dealer the lender?

I'm sure they will as I have bought from Honda and the same dealership before and I got the gap on my previous car (Civic). I guess progressive now offers it cause I was quoting insurance changes and now see the option. I'm still waiting on the dealership to get the exact color from another dealership and do the paperwork. Price and trade in have already been worked out.
Jun 23, 2010 8:03pm
G

Gameover

Senior Member

150 posts
Jun 24, 2010 1:47 PM
The financial institute will let you know what the lowest you can have on their requirements. The state of Ohio requires at least 12.5/25/7.5 liability coverage's.

I have only see a select few that they require 100/300, most just want to make sure you insured. Also, in my instances it is a lot cheaper to get the gap through the insurance company rather than the dealer.
Jun 24, 2010 1:47pm
S

Sonofanump

Jun 24, 2010 2:00 PM
The 12.5/7.5 is not the limit that the victim can come after you personally for damages, they is just what the state says you must have to drive legally. If a judgement for damages or injury is above your limits, they come after you (assests, garnishments, judgements) for the rest. If you have assets, you need to have at least 100/300/100.
Jun 24, 2010 2:00pm
Fab1b's avatar

Fab1b

The Bald A-Hole!!

12,949 posts
Jun 24, 2010 2:01 PM
^bingo sonofanump!
Jun 24, 2010 2:01pm
S

Sonofanump

Jun 24, 2010 2:03 PM
Fab1b;399973 wrote:^bingo sonofanump!

You and I are playing the same game.
Jun 24, 2010 2:03pm