Ohio drivers must maintain a minimum amount of auto insurance coverage to operate on public roads legally. They need at least $25,000 of bodily injury liability per person, to a per-accident maximum of $50,000. They also need $25,000 of property damage liability coverage to pay for losses if they are at fault. Additional coverage is also available, though insurance prices vary. Below are a few of the critical factors that affect premium rates.
What Factors Affect the Cost of Auto Insurance?
1. Year, Make, & Model of the Car
Perhaps the most significant determinant of premium rates is the make, model, and year of the car. Newer vehicles often cost more to fix or replace than older models, and most luxury, sport, and four-wheel-drive vehicles require more to insure than compact cars. If you want to minimize the cost of auto insurance, drive an older model sedan with a reliable safety rating.
2. Personal Characteristics
All else being equal, men pay more than women do for coverage. Singles pay more than married couples, and young drivers pay more than drivers over age 25. It may not be fair, but statistics show that older, married, females are less of a risk for insurers than young, single men.
3. Driving History
If you have a history of auto accidents and traffic violations, you'll pay more for coverage than if you have a clean driving record. This is particularly true if the accidents or infractions are recent. Many insurers offer a safe driver discount to policyholders who go at least three years without an accident or traffic ticket.
4. Credit Rating
Surprisingly, your credit rating also affects how much you pay for auto insurance. A record of charge-offs, late payments, or bankruptcy could raise your rates. To avoid this, be diligent about paying on time, bring delinquent accounts up to date, and make arrangements with any creditor if you must pay a bill late.
To see if you can reduce your auto insurance rates, contact 1st Choice Insurance in Fairfield, OH. In addition to car insurance, they also specialize in high risk, motorcycle, and RV insurance. Visit the website to learn more about their services. Call (513) 860-0666 to discuss your needs with a friendly, knowledgeable agent.