Ytowngirlinfla
Posts: 2,295
Jun 23, 2010 6:03pm
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?
Also is it better to get the gap insurance through the dealer or get the loan payoff through Progressive which is my insurance company?
Fab1b
Posts: 12,949
Jun 23, 2010 6:10pm
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.
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.
mucalum49
Posts: 1,639
Jun 23, 2010 7:10pm
Liability insurance of 10,000 I do believe
mucalum49
Posts: 1,639
Jun 23, 2010 7:11pm
Ytowngirlinfla
Posts: 2,295
Jun 23, 2010 7:12pm
Is that the minimum for a financed car? I forgot to ask today when I was there finalizing everything.
brutus161
Posts: 1,686
Jun 23, 2010 7:13pm
You should call the general.
S
Sonofanump
Jun 23, 2010 7:39pm
What you listed are liability limits. You need to have full collision and comprehensive coverage for the auto. Two different types of coverage.
R
raiderbuck
Posts: 1,623
Jun 23, 2010 7:47pm
R
raiderbuck
Posts: 1,623
Jun 23, 2010 7:50pm
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
Fab1b
Posts: 12,949
Jun 23, 2010 7:54pm
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.
Ytowngirlinfla
Posts: 2,295
Jun 23, 2010 7:54pm
I already have collision and comp at $500 for my old car so that would carry over.
LJ
Posts: 16,351
Jun 23, 2010 7:54pm
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?
S
Sonofanump
Jun 23, 2010 7:55pm
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.
R
raiderbuck
Posts: 1,623
Jun 23, 2010 7:57pm
^^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).
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).
Ytowngirlinfla
Posts: 2,295
Jun 23, 2010 8:03pm
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.
G
Gameover
Posts: 150
Jun 24, 2010 1:47pm
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.
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.
S
Sonofanump
Jun 24, 2010 2:00pm
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.
Fab1b
Posts: 12,949
Jun 24, 2010 2:01pm
^bingo sonofanump!
S
Sonofanump
Jun 24, 2010 2:03pm
Fab1b;399973 wrote:^bingo sonofanump!
You and I are playing the same game.