Most people believe that there are only two types of car insurance in Ohio – only full coverage and liability.
Need to know which option is best for you? Call or click today. We are happy to help!
Full coverage usually means that someone is responsible PLUS collision and extensive coverage. This means that they are covered if they cause damage to someone else (liability), if their vehicle is damaged in an accident they cause (collision) and for things like hail damage (extensive).
"Liability only" is the option only bones that ONLY cover bodily injury to another person or damage you cause to someone else's property. This means that there is no coverage for your vehicle. Why would anyone want that?
Liability coverage is what is required by the state to operate a vehicle. Without it, you can get a ticket or even lose your license.
However, collision and extensive are only required if you have a lien right that requires them. Most lien holders require it, but if your vehicle is paid for, it is up to you whether you want to cover damage to your vehicle or not.
Here are things to keep in mind before you just choose to be in charge:
How much money do you have in savings? If your car was total tomorrow, would you have enough to buy a vehicle to replace it? If you only have one payout, would you be able to handle car payments financially?
How much is your car worth? If the car is worth $ 1
The key here is to think about what would benefit you the most. Look at the insurance cost for liability only or full coverage. (We can run this comparison for you.)
Note: The exception to this rule often occurs when you add a teen driver. In this case, a "only responsible" car can be a good idea to save big premium dollars, as the majority of the car insurance premium for a teen driver comes from extensive and collision coverage (we have seen 50-65% easy And as always you can contact our friendly agents to quote differences in vehicle and coverage when getting ready to add a teen driver.
Confused about your options? Call or click today and we will be happy to help you make the best coverage for you.